We’ve Had a Rocket for Some Time Now

Did you see the Quicken Loans “Rocket Mortgage” commercial during the Super Bowl. If not watch it here.

It’s caught a ton of backlash reckoning back to the days of easy and carefree access to mortgage credit. Do a google search on Quicken Loans Rocket Mortgage Commercial and you’ll get no less than 73,000 hits. Many of them are not glowing reviews. Everyone from CNN to the Wall Street Journal and the CFPB have damned them for hearkening back to reasons for the financial crisis.

 

CFPB reaction to Rocket Mortgage

Didn’t expect that did ya Quicken?

And within all that backlash, I see a lesson for Credit Unions wanting to be memberlicious.

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Fannie Mae’s Industry Voice

Recently I was asked (and was quite honored to be asked) to contribute to Fannie Mae’s Industry Voice as a part of their Housing Industry Forum.

The intended audience for the Industry Voice is the Fannie Mae team as an attempt to help them understand the world from a lender’s viewpoint.

Check out what I wrote here.

Do you agree?

How else can Fannie Mae (or Freddie Mac) be simpler to work with?

 

ACUMA Workshops – A Shameless Plug

ACUMA (American Credit Union Mortgage Association) announced their 2016 Workshop schedule this week. These are awesome events are designed to get at current and relevant mortgage operational and strategic issues. This year’s topics include:

Compensation Strategies—What’s working and why?

Recruiting and Growing New Talent

Channel Optimization

Transforming Mortgage Lending Compliance: More of the Same in 2016

and many more.

May 18th & 19th in Tempe, Arizona

or

June 21st & 22nd in San Antonia, Texas

You can learn more about the workshops and register here. 

 

Targeting the Uneducated Future Home Buyer

Source: Fannie Mae (Click to Enlarge)

Source: Fannie Mae (Click to Enlarge)

That titles sounds like something out of a subprime or predatory lending handbook, but it isn’t. It’s about how Credit Unions can become memberlicious by preparing folks for future home ownership.

Fannie Mae serves a variety of purposes in the mortgage market. We all know about their efforts (and Freddie Mac’s) to provide liquidity and stability to the mortgage market. But you may not be aware of the research efforts of the GSE.

Recently, Fannie Mae’s Economic and Strategic Research Group conducted a nationwide online survey of nearly 4,000 Americans to assess their knowledge of mortgage qualification requirements. The results were somewhat staggering, but offer a tremendous opportunity for Credit Unions to be memberlicious….

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Pay Attention!

sofi_logo-grey-verticalBack in August, I wrote about the rise of Lending Club and its potential for competition in the mortgage lending space. A newer FinTech entry into mortgage lending is SoFi.

SoFi got its start by refinancing government backed student loans. And now they’ve branched in personal loans and mortgages. Today, the originate about $50 million of first mortgage loans, which can be sold to Fannie and Freddie.

Lenders such as SoFi are often referred to as marketplace lenders, perhaps because they find market weaknesses and exploit them to their advantage as well as the advantage of the consumer.

That $600 million per year is a lot smaller than what Credit Unions do today, but it’s worth watching because they are looking at the mortgage loan differently than traditional lenders. And they plan to do $3 billion in loans in 2016.

A bit nervous? Read on……..

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