Tag - Mortgages

Fannie Mae Announces Fifth Sale of Reperforming Loans

Fannie Mae Announces Fifth Sale of Reperforming Loans

WASHINGTON/Oct. 11, 2017 (StlRealEstate.News) — Fannie Mae (OTC Bulletin Board: FNMA) today began marketing its fifth sale of reperforming loans as part of the company’s ongoing effort to reduce the size of its retained mortgage portfolio.

The sale consists of approximately 9,900 loans, having an unpaid principal balance of approximately $2.2 billion,and is available for purchase by qualified bidders. This sale of reperforming loans is being marketed in collaboration with Citigroup Global Markets, Inc. Bids are due on November 6, 2017.

 Reperforming loans are mortgages that were previously delinquent, but are performing again because payments on the mortgages have become current with or without the use of a loan modification. The terms of Fannie Mae’s reperforming loan sale require the buyer to offer loss mitigation options designed to be sustainable to any borrower who may re-default within five years following the reperforming loan sale. In addition, buyers must report on loss mitigation outcomes. Any reporting requirements cease once a loan has been current for twelve consecutive months after the closing of the reperforming loan sale.

Interested bidders can register for ongoing announcements, training, and other information at http://www.fanniemae.com/portal/funding-the-market/npl/index.html. Fannie Mae will also post information about specific pools available for purchase on that page.

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.

SOURCE: Fannie Mae

Federal Reserve and CSBS Release Findings from 2017 National Survey of Community Banks

Federal Reserve and CSBS Release Findings from 2017 National Survey of Community Banks

ST. LOUIS, MO./October 5, 2017 (PRWEB) (StlRealEstate.News) —The Federal Reserve System and the Conference of State Bank Supervisors (CSBS) today released findings from a national survey of community bankers presented at the fifth annual Community Banking in the 21st Century Research and Policy Conference held at the Federal Reserve Bank of St. Louis.

The survey report, provides a comprehensive view of what community bankers are thinking about the key issues facing their industry. It is augmented by excerpts of interviews conducted by state banking commissioners with community bankers.

Survey responses were obtained from 611 community banks in 37 states during the time period from April-July 2017. The questions covered lines of business, regulatory compliance, competition and consolidation. They focused specifically on small business lending.

“I am encouraged by the results in this year’s survey of community bankers, which suggest that the sector, after many years of tumult, might be achieving stability,” said 2017 CSBS Chairman Albert L. Forkner in his foreword to the report. “Commercial real estate lending propelled portfolio growth last year. Community banks remained a strong source of business lending. They had an active year in mortgages and home equity. Moreover, community banks saw greater opportunities for business growth.”

Forkner, who also serves as the state banking commissioner for the Wyoming Division of Banking, noted that challenges do remain: “Economists at the Federal Reserve Bank of St. Louis calculate that, in 2016, compliance costs for community banks once again increased over the prior year, from $5 billion to $5.4 billion. Also, the survey suggests that recent federal mortgage regulations might be depressing credit availability.”

The banker interviews, referenced as “Five Questions for Five Bankers,” were conducted in 30 states. Each commissioner asked five community bankers detailed questions with respect to five key areas: economic trends, regulation, small business lending, management succession and technological innovation.

Interviewed bankers said that they struggle to compete with credit unions, which benefit from tax exemptions and other regulatory subsidies that they say create an uneven playing field. Although some of them also are wary of online lenders, others said that “fintech has extraordinary potential” for the banking industry. One noted that bankers “don’t have to be on the leading edge but need to be aware that things are changing.”

National Survey Panel Discussion

During the final session of the 2017 Community Banking Research Conference, the results were discussed as part of a panel moderated by David Hanrahan, founding president and chief executive officer of Capital Bank of New Jersey, Vineland, N.J. The guest panelists included:

*Brian Graham, chief executive officer, Alliance Partners;
*Ron Green, chief information security officer and group executive, MasterCard; and
*Steven Streit, founder, president and chief executive officer, Green Dot Corp.

