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April 2024 ยป thefivestar.com 29 April 2024 C O V E R S T O R Y what's going on in the housing market is something that we all need to be paying attention to." Spotser spotlighted the president's tax credit initiative that would "allow middle-class individuals to get essentially $5,000 a year for two years." She noted that this credit would, in theory, be the equivalent of being able to write down the existing interest rate by 1.5%. "If we took that 7% interest rate, that puts the interest rate closer to 5% or 5.5%, which is more feasible for people in terms of a monthly payment than some of the payments people have had to deal with as of late. I hope that we can put aside partisan politics to help the housing market and help Americans and pass some sort of incentive that would allow people to access the housing market in an affordable way." Jacob Channel, Senior Economist for LendingTree, told MortgagePoint that: "On the whole, the Biden administra- tion's proposals seem reasonable and could be more helpful than not. That said, there is certainly room for debate." Channel said that one example of potential unintended consequences is that the president's proposed $10,000 tax credit for first-time homebuyers might not work exactly as intended. To achieve the desired effect, it would need to be coupled with significantly increased new home construction. While the presi- dent's proposals also include initiatives designed to spur construction, if those do not have the desired effect, Channel notes that "it could end up making home affordability worse by boosting demand and further reducing the nation's already too-small supply of housing." He added, "Indeed, the debate about whether or not tax credits designed to spur homebuying/reduce housing costs even work is a contentious one." Nevertheless, Channel agrees that the Biden administration's calls for more construction and improvements to exist- ing housing infrastructure should ideally be a bipartisan issue. "The single biggest hurdle standing in the way of more affordable housing in the United States is a lack of housing supply," Channel said. "The only way prices are likely to become more man- ageable is if we see more housing supply hit the market." "When you are trying to deal with high interest rates and low supply, and you are also dealing with no incentives for buyers to put their homes on the mar- ket," Spotser said. "Traditionally, about 40% of the people who buy a home every year are first-time homebuyers. Recently, it's been closer to 30%. People are having a hard time being able to simply enter the market." However, Channel, echoing other critics of the Biden administration's plan, notes that spurring large-scale ramp-ups in home construction "is much easier said than done for a variety of reasons." Tim Rood is Founder & CEO of Impact Capitol, a real-time AI chatbot for real estate and mortgage professionals. He previously held roles at SitusAMC, First American, and Fannie Mae. Rood said that he appreciates the Biden ad- ministration's attempts to "get their arms around the challenges for Americans to buy a home and/or afford their home," and credited the president for prioritiz- ing housing and homeownership issues during his term. "Recent proposals by the Biden administration have offered more demand-side support for prospective homeowners, and some welcomed and creative supply-side solutions, includ- ing a tax credit for some home sellers," Rood continued. "However, demand-side subsidies in the housing space are often problematic since they have the effect of raising prices for all while only benefit- ing a few." Ed Pinto, Senior Fellow and Co-Di- rector of the AEI Housing Center, and former EVP and Chief Credit Officer for Fannie Mae during the 1980s, also understands the challenges the gov- ernment and GSEs face when trying to help guide, support, and regulate the American housing economy. When we spoke, he opened by pointing out that, "just focusing on multifamily and community development, Congress has passed, when I checked this several years ago, 41 bills that became law in 82 years. That's one every two years. If they had been successful, we wouldn't be having this conversation." RUNNING the NUMBERS Brought to you by & Magazine Y O U R T R U S T E D S O U R C E F O R M O R T G A G E B A N K I N G A N D S E R V I C I N G N E W S JANUARY 2024 LENDERS CANNOT AFFORD TO IGNORE AFFORDABLE LENDING Courtney Hess of Mortgage Cadence explains the changing face of the average American homebuyer, and how expanding product offerings can keep pace with this evolving market. CALL CENTERS UNDER NEW SCRUTINY FOR 'SOFT SKILLS' Samantha Shanaberger of Clayton Servicing Oversight examines the policies and practices of servicer call centers, and how these centers must remain vigilant of