The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

A real estate professor weighs in on the future of MLSs

According to research done by Sonia Gilbukh, a real estate professor at Baruch College, there are some reasons to be concerned about the current number of real estate agents and the future of MLSs.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Real Estate

Why aren’t more Millennials buying homes? A bunch don’t understand mortgages

Over half chalked it up to lack of savings or low income

While the number of Millennial homeowners is rapidly increasing, a recent survey from LendEDU showed that 42% have yet to buy a house. 

In the survey that was taken by 1,000 people between the ages of 23 and 38, almost 90% of the non-homeowners responded that they aspire to homeownership. When asked how many years they were away from that goal, the largest portion, 65%, estimated it would be one to five years before they were homeowners. Their biggest reason for the delay: finances

It was concerning, albeit not surprising, to see debt-related answers take up a combined 21% of the answers,” LendEDU said in its report. “The millennial struggle with debt, especially related to student loans, is widely publicized, and it’s quite obvious that this uphill battle is having secondary effects on the wider economy.”

Of course, not all of the financial pause was due to debt. Of those waiting to buy a home, 26% Millennials simply felt they had insufficient savings. Other responses included 24% citing low income, 17% with low credit and 8% saying they hadn’t found the right home yet.

The study also looked into Millennials’ knowledge of mortgages. This portion of the survey started with a fundamental question: “Do you believe that a lack of knowledge when it comes to homeownership and mortgages has prevented you from already owning a home or taking longer than expected to become a homeowner?”

To this, over half of the surveyed Millennials who are not homeowners replied “yes.” This response was further confirmed when the same group was asked what they thought a minimum down payment amounted to. The average answer was 37%. 

Millennial respondents also estimated that the mortgage process takes a lot longer than it actually does, with the average answer from our survey being 72 days from start to closing,” LendEDU’s report said. 

And despite the generation being largely regarded as “digital natives,” 52% wanted an in-person mortgage experience. 

Latest Articles

Existing home sales pop the 2021 housing bubble boys

So far this year, every existing home sales print has been higher in 2021 than the closing level of sales in 2020, which was 5,640,000. Even with the unhealthy home price gains that we have seen in the last two years, more Americans have bought homes with mortgages in 2020 and 2021 than any single year from 2008-2019, and this looks perfectly normal with our current demographics. HW+ Premium Content

Sep 22, 2021 By
3d rendering of a row of luxury townhouses along a street

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