Consumers who are discouraged to apply for a mortgage because of fear of rejection increased to 7.1% from 5.7% in October of 2016, according to the Federal Reserve Bank of New York’s February 2017 survey. That means that more consumers are not looking for homes, or applying for refinancing because they believe they won’t get the mortgage. Not surprisingly, the…
I’ve heard it said over and over that the mortgage banking business may be in jeopardy as the average age of a loan originator is somewhere north of 55. The industry just ain’t attracting any new talent these days. This was one of the main topics of discussion that I participated in at a recent town hall meeting at the…
According to First American Financial Corporation’s latest Loan Application Defect Report, the frequency of defects, fraud, and misrepresentations jumped to 4% on loan applications submitted in February. That’s a 1.3% increase above just one year ago. A 4% increase may not seem like much but when talking about fraud and misrepresentations among mortgage applications it could prove to be an…
By now, I think that mortgage lenders realize the refinance market has run its course. Although some limited refinance opportunities may still exist, for the most part with rates rising and many having already refinanced. Lenders now need to look to the purchase market for their business. To service the needs of today’s buyers in the current housing market, lenders…
Today it’s all about technology; Social media, online information, immediate access to products and services. You name it, it’s better with technology. Mortgage lending, although a little slow to the dance, is now embracing technology like never before, and what tech can do for them. It’s about time. Lenders now offer online product and pricing search engines, with automated applications…
Millennials have been toying with the idea of buying a home for the past year. Many say they want to make the jump, but there are extenuating circumstances still holding them back. Things like: Student loan debt Limited credit profile Fears leftover from the credit crash of 2008 Lack of knowledge about the financing process, and A shortage of affordable…
