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Daily Dose

Economy Experts Present Midyear Forecast

Higher existing-home sales do not necessarily mean high homeownership rate. With homes selling fast, homebuyers are starting to realize they can afford less of what is on the market. Lawrence Yun, chief economist of the National Association of Realtors, Jonathan Spader, senior research associate at the Joint Center for Housing Studies at Harvard University, and Mark Calabria, chief economist and assistant to Vice President Mike Pence weigh in on the 2017 midyear forecast.

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Watt & Mnuchin Tackle GSE Reform

On Thursday, both FHFA Director Melvin L. Watt and Treasury Secretary Steven T. Mnuchin separately addressed the current state of the GSEs. Though Mnuchin discussed the priority of housing finance and regulatory reform in front of the Senate, at an industry conference Watt described the many successes of the FHFA in the last nine years. Watt warned that reforms made during conservatorship should not be ignored by congress during the reworking of housing finance reform.

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Acquiring the Down Payment Largest Obstacle for First-Time Homebuyers

A recent survey concluded that the number one misconception and cause for dwindling first time homebuyers is being required to put 20 percent down when it comes to securing a mortgage. Other believed factors include a reduced number of houses on the market, growing student debt, and rising interest rates. Constant dialogue between industry professionals and the education of prospective buyers can help remedy this trend.

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Housing Prices Surge and Listing Times Decline During April

While April continues a 19-month trend of decline in the number of houses on the national market, down 13.3 percent, market demand continues to surge, causing rising prices and decreased median time from listing to going under contract. Many houses across the country are selling above their asking price. This trend could continue through May and June as more houses appear on the market.

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Adapting to a Tech-Heavy World

Following in the footsteps of other industries, mortgage firms are starting to adopt new technologies like Application Programming Interfaces (API) in order to reduce errors and costs and speed up transactions. Lenders utilizing APIs said they do so primarily to integrate appraisal and verification information with their Loan Origination System. According to lenders, loan production holds the greatest potential for APIs and Chatbots alike.

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“Forever Homes” Not Forever Anymore

Fifty-six percent of homebuyers deem that “forever homes” are outdated. With changing lifestyles and shorter tenure in homes, buyers are looking to new home construction rather than a resale in order to get the exact floor plan they want. Higher interest rates are not a turn off for the present-day buyer who prefers convenience to price.

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Millennials: Financial Independence a Priority

Though previously labeled as entitled, millennials have high expectations when it comes to being independent. A study revealed that millennials think people should be financially self sufficient at a younger age than older generations do. This hints to a promising future in the housing market.

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Household Debt at Record Levels

Household debt has surpassed recession levels, according to the New York Federal Reserve. Mortgage debt proved to be the highest increasing debt factor, going up went up by $147 billion quarterly and $258 billion annually. Total mortgage debt as of Q1 2017 was $8.63 trillion.

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Purchase Loans Outpace Refis

Purchase loans are up and refis are down according to a recent report. Refis are down significantly over the past six months, while purchase loans are on the rise. Time to close is also narrowing for the month on both purchase and refi loans, averaging just 41 to 42 days per loan.

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Disparate Tech Holds Lenders Back

Today’s mortgage servicers are suffering from overly disparate technology solutions, and those disconnected systems are holding businesses back, according to a new report. In response to increased compliance follow the housing crisis, most available mortgage technology has become product-specific, and that’s created a disconnect that requires fractured, inefficient processes that are costly and unwieldy. The report proposes an overlay system to bridge the gaps and provide more consistency.

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