Before getting too far down the road, lenders should remember that compliance with new social media regulations imposes unique constraints on individuals involved with the lending business. Click below to read Debbie’s article or Mortgage Compliance Magazine: (Page 28 )
Sesha Dhanyamraju, CEO & Managing Partner of Digital Risk, an Orlando-based mortgage risk analytics and loan processing firm, joined a panel of industry experts on National Mortgage News’ “Increasing the Mortgage Inventory: How to Entice Millennials” webinar on May 27th.
During the webinar, panelists discussed what changes are and need to occur in the industry to entice millennials to purchase houses, thus having an effect on the mortgage lifecycle. Sesha, specifically, offered insights on the technology enhancements, self-servicing options and mobile campaigns needed to attract and retain millennial homebuyers.
To learn more about how Digital Risk can provide valuable information regarding millenials please contact us.
Will Millennials Rise In 2015? – By Debbie Hoffman
May 6, 2015
Digital Risk’s Chief Legal Officer, Debbie Hoffman talks about the impact of millennials on the housing industry.
For years, lenders have been saying that the millennial generation could be the one to bring the housing industry out of its slump – will 2015 be the year?
Increasing the Mortgage Inventory: How to Entice Millennials
National Mortgage News
May 27, 2015
From National Mortgage News
There has been a considerable amount of interest lately in the millennial influence on housing inventory as first-time homebuyers. Thus far in 2015, the millennial home purchasing activity has been much lower than predicted. This webinar will discuss what changes are and need to occur in the industry to entice millennials to purchase houses, thus having an effect on the mortgage lifecycle. Such topics shall include:
- Starting from the dirt: are homes being built to encompass millennial preferences from the foundation to the location
- How lenders are modifying or introducing their mortgage loan products
- The mortgage application process and appealing to this demographic
- Changes to underwriting and credit standards
- Protections to homebuyers through revised mortgage insurance products
- Use of technology and self-servicing in the mortgage application process to enhance millennials’ home buying experience
- Education and awareness of mortgage opportunities: application, credit, compliance, cost savings of buying
Lenders, squeezed between capped interest and fees and fervent GSE pursuit of put-backs, are struggling to find the right balance concerning risk and return.
In our post-housing bubble environment, we’re seeing aggressive legislative enforcement, such as Dodd-Frank Act’s Qualified Mortgage cap on mortgage fees and the capital markets’ cap on interest rates. While these measures restrict the revenue generated from a loan, the real challenge faced by lenders is the risk of repurchase and penalties. We’re seeing a significant increase in repurchase rates. For the rest of 2014 and on into 2015, our data points to 4 times more repurchase requests, and a corresponding 5 times more successful repurchase requests as we enter 2016.
Authored by: Shawnda Merriman, SVP Component Servicing and Surveillance, Digital Risk
The CFPB has altered the regulatory climate for banks, credit unions, and non-depository financial institutions alike. Few areas have felt pressure from this new-age agency more than mortgage servicing. Familiar tales, from the housing boom to the housing crisis, reported frivolous servicing practices, including robo-signing, lackluster documentation procedures, and most notably, a failure to provide notice of foreclosure. The subsequent legislative pushback gave us Dodd-Frank, the CFPB, and a myriad of new mortgage servicing regulations.