Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster.

Brokers, Here’s Everything You Need to Know About Rocket Pro TPO

Want to stay up to date with the latest on what Rocket Pro TPO is offering its broker partners? Check out our TPO hub for updates and more.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

Loan quality lessons learned from 2020

HousingWire recently spoke with Trevor Gauthier, CEO of ACES Quality Management, about the effects of 2020 on loan quality and what lenders should expect regarding loan quality and risk management this year.

Investments

Housing and mortgage financing are not ready for demographic shift

Aging boomers, more diverse millennials create unprecedented challenge

The housing industry and the mortgage finance industry are not ready for the great demographic shift that is coming as boomers age and a more ethnically diverse block of millennials and post-millennials come of age.

That was the agreement among five former secretaries of Housing and Urban Development gathered at the Bipartisan Policy Center’s Housing Summit in Washington, D.C. on Monday afternoon.

“HUD is not prepared for this demographic tsunami and neither is the country,” said former Clinton-era HUD Secretary Henry Cisneros. “The older, aging population presents a number of challenges, as does the younger population with its greater diversity.”

Cisneros said the greater diversity of the younger portion of the housing market is a challenge in terms of the lack of the necessary rental stock that serves as a step for younger Americans to become homeowners.

“It is clear that some people should not have become homeowners but the wrong lesson is the new minority population coming up should not be homeowners,” Cisneros said.

He added that homeownership is not just important for the country – it is – but is a primary driver of individual wealth creation.

Former Bush 43-era HUD Secretary Mel Martinez said that he believes housing policy has to be more creative in how it “subsidizes” homeownership – deductions, down payment assistance and the fact that post-QM makes it harder for many to qualify for a mortgage.

“Additionally, clearer rules of the game are what the financial institutions are wanting,” Martinez said.

Former Ford-era HUD Secretary Carla Hills said that housing reform and policy must be cohesive and flexible, because of the diversity of housing needs and the diversity of housing markets – New York City and Denver are very different markets, for instance.

Most Popular Articles

The housing market outsmarted the foreclosure crisis

This isn’t 2008. A bevy of loss mitigation waterfalls, forbearance safety nets and an abundance of equity gave Americans a fighting chance when the foreclosure crisis finally sunsets. HW+ Premium Content

Jun 18, 2021 By

Latest Articles

Existing home sales dip downwards for fourth month

Existing home sales fell for the fourth consecutive month in May, down .9% from April to 5.8 million, the National Association of Realtors reported on Tuesday.

Jun 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please