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This complex generation stirs up a lot of talk in the mortgage industry, mostly because they have come to be known as the financially unstable and indecisive, renter generation in the housing market. While some of these labels do prove true, the millennial generation is just mostly misunderstood.
The remnants of the housing crisis are making difficult for the 18 to 34-year-old cohort to break into homeownership, according to a media report released today. According to Zillow's Housing Confidence Index, of millennials, 65 point 3 percent associate the American Dream with owning a home, but only 9 point 2 percent of them expect to purchase a home in the next year. Another 7 point 6 percent indicated that they are not sure about buying a home, while 1 point 8 percent said they never would.
Washington, D.C., Congressman French Hill said that the CFPB needs to do a lot more to ensure the industry understands the new TRID-compliant ‘Know Before You Owe’ rules before they take effect. Specifically, Hill wants to make sure that the Bureau clears up confusing language regarding insurance fees in the mortgage process. Hill urged CFPB to correct quote the inaccurate disclosure of title insurance fees when policies are issued simultaneously close quote.
