Home Mortgage Disclosure Act

Redfin Reports Gen Zers and Young Millennials Took Out 40% of U.S. Mortgages in 2023

Retrieved on: 
月曜日, 5月 20, 2024
Software, Internet, Consumer, Apps, Applications, Technology, Residential Building & Real Estate, Commercial Building & Real Estate, Artificial Intelligence, Construction & Property, Generation Z, REIT, Millennials, Parent, Investment, Ageing, Gen, HMDA, Sale, Home Mortgage Disclosure Act, Generation X, San Francisco Bay Area, Family, Real estate

Next came 45-54 year olds, who took out 16.1% of new mortgages, 55-64 year olds (10.8%), and 65-74 year olds (5.4%).

Key Points: 
  • Next came 45-54 year olds, who took out 16.1% of new mortgages, 55-64 year olds (10.8%), and 65-74 year olds (5.4%).
  • Just over one-quarter (26%) of adult Gen Zers owned their home in 2023, and 55% of millennials owned theirs.
  • Gen Z and young millennial homebuyers took up the biggest piece of the mortgage pie in relatively affordable Rust Belt metros in 2023.
  • The story is different for older millennials, who took out the biggest share of mortgages in the Bay Area.

Redfin Reports Demand For Vacation-Home Mortgages Fell 40% in 2023 As Housing Costs Rose to Record High

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月曜日, 5月 13, 2024
Technology, Construction & Property, Finance, Fintech, Professional Services, Software, Generation X, Consumer, Residential Building & Real Estate, Chart, White, Gen, HMDA, Federation, Housing, Home Mortgage Disclosure Act, Black, Real estate

Mortgages for primary homes fell at half that rate; they were down 20% year over year in 2023 and down 35% from 2021.

Key Points: 
  • Mortgages for primary homes fell at half that rate; they were down 20% year over year in 2023 and down 35% from 2021.
  • Home purchases fell across the board last year due to low inventory, high mortgage rates, and high home prices; 2023 was the least affordable year on record.
  • Affordability hasn’t improved in 2024; monthly housing costs are at an all-time high.
  • Mortgages for second homes dropped more than mortgages for primary homes for several reasons:
    It’s more expensive to buy a second home.

Redfin Reports Low-Income Americans Have Lost the Homebuying Progress They Made During the Pandemic

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月曜日, 5月 6, 2024
Software, Construction & Property, Professional Services, Technology, Fintech, Other Construction & Property, Other Technology, Residential Building & Real Estate, Sale, Home Mortgage Disclosure Act, Unemployment, Weather, Prevalence, HMDA, Housing, Real estate

The small bit of progress that Americans earning very low incomes made on taking out mortgages at the start of the pandemic has also been erased.

Key Points: 
  • The small bit of progress that Americans earning very low incomes made on taking out mortgages at the start of the pandemic has also been erased.
  • Just under 6% of new mortgages issued last year went to very low income Americans, down from 7.7% in 2020.
  • Very-low-income Americans now make up a smaller percentage of mortgage borrowers than they did in 2018 (7.1%).
  • Higher-income homebuyers are taking up the share of new mortgages that lower-income homebuyers have lost in the last several years.

Redfin Report: The Pool of People Taking Out Mortgages In America Is Becoming Less White

Retrieved on: 
金曜日, 5月 3, 2024
Residential Building & Real Estate, Fintech, Construction & Property, Professional Services, Brookings Institution, Bangladesh Technical Education Board, Fertility, Data, HMDA, Home Mortgage Disclosure Act, Death, Ageing, COVID-19, Growth, Real estate

While that’s a far higher share than any other group, it’s down from 64% in 2022 and 70.4% in 2018.

Key Points: 
  • While that’s a far higher share than any other group, it’s down from 64% in 2022 and 70.4% in 2018.
  • Meanwhile, the share of new mortgages taken out by Hispanic buyers increased to 14% in 2023 from 12.6% in 2022 and 11% in 2018.
  • “The pool of homebuyers taking out mortgages is becoming less white because America is becoming more diverse, and many people of color are in their prime homebuying years,” said Redfin Senior Economist Elijah de la Campa.
  • White people took out 1,582,643 mortgages in 2023, down 22.1% from a year earlier and down 31.3% from 2018.

