By KIMBERLEY HAAS
Motivated millennials and the power of technology will shape the mortgage market in 2024, according to industry leaders who gathered this week to reflect on 2023 and strategize for the year ahead.
During a “2024 Lender Strategies: What (Another) Unprecedented Year in Mortgage Taught Us” webinar hosted by Snapdocs, Michael Fratantoni, chief economist and senior vice president of research and industry technology at the Mortgage Bankers Association, said volume is predicted to increase by loan count to over five million this year.
At the same time, total mortgage origination volume is expected to increase from $1.6 trillion to more than $2 trillion.
Demographics will help contribute to a market rebound after a tough year in 2023. That’s…
By KIMBERLEY HAAS
The president and CEO of the Federal Reserve Bank of Philadelphia knew he was facing a tough crowd when he took the stage during a Monday morning session at the Mortgage Bankers Association’s annual convention and expo.
“I stand here this morning fully aware of the mood in this room and I am also fully aware of the way the actions we on the FOMC have taken over the past 18 months in our efforts to tame inflation to get it back to a 2% annual target have, in their own way, contributed to the current mortgage climate,” Patrick Harker said.
Harker said he met with community members this summer to see firsthand the impacts that monetary…
Gross domestic product declined for a second quarter, down 0.2% on the heels of Q1’s 0.4% dip, the Commerce Department said. By a common definition, this means that the U.S. has entered into a recession. The National Bureau of Economics, a non-profit that determines when the U.S. is officially in recession, defines it as a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.” Many economists say they don’t believe the economy has fully entered recession, pointing out that falling GDP is only one measure of many. Fed chairman Jerome Powell said the data should be taken with “a grain of salt.” But formal definitions notwithstanding, a majority of Americans…
