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UPBEAT TIMES, INC. • August 2020 • Pg 19


“The Underwriting World of COVID 19” by Barry O'Meara ~ barryo@stearns.com


Sonoma I County, CA.


~ Sheltered in place and Quarantined! Shaggy and pudgy,


miss in- t er ac - tions with people. I’m for- tunate to be able to work from home, but I miss go- ing into an office and social settings. Working from home has improved my com- mute, but it seems more like “Ground Hog Day” or worst episode of the Twi- light Zone. What day is it? I will say I’ve learned a lot about myself though this COVID episode. I had never realized how inept is was at washing my hands. It’s not that I don’t have time, I’m just really good at procrastinating. I miss people’s smiles. Really miss going out for dinner, or enjoying a pint with a friend. I will be patient, and we will survive. Can’t wait to see people’s smiles and visit my favorite places.


COVID 19 has


turned the economy up- side down, and its impact has rippled th ro u gh our econ- omy. Bad news is good news for inter- est rates. The col- lat eral damage has also b ro u g h t down inter- est rates. This opens


the door for refinancing, if you still have a job. Underwriting guidelines


are changing almost daily. The biggest change is ver- ification of employment. Self-employed, underwrit- ers will be looking at your taxes and for evidence of an active business. Under- writers will be asking for invoices, or work orders, and even business bank statements to demonstrate active businesses. For wage earners, a current paystub the week docs go out, and a verbal veri- fication of employment the day of funding.


COVID 19 has


brought legislators to- gether to put together a life line and pass the CARES Act. Loan servicing has been offering peo-


and understand the conse- quences.


The housing mar-


k et has changed from this pan- demic. Selling a home or buy- ing a home will have some cave- ats to dis- closures,


and affects how the homes are shown. ple forbearance, but don’t think they are


offering forgiveness. You will still be required to pay it back. These are encour- aged from the CARES ACT, not sure what in- centive they have to offer forbearances. If you take the forbearance and you decide to refinance or even buy another prop- erty, you will have to show three consecutive months of good payments before you can get other financ- ing. Some servicers will add the forbearance to the end of the loan while oth- ers will want full payment of the forbearance period at the end of the forbear- ance. My word of caution is read and understand what they are offering you


Low interest rates have made buying a home more affordable. Many poten- tial sellers are timid to list their property. This has led to shortage of available homes. This has led to a buyer’s market and the best time to find your per- fect Shelter in Place. As long as you still have a job. As we ZOOM our way our


way through this pandemic I cannot wait till I can see peoples smiles other than at a ZOOM meeting. The baseball season is not the same without the fans. No fan interference - not the same. We are in a differ- ent world I never imagined. I have accepted the fact


I will not learn to play a new instrument, and can- not wait to get my hair cut. Stay safe!!


JOKES & Humor # 6


A shy boy is going on his first date and is very nervous about how to talk with the girl, so he seeks his father’s advice. The father says, “Well, son, there are three topics that are al- ways good: food, family, and philosophy. If you stick with those, you will be all right.” The boy takes his date to an ice cream parlor and they are seated at a table, but the girl is shy also and they both sit silently for a time. Finally the boy summons his courage and remembering his father’s advice, asks, “Do you like spinach?” The girl answers softly, “No,” and the awkward silence resumes, as they sit, eyes downcast. After another ten minutes the boy tries again and asks, “Do you have a brother?”


Alas, again the girl answers “No,” and the excruciating silence returns. The boy is nearly distraught but has always found his father’s advice trustworthy, so he tries one last time and asks, “If you had a brother, would he like spinach?”


Real freedom lies in wildness, not in civilization. ~ Charles Lindbergh


UPBEAT TIMES, INC. • August 2020 • Pg 19


The Mortgage Coach


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