Everyone is always looking for some positive signs when it comes to business and the economy; mortgage lenders are no different.
So, let’s consider the recent results of the Fannie Home Purchase Sentiment survey as a glass half full.
According to the Home Purchase Sentiment Index (HPSI), the net share of consumers who think that “now is a good time to buy a home” rose by 10 %, to 32% from February to March. Those claiming it’s a good time to sell a home inched up 3%; to a survey high of 39%.
That seems like some good news, eh? But, it indicates that less than one-third of those surveyed believe now is a good to time to buy. Not really an overwhelming endorsement, but better than it was a month ago. So, let’s say that things may be looking up.
Overall, the survey indicates that a slight majority of consumers are optimistic about the direction of the economy. Those who reported a rise in household income jumped by about 6% over last year to 17%. Those now not concerned about job loss rose 1%. All indicators seem to be pointing to better times.
For today, let’s be positive. More consumers believe now is a good time to buy or sell a home. That’s good news for lenders. Especially those that have positioned themselves to take advantage of such opportunities with:
- Trained staff
- Online, real-time technology
- Reduced operating expenses
- Loan quality and compliance management
Lenders must find ways to produce more loans while reducing the costs to do so. That can only be accomplished through technology and training.
The use of automated systems to improve employee performance and productivity while reducing time, effort, expense and loan defects is paramount.
You can only run so fast. It’s time to find other ways to increase your speed and efficiency. Technology is the answer. If you’re not embracing the change, this housing market news may not look so good.
BTW, this survey was done on a nationally representative sampling of 1005 household decision makers who were 18 years of age and older. Do you believe this provides a realistic view of consumer sentiment?
Asking for a friend…