Seniors, age 62 and older, hold about 60 to 80% of their total net worth in their home’s equity, according to a recent study conducted by the National Council on Aging (NCOA). In most cases, these homes are owned mortgage free or with only a minimal mortgage outstanding. To tap the equity using traditional channels like a HELOC or refi…
The updates to the TRID rules, recently released by CFPB, include a clarification of the tolerance limits for the fees for the services for which a consumer may shop when a service provider list is not provided. These are the fees disclosed to a borrower in Section C of the Loan Estimate. TRID requires a lender to disclose all fees…
We got some good news! Home inventories may be down, but first time home buyers are up. Sales this spring to first-time homebuyers were at their highest level since 1999. Woo-hoo!!! First-time homebuyers made up about 57% of the purchase mortgage market, with almost 970,000 new loans. That’s good for business. But, what happened to all the repeat buyers? Are…
Right now, about 67 million people comprise what is known as the Millennial generation. That represents about one-quarter of the country’s purchasing power and is a lot of clout for one group. But, as we have learned things are quite different with this generation. They don’t do things like prior generations. For one thing, they don’t use credit and credit…
The government, the agencies, consumer groups, and trade organizations are all looking for more ways to increase homeownership. The homeownership rate has hit a wall and seems to be stagnant at its lowest levels in the past 50 years. In part, this is due to fewer homes now on the market for sale, with even fewer in the ‘affordable’ category;…
With refinances seemingly having run their course and a shortage of homes for sale, the forecast for mortgage lending is not so good. A recent lender survey by Fannie Mae revealed that it’s no surprise that many lenders are pessimistic about profit margins. They believe there will be continued consolidation of lenders with major competition among those who remain, compounded…
