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Author Archives: Sandra Lane

Homeownership Rates Linked to Decrease in GDP

Recent study shows that decrease in homeownership is most severe among 25 to 29-year-old age groups, African Americans, and one-person households. Reasons cited include tightening credit requirements, rising student debt, and lack of ability to save for down payment. Experts say that dip in homeownership has contributed to dip in national GDP.

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Current LOS Systems Somewhat Lacking

Technology report says that current loan origination systems (LOS) are not adequate for the coming age of the digital mortgage. Specific functions must be achieved through add-on applications. The reasoning is that more efficient LOS systems will produce better client satisfaction in the loan process.

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Prospective Homeowners Say Buying a Home is Stressful

Buying a home in today’s competitive market is stressful, according to 72 percent of participants in a recent survey. Fears include losing earnest money, not finding a home in their budget range, and becoming involved in a bidding war. Prospective homeowners said they spend 1 - 3 hours a day in their search.

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Loans and Profits Dip for Independent Lenders

Although profits for processing loans dropped, mortgage lenders with servicing portfolios benefited from higher net servicing financial income in the fourth quarter of 2016 due to increases in the valuation of their mortgage servicing rights. This event was driven by rising interest rates. However, reduced profitability on the production side of the business generally outweighed servicing gains.

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Credit Applications Decrease, Reflecting Consumers’ Credit Fears

Unmet credit demands of U.S. consumers are partially caused by reluctance of some to even apply for credit. Survey reveals that consumers are generally more pessimistic of future approval rates, influenced by the increase in involuntary account closures. These rose to their highest level since October 2015.

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Helping Home Buyers and Sellers Be Prepared

As most Realtors know, helping a homeowner get their home in tip top condition before listing can significantly speed up a sale. In addition, consulting with buyers about their expectations and getting them pre-qualified for a loan will also expedite the process of house hunting.

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