MReport Jan 2019

TheMReport — News and strategies for the evolving mortgage marketplace.

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12 | TH E M R EP O RT INDUSTRY SNAPSHOT FROM THE SOURCE Stats to Start With There's no better way to ring in the new year then to get a snapshot of where the market's been and where it's headed. 1 Millennial Buying Power Millennials are closing more pur- chase loans than refinance loans, de- spite rising interest rates, according to the latest Ellie Mae Millennial Tracker. Purchase loans comprise 89 percent of all loans closed by millennials as of September 2018, three percentage points higher than a year earlier. 2 FHA Reporting FHA endorsed over 1 million forward mortgages in 2018, which included 776,824 purchase loans. Of these, 641,921 borrowers were first- time homebuyers. Minority home- buyers accounted for 33.8 percent of all FHA forward purchase loans. 3 Good Credit Pays Off LendingTree's Mortgage Offers Report revealed that consumers with the highest credit scores (760-plus) received an average annual percent- age rate (APR) of 5.12 percent, versus 5.42 percent for consumers with scores of 680 to 719. 4 Gateway Leads the Way Gateway Mortgage Group has launched a new down payment protection program to protect homebuyers against unpredictable and unfavorable market changes. The new program is offered through ValueInsured and has been seamless- ly integrated into most of Gateway's mortgage loan products. 5 BCFP & FHFA Partner The Bureau of Consumer Financial Protection and the Federal Housing Finance Agency announced that they are releasing a comprehen- sive set of loan-level data on mort- gage loan originations that have been collected over the past few years. 6 Bargain Shopping Trulia reviewed listing descrip- tions in the nation's 100 largest hous- ing markets to determine how many of the homes listed as "bargains" actually were. The company found that in 35 percent of the 100 largest markets, homes described with terms such as "bargain" on average were not listed for below their estimated value, according to Lee's research. 7 Gauging Confidence Builder confidence is declin- ing, according to the National Association of Home Builders/Wells Fargo Housing Market Index, which fell eight points to 60 in November. 8 In Recovery A year after Hurricane Irma swept through Florida, the state saw an uptick in closed sales, pending sales, and median prices, according to data released by Florida Realtors. Sales of single-family homes state- wide totaled 21,087 in September, which is 17 percent up from a year prior. 9 Counting Collateral The total value of collateral held by the Federal Home Loan Banks (FHLBanks) rose 7.6 percent from $2.8 trillion at the end of 2016 to $3 trillion by the end of 2017, accord- ing to the latest report on collateral pledged to FHLBanks released by the Federal Housing Finance Agency. 10 Market Adjustments According to CoreLogic ad- justable-rate mortgages accounted for 15 percent of the dollar volume of conventional single-family mortgage originations as of August 2018. SHARE THIS: SCORE.ORG Deciding to go into business for yourself can be a rewarding— and daunting—process. SCORE aims to foster small business growth by connecting business owners to mentors and educa- tional resources. Available for free, SCORE is a nonprofit re- source partner of the U.S. Small Business Administration. Get started today by going to Score. org to connect with a volunteer mentor you can meet with either online or face-to-face at one of SCORE's 300 offices nationwide. Are you already well established in your business? If so, then give back by signing up to be a SCORE mentor. "The key quali- fication SCORE mentors bring is real-world business experience. They are working and retired business owners, executives, and managers who have been through the same challenges and decisions that many entrepre- neurs are facing today," the SCORE site shared. READ THIS: YOUR BEST YEAR EVER: A 5-STEP PLAN FOR ACHIEVING YOUR MOST IMPORTANT GOALS By Michael Hyatt New Year's resolutions are easy to make but so hard to keep. Get over the January's hump by making a game plan following the tips offered in Your Best Year Ever. Author and New York Times bestseller Michael Hyatt prom- ises readers they can "quit proof" their goals in just five hours by following his three simples steps for tripling the likelihood of goal achievement and offers advice and resources on how to move forward when you feel stuck. "When it comes to achieving our goals…we start out strong and make huge strides, gathering mo- mentum as we go. Then we get derailed or fall short of hopes. Not always—but often enough that most of us can point to a handful of setbacks or failures with disappointment and regret," Hyatt shared. "Whether your fo- cus for improvement is personal or business-related, make sure you are setting yourself up for success this year. " WATCH THIS: "A SUMMIT ON HISPANIC WEALTH" The Urban Institute & Hispanic Wealth Project Projections suggest that Hispanics will make up more than half of all net new house- holds formed between now and 2030. The Great Recession revealed that while homeowner- ship might not be the only cata- lyst to economic prosperity, it remains the largest wealth-build- ing engine for minority families. In December, Urban Institute and the Hispanic Wealth Project collaborated to create a dialogue around the issues impacting wealth creation and economic mobility within the Latino community by holding a summit titled "Hispanic Wealth: Emerging Homeownership, Entrepreneurship and Savings and Investments." Expert panel- ists shared their perspectives on challenges as well as the solu- tions for Hispanic Americans in areas of homeownership, savings and investments, and entrepre- neurial opportunities. The panel conversation can be viewed on the Urban Institute's website. TWEET THIS: @KARLAATWORK A weekly advice columnist for the Washington Post's Business section, Karla Miller, offers tips and guidance on how to navigate workplace politics and HR conundrums. From what to say—and definitely omit—dur- ing an interview to getting along with coworkers, the questions Miller fields can often be en- tertaining. In between each anec- dote, however, is an essential takeaway for today's 21st century professional.

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