RiskExec® by Asurity® Announces Preliminary Modified LARs for HMDA 2023 Available to Users

Retrieved on: 
水曜日, 3月 27, 2024
Consumer, Logic, Software as a service, Geocode, Home Mortgage Disclosure Act, CFPB, Lars, HMDA, Credit union, Real estate

WASHINGTON, March 27, 2024 /PRNewswire/ -- RiskExec, Inc. ("RiskExec") a subsidiary of Asurity Technologies®, LLC ("Asurity"), is pleased to announce the availability of the Preliminary Modified Loan Application Registers (LARs) for Home Mortgage Disclosure Act (HMDA) 2023 submission data.

Key Points: 
  • WASHINGTON, March 27, 2024 /PRNewswire/ -- RiskExec, Inc. ("RiskExec") a subsidiary of Asurity Technologies®, LLC ("Asurity"), is pleased to announce the availability of the Preliminary Modified Loan Application Registers (LARs) for Home Mortgage Disclosure Act (HMDA) 2023 submission data.
  • The Consumer Financial Protection Bureau (CFPB) has recently deposited this data in the public domain, and RiskExec has swiftly downloaded and verified the information.
  • "With the Preliminary Modified LARs now available, RiskExec users can gain valuable insights into originations, lending trends, and top lenders' performance in 2023."
  • RiskExec is conducting in-depth reviews and three-year trending analyses to offer users a more detailed understanding of market dynamics and performance metrics.

Wolters Kluwer launches Small Biz Wiz® for lending data collection requirements

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月曜日, 11月 13, 2023
Consulting, Data Management, Banking, Accounting, Technology, Professional Services, Small Business, Data Analytics, Software, Fintech, Finance, Equal Credit Opportunity Act, Risk management, Consumer, Consumer Financial Protection Bureau, Collection, Exercise, Small business, Home Mortgage Disclosure Act, Data collection, Home, Community, Software as a service, Growth, HMDA, CT Corporation, CFPB, Wolters, FCC, CRA, Financial adviser, Wiz

Wolters Kluwer Compliance Solutions has launched Small Biz Wiz® , a system designed to support new requirements in the collection, reporting and analysis of small business lending data.

Key Points: 
  • Wolters Kluwer Compliance Solutions has launched Small Biz Wiz® , a system designed to support new requirements in the collection, reporting and analysis of small business lending data.
  • Small Biz Wiz is a significant addition to Wolters Kluwer’s suite of Wiz technology applications, providing financial institutions a powerful new analytics tool for their small business lending portfolio.
  • The solution is built on Wolters Kluwer’s award-winning CRA Wiz® SaaS and HMDA Wiz® platform, enabling an easy-to-use technology that integrates into a financial institution’s data collection processes.
  • Wolters Kluwer officials describe the data collection requirements as not just an exercise in gathering and reporting on their small business lending activities, but a key part of the 2010 Dodd-Frank Act focused on promoting fair lending practices.

Asian and Pacific Islander-headed households face higher housing payment burdens than any other race

Retrieved on: 
金曜日, 5月 26, 2023
API, HMDA, DTI, Housing, Zillow, Home Mortgage Disclosure Act, Real estate

Pacific Islander-headed households have the lowest homeownership rate among all races across the lowest and highest income levels.

Key Points: 
  • Pacific Islander-headed households have the lowest homeownership rate among all races across the lowest and highest income levels.
  • Many Asian and Pacific Islander (API) homeowners are heavily concentrated in expensive markets nationwide, so the homes they purchase are typically priced higher than homes overall.
  • Nationally, when comparing across similar income levels, Asian-headed households allocate a higher percentage of their income towards housing payments than all other races except for Pacific Islanders.
  • "High incomes and homeownership gains may overshadow the significant housing affordability challenges still faced by many API households," said Bachaud.