changing rules and regulations. THE NEXT DEFAULT SPIKE WILL BE UNLIKE ANY WE'VE SEEN BEFORE Things have changed dramatically in the way the default and foreclosure world operates. In this Issue: MortgagePoint assembled a panel of economists to forecast the top trends and headwinds they expect to define the housing market in 2024. Subscribe to MortgagePoint and MortgagePoint Digital now! Call 800.856.8060 to take advantage of our special introductory offer! Experts you trust. People you know. News you want. MortgagePoint is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MortgagePoint Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MortgagePoint believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Brought to you by & Magazine YOUR TRUSTED SOURCE FOR MORTGAGE BANKING AND SERVICING NEWS DECEMBER 2023 THE EVOLVING DIGITAL FRONTIER Mortgage tech advancements in 2024 will be transformative. Here's how. FHFA SUPPLEMENTAL PARTIAL CLAIM: THE NEXT ITERATION Taking a deep dive into Supplemental Partial Claims, the benefits and drawbacks they present in today's mortgage landscape, and other considerations. NAVIGATING THE REAL ESTATE LOCK-IN EFFECT Why are so many homeowners staying in place? FIVE STAR ANNOUNCES LAUNCH OF MORTGAGE SERVICING EXECUTIVE ALLIANCE In this Issue: EYES HORIZON As we approach a new year, MortgagePoint took the temperature of industry experts to see what lies ahead for a market that trudged through 2023 hampered by the convergence of rates reaching 20-year highs, a shortage of housing inventory, and inflated home values. Brought to you by & Magazine Y O U R T R U S T E D S O U R C E F O R M O R T G A G E B A N K I N G A N D S E R V I C I N G N E W S NOVEMBER 2023 THE COST OF DOING BUSINESS With factors ranging from low volumes to inflation and manpower shortages putting the squeeze on the property preservation and field services sectors, MortgagePoint speaks to vendors and government agencies trying to guide this important industry through the challenges. MARKET CHANGES DRIVING SMARTER CUSTOMER CONVERSATIONS How leveraging advanced CRM can boost business by blending user-friendly technology and the human touch to create a more seamless mortgage experience. DIFFERENTIATING AI APPLICATIONS IN THE MORTGAGE SPACE Building a culture of innovation that supports the adoption of disruptive technologies is like unlocking a hidden treasure. FROM MANUFACTURING TO MORTGAGES, QUALITY DATA IS KEY When it comes to accurate data, companies can't afford not to use AI. IDENTITY CRISIS Here's how digitization reshapes the battle against seller impersonation fraud. THE INDEPENDENT INVESTOR IMPACT Could real estate investors be the answer to the housing shortage? 5 TRIGGERS TO SHIFT IN-HOUSE SERVICING TO A SUBSERVICER Could you be getting a better ROI on your servicing portfolio? ALSO IN THIS ISSUE: RUNNING the NUMBERS Brought to you by & Magazine Y O U R T R U S T E D S O U R C E F O R M O R T G A G E B A N K I N G A N D S E R V I C I N G N E W S JANUARY 2024 LENDERS CANNOT AFFORD TO IGNORE AFFORDABLE LENDING Courtney Hess of Mortgage Cadence explains the changing face of the average American homebuyer, and how expanding product offerings can keep pace with this evolving market. CALL CENTERS UNDER NEW SCRUTINY FOR 'SOFT SKILLS' Samantha Shanaberger of Clayton Servicing Oversight examines the policies and practices of servicer call centers, and how these centers must remain vigilant of changing rules and regulations. THE NEXT DEFAULT SPIKE WILL BE UNLIKE ANY WE'VE SEEN BEFORE Things have changed dramatically in the way the default and foreclosure world operates. In this Issue: MortgagePoint assembled a panel of economists to forecast the top trends and headwinds they expect to define the housing market in 2024. Subscribe to MortgagePoint and MortgagePoint Digital now! Call 800.856.8060 to take advantage of our special introductory offer! Experts you trust. People you know. News you want. MortgagePoint is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MortgagePoint Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MortgagePoint believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Brought to you by & Magazine YOUR TRUSTED SOURCE FOR MORTGAGE BANKING AND SERVICING NEWS DECEMBER 2023 THE EVOLVING DIGITAL FRONTIER Mortgage tech advancements in 2024 will be transformative. Here's how. FHFA SUPPLEMENTAL PARTIAL CLAIM: THE NEXT ITERATION Taking a deep dive into Supplemental Partial Claims, the benefits and drawbacks they present in today's mortgage landscape, and other considerations. NAVIGATING THE REAL ESTATE LOCK-IN EFFECT Why are so many homeowners staying in place? FIVE STAR ANNOUNCES LAUNCH OF MORTGAGE SERVICING EXECUTIVE ALLIANCE In this Issue: EYES HORIZON As we approach a new year, MortgagePoint took the temperature of industry experts to see what lies ahead for a market