Local boy makes good. According to Jerry Schiano, CEO of Plymouth Meeting, Pennsylvania’s, New Penn Financial, the weather may change a little when the Millennials start buying homes. The change? As he puts it, a humongous hurricane of air sweeping across the country caused by the simultaneous exhaling of tens of thousands of business people dependent upon the sale of…
Today, to reach and service more potential homebuyers, lenders need to embrace technology with the use of an online application process. Millennials expect it, and others are starting to get used to it. However, with refinancing opportunities dwindling lenders need to once again concentrate their production attention on the purchase business. According to a recent Freddie survey, that business still…
Today, communication on social media is quite common. People are constantly texting, tweeting and posting information, both personal and professional. No different with many mortgage lenders and so too their loan originators. It’s how we communicate, especially with the Millennial generation. Not just Millennials are paying attention to what gets posted on social media when it comes to mortgage lending.…
Over the past few years, the source of home financing has steadily shifted from the big Banks over to non- bank lenders. Lenders like Independent Mortgage Lenders, Credit Unions and smaller Community Banks. In 2007, the Commercial Banks held a 74% share of mortgage loans, 3 of every 4 homes were financed by a large Bank. Lately, things have changed.…
Recently, it was reported that many consumers still believe they need at least 20% down to buy a home. Although that may be true, a recent Freddie Mac survey finds that most renters do not have savings for this down payment as their top priority. In fact, it’s not one of their top 3 goals (Renters). The Freddie survey found…
It’s taking a little longer than prior generations, but the current Millennial generation is growing up and starting to take hold of their future. Although their priorities may be a little different, many of the more than the 75 million Millennials, now between the ages of 18 and 29, will look to purchase a home in the next 5 years.…
