Mortgage bankers are expecting a sellers’ market in 2016, and many believe the market will be able to weather a likely interest rate hike this fall, according to a new Lenders One survey.
A survey conducted during the mortgage cooperative’s summer conference found that 60% of Lender One mortgage banker members expect next year to be a sellers’ market, and 89% say the market will be able to withstand the rate hike.
“Mortgage bankers are generally optimistic about 2016 and believe that a possible interest rate hike is not going to create a major hurdle for continued industry growth next year,” said Daniel Goldman, interim CEO of Lenders One. “Respondents also expressed positive views about TILA-RESPA preparedness, another big mortgage industry concern, in part because the extension of the implementation deadline has afforded mortgage bankers more time to get technology and processes ready to be compliant.”
The survey also found that many mortgage bankers felt a number of key issues could impact the market in 2016, including continued increases in home values, innovation in banks’ mortgage products, and lowering down payment amounts.
The survey also found that the majority of mortgage bankers – 64% – feel that they’re prepared for the advent of the TILA-RESPA disclosure rules.
“Preparation for the TILA-RESPA integrated disclosure rule requirements has dominated industry conversations for several months, and we’ve been working closely with our members to provide services and offerings that can help them address these changes,” Goldman said. “Fortunately, the survey results show that at this point the industry feels relatively well-prepared for the implementation of these new regulations.”
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