When data doesn't tell the whole story about untapped market opportunities, mortgage executives must draw on their personal experiences and local expertise to craft unique strategies to reach new borrowers.
Sometimes reaching underserved borrowers takes experimenting with changes to the mortgage finance system. That's why Fannie Mae and Freddie Mac are working with lenders to test innovative loan products that meet borrowers' evolving needs.
Home equity lines could double over the next six years. Some banks are actively pursuing the consumer credit opportunity, whereas many still feel stung by the housing crisis, unimpressed by home equity’s comeback so far or fearful of nonbank competition and fraud.
Fannie Mae is staging more pilot projects with lenders and vendors, including one that consolidates submissions of different types of loan data potentially eligible for immediate representation and warranty relief.
Quicken Loans Mortgage Services and Calyx Software developed a version of the Point loan origination system that's preconfigured with tools for small mortgage firms to work with the Detroit lender's TPO division.
Here's a look at 12 cities where the median home sales price is below $215,000, but the combination of housing costs, local wages and other market forces is making home purchasing power disappear in these once-cheapest places to live.