Topic: Late Payments in The Past 12 Months
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More and more mortgage loan applicants have late payments in the past 12 months than ever. I have never seen so many late payments in the past 12 months of borrowers in my entire mortgage career than now. Is it inflation? Is it high rates? Is it skyrocketing housing prices? Or is it that we are going to have another Great Reset like the Recession of 2008. It was more like the Great Depression of 2008 than the Great Recession of 2008. I can bet anything we are going to have a collapse of mortgage rates. Housing prices need to correct about 30%. Home prices are overly inflated.