The way homes are bought and sold is currently undergoing a seismic disruption. Recent lawsuits and legal verdicts are transforming conventional commission structures and practices which have sent extreme shockwaves through the real estate industry. The implications of these shifts, are triggering significant changes and challenges for home buyers, real estate agents, and lenders.
The mortgage industry is experiencing a tech revolution, transforming the way mortgage lenders operate and enhancing the borrower experience. Advancements in technology are streamlining processes, improving efficiency, and revolutionizing the lending landscape. In this blog, we will explore the new technologies that are reshaping the mortgage industry and empowering mortgage lenders to thrive in the digital age. From automation and artificial intelligence to blockchain and digital mortgage platforms, these innovations are revolutionizing every aspect of the mortgage lending process.
The Department of Housing and Urban Development (HUD) announced via press release the new conforming loan limits for 2023. The new conforming loan limit is $726,200, which is a $79,000 increase from last year's limit of $647,200. In addition, the "conforming loan floor and ceiling increased to $472,030 and $1,089,300, respectively, for calendar year 2023." In areas considered low cost, the "floor" figure derives from 65% of the national conforming loan limit. In contrast, the ceiling for high cost areas is 150% of $762,200 conforming loan limit. Detailed information about the new guidelines can be found on the HUD website.
For mortgage lenders, approximately 1 out of every 10 clients will buy a home in the next year. But how do you know which ones they are?
“Is it the right time? Will it ever be the right time?” First Community Credit Union in Chesterfield, Missouri wrestled with this question for many years before deciding to take matters into their own hands. They created a full-service real estate company to streamline the homebuying process and connect members with a local a real estate agent.
