In what United Wholesale Mortgage CEO Mat Ishbia calls a shocking down payment study, the National Association of Realtors determined 87% of non-homeowners think they need at least 10% down in order to purchase a home.

With so many down payment programs available to homebuyers, Ishbia explained there’s no need for consumers to think they need a 10% down payment.

“It’s crazy that people still think like this today,” he said in the company’s monthly 3 Points Newsletter.

He explained that it is the industry’s responsibility to educate consumers on the many options available to them.

“People don’t know about this, we have to educate them – that’s our job in this industry,” Ishbia said. “Educate consumers, educate the Millennial generation, educate everybody – they actually think they need to save 10 or 20% down, that’s why they’re over there renting.”

Here is UWM’s 3 Points Newsletter where he talks about the lender’s responsibility and also touches on the future of Dodd-Frank under President Donald Trump’s administration.