Some mortgage lenders are launching lock-and-shop products as the housing market booms and interest rates rise.
Good afternoon! Was this newsletter forwarded to you?Sign up here.
Hello, LOs!
Some mortgage lenders, including the fintech startup Tomo and California-based Pennymac, are launching lock-and-shop products as the housing market booms and interest rates rise.
"Consumers had seen so much news coverage on a threatened recession, inflation and interest rate increases that they got stuck," Tomo co-founder and CEO Greg Schwartz told me during an interview. "Consumers are saying: 'I'm afraid that if I start shopping now, by the time I find a place — because there's still limited inventory, I still have to make multiple offers — and, by the time I find a home, I may have much less buying power.'"
These products do not require a property address to guarantee a mortgage rate, and in some cases, borrowers can freeze their rates for as many as 120 days while they shop for a new home.
Lenders seem to think lock-and-shop products will bring more borrowers to the market. LOs – have you noticed an increased demand for these products? Please share your thoughts with me at flavia@hwmedia.com.
From automated valuation models to traditional appraisals and everything in between, home equity products are now available nationwide. This home equity toolbox allows lenders to discover the solutions available for all their lending needs. Download the Toolbox
As the U.S. economy reopens after a world-changing pandemic, several key factors are impacting getting back to a "normal" mortgage environment. This white paper will outline the current market challenges for lenders and what lenders can do to rein in costs and provide good customer outcomes.
"My favorite tagline when discussing HAF is '50 states, 50 programs,'" said Courtney Thompson, chief product officer at Sagent. HousingWire talked to servicers and trade groups to find out how the rollout of the $10B program is going.
At Reverse Mortgage Funding LLC, we know that when used thoughtfully, it can be a sophisticated part of a financial plan. That's why we're working to change the way people think about reverse mortgages.Learn More.
.png?width=1116&upscale=true&name=image%20(1).png)
EmoticonEmoticon