2017 CSBS Community Bank Case Study Winner: The University of Akron

This year’s conference also featured a presentation from students from the University of Akron, the winners of the 2017 CSBS Community Bank Case Study Competition.

For more information about the conference, or to view sessions online, see the conference website.

Headquartered in St. Louis, with branches in Little Rock, Louisville and Memphis, the Federal Reserve Bank of St. Louis serves the states that comprise the Federal Reserve’s Eighth District, which includes all of Arkansas, eastern Missouri, southern Indiana, southern Illinois, western Kentucky, western Tennessee and northern Mississippi. The St. Louis Fed is one of 12 regional Reserve banks that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. As the nation’s central bank, the Federal Reserve System formulates U.S. monetary policy, regulates state-chartered member banks and bank holding companies, provides payment services to financial institutions and the U.S. government, and promotes financial literacy, economic education, and community development.

The Conference of State Bank Supervisors is the national organization of bank regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico and U.S. Virgin Islands. State regulators supervise roughly three-quarters of all U.S. banks and a variety of non-depository financial services. CSBS, on behalf of state regulators, also operates the Nationwide Multistate Licensing System to license and register non-depository financial service providers in the mortgage, money services businesses, consumer finance and debt industries.

Home Affordability Improves In 60 Percent Of U.S. Markets In Q3 2017 Compared To Previous Quarter

Home Affordability Improves In 60 Percent Of U.S. Markets In Q3 2017 Compared To Previous Quarter

IRVINE, Calif./Oct. 5, 2017 (StlRealEstate.News) — ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Q3 2017 U.S. Home Affordability Index, which shows that home affordability in the third quarter improved compared to the previous quarter in 60 percent of 406 U.S. counties analyzed in the report — although affordability was still worse off than a year ago in 79 percent of those counties.

 The Q3 2017 home affordability index increased compared to the previous quarter (meaning homes were more affordable) in 243 of the 406 counties analyzed in the report (60 percent), including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California.

The national home affordability index was 100 in the third quarter of 2017, the lowest national affordability index since Q3 2008, when the index was 86 (Full methodology).

“Falling interest rates in the third quarter provided enough of a cushion to counteract rising home prices in most U.S. markets and provide at least some temporary relief for the home affordability crunch,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “More sustainable relief for the affordability crunch, however, will need to be some combination of slowing home price appreciation and accelerating wage growth.”

Wage growth outpacing home price growth in 48 percent of markets
Annual wage growth outpaced annual home price appreciation in 193 of the 406 counties analyzed in the third quarter (48 percent), down from 53 percent in Q2 2017 and down from 50 percent in Q1 2017 — the first time since Q1 2012 that at least half of all markets saw wage growth outpacing home price growth.

“With Southern California boasting some of the highest average sales prices in the country, our market is a testament to the importance of local community job growth,” said Michael Mahon, president at First Team Real Estate, covering Southern California. “Los Angeles County is experiencing a sluggish job creation environment, creating an even wider gap in housing affordability. But in Orange County, where we are seeing local government partnering with business owners on growth incentives and business owner recruitment, we continue to see an economic environment where wage growth is exceeding the annual cost of housing inflation.”

Since bottoming out nationwide in Q1 2012, median home prices have risen 73 percent while average weekly wages have increased 13 percent over the same period.

“Housing affordability continues to be the topic that troubles me more than just about anything else. As the data shows, housing in the Seattle region is considered unaffordable, which is not a great surprise given our robust economy and substantial population growth coming out of California,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market, where home price appreciation outpaced wage growth in all three counties in the metro area.

Home prices less affordable than historic averages in 45 percent of markets
Home prices were less affordable than their historic affordability averages in 184 out of 406 of the counties analyzed for the index (45 percent), down from 49 percent in the previous quarter but still up from 21 percent a year ago.

