If you’re unemployed or a recent graduate looking for an administrative job, will the Occupy Wall Street protesters help you? Chances are, very little. Companies who are hiring will not be swayed by what’s going on with these protests.
One thing that may help put administrators and admin grads to work is the federal government’s new Mortgage Refinancing Program, which will make it easier for homeowners currently "underwater" to refinance their mortgages. The new regulations expand a 2009 program and loosen previous strict eligibility requirements. The revised plan is expected to extend refinancing to about 1 million homeowners.
To qualify for the new plan, borrowers must be current on the mortgage, with no late payment in the past six months and no more than one late payment in the past 12 months. Home appraisals are not required if Fannie Mae and Freddie Mac can provide an automated valuation that estimates a property's current value. The program even waives fees for borrowers who agree to less than the traditional 30-year loan.
According to the FHFA, the plan will eliminate certain representations and warranties that the lender must make to Fannie and Freddie. This will reduce a lender’s risk and encourage them to refinance more loans, increasing competition for existing borrowers. The FHFA will also eliminate certain loan-to-value caps, which will stabilize markets and reduce Fannie Mae and Freddie Mac's credit and foreclosure risks. FHFA estimates the new plan could more than double the number of refinancings.
Mortgage lenders and servicers will undoubtedly have to staff up to handle all the refinancing paperwork submitted by eager homeowners. And that means more jobs for admin job seekers.
For an added perspective, check out this video:
Got any thoughts on the new Mortgage Refinancing Program? Feel free to share them in the comments section.
Alex A. Kecskes has written hundreds of published articles on health/fitness, "green" issues, TV/film entertainment, restaurant reviews and many other topics. As a former Andy/Belding/One Show ad agency copywriter, he also writes web content, ads, brochures, sales letters, mailers and scripts for national B2B and B2C clients. Please see more of his blogs and view additional job postings on Nexxt.
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