Lenders get stricter as some borrowers think they don’t have to pay

Standards for home loans are tightening by the hour as companies like United Wholesale Mortgage, the nation’s largest wholesale lender, beef up rules to ward off early defaults from people losing jobs because of the COVID-19 pandemic. Almost 14 million Americans have filed for unemployment in the last two weeks after businesses were closed and workers told to stay at home by states scrambling to reduce the spread of COVID-19. That record number doesn’t include people who lost their jobs and have been unable to get through to overwhelmed state employment offices to make a benefit claim.

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