Home prices are still increasing in Ohio, primarily due to shortage of inventory coupled with high demand, especially among first time homebuyers — mainly due to an increase in employment within the state,” said Matthew Watercutter, senior regional vice president and broker of record for HER Realtors, covering the Dayton, Columbus and Cincinnati markets in Ohio, where 16 out 22 counties analyzed (73 percent) were less affordable than historic averages.

Infographic: Home affordability challenges spreading to middle-America

Buying a home requires highest share of wages in Brooklyn and Bay Area
Buying a median-priced home required the highest percentage of average wages in Kings County (Brooklyn), New York (125.8 percent), followed by Marin County (San Francisco), California (104.7 percent); Santa Cruz County, California (101.6 percent); Westchester County, New York (91.0 percent); and New York County (Manhattan), New York (90.8 percent).

Full report

About ATTOM Data Solutions
ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers including bulk file licenses, APIs and customized reports.

SOURCE: ATTOM Data Solutions

U.S. News & World Report Unveils the 2018 Best Places to Retire

U.S. News & World Report Unveils the 2018 Best Places to Retire

WASHINGTON/ Oct. 2, 2017 (StlRealEstate.News) — U.S. News & World Report, the global authority in rankings and consumer advice, today unveiled the 2018 Best Places to Retire in the United States. The new rankings offer a comprehensive evaluation of the country’s 100 largest metropolitan areas based on how well they meet Americans’ expectations for retirement, with measures including housing affordability, healthcare and overall happiness.

 Sarasota, Florida, tops the list this year at No. 1 due to high scores in the overall happiness of its residents. Lancaster, Pennsylvania, follows at No. 2 in part because of low retiree taxes and high quality healthcare. Overall, cities in Texas make a strong showing on the list, taking two of the top five spots. Strong housing affordability puts San Antonio, Texas, at No. 3 on the list, followed by Grand Rapids, Michigan, at No. 4 and El Paso, Texas, rounding out the top 5.
“Our goal with these rankings is to provide consumers with a useful resource to aid in planning for retirement,” said Emily Brandon, senior editor for Retirement at U.S. News. “The Best Places to Retire supplies future retirees with a comprehensive list of cities that take into account the characteristics that matter the most when figuring out where to settle down, such as high quality health care and low housing costs.”

The 2018 Best Places to Retire were determined based on a methodology that factored in measures including housing affordability, desirability, retiree taxes, the happiness index, job market and healthcare quality. These measures were selected and weighted based on a public survey of pre-retirees (age 45-59) and retirement-age (age 60+) individuals across the U.S to find out what matters most when considering a place to retire. Data sources include the U.S. Census Bureau, the Bureau of Labor Statistics, as well as U.S. News rankings of the Best Hospitals.

Best Places to Retire is part of U.S. News’ expanding Real Estate channel, which provides rankings, tools and advice to help individuals navigate the housing market, from getting a mortgage and working with an agent to buying and selling a home. The 2018 Best Places to Retire launch is sponsored by Voya Financial.

2018 U.S. News Best Places to Retire Rankings- Top 10

  1. Sarasota, FL
  2. Lancaster, PA
  3. San Antonio, TX
  4. Grand Rapids, MI
  5. El Paso, TX
  6. McAllen, TX
  7. Daytona Beach, FL
  8. Pittsburgh, PA
  9. Austin, TX
  10. Washington, DC

See the full list of the Best Places to Retire, from 1 to 100, by visiting https://realestate.usnews.com/places/rankings/best-places-to-retire.

For more information on Best Places to Retire, explore Facebook and Twitter using #BestPlacesToRetire.

About U.S. News & World Report
U.S. News & World Report is a digital news and information company that empowers people to make better, more informed decisions about important issues affecting their lives. Focusing on Education, Health, Personal Finance, Travel, Cars and News & Opinion, USNews.com provides consumer advice, rankings, news and analysis to serve people making complex decisions throughout all stages of life. More than 40 million people visit USNews.com each month for research and guidance. Founded in 1933, U.S. News is headquartered in Washington, D.C.

