There’s been a lot written lately that Realtors just are not ready. Here’s one example from Origination News. And this could be bad news for Credit Unions wanting to grow their purchase money business and be memberlicious.
Yesterday Fannie Mae made a big announcement about a new product called “HomeReady”. You can read a trade publication account on Housing Wire’s web site.
This sounds great for home buyers and Credit Unions. While Fannie release some highlights of the new product, the details will be coming in a few weeks. But I’m Ready NOW!……..
Were you a fan of the Little Rascals growing up? I was. I remember Spanky, Alfalfa, Darla, Buckwheat and others. I don’t remember a lot of specific episodes, but I do recall a few including the He-Man Woman Haters Club. The boys being young and naive, established the club as a sort of boys brotherhood and anti-girl movement. It ends up failing because Alfalfa loves Darla.
Well the CEO of another Club – Lending Club – is talking about getting into the mortgage game. And while it may start small, it will likely have more success the He-Man Woman Hater’s Club.
Trader’s World is a giant flea market about five miles from where I live. It’s a somewhat fascinating place though I’ve only been there once. They sell everything from Americana to Wrestling Figures. Some of it is kinda cool. Some of it is kinda crappy.
You could spend a whole day roaming through each vendor’s area. And if you buy something, you’ll probably haggle a bit over the price. You might think that the vintage sign is worth $30 and the vendor is asking $50 for it. You’ll debate the value and someone will either give a bit on the price or you’ll walk away. I was reminded of this when I read this article.
Quicken Loans conducts a monthly survey for the Home Price Perception Index. It shows an increasing disconnect between what consumers think their home is worth versus what an appraiser says.
What does this mean for Credit Unions and how can we use it to be memberlicious?
The MBA publishes a monthly finance forecast that should be part of your regular viewing habits. You can find them here. The Mortgage Finance Forecast shares historical data and the MBA’s projections about housing measures, such as home sales and new starts, interest rates and mortgage originations.
Just recently the MBA became a bit more bullish about mortgage activity. What did it say and what does it mean for Credit Unions?