Insurance Companies making getting a mortgage harder
By Joe Metzler, Sr Loan Officer
(Cambria Mortgage)
Insurance Companies making getting a mortgage harderMinneapolis, MN: “The growing crisis in the insurance industry may make it hard to get a mortgage in parts of the country in the coming decades”, Federal reserve Chairman Jerome Powel correctly stated recently.The insurance industry, beaten up hard by large costly events, like hurricanes, and California wildfires, combined with the dramatic increase in the cost to fix cars, and rebuild homes, have had no choice but to dramatically increase premiums, severely limit coverages, or in some areas, leave the market altogether.Worse yet, insurance company reduced coverages are now conflicting with Fannie Mae and Freddie Mac underwriting guidelinesFor example, almost all homeowners insurance is switching to something known as ACV roof coverage...
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