has announced the launch of “Borrower of the Future,” a campaign that will help mortgage originators better understand and address the evolving needs of the next generation of consumers driving housing demand. Freddie Mac will deliver qualitative and quantitative insights showing how key trends affect various buyer segments, with the goal of applying these lessons industry-wide to improve the housing finance system.
Freddie Mac will draw on its marketplace position and access to data to glean valuable insights and share knowledge on what changing demographics and new behavioral economics mean for home ownership. This will take the form of white papers, reports and articles, among other content.
“The increase in self-employed and the rise of the sharing economy and digitally-driven lifestyles are having a tremendous impact and leading to shifts in behavioral, economic and societal factors,” said Chris Boyle, Chief Client Officer at Freddie Mac. “Collectively, the industry must now take into account these dynamics as we think about how to effectively help the next generation find the home of their dreams. We’re excited to serve in this important role to help the industry better understand the Borrower of the Future, and then drive the conversation on how to apply these insights to make the mortgage process more efficient and affordable.”
Freddie Mac has also partnered with NYU Professor Arun Sundararajan for the Borrower of the Future program. Professor Sundararajan will provide insight into how digital technologies and the future of work change the dynamics of homeownership, leveraging research and expertise to further advance the initiative’s efforts. Professor Sundararajan is at NYU’s Stern School of Business and affiliated with NYU’s Center for Data Science and Center for Urban Science & Progress.
“I’m delighted to be collaborating with Freddie Mac on such a forward-looking initiative,” said Professor Sundararajan. “As digital forces transform varied aspects of business and life, industries across the spectrum will need to adapt. Our collaboration will shed light on the demographic, economic, technological and cultural factors reshaping the needs and preferences of the future homebuyer, enabling the industry to evolve efficiently and effectively to address new market realities.”