MReport March 2018

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 12 of 70

TH E M R EP O RT | 11 M // If you had to consider the future, what would the mortgage industry look like 10 years from now, when it comes to technology like cryptocurrency or blockchain? MONDRUS // In the future, I see many more homebuyers and sellers using crypto as a mode of payment. As a result, a number of processes will change or grow up around the management of crypto, such as using it to pay off a mortgage debt. Today, it's kind of annoying when your mortgage payments change dramatically from month to month; but in the long run crypto could serve a function that's similar to investment real estate as a stored value and place to put your money where it won't be debased. In the future we'll find that a lot of processes that we take for granted in the mortgage industry today will be very quietly but very quickly replaced by blockchain technologies. The front- end won't change, the industry will still look and feel the same way, but in the back-end the storage will be more permanent. M // Your company, Trive, works at killing fake news through crowdsourcing and cryptocurrency. Can you elaborate on how these two technologies are helping to strengthen news gathering and dissemination? MONDRUS // The point of Trive is to resolve the issue of bias and high-cost in media due to lack of transparency. At Trive, we try to remove that problem for the media by using crowdsourcing to gather news and research. In this way, we're eliminating bias because people who are researching or writing the news aren't paid for by the news agencies or aren't on their rolls. As a result, the amount of bias is smaller and their research more transparent, thereby considerably eliminating the chances of fake news. We use cryptocurrency at Trive to pay these people for their work as well as to store data. The idea here is to make sure that the research done by a person, once it's done, is stored on blockchain in as permanent a manner as possible. MDWELL Priced Out We examine the five most unaffordable U.S. cities to buy a home H omeownership is likely to be out of reach for more than half of the households in many large cities, according to a study published by the personal finance re- source GOBankingRates. To find the percentage of households that can't afford to buy a home in some of the most expensive cities in the country, GOBankingRates used the median home listing price in the 100 largest U.S. cities to figure the monthly mortgage payment. Using the rule of thumb that no more than 30 percent of income should go to- ward housing, they calculated the income needed to afford a mortgage in those cities and then compared this income to the number of households with income equal to or greater than that amount. Out of the 100 largest U.S. cities, the study ranked the ones where homeownership was out of reach for more than 50 percent of households. 5 Cities That Are Most Unaffordable for Homebuyers Source: GoBankingRates "Places Where 50% of Americans Can't Afford a Home" report $1.9 million Median listing price $725,000 Median listing price $450,000 Median listing price $549,000 Median listing price $749,000 Median listing price San Francisco, California Miami, Florida Long Beach, California Los Angeles, California 76.7 percent Percentage of households that can't afford a home 75.7 percent Percentage of households that can't afford a home 74.3 percent Percentage of households that can't afford a home 73.5 percent Percentage of households that can't afford a home 72.9 percent Percentage of households that can't afford a home Boston, Massachusetts

Articles in this issue

Archives of this issue

view archives of TheMReport - MReport March 2018