With the new year just days away, I thought this would be a great time to reach out to our leadership team to get their real estate industry predictions for the next year. While Millennials may be a topic again, I think we will also hear a lot of technology talk and digital mortgages.
The CSS Team Predictions
“The mortgage industry will write approximately 20% more purchase loan business than in 2016. Rates will not shoot up, staying in the low to mid 4% range.” -Kevin Ingles, Vice President, Customer Development
“I see 2017 being the year that lenders and the secondary mortgage market gain steam in allowing us to finally perfect digital closings using e-notarization and e-recording. This will not only increase efficiencies for all but improve the customer experience and satisfy the consumer’s demand for convenience. “ -Debbie Bartlett, CLTP, Executive Vice President – Operations
“I predict that by the fourth quarter of 2017 we will see more electronic closings occurring with CSS continuing to lead the way in this arena. Refinance transactions will continue to decline in 2017, while purchase financing will increase slightly. Existing home sales and new construction will also increase as the millennial buyers come into their primary home-buying years. And, mortgage rates will rise, albeit not markedly.” -Maura Snabes, Esq., CES, CLTP, Vice President — Sr. Underwriting & Compliance Counsel
“Rising interest rates will significantly decrease refinance activity in 2017, with purchases accounting for a much larger percentage of originations than in past years. Adoption of new technology throughout the loan process will increase as lenders seek to counteract increased loan production costs and to cater to a younger generation of homebuyers.” -Ashley Jelinek, Chief Operations Officer