Mortgage Servicing: Trends and Challenges

first_imgSubscribe in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Potential homebuyers want more assistance with their buying process, according to the recent TD Bank Mortgage Service Index. The Index notes that homebuyers are optimistic, with 83% saying it’s a good time to buy a home and 30% are very or extremely likely to buy a home in the next three years.More homebuyers than ever are using online processes when buying a home. TD Bank states that the number of homeowners who applied for a mortgage online has increased from one in eight (13%) in 2014 to more than one in five (21%) this year.”Digital platforms are speeding up mortgage processing on the front and back ends,” said Rick Bechtel, Head of U.S. Residential Lending for TD Bank. “When borrowers leverage online platforms for providing documents and completing necessary forms, we have found it reduces information intake time by more than 60% on average.”Many buyers still need guidance in some areas. TD Bank notes that 82% of consumers today believe they have enough resources to educate themselves on the mortgage process, compared to 90% in 2019.Around 30% of homeowners received $2,000 or more in unexpected charges during the homebuying process, with another 42% stating that they are unaware of affordability programs. Additionally, despite the fact that 52% of homeowners plan on staying in their home for less than 10 years, 74% of homeowners took out a 30-year fixed rate or 15-year fixed rate mortgage.While affordability is improving, affordability is still a problem for homeowners as well as renters in many metro areas. According to Freddie Mac, the largest metro areas are the most rent-burdened.“Rental affordability is a significant challenge for metropolitan areas across the United States,” said Steve Guggenmos, VP of Freddie Mac Multifamily Research and Modeling. “The vast majority of the units Freddie Mac finances are affordable. Even so, our research shows that supply just hasn’t kept pace with demand in many metros, and that’s pushing affordable rents out of reach for millions of American families.” Previous: Checking in on Condo Delinquency Rates Next: The Week Ahead: GSEs Prepare to Launch UMBS The Best Markets For Residential Property Investors 2 days ago Mortgage Servicing: Trends and Challenges Share Save May 31, 2019 2,761 Views center_img About Author: Seth Welborn Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles  Print This Post Affordability Home Purchases Mortgages Sales 2019-05-31 Seth Welborn Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Affordability Home Purchases Mortgages Sales Home / Daily Dose / Mortgage Servicing: Trends and Challengeslast_img read more

Read More →