Woo-Woo Consumers Are Upbeat on Housing!

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Despite rising mortgage rates and increasing home prices, many consumers are feeling good about housing going into the spring buying season. As evidence, Fannie Mae’s monthly index of homebuyer sentiment rose to its highest level since 2011. That’s great news. Woo-Woo!

According to Doug Duncan, Chief Economist at Fannie Mae, Millennials showed strong increases in job confidence and income growth. This bodes well for their entrance into the housing market. Something the industry has anticipated for the past several months.

The biggest bump in consumer confidence was the result of those who say that now is a good time to buy a home. Sentiment also improved among those thinking it’s a good time to sell. Many are feeling much better about employment, reporting higher household income. This further increases the potential for new homebuyers.

So, with all this good news, it’s important that lenders are prepared to service the financing needs of these new buyers. Traditional fixed-rate loans will not be enough.

Lenders need to equip their originators with a complete arsenal of lending products, to include such things as low down payment loans, rehab products, and Non-QM/Alt-A programs.

Such products will be discussed, and available, at the upcoming Regional Conference of MBAs at Harrah’s Conference center in Atlantic City (AC Conference).  LoanLogics will be co-sponsoring the Wednesday evening networking reception where lenders can mix and mingle with sources for these and many other lending products. These products and services could help to increase your business.

With consumer sentiment on the rise and the spring home buying season fast approaching, you don’t want to miss any opportunity to improve business. Stay up with the competition and with the latest products and services available to help increase originations, provide better service and protect your company.

Now is the time; AC is the place and LoanLogics will be there to help.

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.