The next wave of servicing regulation is coming – Are you ready?

Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

Inside Look: RealTrends 2021 Brokerage Compensation Study

Steve Murray, senior advisor to RealTrends, gives an exclusive first look at the 2021 RealTrends Brokerage Compensation Report.

Logan Mohtashami on trends in forbearance exits

In this episode of HousingWire Daily, Logan Mohtashami discusses several hot topics in the housing market, including recent trends in forbearance exits and future homebuyer demand in the midst of inventory shortages.

How lenders can prepare for increasing regulatory pressures

As compliance becomes an increased focal point for mortgage lenders and investors, staying ahead of state and federal regulations can be the difference between a flourishing business and one mired in fines.

Mortgage

Survey: 52% of Americans likely to buy a home in next five years

Half spend less than six months on home search

Just over half of Americans — 52% — say they are likely to buy a home in the next five years, according to the 2015 BMO Harris Bank Homebuyers Report.

In addition, Americans surveyed are willing to pay an average of $296,000 for a home and will average a 21% down payment.

“Getting preapproved helps buyers understand their budget as they start their home search. That means estimating monthly mortgage payments and how much you can borrow,” said Alex Dousmanis-Curtis, Group Head, U.S. Retail and Business Banking, BMO Harris Bank.

The report, conducted by Pollara, also found that:

  • Among likely buyers, 78% plan to get preapproved before seriously searching for a home.
     
  • Three quarters of current homeowners set a budget before looking for a home. Sixteen% ended up spending less while 13% went over their budget.
     
  • The majority (74%) of those looking to buy a new home will consult a real estate agent, while 59% said they will visit online real estate websites and 37% will seek recommendations from friends and family.

According to the report, 63% of American homeowners spent under six months looking for a new home before they made a purchase. In addition, 8% bought their home without participating in an active real estate search – or even any plan to buy at all – because a specific property caught their attention.   

The report also found that many likely homebuyers are interested in a real estate mobile app that would help in their home search. Over three quarters (78%) of homebuyers said the biggest draw for a mobile app would be the ability to look at house listings in their specific desired area and the ability to obtain information about these neighborhoods (77%).

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3d rendering of a row of luxury townhouses along a street

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