Skip to main content

Less Than Half of Borrowers Happy With Mortgage Process

Phil Hall
Oct 10, 2019
Photo credit: Getty Images/yayayoyo

While homeownership is often described as the American Dream, a new study by HSH.com found many borrowers had some nightmarish aspects within the experience.
 
In a poll of 500 adults, the study found 47 percent of respondents were satisfied with the experience and wanted nothing changed about it. Among those who were not pleased with the process, 18 percent felt that the credit analysis was the most stressful part of getting a mortgage while 17 percent complained about getting mortgage insurance and 13 percent stated that processing difficulties kept them from closing. Also, 10 percent cited problems with appraisals and 4 percent complained about problematic income verification and home inspection issues.
 
“Mortgage lenders are approving loans at a high rate,” said Gina Pogol, a staff writer at HSH.com. “And borrowers with concerns about loan approval have several options, including government-backed and non-prime loans. The best way to remove the stress of the mortgage process is to start early, to get preapproved for your home loan before shopping for a home, and to contact multiple lenders before beginning the application process.”

 
Biden Appoints Sandra Thompson As Acting Director Of The FHFA

The White House appointed Sandra L. Thompson as acting director of the Federal Housing Finance Agency (FHFA), effective immediately. Her statement reveals that a permanent director will be confirmed in December.

Regulation and Compliance
Jun 24, 2021
Supreme Court Gives Biden Full Control Over FHFA

The U.S. Supreme Court gave President Joe Biden the authority to remove the head of the Federal Housing Finance Agency (FHFA) while dismissing claims from shareholders of Fannie Mae and Freddie Mac.

Industry News
Jun 23, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021