SOURCE: U.S. News & World Report

Caliber Home Loans introduces MyPipelineConnect to residential builders and REALTORS®

Caliber Home Loans introduces MyPipelineConnect to residential builders and REALTORS®

COPPELL, Texas/ Sept. 25, 2017 (StlRealEstate.News) — Caliber Home Loans, Inc. (“Caliber”), a leading residential mortgage originator and servicer, recently announced the launch of MyPipelineConnect. This web portal, designed in-house, provides residential home builders and real estate agents with comprehensive details of their customers’ home financing.

 Immediate access to real-time status reports
After setting up secure access, builders and agents may log into MyPipelineConnect to view loan statuses, details and contacts tied to their Caliber borrower pipelines.  Builders and agents are automatically linked to their customers’ transactions, which includes access to real-time status and key dates. This ensures they don’t miss any updates from their customers’ lender.

“Introducing MyPipelineConnect to our business associates was a natural progression,” said Caroline Watteeuw, EVP & Chief Information Officer. “Earlier this year, we introduced our digital Ultimate Home Buying Experience to consumers. With MyPipelineConnect, our builder and real estate associates will be more involved in our shared customers’ loan process, which will improve the experience for everyone involved.”

About Caliber Home Loans, Inc.

Caliber Home Loans, Inc. is a privately-held financial services company.  Caliber’s headquarters are based in Coppell, TX.  The company is an approved Seller/Servicer for both Fannie Mae and Freddie Mac, an approved issuer for Ginnie Mae and is an approved servicer for FHA, VA and the USDA.  The company carries multiple servicer ratings from Standard & Poor’s, Moody’s, Fitch and DBRS.  To learn more about Caliber, visit www.caliberhomeloans.com.

SOURCE: Caliber Home Loans, Inc

California lawmakers send affordable housing fix to governor

California lawmakers send affordable housing fix to governor

SACRAMENTO, Calif./September 16, 2017 (AP)(StlRealEstate.News) — California lawmakers sent Gov. Jerry Brown a package of bills Friday aimed at easing the state’s affordable housing crisis, but a boom in building won’t happen immediately.

The three major pieces of the deal include a $4 billion housing bond, a new $75 fee on real estate transaction documents, and a bill to streamline building regulations that can hamper developers looking to construct low-cost apartments and homes. Brown plans to sign them.

California lacks an estimated 1.5 million affordable housing units compared to demand — a situation that is contributing to the growth of the homeless population.

It’s also home to 21 of the nation’s 30 most expensive rental housing markets. Efforts to spur building, enforce existing housing law and create a funding source for more affordable projects have struggled in the Legislature in recent years.

“We need to do our part and stop creating reasons why we can’t fix things,” Democratic Sen. Ben Hueso of San Diego said. “When you talk to the people of California they are concerned, and more and more concerned, that they have no affordable place to live.”

Still, a flurry of new houses isn’t likely to pop up for at least a few years. The primary source of money — the $4 billion bond — needs to win support from voters next year. If it does, backers say it can be released quickly because it will go toward already existing programs.

“We have to make a convincing case before the voters,” Senate President Pro Tem Kevin de Leon noted during a press conference celebrating the deal’s passage.

Likewise, the $200 to $300 million expected to be raised annually through the real estate fee won’t hit communities immediately.

Tyrone Buckley, policy director for Housing California, called the bills a “great first start” even though he doesn’t expect to see dollars rolling out until 2019.

“All of the bills that passed today are long-term goals and things that seemed nearly impossible as early as last year,” Buckley said.

Beyond the funding, a third key bill aims to add teeth to state housing laws that are rarely enforced. The state sets guidelines on how many housing units, and for what income levels, communities should have but often doesn’t make sure those goals are followed.

A bill by Democratic Sen. Scott Wiener will expedite the approval process for developers who want to build in communities that haven’t been hitting those targets. The streamlined process would make it harder for local governments to put up environmental or other regulatory roadblocks on low-income housing projects that some residents might not want. His bill takes effect Jan. 1 and the state still has to decide which communities will be eligible for streamlining.

