Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

The digital journey starts at acquisition

Investments in digital acquisition directly contribute to a lender’s ability to maximize future profitability and allow them to remain competitive. Download the white paper for a playbook to building a tech-enabled acquisition strategy for growth.

Real Estate

Study: Most first-time homebuyers feel overwhelmed and underprepared

47% said they think the homebuying system is "rigged" for first-time buyers

Although homebuying is a sign of independence and a big step in many people’s lives, a new report from Framework shows that homebuyers wish they were better educated about the process before embarking on their real estate journey.

The study found that only 41% of first-time homebuyers felt they were well prepared for the homebuying process, while 55% said they felt they wished they had an independent advocate to coach them through the process of homebuying and homeownership. 

Speaking of preparation, the study found that 54% of recent first-time homebuyers and 62% of prospective first-time homebuyers said they wished they looked for a house sooner rather than later.

Meanwhile, almost half of first-time homebuyers even said that they think that the homebuying process is “rigged” against the buyer. 

Northwestern Mutual’s 2019 Planning and Progress Study recently showed that 22% of Americans said their main source of debt was their mortgage. Framework found that 57% of first-time homebuyers worry they can’t afford homeownership. 

Of recent first-time homebuyers, 64% said they came out of the process knowing more about the financial burden of homeownership than before they even began the process. Only three in 10 of recent first-time homebuyers said they took a homebuying or homeownership class before they bought their home. 

In July, a study from Freedom Debt Relief showed that of the 1,028 people surveyed, 29% said homeownership makes them feel anxious and stressed, while 26% said the cost of owning a home is a burden and they wished they were renting instead. In April, The National Association of Realtors and realtor.com said that first-time homebuyers can afford only 20% of housing stock in some of the nation’s housing markets.

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