Most mortgage lenders believe that the Trump administration’s policy changes will be positive for the lending environment according to a survey by Lenders One.
Its Mortgage Barometer surveyed 200 leading mortgage professionals with 73% expecting good things ahead.
“Despite some industry concerns over rising interest rates, lenders are optimistic about the potential for a more flexible regulatory environment in 2017 and beyond,” said Bryan Binder, chief executive officer of Lenders One.
Optimism among leaders is set to mean good news for the industry’s workforce with 42% saying that they expect to invest in operation changes including hiring new staff.
Compliance and software support are also in line for investment along with 25% of respondents planning to increase their marketing spend.
Spending on technology will include the use of e-Closing for mortgage loans with 39% currently not using them but a third of those expecting to within an average of 2 years. Those that are already using e-Closings are dominated by industry veterans of 10 years or more.
However, all this investment is likely to increased costs per loan; 65% of respondents said so.
On regulatory issues, lenders say they are prepared for the Home Mortgage Disclosure Act (HMDA) but around a third said they will be challenged by securing the resources to comply with requirements to report transactional data such as HELOCs and dwelling secured loans for apartments.
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