NMP - July 2018 - 80

nmp news flash

JULY 2018 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

80

over the course of two days to
help build these homes for Utah
families.
Developed by the non-profit
percent from the same period one
organization and the University of
year ago, according to new
Utah, the "Field of Dreams-Eco
statistics from ATTOM Data
Community" homes are energy
Solutions.
efficient, 1,500-square-feet
A total of 191,914 properties
houses that only use $1.50 in
started the foreclosure process in
energy costs per day. Salt Lake
the first six months of 2018, down
County has approved 20 homes
eight percent from the first half of
to be built in the new
2017. Nationally, only 0.27 percent development. The Giving
of all housing units-one in every
Network's team members worked
370-had a foreclosure filing in the on the first and second homes
first six months of 2018. And
being built in the Field of Dreams
despite the national trend, 22
project.
states posted a year-over-year
"We admire the great work that
increase in foreclosure starts in the Habitat for Humanity does for
first half of 2018, most notably
low-income families in the
Indiana with a 51 percent increase. community," said Dave Zitting,
And 88 of the 219 metro areas
Chief Executive Officer of PRMI.
analyzed in the report, or 40
"As a local mortgage lender, we
percent, posted year-over-year
understand just how special and
increases in foreclosure starts in
important owning a home is to a
the first half of 2018, most notably family. We are grateful for the
Minneapolis-St. Paul with a 50
opportunity to support a local
percent annualized spike.
organizations working towards
"Localized foreclosure flare-ups
satisfying the needs of our
in the first half of 2018 can no
community."
longer be blamed on legacy
Through volunteer labor and
distress left over from the last
donations of money and
housing bubble given that nearly
materials, Habitat for Humanity
half of all active foreclosures are
builds and rehabilitates simple
now tied to loans originated in
and affordable homes for low2009 or later and given that the
income families. Recent surveys
average time to foreclose
show nearly a quarter of
plummeted in the first two quarters homeowners in the U.S. pay more
of the year," said Daren Blomquist, than 30 percent of their income to
Senior Vice President with ATTOM their housing, making it difficult to
Data Solutions. "Instead these
afford necessities such as food,
local foreclosure increases are
clothing, or medical care. Stable
typically the result of more recent
housing is foundational to build
distress triggers in those markets.
self-reliance, stability, and quality
We're also seeing early evidence of of life. This is the second
gradually loosening lending
opportunity the PRMI Giving
standards starting in 2014,
Network has worked on this
specifically for FHA-backed loans.
Habitat for Humanity project in
The foreclosure rate on FHA loans
eight months.
originated in 2014 and 2015 has
"Our homes are for the most
now jumped above the average
part built by volunteers allowing
FHA foreclosure rate for all loan
us to pass on the savings directly
vintages-the only two postto our new homeowners, without
recession vintages with foreclosure them we cannot make these
rates above that overall average."
homes so affordable" said
Candice Diggs, Volunteer
PRMI Giving Network Helps
Coordinator for Habitat for
Construct Habitat EcoHumanity Salt Lake City."
Homes in Utah
Millennials Overwhelmingly
Seeking Purchase Loans
Over Refinancing

continued from page 37

fourth consecutive year, Wells
Fargo led the way as the
company with the most
honorees, followed by New
American Funding and Equity
Prime Mortgage.
"There is always a highly
skilled mortgage originator
behind the most successful real
estate agents in the industry,"
said Daisy Lopez-Cid, NAHREP
President. "The superstars in the
NAHREP Top 250 are some of
the best mortgage originators
you'll find anywhere in the
nation."
The Top 250 Latino Mortgage
Originators Report was compiled
through a self-nomination
process reflecting total
transactions closed during the
2017 calendar year, then
validated by NAHREP through
the nominees' respective
companies. The report represents
more than $7.39 billion in
combined sales volume in 2017.
The 2018 Top 10 Latino
Mortgage Originators in the U.S.
include Elizabeth Hoeffer Irvine,
Guild Mortgage, Ariz.; Alex
Varela, PrimeLending, Texas;
Norma Guerrero-Cowes, DHI
Mortgage, Texas; Jorge Montoya,
Guild Mortgage, Nev.; Carlos
Larrazabal, Sandy Spring Bank,
Va.; David A. Medrano, University
Federal Credit Union, Texas;
Armando SanMiguel, Ameris
Bank, Tenn.; Alfredo Madrid,
Supreme Lending, Okla.; Manuel
Corral, Golden Empire Mortgage,
Calif.; and Claudia Reyes,
HomeSource Mortgage, Texas.
Among non-depositories, New
American Funding topped the list
with 39 originators, followed by
Equity Prime Mortgage with 12.
The overall Top 250 report
included representation from 62
companies across 26 states.
While mortgage professionals are
generally considered to be an
aging demographic, only 7.3
percent of the Top 250 Mortgage
Originators are over the age of
50.
Foreclosure Filings Plummet
During the First Half of 2018

A total of 362,275 properties
carried foreclosure filings in the
first half of this year, down 15

PRMI Giving Network volunteers
recently lent their hands at the
Salt Lake Valley Habitat for
Humanity, helping construct two
homes for the "Field of DreamsEco Community" project in
Kearns, Utah. Team members
donated more than 150 hours

nine percent of Millennial
mortgage origination in May,
down from 10 percent in April,
while the remaining one percent
was attributed to unspecified
activity.
Sixty-eight percent of loans
sought out by Millennials in May
were conventional loans, while
FHA loans accounted for 28
percent of closed loans, VA loans
represented two percent and the
remaining three percent were
undisclosed. Millennial males
were listed as the primary
borrower on 62 percent of closed
loans, while females were listed
on 32 percent and seven percent
were unspecified. For
comparison, in May 2017, males
were listed as the primary
borrower on 65 percent of loans,
females at 32 percent and three
percent were unspecified. The
average age of Millennial
borrowers in May was 29.9,
unchanged from the prior month.
Ellie Mae also noted that
average Millennial borrower
credit scores on closed loans
varied widely by market during
May, ranging from 662 in
Madisonville, Ky., to 757 in San
Francisco.
"You would expect to see higher
average FICO scores in the largest
coastal metropolitan cities where
loan amounts are higher, which we
do see in areas such as San
Francisco (757), Los Angeles (745),
Boston (701) and Miami (722);
however, there are some
surprisingly high numbers in more
rural areas, such as Mitchell, S.D
where the average FICO for
Millennials was 735 in May, higher
than Boston or Miami," said Joe
Tyrrell, Executive Vice President of
Corporate Strategy for Ellie Mae.
"Our Borrower Insights Survey
recently found that many
Millennials have a strong
misperception about needing a
perfect credit score to qualify for a
home loan."
Your turn
National Mortgage Professional
Magazine invites you to submit
any information on regulatory
changes, legislative updates,
human interest stories or any
other newsworthy items
pertaining to the mortgage
industry to the attention of:
NMP News Flash column
Phone #: (516) 409-5555
E-mail:
Newsroom@MortgageNewsNetwork.com

Purchases made up 90 percent of
all closed loans to Millennials in
May, up from 89 percent in April,
according to new data from Ellie
Mae. Refinances represented only

Note: Submissions sent via e-mail
are preferred. The deadline for
submissions is the 1st of the
month prior to the target issue.


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