You’ve probably heard the expression, ‘It costs around 5 times as much to acquire a new customer than to retain a current one.’ And it’s true, especially in the mortgage lending business. According to the National Association of Realtors, the average 2018 seller was in their home for 9 years. With that said, you can expect more than 10% of your clientele to be underway on their search for a new home.

Topics: Mortgage, Mortgage Lending, Customer Retention

It’s January, and that means a lot of us just simply have football on our brains. Whether it’s researching French onion dip recipes for the big game or placing bets on the final score, we’re hyped for the game. And to some of us, if we thought about mortgages like we thought about football, we’d be a lot better at our jobs. That got us thinking.

Topics: credit reports, Mortgage, Credit Score, Mortgage Lending, Credit Report

You’ve probably heard it from countless lending professionals- Social Media is the next great way to help generate mortgage leads. And they’re right, but with the loan origination process costly enough as it is, how can you curate awesome social media leads without hurting your bottom line? While there may not be a ‘silver bullet’ solution, here are a few ways social media can help you generate mortgage leads for free:

Topics: social media, Mortgage Lending, Lead Generation

Soon, Fannie Mae's Day 1 Certainty program will be turning three years old. At the outset, the validation program was widely known for its ability to offer lenders freedom from reps and warrants. But today, it turns out there’s a whole lot more to the benefits of Day 1 Certainty than lenders initially thought.

Topics: Mortgage Lending, DU Day 1 Certainty, Verifications

Digital mortgage discussions are everywhere! Blogs, news, and trade shows can't stop talking about them and their impact on the current and future mortgage industry. 

What are consumers saying and feeling about digital mortgages? What are the benefits and the drawbacks? We've compiled a list of the best, most up-to-date statistics available to shed more light on this important mortgage trend. 

STATISTICS TO KNOW

Millennials account for 36% of homebuyers in the market. 

More than 50% of all loan applications in the past two years included some online or mobile component.

67% of those with an existing home loan would feel comfortable completing a home loan application on a laptop or desktop computer, and 29% would be comfortable using a mobile device.

More than 30% of borrowers reported not comparison shopping for their mortgage.

Topics: mortgage news, Mortgage Lending, mortgage trends, mortgage lending services, mortgage education, digital mortgage

Topics: Mortgage Lending

 

We all know the lending compliance is highly regulated and takes considerable resources. Lender compliance costs put a strain on lender profits, can be frustrating and seem unreasonable.

And they keep increasing.

Topics: Mortgage Lending, mortgage changes, Lending compliance, compliance tips for lenders, compliance costs in lending, mortgage lending services

Is it what you hope is the last Halloween before you move into a new home? Are you dreaming of passing out candy to hungry zombies and beautiful princesses?

Topics: Credit Score, Mortgage Lending, mortgage process

This article was originally published on HousingWire by Kelsey Ramirez. 

Fannie Mae announced it is increasing debt-to-income ratio, the No. 1 reason that mortgage lending applicants get rejected, according to an article by Kenneth Harney for The Washington Post .

The largest population rejected due to high DTI ratios is Millennial borrowers, who often stretch to pay their rent early in their careers, according to

the article.

Topics: Mortgage Lending, fannie mae

Several components play into the fact there's no easy sailing for mortgage professionals.

 2017 poses especially unique challenges. Being prepared with the right tools and education is key to being successful in today's mortgage industry. 

Topics: Data Facts blog, Millennials, Mortgage Lending, Potential Millennial homebuyers