What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Mortgage

Why don’t potential homebuyers shop around for their mortgage?

Magilla Loans co-founder explains

Consumers are used to comparing flights and hotel prices and sifting through thousands of product reviews to make sure they get the best deal, and yet when it comes to the biggest financial purchase they will ever make, buying a home, they choose to go with the first lender they find. 

Chris Meyer, co-founder at Magilla Loans, an online loan comparison site, explained in an interview that home shoppers tend to be so beat down by the time they get to the mortgage part that they just want to get it done quickly. So to save time, they cut out the search process for the best home loan.

The Consumer Financial Protection Bureau previously cited that almost half of borrowers seriously consider only a single lender or broker before deciding where to apply.

And 77% of borrowers only end up applying with a single lender or broker.

That’s a low number for an extremely big decision. 

Meyer stressed that the most salient thing people should do is shop for the loan before they buy the house.

“You should gauge the marketplace on your own. If you broker does have the best deal, then sure, go with him,” said Meyer.

“It’s the largest investment of your life,” said Meyer. “Why wouldn’t you take the time?”

Meyer noted that Magilla data indicates that five to seven options will give loan shoppers a very accurate range of what it is in the country

However, he said people choose not to do this because they think it takes too much time or that they have to give their private information to all of these people.

“People want it done fast,” said Meyer. “People need to step back and understand you don’t buy a house everyday. You need to take the time and find the best rate for your biggest investment.” 

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