A 2020 End-of-Year Status Report for the Mortgage Industry

As the year closes, a deep look at shifts in the mortgage industry is in order. One of the more significant changes that affects numerous mortgage lenders is the integration of National Mortgage Insurance Corporation with Loan Originator Networks, LLC. Through the cooperation of these two key players in the industry, LONPricer and RateGPS are integrated. This integration supports a streamlined process for lenders across the full range of mortgage channels.

The end of the year is also the perfect time to analyze shifting borrower demographics. Over the last 12 months, senior citizens maintained the highest homeownership rate. This is a group that heavily relies on Social Security income. Senior citizens between the ages of 65 and 74 years old overwhelmingly were connected via both ownership of a computer and access to an internet connection. On the other end of the spectrum, millennials continue to be paid less than older generations. Also, almost a quarter of residential mortgages across the country are for real estate in California. As a result, economic conditions in California significantly impact the industry as a whole.

While the year is coming to a close, major reports related to durable goods, home sales, housing data, home prices and more have recently been released. These figures are combined with data from the U.S. Treasuries and MBS to indicate that growth in the U.S. economy will be moderated going into the new year.

With mortgage rates continuing to hover near record lows, it is not surprising that many firms are in hiring mode. For example, Caliber Home Loans has recently initiated a weeks-long training program for new mortgage professionals. Those who complete the program qualify for immediate employment. Towne Mortgage Company, Assurance Financial, NewRez and Thrive Mortgage are only some of the many other mortgage firms that are actively hiring.