Posts Tagged ‘millennial’

Millennial Homebuyers Worry About Affordability

Posted on September 01, 2017 by Laura Lam

According to a recent survey conducted by loanDepot, 52% of Millennials (born between 1981 and 1997), cite no longer wanting to pay rent and being ready to start a family as two top drivers motivating them to start looking into homeownership.  However, half of those surveyed are anxious about the expense of real estate and mortgage payments, with only 18% saying they think a home purchase is affordable for them. As for barriers to entering the housing market, Millennial renters are concerned about having enough money for a down payment (63%), knowing where to start the process (48%) – with 56%…

Electronic Communications: A Growing Compliance Risk

Posted on June 01, 2017 by Laura Lam

The 7th annual Electronic Communications Compliance Survey from Smarsh reveals that finaical firms are struggling to keep up with the multitude of electronic communications channels.  More than half of respondents (52%) cited text messages as their current No. 1 source of non-email content compliance risk. About 33% of respondents cited social media communications as the greatest compliance risk, and 8% cited instant messaging. The survey also found that almost half of firms have no oversight or retention of text messages.  “Firms need to leverage new and emerging channels to communicate with their customers and stay competitive, but they’re failing to manage the risk,”…

Younger Homeowners Opt for HELOCs

Posted on April 18, 2017 by Laura Lam

As interest rates increase, hovering higher than rates last year, buyers have little incentive to refinance their mortgages.  But as refis drop, a whole new loan type rises to take its place – home equity lines of credit (HELOC). While mortgage rates may be high, so are home prices, creating a wealth of new equity for homeowners. Thus, the increase in HELOCs, according to a recent CNBC article by Diana Olick.  More than any other generation, Millennials are utilizing this cash-out mortgage loan.  According to the article, “The last time interest rates rose as much as they have over the…

Mortgage Industry Predictions for 2017

Posted on January 09, 2017 by Laura Lam

What does 2017 have in store for the mortgage industry?  Eight industry experts weigh in on what they see coming in the next year for origination, servicing, technology and regulation.  A (Home) Buyer’s Market – “First-time buyer activity will surge as refinances dry up. Realtor relationships will be everything in the year ahead.” ~ Gary Acosta, Co-Founder and CEO, National Association of Hispanic Real Estate Professionals Generation Gap – “We can expect that in 2017 the purchase market will increase significantly due to multiple factors, including the rise in wealth and homeowner readiness among millennials. As companies try to meet…

Multifamily Outlook: Rent Growth to Remain High

Posted on June 09, 2016 by Laura Lam

A new national market outlook from Yardi® Matrix forecasts that jobs and population growth will spur rent growth of about 5% in 2016.  The report, “Multifamily Votes for ‘More of the Same,’” predicts that long-term demographic forces in population growth, employment and demographic trends bode well for continued rent growth. The report predicts growth in 2016 will trail the 6.3% rate recorded in 2015 due to such factors as stock market volatility, depressed oil prices and weak economic growth outside the U.S. The capital markets could also be a factor, with a record total volume of multifamily debt. Yardi Matrix…

Getting to Know You: What Banks Should Know About Millennials

Posted on May 31, 2016 by Laura Lam

Banks have a hard time figuring out millennials, those born between the early 1980s and 2000. Many millennials don’t remember a world without the Internet, plenty entered adulthood during the thick of the financial crisis and the generation is broadly considered one willing to vote with its feet. Banks are anxious to market to this demographic (and might be neglecting seniors in the process) and are eager to find out just what makes them tick.  Several firms have tried to demystify millennials for bankers. The following is a look at some of the data. 1. They Don’t See a Future…