True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Logan Mohtashami talks jobs report, mortgage forbearance

Lead Analyst Logan Mohtashami discusses his recent article on the latest jobs report and the most likely impact on the housing market and mortgage forbearance.

UWM has a plan to win a war of mortgage attrition

UWM's margins will fall all the way down to 75 to 110 bps. Mat Ishbia says it's the perfect environment to prove that his mortgage firm is truly elite.

Lunch & Learn about underserved markets and affordable housing

Experts in this discussion will focus on how the mortgage industry is working to right previous wrongs and champion a housing market that serves all.

Mortgage

[Infographic] An inside look at Millennial credit profiles

Here’s where their money is going

Only 3% of Millennials have taken out a mortgage, while 24% have taken out student loans and 27% have opened credit card accounts.

So where is all their cash going? After all, this is the largest generation, with 92 million Millennials.

An infographic from online lender Avant dives into Millennials’ credit portfolios, answering the question: If Millennials aren’t spending as much on a house, what are they spending their money on?   

It’s important to note that lenders are taking notice of new Millennial trends and adjusting their financial business to better fit them.

San Francisco-based SoFi, for example, recently announced it is choosing to not use FICO scores when evaluating applicants.

Here’s a clip from the lender’s blog explaining the reason behind that decision:

The FICO score calculation doesn’t consider things like your savings, your cash flow, your ability to pay non-credit bills like water and electric or your future earnings (for example, if you just landed a job with excellent pay). Plus there’s the fact that a growing number of millennials are forgoing credit cards entirely, which is reflected negatively in their credit scores – even though they may be perfectly able to pay off a loan. All of these factors can have a major impact on your creditworthiness, but your FICO score doesn’t take them into account.

Click to enlarge

infographic

(Source: Avant)

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

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