In the beginning of 2022, home sales soared, interest rates were low, and the market was incredibly competitive. By mid-year, the Federal Reserve increased interest rates to curb inflation. While home purchases declined, we have yet to see a dramatic reduction in home prices, and research predicts we should be able to avoid a housing market crash like 2009. As we continue to ride the wave of interest rates, here are three mortgage trends worth understanding:
Nonbank Mortgages
Customer service and advanced technology have won the hearts of homebuyers. Nonbank Mortgage Lenders are often easier to work with than traditional banks due to advanced apps and websites, impeccable online services, and a sole focus on mortgage lending.
Nonbank Mortgage Lenders specialize in real estate transactions. Real Estate Agents can partner with these lenders and feel confident that the customer experience will be exceptional.
EClosings
As the real estate industry continues to advance in technology, it is no surprise that homebuyers prefer eClosings. Thanks to Remote Online Notarization (RON), mortgage lenders can use mobile notary organizations, like BNN Services, for closings. RON gives the purchaser the gift of flexibility and convenience since they can digitally sign and have documents notarized anytime, anywhere a reliable internet connection is available.
Exceptional Customer Service
As online home sales become more common, it is essential to tailor your experience to your client’s online or in-person needs. Investing in technology and partnerships that help make the home search and closing process pleasant and easy to navigate is critical. Whether your client is near or far, technology makes this possible through a variety of ways, including RON!
A Better Way to Close with BNN Services
Since 2008, BNN Services has been trusted by title agencies, mortgage lenders, servicers, and consumers to perform and notarize loan and document signings in multiple languages across the country.
Unlike other signing services, BNN Services “touches” every file 8 to 9 times, ensuring the process moves forward free of delays. BNN has completed over 250,000 signings in all 51 jurisdictions and maintained a closing ratio of 96 percent.
Ready to experience the BNN Services Difference? Get started today!