Survey Finds the Majority Doubts Obama’s Housing Plan – NMP Skip to main content

Survey Finds the Majority Doubts Obama’s Housing Plan

NationalMortgageProfessional.com
Feb 02, 2015

A new survey, the Collingwood Mortgage Outlook Report for Februaryfinds that mortgage and housing industry professional believe President Obama’s recent announcement to reduce the price of FHA annual premiums will have a minimal impact on the size of the home purchase market. The White House says the President’s plan to reduce fees, which the FHA charges borrowers, is designed to help jump-start the housing market. But 47 percent of respondents to the report say that President Obama’s estimate that 250,000 new mortgage borrowers will be added as a result of a reduction in the FHA annual premium is “too high,” while only 34 percent said it  is “on the mark” and 19 percent said it is “too low.”

In addition, approximately 25 percent of respondents opined that this announcement was more of a political move by the Obama Administration than a major change in the market. They said the impact, while positive, will be minimal.

Respondents also were harsh on the FHA, with 55 percent agreeing with JP Morgan Chase CEO Jamie Dimon who late last year said, “The real question for me is should we be in the FHA Business  at All.” One lender who agrees with Dimon expressed that, “FHA has turned into a minefield for lenders and (mortgage) servicers.

False Claims Investigations placed first on the survey’s list of the most concerning type of FHAmonitoring  and associated enforcement actions.

On a brighter note, 80 percent of survey respondents believe business will get better this spring. This is the most positive response since Collingwood began collecting this data  in September of last year. Several respondent pointed to lower mortgage rates to explain their positive outlook. Most people surveyed agreed the rates will continue to be relatively low for the foreseeable future.

Data was collected via an online survey from Jan. 12-21, 2015, with the help of The Five Star Institute. It was distributed to a diverse group of mortgage industry leaders. The mortgage and housing professionals surveyed represent various originators, lenders, servicers and other industry participants.

Published
Feb 02, 2015
loanDepot And mellohome's 'Grand Slam' Experience Builds Momentum

After recently launching Grand Slam, a new buying experience, loadDepot and its sister company, mellohome, has seen more than 1,400 accepted customer offers.

Industry News
Dec 08, 2021
SoCal VA Homes Stresses Importance Of New VA Loan Limits

SoCal VA Homes, a company that works exclusively with active military and Veteran homebuyers, expressed how important the Federal Housing Finance Agency's new conforming loan limit is to the demographic.

Military Lending
Dec 08, 2021
OpenClose Launches Mobile Assist

OpenClose, a fintech provider of mortgage software solutions for banks, credit unions, and mortgage lenders launched its native mobile app platform, Mobile Assist.

Tech
Dec 07, 2021
Deephaven Heightens Foreign National DSCR Program

Deephaven is amping up its Foreign National DSCR Program as a response to the increase in the real estate investment market.

Non-QM
Dec 07, 2021
Revolution Mortgage Opens Second Mortgage Branch In Cincinnati

Columbus, OH-based Revolution Mortgage announced the opening of its second branch in Cincinnati and 14th branch in Ohio.

Industry News
Dec 06, 2021
Nations Lending Teams Up With NBA Legend Dennis Rodman On Integrated Brand Campaign

Nations Lending, a full-service national mortgage lender, announced the launch of its first integrated brand campaign starring NBA Champion and All-Star Dennis Rodman.

Sales and Marketing
Dec 06, 2021