that trudged through 2023 hampered by the convergence of rates reaching 20-year highs, a shortage of housing inventory, and inflated home values. Brought to you by & Magazine Y O U R T R U S T E D S O U R C E F O R M O R T G A G E B A N K I N G A N D S E R V I C I N G N E W S NOVEMBER 2023 THE COST OF DOING BUSINESS With factors ranging from low volumes to inflation and manpower shortages putting the squeeze on the property preservation and field services sectors, MortgagePoint speaks to vendors and government agencies trying to guide this important industry through the challenges. MARKET CHANGES DRIVING SMARTER CUSTOMER CONVERSATIONS How leveraging advanced CRM can boost business by blending user-friendly technology and the human touch to create a more seamless mortgage experience. DIFFERENTIATING AI APPLICATIONS IN THE MORTGAGE SPACE Building a culture of innovation that supports the adoption of disruptive technologies is like unlocking a hidden treasure. FROM MANUFACTURING TO MORTGAGES, QUALITY DATA IS KEY When it comes to accurate data, companies can't afford not to use AI. IDENTITY CRISIS Here's how digitization reshapes the battle against seller impersonation fraud. THE INDEPENDENT INVESTOR IMPACT Could real estate investors be the answer to the housing shortage? 5 TRIGGERS TO SHIFT IN-HOUSE SERVICING TO A SUBSERVICER Could you be getting a better ROI on your servicing portfolio? ALSO IN THIS ISSUE: RUNNING the NUMBERS Brought to you by & Magazine Y O U R T R U S T E D S O U R C E F O R M O R T G A G E B A N K I N G A N D S E R V I C I N G N E W S JANUARY 2024 LENDERS CANNOT AFFORD TO IGNORE AFFORDABLE LENDING Courtney Hess of Mortgage Cadence explains the changing face of the average American homebuyer, and how expanding product offerings can keep pace with this evolving market. CALL CENTERS UNDER NEW SCRUTINY FOR 'SOFT SKILLS' Samantha Shanaberger of Clayton Servicing Oversight examines the policies and practices of servicer call centers, and how these centers must remain vigilant of changing rules and regulations. THE NEXT DEFAULT SPIKE WILL BE UNLIKE ANY WE'VE SEEN BEFORE Things have changed dramatically in the way the default and foreclosure world operates. In this Issue: MortgagePoint assembled a panel of economists to forecast the top trends and headwinds they expect to define the housing market in 2024. Subscribe to MortgagePoint and MortgagePoint Digital now! Call 800.856.8060 to take advantage of our special introductory offer! Experts you trust. People you know. News you want. MortgagePoint is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MortgagePoint Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MortgagePoint believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Brought to you by & Magazine YOUR TRUSTED SOURCE FOR MORTGAGE BANKING AND SERVICING NEWS DECEMBER 2023 THE EVOLVING DIGITAL FRONTIER Mortgage tech advancements in 2024 will be transformative. Here's how. FHFA SUPPLEMENTAL PARTIAL CLAIM: THE NEXT ITERATION Taking a deep dive into Supplemental Partial Claims, the benefits and drawbacks they present in today's mortgage landscape, and other considerations. NAVIGATING THE REAL ESTATE LOCK-IN EFFECT Why are so many homeowners staying in place? FIVE STAR ANNOUNCES LAUNCH OF MORTGAGE SERVICING EXECUTIVE ALLIANCE In this Issue: EYES HORIZON As we approach a new year, MortgagePoint took the temperature of industry experts to see what lies ahead for a market that trudged through 2023 hampered by the convergence of rates reaching 20-year highs, a shortage of housing inventory, and inflated home values. Brought to you by & Magazine Y O U R T R U S T E D S O U R C E F O R M O R T G A G E B A N K I N G A N D S E R V I C I N G N E W S NOVEMBER 2023 THE COST OF DOING BUSINESS With factors ranging from low volumes to inflation and manpower shortages putting the squeeze on the property preservation and field services sectors, MortgagePoint speaks to vendors and government agencies trying to guide this important industry through the challenges. MARKET CHANGES DRIVING SMARTER CUSTOMER CONVERSATIONS How leveraging advanced CRM can boost business by blending user-friendly technology and the human touch to create a more seamless mortgage experience. DIFFERENTIATING AI APPLICATIONS IN THE MORTGAGE SPACE Building a culture of innovation that supports the adoption of disruptive technologies is like unlocking a hidden treasure. FROM MANUFACTURING TO MORTGAGES, QUALITY DATA IS KEY When it comes to accurate data, companies can't afford not to use AI. IDENTITY CRISIS Here's how digitization reshapes the battle against seller impersonation fraud. THE INDEPENDENT INVESTOR IMPACT Could real estate investors be the answer to the housing shortage? 5 TRIGGERS TO SHIFT IN-HOUSE SERVICING TO A SUBSERVICER Could you be getting a better ROI on your servicing portfolio? ALSO IN THIS ISSUE: