[Video] 6 Reasons to Smile About Mortgage Origination Trends from 2019
In case you missed it, the 2019 Profile of Home Buyers and Sellers from the National Association of REALTORS® highlights many reasons why it’s a great time to be in mortgage origination.
With so many changes happening in the mortgage industry, it’s easy to fall into the cycle of saying things aren’t going well, but the numbers say otherwise.
Watch Steve Richman, Enact’s That MI Guy, break down the good news about being in mortgage origination.
of all homebuyers in 2019 used a real estate agent
of those homebuyers needed a mortgage
With so many people turning to real estate agents, that means means building, growing, and maintaining your real estate agent relationships are critical. By bolstering those relationships through assisting agents with open houses and events or sharing best practices, you’ll have access to more of the market your real estate agent contacts are likely getting.
of all first-time homebuyers needed a mortgage
of first-time homebuyers consider buying a home a good investment
renters want to own a home
With so many people needing a mortgage – first-time or repeat buyers – you can make a tremendous impact on potential borrowers by knowing several loan products to help those buyers make the most of their mortgage. For example, a majority of first-time homebuyers put less than 20% down on a home, so knowing low down payment programs like Home Possible and HomeReady inside and out can help you build rapport with more borrowers.
Altogether, these figures show, no matter what you see in the news, Millennials have not shunned homeownership. Yes, Millennials have considerable hurdles to becoming homeowners including considerable amounts of student debt and low housing inventory. Despite all that, they still see owning a home – whether that’s a traditional home, condo, or tiny house – as a good investment.
of all buyers in 2019 at one point owned a distressed property
This one is a bit of a head scratcher, but here’s why this is good. This 9% indicates that those borrowers who had distressed properties, likely from the 2008 recession, are back in the market because their credit scores have recovered, they’re employed, and they’re saving more. Overall, it shows that they still believe that owning a home is a good way to build wealth.
So, whenever you need a pick-me-up, remember that mortgage originations were strong all through 2019. These are things that are within your control to change, like strengthening your existing real estate agent relationships and building up your knowledge of multiple loan products to make your expertise shine with borrowers.
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