Monday, June 9, 2014

Show Me The Money - Mortgage money report, that is...

Show Me The Money -  Mortgage money report, that is...

Some interesting 1st quarter stats:  64% of loans sold to Fannie and Freddie had credit scores above 740 and 82% had scores above 700.  76% of the loans had a down payment of 20% or more.

The latest Census had additional interesting info.  The percentage of homeowners' age 65 and older carrying mortgage debt increased from 22 to 30% during the period between 2001 and 2011.  Consumers over the age of 75 had the greatest increase - their numbers more than doubled.  Being a baby boomer - this is a fast approaching age bracket!!!

Did you know????  Your Real Estate Agent can negotiate a short sale DIRECTLY with Fannie Mae rather than through your servicer.  This is one of the improvements announced by Fannie - making it available on their HomePath for Short Sales website. That website can be found HERE and is open to any real estate professional working on a short sale involving a Fannie Mae-owned loan.

Two years ago, non-banks serviced less than 2% of U.S. home loans. Banks have been selling these rights since the Federal Reserve began drafting new rules in 2012 to implement a new agreement aimed at preventing the financial shock seen in 2008. This agreement increased the amount of capital banks are required to have in order to hold mortgage servicing on their books. Non-banks are not bound by the new rules. Today, non-banks control about 14% of the market.  In the next 2 years, banks will probably sell another $1 trillion in Mortgage servicing and will push the non- bank share to about 24%.  You can expect to see some growing pains with some of the non- bank mortgage servicers.

If you are a numbers person and want to chat with someone who "gets it" (that would not be me) you can contact:

Mike Miller
Riverwood Financial

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