Greetings, fellow credit union mortgage lenders! I must apologize for my recent delay in making posts – I’ve been on holiday visiting my family on Amicitia. It was quite the adventure, and space traffic was particularly busy with fellow travelers. After that long voyage, my ship needs some deep cleaning. As is noted in one of my favorite Earth motion pictures, Vacation, the smell from the back seat is unbearable.
Despite my busy schedule, it’s important to keep delivering useful information to you via my blog. To help me out, Rick Hite of Arch MI stops in to provide a timely and helpful piece highlighting the dynamics of gender and familial situations as they relate to mortgage lending. This is excellent information as you continue to identify and communicate with your various audiences about the benefits of becoming a homeowner. Please leave your thoughts in the comments below! –Mort
In a survey of recent homebuyers, many single women purchasers, who account for almost one-quarter (24%) of all buyers, voiced serious complaints about their mortgage loan officers (MLOs) and the mortgage process. (Single men only comprise 11% of first-time homebuyers.)
As the number of women buying homes grows, originators can add to their pipelines by addressing complaints women have voiced, including providing more education upfront about what homebuyers should expect.
Increasing Trust in the Mortgage Process
In a study focused on women homebuyers, more than one-quarter of respondents said, “they don’t trust their loan officer” and 18% were unhappy with their mortgage experience. The report is based on a survey of 1,000 single women who had each completed a mortgage application in the previous five years and was published in 2024 by Maxwell Mortgage Software.
The study’s authors also asked respondents how MLOs can build trust, prompting a range of suggestions for originators.
It’s clear from similar research studies that virtually all demographic groups can benefit from more mortgage process education. According to a survey published by JW Surety Bonds in February, 76% of homeowners lacked homeownership literacy until after buying their home. One in eight buyers are unable to define what a “mortgage” is accurately and 43% are unsure of the meaning of “mortgage rate.”
Educating Homebuyers
Helping first-time buyers feel more comfortable with the mortgage process — and setting realistic expectations — are goals of Arch MI’s Roadmap to Homeownership presentation and toolkit. Whether you’re presenting to a small group or an individual, the Roadmap presentation, geared toward prospective first-time homebuyers, provides a comprehensive overview of the mortgage process, including calculating a budget, mortgage options and homeownership benefits.
The Roadmap toolkit includes worksheets for calculating an affordable mortgage payment and comparing lenders’ offers and checklists of documents needed to support the application. Arch MI’s homebuyer presentation can be co-branded with your logo for holding first-time homebuyer seminars online or in person.
What Motivates Single Homebuyers?
Financial security is a key factor driving single women to purchase homes. Homeownership provides a sense of stability and an opportunity to build equity over time.
“As homeowners, women remove the unknowns from their living situation ― such as whether the rent increases or they must move due to a landlord selling the property in which they reside,” said Jessica Lautz, NAR Deputy Chief Economist and Vice President of Research.
Opportunities for Mortgage Loan Officers
By understanding the unique needs and motivations of women homebuyers, loan officers can tailor their services to meet their needs. Surveys indicate women homebuyers prioritize personalized financial advice, exploring various loan options and resources for down payment assistance.
For most homebuyers, the down payment remains a significant hurdle, especially for buyers relying on a single income. Arch MI’s Buy with MI offers a comprehensive set of products and solutions that support down payment options as low as 3% of the purchase price. And with coverage from Arch Mortgage Guaranty Company (AMGC), homeownership is possible with even lower down payments for eligible members.
Building trust and fostering long-term relationships with single women customers can lead to repeat business and referrals.
By recognizing the motivations and challenges faced by this demographic and using Arch MI’s tools, loan officers can provide valuable support and guidance, ultimately helping valuable customers achieve their homeownership dreams while growing their own businesses and reputations.
Contact your myCU Partner Success Manager today or reach out to me directly to discuss how to increase originations by putting these ideas into practice soon.
Rick Hite is Credit Union Account Manager for the Midwest Region at Arch MI, a position he’s held for more than 18 years. Prior to joining Arch MI, Rick managed production and correspondent business for Security Federal Bank in Indianapolis. He studied Finance and Accounting at Purdue University North Central in Westville, Ind. Rick has also earned his Accredited Mortgage Professional (AMP) designation from the Mortgage Bankers Association.
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