TheMReport — News and strategies for the evolving mortgage marketplace.
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A New Perspective T he spread of COVID-19 is causing the housing industry to look at the market, and prospective buyers, differently. The normally busy spring-buying season was dormant, as the National Association of Realtors reported existing-home sales fell 17.8% in April. However, while sales wane, price acceleration continues its steady climb. CoreLogic's latest Case-Shiller Index reported home prices rose 4.35% in March. The Federal Housing Finance Agency said home prices rose for the 35th consecutive quarter during Q1 2020. The June issue of MReport delves into the struggles facing affordability, access to homeownership, and how the industry moves forward. In our cover story, "The Affordability Tug-of-War," leaders from TD Bank, Freddie Mac, the AEI Housing Center, and more discuss price growth, rising credit limits, and if the pandemic could cause a suburban boom the remainder of the year. In "Lesson Learned From the Great Recession," Genworth's Tian Liu delves into how the industry came out of the crisis more than a decade ago and what can be used to assist homeowners today. "The Right to a Home," discusses the struggles facing military veterans in their pursuit of homeownership, and how a new bill could help America's heroes become homeowners. Finally, in "A Homebuyers' Mindset Amidst a Pandemic," Tim Von Kaenel, Chief Product Officer at Cloudvirga, looks at how lenders can use the COVID-19 pandemic to adapt to new borrowers and move forward with the integration of technology. The housing market—and the world for that matter—have become a different place. The pages ahead will help guide you, prepare you, and educate for what lies ahead. Welcome to the June issue of MReport. David Wharton Managing Editor 2 | M R EP O RT MNOTES © 2011 First American Financial Corporation and/or its affiliates. All rights reserved. YOUR business is OUR business! First American Mortgage Services is laser focused on mitigating YOUR cost, risk and exposure by aligning our advanced solutions with YOUR strategic objectives and compliance needs. We are the New First American, over 120 years young, strong and financially secure. Insight | Innovation | Integrity First American Title Insurance Company and First American Mortgage Services make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions. FIRST AMERICAN and FIRST AMERICAN TITLE are trademarks owned by First American Financial Corporation. 2 | Th e M Rep o RT Publisher Jon Ball contributing editor Abby Gregory online editor theMrePort.coM Ryan Schuette coPy editors Alison Rich emily White Youree heather hill contributors phil Britt Bob Calandra eric Fox Jack Konyk Mark Lieberman creative director Jason Stone art director Jonathan Won associate art directors Bruce Sons Chanyanont Loha-Unchit design director Sean Walker advertising Dina Duncan (214.525.6740) Jason Myers (214.525.6760) Andi Zimmerman (214.525.6724) technology Toby Tull Brandon Shangraw social Media Leon McKenzie Ani Vera circulation/corresPondence Celina Avila corPorate officers chairMan & chief creative officer chief executive officer Mark hulme edward R. Delgado business develoPMent Andi Zimmerman chief financial officer John harrison director of huMan resources ernest Gillespie director of oPerations Toby Tull account executives senior account executive Donna Lott (214.525.6792) sPonsorshiPs Jason Myers (214.525.6760) account executives Renee Charles (214.525.6742) Thomas Griffin (214.525.6754) Kristin Larson (214.525.6713) Ryan McLemore (214.525.6706) Marketing Travis Bogdon Matt hulme Production Kyle Curtis Miguel Martinez Christian McCrossan concierge Celina Avila art direction Jason Stone Sean Walker Jonathan Won No part of this publication may be reproduced without written permission from the publisher. ©2011 Reo publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. FORDEFAULTSERVICINGPROFESSIONALS THEFIVESTARINSTITUTE Follow us. EDITOR-IN-CHIEF Rachel Williams MANAGING EDITOR David Wharton REPORTERS Mike Albanese, Seth Wellborn COPY EDITOR Brandy Scott ONLINE CONTRIBUTORS Krista Franks Brock Andy Beth Miller CONTRIBUTORS Bryan Bergjans Tian Liu Tim Von Kaenel EXECUTIVE CREATIVE DIRECTOR Jonathon Won CREATIVE DIRECTOR Jason Stone DESIGN DIRECTOR Sean Walker ADVERTISING Kevin McCrea (214.525.6756) 2019-2020 EDITORIAL ADVISORY BOARD Danielle Hale, Chief Economist, Realtor.com ® ; Ken Markison, Of Counsel, Weiner Brodsky Kider PC; Alex McGillis, Director of Product Development, Quicken Loans Erik Schmitt, Managing Director of Origination Division, Chase Home Lending; Rocky Stubbs, Managing Partner, Excelsior Dynamic Corporate Officers PRESIDENT & CHIEF EXECUTIVE OFFICER Ed Delgado CHIEF FINANCIAL OFFICER Jonathan Hughes ART DIRECTION Jordan Funderburk, Jason Stone, Sean Walker, Jonathon Won No part of this publication may be reproduced without written permission from the publisher. © 2020 Five Star Global, LLC. All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials.