Category: Industry News

Fed minutes reveal low inflation numbers could be long-term, but rate hike still likely

Newly released minutes from the Fed’s September meeting show several members of the Federal Open Markets Committee voiced their concern over persistently low inflation rates during the meeting. But despite this concern over inflation, many Fed members are still anticipating voting for a rate hike in December. But this inconsistency is confusing at best, and perhaps even concerning.

Read the source article at U.S. Housing Finance News

New Data Identifies the Average Millennial Mortgage Borrower

It’s pretty clear that millennials are becoming the largest group of homebuyers on the market. And though no two millennials are identical or have the same financial situation, it’s a good idea to understand the millennial homebuyer.
And now, we have the data to do just that.
So what does the average millennial homebuyer look like? According to data from Ellie Mae, the average millennial aged homebuyer is just under 30, taking out a loan for slightly less than $200,000, and has a credit score in the mid-700s.
Fortunately, Skyline has a platform that millennials could get behind, focusing on efficiency, clarity, and closing loans quickly, making them more competitive in today’s tight purchase market.

Read the source article at National Mortgage Professional Magazine

Efficiency and User Experience in the Lending Process

Every person working in the mortgage industry and every mortgage consumer has at some point thought, “I wish this process were faster.” If the closing process were sped up, everyone would benefit. But there have been lots of obstacles like compliance and antiquated technology that slow things down. 

And a confusing interface that makes borrowers feel frustrated certainly doesn’t help.

But neither of these problems is without a solution. And we know, because we’ve been successfully working on these problems for the better part of a decade.

The industry-wide average for closing a loan is nearly a month and a half. That’s a long time, and when you’re a homebuyer who desperately wants to get financing taken care of, it feels like an eternity.

At Skyline, our average is significantly faster, and that means a whole lot more peace of mind.

And we’ve managed to do all that with a sleek user interface and plenty of support for borrowers. Our borrowers benefit from the transparency of our process as well as efficiency of our technology. It’s a classic win-win.

Click here to read about industry trends and the tug of war between user experience and efficiency written by one of the creators of Skyline’s state of the art technology.

Student Debt Undermining Millennial Homeownership

A new study is providing more evidence that student debt is disrupting the lifecycle of the housing market. The survey, conducted jointly by the National Association of Realtors (NAR) and the non-profit American Student Assistance (ASA), found that an overwhelming majority of millennials with student debt currently do not own a home.

And it isn’t just homeownership that is suffering. The survey also revealed that student debt is holding back millennials from financial decisions and personal milestones. These include adequately saving for retirement, changing careers, continuing their education, marrying and having children.

Read the source article at Mortgage News Daily

How to Change the Mortgage Industry From the Inside

We constantly talk about regulations, compliance, and technology, among other things. But a mortgage is intended for a person whose sole function isn’t to spend days faxing documents.

Improving the user experience benefits everyone, from the borrower to the originator. One idea is to change the way that things are done behind the scenes, starting with the underwriting process. And that’s exactly what cloudvirga, Skyline’s sister company, has been doing.

Recently, National Mortgage News published an article about how cloudvirga and others are changing the process. Click here to view the article to see what’s being done and what the future will look like.

Equifax Hack and How to Protect Yourself

Internet connectivity has brought many benefits to modern society, but one of the drawbacks is that internet users and companies are vulnerable to information breaches.

Recently, credit bureau Equifax was hacked with 143 million people potentially affected by the data breach. Many details about the hack aren’t available, and though this news is unfortunate, there are things that can be done to safeguard your credit.

First thing’s first, check to see if you were affected by the hack. Click on the link below to get a step-by-step guide.

https://www.cnet.com/google-amp/news/equifax-data-breach-find-out-if-you-were-one-of-143-million-hacked/

Whether you were affected or not, it’s a good idea to protect yourself. Many things can happen that may put you at risk.

Here are a few steps that you could take to keep your credit safe: 

  • Set up alerts with the three big credit reporting agencies to see if someone is using your credit. Same goes for credit and debit cards. You can even have push notifications set up.
  • Look into freezing your credit so that new companies that you don’t currently work with will not be able to access your credit.
  • Keep an eye on your credit history.
  • Consider a credit monitoring service. Right now, Equifax is offering a year of credit monitoring for free, but make sure you look into the fine print.

 

Source: New York Times, Sept 10, 2017

Skyline Turns 32!

32 years ago today, loan officer Alan Ben-Porat founded Skyline. Armed with a vision and a goal, Alan began a journey that would build an award-winning mortgage company that employs more than 500 people and has over 50 offices across the nation.

For Alan and the rest of us at Skyline, the road has been exciting, challenging, and unexpected, but most of all, it has inspired us to keep our eyes on the prize and keep doing what we love to do, helping families buy homes.

An anniversary is a wonderful time to remember where you’ve been and where you’re going. We’ve gone from a small mortgage operation to a Top 50 company that continues to grow and innovate.

Thank you to everyone who has helped us get where we are. Our gratitude is beyond words. To 32 more wonderful years, and then some!

Freddie Mac: Mortgage rates hit second-consecutive 2017 low

Mortgage rates hit an all-new 2017 low for the second-consecutive week, according to Freddie Mac’s weekly Primary Mortgage Market Survey.

“The 10-year Treasury yield fell to a new 2017-low on Tuesday,” Freddie Mac Chief Economist Sean Becketti said. “In response, the 30-year mortgage rate dropped four basis points to 3.82%, reaching a new year-to-date low for the second consecutive week.”

The 15-year FRM also decreased, dropping from last week’s 3.16% to 3.12% this week. This is still up from last year’s 2.77%.

Read the source article at U.S. Housing Finance News