While research shows that a lack of standard income documentation can make it difficult for self-employed homebuyers to fit into traditional mortgage programs, there are plenty of loan products designed for this group – if you know where to look. Working with an independent mortgage broker can alleviate common pain points and make it more likely for a self-employed buyer to be approved for a loan.
While the mortgage industry is subject to more regulation today than ever before, the foundation of residential lending has not significantly changed. The system is still anchored around lenders and GSEs. Roostify aims to shift that focus with a customer-centric model that puts an emphasis on empathy and using customer data to create best-in-class experience.
According to Verizon’s 2019 Data Breach Investigations Report, 10% of the 2,013 breaches that occurred in 2018 were within the financial industry. Personal data was compromised in 43% of those breaches, which were largely attributed to privilege misuse, errors or unsecure web applications.
Rising interest rates often cause homebuyers to think twice about moving forward with a mortgage. In April, mortgage applications fell more than 7% after 30-year fixed mortgage rates reached a high for the month.