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Open commentary on everything impacting the U.S. housing economy. The opinions expressed here represent the author's alone.

Real talk: The mortgage industry is changing, and some of you won't make it

"The times they are a changin'"
When I speak to agents and loan officers on disruption, tech, marketing, etc., my core message is always the same. It is time for you to stop being romantic about the way things used to be. We are never going back. It is time for you to embrace the tremendous opportunity in front of you to reimagine your business for today's consumer. I stress that you don't want to be on the "wrong side" of disruption.
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This market is about to see a housing downturn

Which city and surrounding MSA rank fifth lowest in VEROForecast?
With a projected -0.6% drop in home prices over the next year, Peoria and its surrounding MSA ranked the fifth lowest on Veros Real Estate Solutions VEROForecast for this year. Veros' Eric Fox explains that a recent move by manufacturer Caterpillar to relocate its headquarters from Peoria to Chicago may be the cause.
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Will AI take the jobs of loan officers?

Research says disruption is coming but loan officers will stay
[Expert commentary] While we have witnessed the rapid disruption in products and technology, many experts believe artificial intelligence will disrupt the human interaction with homebuyers and remove loan officers entirely from the equation. However, data does not suggest this will happen anytime soon. According to consumer research by PricewaterhouseCoopers, today’s borrowers prefer a combination of digital tools with knowledgeable advisors.
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Monday Morning Cup of Coffee: Private capital is returning to the mortgage market

Plus, developments in affordable housing
A few weeks ago, we asked if private capital was beginning to show more interest in the mortgage market. And now, we’re starting to see more signs that interest in mortgages that don’t fit inside the Qualified Mortgage box seems to be growing. Plus, big rental-related news out of New York and Minnesota. All that, and more, in your Monday Morning Cup of Coffee.
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Do you have questions about HousingWire's Women of Influence program?

Nominate before it's too late!
The nomination period for HousingWire’s Women of Influence award ends today (yes, really!). This unique annual awards program was launched to recognize the significant contributions of women in both mortgage finance and real estate. Before we wrap up the nominations today, let’s tackle some frequently asked questions about the Women of Influence award.
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Creating social media content in real estate, mortgage: Focus on the details

Here are some great examples of what NOT to do
Sometimes it can be difficult to make your mortgage or real estate social media content stand out. With so many options for consumers, it is important that you are doing everything to put your best foot forward in your marketing. Here are some examples of lack of detail in social media content posting that have easy fixes.
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Ask the Underwriter: Are DACA recipients eligible for FHA loans?

Here are the requirements
On Wednesday, a federal judge ruled that the protections for Deferred Action for Childhood Arrivals program recipients must stay in place and that the government must resume accepting new applications for the program. This is great news for the Dreamers! But what does it mean for DACA borrowers who are looking to buy a new home this spring? This week, Underwriter Dani Hernandez provides a walk through of the FHA’s guidelines and explains the documentation needed to get your DACA borrowers into a new home using FHA financing.
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Mick Mulvaney and the long, slow death of the CFPB

Long live the BCFP?
[Commentary] The Consumer Financial Protection Bureau is dead. Did you know that? No, the agency that everyone in the financial services industry loves to hate isn’t totally gone, at least not yet… but the CFPB as you knew it is dead. The bureau’s cause of death? Mick Mulvaney.
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Rolling the dice on Atlantic City

To quote Springsteen, "maybe everything that dies someday comes back."
The Atlantic City-Hammonton, New Jersey Metropolitan Statistical Area boasts a legendary boardwalk and coastline but is now as well known for its bankrupt casinos. And, rather than a growing population with an expanding economy, the region remains on a downward trend, with a projected -2.9% depreciation.
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LendingTree reveals the cities with the highest rates of denied mortgage applications

Here are the leading reasons for denials
[Expert commentary] As the spring selling market heats up, buyers continue to face increasing odds against finding their dream homes. Inventory is low, demand is high and rates have been steadily creeping upwards for months. These factors are only complicating what can already be an arduous experience for would-be homebuyers hoping to get approved for a mortgage. In a new study analyzing more than 10 million mortgage application records, LendingTree found nearly one out of every 10 mortgage applicants, or 8%, is denied at the national level.
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