An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

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How brokers can help today’s unique borrower

The average borrower has drastically changed throughout the years. More borrowers are self-employed, work remotely and have multiple streams of income. Learn about the tools to assist any borrower quickly and effectively.

Experts on how AI makes a difference in the mortgage process

Today’s HousingWire Daily features a roundtable discussion on “Humans versus really smart machines” and what the right mix looks like to gain efficiencies in the mortgage loan manufacturing process.

Real Estate

More than half of U.S. homes in need of updates, renovations or repairs

Market ripe for construction to permanent and renovation loans

As refinances continue to fall, a new market could be opening up for lenders as construction lending and renovation picks up speed.

The housing stock is aging in the U.S., and now nearly 65% of homes are more than 25 years old, according to a new report from Land Gorilla.

(Video credit: Alcynna Lloyd)

Many of these older homes are in need of updates, renovations or repairs, according to the report. This, combined with the recent slew of natural disasters in 2017, which displaced thousands, left conditions ripe for lenders who focus on construction to permanent and renovation loans.

And according to the Joint Center for Housing Studies, these trends are expected to continue over the next decade. Baby Boomers are expected to continue driving gains in new construction and renovations over the next decade. And while Baby Boomers are leading the charge, Gen Xers are also beginning to enter their prime remodeling years.

“The complexities of residential construction lending present quite a challenge for many lenders as they lack expertise to launch competitive solutions, while others face challenges with internal constituents left with a bad taste in their mouth from the housing crisis,” Land Gorilla stated.

However, third party vendors and technologies have emerged to help lenders avoid many of the most common pitfalls including deficient budgets, under or over disbursements, project funding delays and builder performance.

What’s more, construction loans are expected to see a boost in 2018 as new home sales are expected to be the primary driver of the housing market this year.

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