Ishbia’s first point is about familiarizing yourself with what is being said about your company and brand online. He points out that 89% of potential borrowers rely on online reviews, while 94% of millennials search online reviews to find out about companies. “If you haven’t looked at this, if you’re not managing this, you are losing opportunities, you are losing business,” said Ishbia. Encouraging happy clients to post positive reviews online and making sure you help manage unhappy clients so that they will be happy moving forward, is critical to the success of your company. “Online reputation is key going forward in 2016, ” he said.
Ishbia’s second point is the new change made by FHA
, which now requires that 1% of a loan applicant’s outstanding loan debt be included as a monthly repayment obligation, down from the previous 2% FHA
once required. As Ishbia says in the video, this is a step in the right direction for FHA
, and a good, positive change in the industry for people with student loans.
Perhaps the largest takeaway from Ishbia’s video is his point on renting vs. buying statistics. On average, 29.8% of a renters’ income is spent on rent, while only 15.1% of income is spent on mortgage. “People are spending almost double the amount renting than they are buying in the same local area,” said Ishbia. People are not aware of affordable programs such as HomeReady, Home Possible and lower down payment options. In the video, Ishbia encourages people to talk to real estate agents and borrowers about the differences in buying versus renting.
“This is the buying season, opportunities are out there for all of us,” he said.
“Have you Googled yourself lately?” That’s the question United Wholesale Mortgage’s President and CEO, Matt Ishbia, presents in the May edition of “3 Points with Matt Isbia,” a monthly video newsletter that highlights trends, topics and news in the industry.