San Francisco, California: Steve Muehler, Founder & Senior Managing Member of the Private Placement Markets today announced the firm is working to complete its registration as a National Portfolio Residential Mortgage Lender.
According to Steve Muehler, the latest Mortgage Credit Availability Index shows lenders are tightening their standards amid the coronavirus pandemic. Overall mortgage availability is now 16% lower than it was in February and at its lowest point since June 2015. The availability of conventional loans dropped 24.2% in March, while jumbo loan availability dipped 36.9%. Government loans, which include USDA, VA and FHA mortgages, fell 6.6%. These he stated are due to the stricter eligibility requirements that lenders are putting in place, as concerns surrounding the COVID-19 outbreak—and its economic impact on borrowers is growing.
Steve Muehler went on to point out that the lending guidelines for Primary and Second Owner Occupied Properties will closely resemble the lending guidelines of thefFirm’s Non-Owner Occupied Residential Loans, offering non-recourse style loans. The Firm stated it is in the midst of Regulatory Filings and anticipates a nationwide rollout in the Summer Months of 2020.