More buyers are purchasing mortgage points as a way to ease monthly costs

Retrieved on: 
水曜日, 4月 26, 2023
HMDA, Zillow, Home, Home Mortgage Disclosure Act, Credit, Real estate

SEATTLE, April 26, 2023 /PRNewswire/ -- Interest rates remain high and home buyers are looking for ways to save money, including buying mortgage points. A recent analysis of data from the Home Mortgage Disclosure Act (HMDA) by Zillow Home Loans finds nearly 45% of conventional primary home borrowers opted to purchase mortgage points in 2022 as a way to reduce their monthly payment. The historically low interest rates of 2019–2021 saw far fewer buyers opting for points — 29.6% in 2021, 28.4% in 2020 and 27.3% in 2019.  And borrowers who opted for a cash-out refinance loan (on a conventional loan for a primary home) bought even more points in 2022 — 57.8% of these borrowers purchased points (compared with 48.4% in 2021, 44.2% in 2020 and 41.3 in 2019). 

Key Points: 
  • A recent analysis of data from the Home Mortgage Disclosure Act (HMDA) by Zillow Home Loans finds nearly 45% of conventional primary home borrowers opted to purchase mortgage points in 2022 as a way to reduce their monthly payment.
  • The historically low interest rates of 2019–2021 saw far fewer buyers opting for points — 29.6% in 2021, 28.4% in 2020 and 27.3% in 2019.
  • Mortgage points, also known as discount points, are an option for buyers to pay an upfront fee to buy down the interest rate on a loan.
  • When buyers choose to purchase mortgage discount points, they are essentially pre-paying interest up front in exchange for a lower rate and monthly payment.

Xpanse Goes to Market with OCR Tool, Middleware Platform and DATA Advisory Practice

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木曜日, 3月 30, 2023
San Jose Convention Center, Natural language processing, Maintenance, Classification, W-2, SOC, NLP, DATA, Organization, DASH, OCR, AVM, SOC 2, Machine learning, Artificial intelligence, SLA, Conference, Home Mortgage Disclosure Act, Real estate, Video game, Communications satellite, Operation, Xpanse CGI, Podium, Snowflake

SEATTLE, March 30, 2023 /PRNewswire/ -- Xpanse, a provider of innovative solutions for the financial services and mortgage industries, will debut DASH, a configurable, end-to-end document automation platform, and DATA, a newly launched data advisory practice specializing in the use of Snowflake technology, at the upcoming MBA Technology Solutions Conference & Expo. Additionally, Xpanse will demo Podium, an intelligent order management platform, on the main event stage at 11:45 a.m. on Tuesday, April 4 at the San Jose Convention Center.

Key Points: 
  • Podium is Xpanse's intelligent order management platform that centralizes communications between lenders and service providers.
  • Podium offers "SLA" scorecards that provide actionable insights, offering real-time data on performance without the need for time-consuming manual analysis.
  • DASH is Xpanse's touchless document processing platform that automates document classification and extracts essential data from those files.
  • The Xpanse DATA advisory practice aims at helping companies with their cloud migration journey—helping to develop the best scalable strategy to implement, operationalize, and optimize their data on Snowflake, an elastically scalable cloud data warehouse technology.

More Americans Own Their Homes, but Black-White Homeownership Rate Gap is Biggest in a Decade, NAR Report Finds

Retrieved on: 
木曜日, 3月 2, 2023
Research, Home Mortgage Disclosure Act, White Americans, Culture change, Newsroom, Housing, African Americans, National Association, National Association of Real Estate Brokers, Black–white binary, News, Sellers, Hispanic and Latino Americans, Bias, Government, NAR, Table, Fast food, Renting, Real estate, White, Black, Hispanic, Ethics, Asian Americans

Asian and Hispanic Americans experienced the biggest homeownership rate gains over the last decade.

Key Points: 
  • Asian and Hispanic Americans experienced the biggest homeownership rate gains over the last decade.
  • The report found there were about 9.2 million more homeowners in 2021 than a decade prior, but homeownership rates varied significantly by race.
  • Conversely, Asian Americans (5 percentage points) and Hispanic Americans (4 percentage points) experienced the biggest homeownership rate gains over the last decade.
  • Among all home buyers, White Americans made up the largest share (88%), followed by Hispanic Americans (8%), Black Americans (3%), Asian Americans (2%) and other (3%).