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Are we too old to see new mortgage markets rising

I have been at this a little over 13 years. During the Subprime there were so many options and lenders but more importantly there was widespread information and knowledge about the variety of programs,, in 2017 there NOW EXIST a HUGE void of Knowledge within the mortgage business,, there are many customers unable to get loans because they may of come across of the many cookie cutter lenders or brokers operating in the same space,trapped in a bubble telling customers nothing can be done if FHA or Fannie cant do it.. Have any one else noticed this WEIRD NEW NORMAL?I have spoken to others who experienced this same problems. I have been challenged by realtors and even some loan folks about certain types of loans. These Professionals have outright refused to believed the existence of different types of loan products coming into the market, they either don't exist or can not be done according to them, in 2 separate situations ,,even after closing these types of loans these folks refused to believe it,, they could not understand how ?...The Questions is , is our industry aging out to the point its hurting customers ? Are some of us so stuck in the "old Days" or unable to look forward past the subprime nightmares that we are creating misinformation. The subprime's seems to have created a huge number of folks are forever jaded none believers and afraid of " creative financing". Many have totally stopped seeing new trends and new programs popping up. These" dinosaurs' seem to be misleading many customers into believing they cant get loans done when in facts there are lenders offering alternatives ??.. Stated Income, 100% Financing, No Ratios, Bank statement loans, No credit score requirements, Cash income, Equity based, these were the back bone of the market at one point and from the trends they will take center stage again..but maybe too many of us are so fully addicted to FHA we don't see it coming.. by info799 from Bronx, New York. Jan 9th 2018 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

It's all about regulation.. Lenders were hit hard by the CFPB and fined millions for clerical errors after the mortgage crisis.. and then the politicians get involved, and look out.. more and more regulation.. Dodd Frank Act, TRID Act, HVCC Act.. etc, etc, etc.. I don't blame lenders for not offering up these loan products because of their exposure.. but this all being said, President Trump has relived lenders of some of this burden, and we are seeing more and more loan options coming into the market place.. We have bank statement programs,, we have depleting asset's programs, we have foreign national's Programs, we have 1 day out of BK or foreclosure programs.. but with the added risk, there are stricter terms.. larger down payments, higher interest rates, etc.. but these loan products are coming back.. . I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jan 10th 2018
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