What Mortgage Lenders Need to Know Now
The real estate industry is constantly in a state of flux due to a host of factors including economic cycles, government legislation, real estate trends and technological advancements. For busy lenders, finding the time to keep up with the latest news, trends and advancements can be challenging, if not impossible. To assist lenders in maintaining their competitive edge, we’ve conducted research and identified the top three priorities every lender should have on their radar for the remainder of 2015.
Make your Website Mobile Friendly
Google recently announced that it will begin significantly penalizing website pages that are not mobile optimized, meaning Google will not award a high page ranking to those pages lacking a friendly mobile browsing experience. Unfortunately, a recent study discovered that many mortgage sites are about to take a big hit. National Mortgage Professional Magazine discovered six out of the top 10 mortgage lending sites failed Google’s online mobile-friendly test, which allows anyone to input their web page URL to discover if it’s mobile friendly.
What can you do to avoid being penalized by Google and ensure that your customers are experiencing a friendly mobile experience? Start by inputting your web page URL into Google’s Mobile-Friendly Test. If you’re among the 60 percent of mortgage sites that fail the test, it’s time to work toward mobile optimization. Fortunately, Google isn’t punishing whole websites – just pages. If budget allowances are sparse, first focus on optimizing your most critical, high traffic pages.
A Look Back: The Anniversary of Dodd-Frank
It’s been five years since the significant Dodd-Frank law was brought into existence. The bill has its fair share of advocates, claiming it has created jobs and made borrowing from banks less risky, and critics, who feel the legislation has hurt smaller lenders and has cost the nation $24 billion. The legislation’s sponsors sat down with The Wall Street Journal last week and shared how the legislation has changed the banks’ mentality of “too big to fail” and the improved regulation that has stemmed from the law. Whether you’re a mortgage lender for a bank or nonbank, the effects of the “most sweeping financial legislation in a generation” are one to examine.
Share the News: Conditions are Ideal for Homebuyers
One of the brightest news updates for mortgage lenders this summer comes from RE/MAX’s National Housing Report. The report revealed that last month experienced the highest levels of home sales since the report’s inception in 2008. The report also found June marked the fifth consecutive month that sales have progressively increased. Don’t be hesitant to let borrowers know experts agree conditions are ideal for potential homebuyers in today’s real estate market.
“Despite a lingering low inventory and increasing prices, consumers still have the confidence to purchase a home,” said Dave Liniger, RE/MAX CEO, chairman and co-founder. “More and more people recognize the many opportunities in this market and the significant value of low interest rates. As job creation and wages continue to improve, many more first-time buyers are now making the decision to become homeowners.”