How Mortgage Process Outsourcing Can Protect Lenders from ‘The Great Resignation’
Pandemics change human societies at many levels. The COVID-19 dramatically restructured the work model that had been around since the start of the industrial revolution. During the past year and a half, workers’ expectations have evolved. And according to a new Bankrate survey, this shift in mindset has over half of Americans planning to look for […]
Mortgage Process as Challenging as Home Buying in Today’s Competitive Housing Market
According to a recent article on Businesswire, the new report, High Demand, Higher Hurdles in the Mortgage Market, reveals key findings around consumers’ issues during the mortgage process and how digital solutions are starting to provide relief. According to the report, 89% of respondents find the loan application more stressful than the home-buying experience. Loads of paperwork and lengthy […]
Initiatives for Lenders to Improve Closing Ratios
As we draw to a close in 2021, it is time to plan ahead for 2022. Mortgage Banker’s Association is projecting significant growth in purchase volumes, while refinance is expected to see a significant decline through 2022. If lenders want to benefit from these purchase volumes, they should be able to convert these volumes to […]
The Impact of Technology on the Mortgage Lending Industry
The mortgage industry has been recently experiencing a significant digital transformation. Experts have pointed out that the technological shift has been accelerated by two chief factors – the need to deal with the challenges brought about by the pandemic and the rise in tech-savvy home buyers. The pandemic and ensuing lockdowns ushered in a new […]
How Local Lenders Can Remain Competitive
The housing market experienced an all-time high in 2021 due to a mix of low-interest rates and limited availability in desired areas leading to an overall increase of 16.9%, according to data from Freddie Mac. Market conditions in 2022 are, of course, not exactly the same, which has prompted people to question whether what goes […]
Effective Loan Closing Strategies for Loan Officers and Brokers
The US housing market created a history of sorts throughout 2021. Housing supply fell to a record low with buyers scooping up homes faster than ever before. Now, experts say the housing demand will likely stay strong even in 2022. As per the Mortgage Bankers Association (MBA) forecast, mortgage originations are expected to grow 9% […]
The Previous Dip In Refinance May Contribute To Non-QM Growth
There is no doubt that Non-qualified mortgages continue to attract the interest of progressive mortgage lenders. The attraction of lenders to Non-qualified mortgages is also due to several factors such as ; The increasing competition amongst lenders in the qualified mortgage sector Tight and strict business conditions such as regulations Change in the market norm […]
How Lenders Can Serve the Underserved Communities in 2022
At a time when diversity and inclusion is receiving increasing attention in businesses across the world, the housing sector is still further behind than the country as a whole. While sustainable homeownership has been one of the main drivers of wealth accumulation, there still remains a socioeconomic inequity when it comes to the mortgage sector. […]
Mortgage Rates Decrease to 3.05 Percent in Response to Fears About Omicron
According to a recent article on HousingWire, the average 30-year-fixed rate mortgage decreased to 3.05 percent during the week ending Dec. 23, down from 3.12 percent the week before, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the average 30-year fixed-rate mortgage was 2.66 percent Last week, the average 15-year fixed-rate […]
Top 5 Non-QM Posts of 2021
A non-qualified mortgage loan, commonly known as a Non-QM loan, is a type of mortgage loan where alternative methods are used for income verification. It could be through bank statements or done by using assets as income. The Non-QM loan is the option available for investors, foreign nationals, and the self-employed, as well as for […]