With all of the disappointment in the mortgage industry in recent years, some recent reports may just give you a ray of hope. Not only have lenders been ordered to change their tune, many are going above and beyond.
A Call To Action
As part of the mortgage debt settlement, many lenders are required to pay restitution to homeowners who suffered unlawful foreclosures and change their lending strategies. While many of these banks have already paid out billions, some are even changing the way they do business to better serve struggling homeowners.
For one, lenders are now extending mortgage modification offers to more homeowners in years past. While not all borrowers will qualify, lenders are at least more willing to offer this solution as a potential option. Further, many borrowers are finding that they may qualify for refinancing options than they had in years past.
Lenders themselves have done a lot of work to revamp the industry in hopes of recovery. A recent report indicated that mortgage applications, including refinancing offers, rose by 11 percent last month. This increase is an indication that homeowners are becoming more trustworthy of lending practices and, some, are even financially able to get back out into the market. While it is too soon to tell what the future of lending holds, it is hoped that efforts continue and progress results.