Credit

As interest rates rise, mortgage originators need to teach millennial homebuyers about the product options outside of conventional loans, Ellie Mae said.

Mortgage industry executives claim sparse affordable housing supply is the most impactful hurdle for first-time homebuyers entering the market in 2019, but the majority don't think regulatory policy will help the cause.

Mortgage borrower credit scores hit their low points more than five months after making a home purchase, but lender reporting cycles also cause these results to vary, according to LendingTree.

A new credit score that includes consumers' cash flow alongside their credit score is winning praise for its potential to help expand access to credit, but some worry it gives the credit bureaus even more data that could be compromised.

In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.

Millennials are targeting homeownership within the next few years, but many are buying into certain house-purchasing myths, according to Bank of America.

August's share of conventional mortgages closed by millennials reached a three-year high as lenders added products to meet their lifestyle, Ellie Mae said.

When it comes to attracting millennials, mortgages could be the key to capturing this demographic for the long haul – provided CUs are willing to put in the work.

Nearly half of July's millennial homebuyers were single, a sign that they are not waiting for certain milestones like marriage before deciding to become homeowners, according to Ellie Mae.

Better consumer credit quality helped push the serious mortgage delinquency rate to its lowest level since the Great Recession, but originations remain low due to tighter underwriting standards and eroding homebuyer affordability, according to TransUnion.