Holiday hacks, minority market insights, Reverse mortgage potential
Mortgage Professional America
Insider coverage of the real estate and mortgage industries, with innovation, tips and info you won't find in the press.
In today's Mortgage Minute
Pro Tips & Tactics | Actionable advice to boost leads, retain clients, and drive profits.
Minority homebuying cohorts are continuing to gain traction in the mortgage market – and J. Tony Thompson, CMB , president of the NATIONAL ASSOCIATION OF MINORITY MORTGAGE BANKERS OF AMERICA INC , is urging mortgage professionals to tap into flourishing multicultural markets to maximize their businesses’ growth potential.
“Right now, if you look at most data in every major market, it would say that there’s a tremendous amount of room for improvement as it relates to homeownership for communities of color,” Thompson said. “If I’m a mortgage broker or I’m a mortgage originator, that’s music to my ears.”
Now is not the time for mortgage professionals to ease off the throttle, according to Yury Shraybman, MBA of Innovative Mortgage Brokers . Expectations of a busy spring market and more competition ahead are keeping plenty of borrowers in a homebuying frame of mind – and that means there’s no reason for mortgage professionals to rest on their laurels before the end of this year.
DAK Mortgage (NMLS #1922428) CEO David A. Krebs has seen an influx of South American and European homebuyers coming to Miami, many of whom are paying cash upfront and refinancing later. This cash-first strategy is creating unique opportunities for brokers and lenders to tap into this dynamic market.
Industry Pulse | Expert insights on market moves and what they mean for you.
While there’s no denying that technology is completely changing the face of the sector, how far will new tools actually replace our loan officers?
Amy Slotnick , senior vice president and area manager at Fairway Independent Mortgage Corporation , is unequivocal in her belief that technology and human touch are not just complementary—they're indispensable in today’s mortgage landscape.
“A consumer can apply at their convenience with upfront technology systems, but then have a follow-up conversation where we’ve already had an opportunity to review their credit history, income and assets... so that we’re starting from a point where the conversation is more efficient,” Slotnick said.
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Trending Now | This week’s must-read mortgage news – stay in the loop.
After sliding during the summer, mortgage rates have been on a steady march upwards in recent weeks – and uncertainty about how a change of government will impact the economy has sparked concerns of a further uptick.
The broad pre-election consensus that rates would move gradually lower next year no longer looks a surefire bet, according to Melissa Cohn of William Raveis Mortgage, LLC .
Specialty Highlights | Hot niche markets to watch: your guide to growth.
The growing number of borrowers turning their attention to the non-QM market as conventional lenders tighten their own lending criteria has increased competition and demand for quick turnaround times in the space.
That means submitting as detailed and comprehensive a deal as possible to lenders is the best way to get a loan over the line, according to Marianne Kozak , executive vice president at LoanStream Mortgage, Wholesale Lending Division .
Their popularity has dwindled for the past 5 years – but reverse mortgages could be on track for a comeback next year, according to a leading broker who’s keeping an eye on the space.
Corrina Carter , president and founder of CMS Mortgage Solutions Inc , said she’s expecting homeowners over 62 – the minimum age at which a reverse mortgage can be taken out in the US – to view reverse mortgages as an increasingly viable option between now and 2027, with some of the negative connotations around the product beginning to fade.
Rates are climbing again after a prolonged fall during the summer – but buyers aren’t exactly panicking. Advice to clients in the current climate remains the same as when interest rates first spiked in 2022, said Rebecca Richardson, AMP , a Charlotte-based broker licensed in over 10 states.
“Buying a home is always still a personal decision,” she told Mortgage Professional America. “Of course, we’d always like to pay less for things but if the timing is right, if [the buyer] can afford the payment, it’s about the hard math of buying a house.”
Question of the week: How do you balance taking a break and staying productive in the slower holiday months?