For 84% of Americans, owning a home is a part of their American Dream. Unfortunately, over 50% doubt that they’ll ever attain this milestone. Underserved borrowers, in particular, have more obstacles in their way, from higher rates of loan denial to fewer financial resources. As a mortgage lender, you have the power and expertise to help borrowers from all backgrounds … Read More
So far, the 2024 mortgage market has left both lenders and borrowers longing for better market conditions. With interest rates hovering around 7%, purchase loans simply aren’t in many aspiring homebuyers’ budgets. Even fewer borrowers are eager to refinance right now. While purchase loans and refinances don’t have high demand, there are still some lucrative lending opportunities – home equity … Read More
According to a new Bankrate survey, 50% of Americans who have applied for financing have been denied, with 17% being denied multiple times. Of these denied applicants, 82% claim their lack of access to credit has hurt their finances. This alarming denial rate started rising when the Federal Reserve began raising interest rates in March 2022. With rates still elevated, … Read More
For nearly two years, record-high interest rates have thrown a wrench into the housing market. While interest rates started spiking in the second half of 2022, the housing market didn’t slow down right away. Buyer demand remained surprisingly strong for some time, partly because builders and lenders ramped up their rate buydown offerings. Rate buydown programs peaked in December 2022, … Read More
Verification of income and employment (VOE) is a crucial step in your loan origination process. It allows you to see if your applicants possess sufficient income and employment stability to afford their loans, playing a vital role in your risk mitigation. The importance of VOE has remained the same since the dawn of mortgage lending. VOE methods, on the other … Read More
Credit cards and loans can provide you with invaluable financial flexibility, whether you want to purchase a home or use a credit card to finance unexpected expenses. But before you can get approved for financing, lenders will assess how likely you are to pay them back on time. Your credit score is one of the most important metrics lenders consider … Read More
