NMP - October 2016 - 37

was in very short supply in a new survey of 1,000 Americans conducted by the NHP Foundation, a not-for-profit provider of serviceenriched affordable housing. The new survey found that 75 percent of those polled expressed concern about losing their housing, with 30 percent identifying themselves as "very concerned" about a friend or relative losing their housing. The survey also found 65 percent of respondents selfidentifying as "cost-burdened" when it came to housing, with nearly 40 percent acknowledging the fear that job loss will lead to loss of housing. Other triggers that could lead to a loss of housing included the perceived lack of affordable options (28 percent), increased rents (24 percent) and retirement (21 percent). But while 80 percent of respondents welcomed the concept of affordable housing and 40 percent believed "everyone deserves" it, 20 percent stated they were unlikely to welcome the development and construction of affordable housing in their neighborhoods. "It all starts with housing," said NHP Foundation President and CEO Dick Burns. "Without the underpinning of a secure place to live, it's nearly impossible for an individual or head of household to find and keep a job and provide for themselves and their loved ones." rates and strong job gains among young adults should be translating to a higher rate of homeownership," Yun said. "It's not, and as a result, sales to firsttime buyers remain stuck below a third of all sales." Separately, Quicken Loans reported that appraisals on residential properties in August were an average of 1.56 percent lower than what refinancing homeowners anticipated, even though home values increased 1.73 percent from July to August and were 8.13 percent higher than August 2015. "While a one and a half percent difference may not seem like a big disparity of home value opinions, the gap could cause problems, especially in areas with an even wider difference," said Quicken Loans Chief Economist Bob Walters. "In some portions of the Midwest, where appraisals are averaging two to three percent less than what was expected, this will often lead to restructuring a refinance or the homeowner needing to bring a few more thousand dollars to the closing table." continued on page 61 AVERAGE ORIGINATOR COMPENSATION: 2.500% AND OUR PRICING IS BETTER THAN YOURS! Now Hiring Branch Managers and Loan Originators in 25 States & Growing AZ, CA, CO, DE, FL, GA, ID, IL, IN, MD, MI, MN, MT, NC, NE, NJ, NM, NV, OR, PA, SD, TN, TX, UT, WA (SC & VA Pending) Building The Nation's Best Mortgage Company Higher "compliant" compensation per closed loan (2.50% average compensation). Lower rates and fees to your clients. Fast turn times (24 Hours In-House Approvals, Conditions, Docs, & Funding). Ability to lock and order appraisal prior to approval. Ability to submit to underwriting without appraisal and title. CD issued at Initial Approval Open Door Policy to Underwriting, Processing, and Owners. Disclosure Desk / eDisclosures / In-House Account Executive Limited Overlays on all Agency / FHA / VA / USDA Also offering: Jumbo / Non-QM / Manufactured / Commercial / Reverse We are building the best mortgage company in the nation, but we strive to be even better. We are now hiring PROFESSIONAL Loan Originators and Branch Managers. Call or email me today and we can talk personally about a New Way to Originate. Sincerely, Aaron VanTrojen, CEO 480-368-2000 * aaron@genevafi.com * www.genevafi.com n National Mortgage Professional Magazine n OCTOBER 2016 * * * * * * * * * * 37 NationalMortgageProfessional.com Pessimism Pervades Buying and Appraisal Surveys With autumn now here, the latest Housing Opportunities and Market Experience survey conducted by the National Association of Realtors (NAR) gives the impression that fewer people believe that the cooler weather months are the right time for purchasing a house. In the third quarter edition of NAR's survey, which tapped the insight of 2,761 households, 78 percent of homeowners and 60 percent of renters said it is a good time to buy. This is down from the previous quarters of the year: the second quarter had 80 percent of homeowners and 62 percent of renters, while the first quarter had 82 percent of homeowners and 62 percent of renters were optimistic about home buying. Furthermore, 63 percent of homeowners surveyed by NAR said it is a good time to sell, up from 61 percent in the second quarter, while 91 percent of the total respondent base said prices will either stay the same or rise in their community over the next six months, down slightly from 93 percent in the previous quarter. As for financing, respondents that were 65 and older (43 percent) and under the age of 35 (37 percent) were the most likely to believe they need more than 20 percent in a down payment if they were to pursue homeownership. Lawrence Yun, NAR's chief economist, expressed bafflement over the survey's results. "Very affordable mortgage http://www.NationalMortgageProfessional.com http://www.genevafi.com

Table of Contents for the Digital Edition of NMP - October 2016

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