Hope Springs Eternal!

0 0

It’s spring and a time when a young man’s fancies turns to love, and a Realtor’s and mortgage lender’s fancies turn to the spring buying season. The timing is good. According to study recently released by Nationwide Economics the housing market is the healthiest it’s been since 2001 with less chance of a downturn like we recently experienced (Housing). That’s some good news for a change and a reason for hope.

More good news for non-bank mortgage lenders. A recent study released by AEI International Center on Housing (Study)reveals that non-bank lenders are outpacing the big banks when it comes to providing loans to homebuyers. Since 2012, the large bank’s mortgage lending share has declined substantially while that of the non-bank lenders has been increasing accordingly.

The housing market is improving so that is good for everyone, not just mortgage lenders, bank or non-bank. A more stable housing market will benefit large banks in many other ways as they offer more diversified products and services to consumers. It will also help business and borrowers. So it looks as though there may be hope for everyone.

For now (not for too long) put aside all the talk about the new TRID rules, FHA guideline changes, tightening or loosening of credit; it’s spring and that means its lending time. The time we wait all year for and this year it looks good.

I sure hope so…Happy Spring!

About the Author

Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.