Fannie Mae & Big Data Make Huge Strides

The mortgage industry perhaps more than any other has a wealth of acronyms known as Alphabet Soup. UMDP, UAD, UCDP, URLA, UCD, and more. Collectively, these represent industry-wide efforts to bring standardized data collection and reporting in the mortgage market. The thought was that if all mortgage lenders and brokers conformed to a single standard…

Alternative Credit Scoring Options

The traditional means of assessing the risk of a potential borrower is under review around the nation. The Great Recession of 2008 triggered a wave of regulatory restrictions on underwriting criteria. Many Congressional legislators aimed to restrict the types of products that were marketed to the American consumer with the goal of eliminating financial products…

The Biggest Obstacles for Home Sellers

It has been widely reported throughout the mortgage industry that it is a seller’s market. This does not mean that the road to selling a home is made of gold bricks. Sellers still face challenges and obstacles. Understanding those difficulties on the part of the mortgage broker or loan officer can assist the seller in…

Analyzing Millennial Home Buying Behavior

A very detailed report on millennial homebuyer behavior was recently released by the Ellie Mae Millennial Tracker. The millennial group is hugely important to the American economy, particularly the mortgage market. With 70 million people, millennials are now the largest living generation. How they view homeownership and their ability to acquire credit for a mortgage…

Homebuyers Ready to Buy Now

A recent study performed by Redfin shows an interesting trend with potential homebuyers. The study gauged whether potential homebuyers were more inclined to buy now than later. From the poll, 43% indicated that they looking to buy now. This is an increase of more than +10% compared to last year at this time. Of all…

Buy and Renovate with a Single Mortgage

One of the mainstays within real estate is the concept of a fixer-upper. This type of description often describes an older home that requires a little love and care. Whether it needs some maintenance or a complete renovation, the potential homebuyer is faced with a problem. Do they buy the home now and then save…

Millennials: American Dream Does Not Include Home Ownership

The U.S. Census Bureau just released a report detailing homeownership. According to their findings, national homeownership in Q4 of 2016 has not changed from the same time last year or from the previous quarter. It has remained stable at 63%. This number was expected to increase after hitting a 50-year low in the middle of…

Home Values Continue to Increase

According to a study conducted by Zillow with their Home Value Index, home values are increasing at the fastest pace since 2006. Since that time, home values have increased an average of 6.5% year over year. The average median home value is now $193,800, though the median value for homes that are actually for sale…

Cities Driving the Highest Millennial Home Ownership

There is a reason that millennials receive so much attention in broad economic coverage as well as specifically within the mortgage market. They are the largest living generation. There are more than 75 million millennials. It is vital that we understand their needs and their concerns. Why are Millennials Different? The Global Financial Crisis was…

Federal Reserve Opts to Not Raise Rates

When the Federal Reserve Board met in December 2016, they raised the rates. It was the first time they had raised the rates in a full year. The expectation was that they would continue to raise the rates throughout 2017. Interest rates have been very low for a long time, post-Great Recession. As the economy…