“We have to have basic standards and accountability so local communities don’t just decide to opt out,” Wiener said.

The funding bills passed largely along party lines in both the Senate and the Assembly. In the lower chamber, Republican Brian Maienschein of San Diego backed the new real estate transaction fee, while Democrat Sabrina Cervantes opposed it after a dramatic hour in which several other Democrats wavered on whether to support it.

In the Senate, meanwhile, every Democrat backed the real estate fee. Republican Sens. Anthony Cannella, Janet Nguyen and Scott Wilk joined all 27 Democrats in backing the $4 billion bond, which sets aside $1 billion for veterans housing.

Most Republicans argued against hitting voters with yet another fee after lawmakers passed a gas tax hike already this year.

The $75 fee will apply to real estate transaction documents, exempting sales but including things like refinancing a mortgage. It would cap the fee at $225 per transaction.

“I believe that we are shortchanging the middle income, the average, hardworking Californians with this imposed fee,” Republican Sen. Jim Nielsen said.

The $200 to $300 million expected to come in annually from the fee is still far less than the $1 billion local communities used to get under a redevelopment program halted in 2012.

In the first year, half of that money will go toward efforts to reduce homelessness, while the remaining half will aid communities in updating their planning and zoning laws. After that, 70 percent of the money will go to local communities for housing projects.

By KATHLEEN RONAYNE ,  Associated Press


American Homeowner Preservation 2015A+ Temporarily Suspends Sales in 2015A+ Fund

American Homeowner Preservation 2015A+ Temporarily Suspends Sales in 2015A+ Fund

CHICAGO/ August 15, 2017 (PRN) (StlRealEstate.News) — American Homeowner Preservation 2015A+ LLC (“AHP”) announced that they have temporarily suspended accepting new investments due to an influx of investments as well as the recent purchase of 1,281 new mortgages.

The fund recently acquired two large mortgage pools, one consisting of 799 non-performing mortgages from the bankruptcy estate of 3-Star Properties and a second of 477 mortgages from Biltmore Funding, in addition to smaller purchases. In an email sent to investors and supporters, AHP stated that this was more than double the number of mortgages that the company purchased during all of 2016.

“We’ve been focused on resolving the hundreds of recently-acquired mortgages, along with a recent surge of incoming investments,” said AHP founder and CEO Jorge Newbery. “We decided it’s time to take a breather and maximize the social impact of what we’ve already bought. We want to give every homeowner the attention they deserve.”

American Homeowner Preservation started in 2008 as a 501(c)(3) nonprofit before transitioning to for-profit. AHP now utilizes Regulation A+ to raise funds from both accredited and non-accredited investors. Investments fuel the purchase of distressed mortgages from lenders including banks and hedge funds. AHP then crafts sustainable solutions to keep families in their homes with favorable terms.

SOURCE: American Homeowner Preservation

Mortgage lender PHH agrees to pay $74 million settlement

Mortgage lender PHH agrees to pay $74 million settlement

MINNEAPOLIS/August 8, 2017 (AP)(StlRealEstate.News) — Federal prosecutors in Minnesota say PHH Corp. and two subsidiaries have agreed to pay over $74 million to settle allegations they violated standards for underwriting government-backed mortgages.

Acting U.S. Attorney for Minnesota Gregory Brooker said in a statement Tuesday that Mount Laurel, New Jersey-based PHH submitted defective loans for government insurance, and that homeowners and taxpayers paid the price.

The settlement includes $65 million for alleged violations involving loans insured by the Federal Housing Administration, and nearly $9.5 million for loans guaranteed by the Department of Veterans Affairs. The government says it incurred “substantial losses” in paying insurance claims on the FHA loans. About $9 million will go to a whistleblower who formerly worked for PHH.

PHH says it settled without admitting liability to avoid the distraction and expense of litigation.

Quicken Loans Ranked Highest in the Nation for Client Satisfaction Among Mortgage Servicers by J.D. Power for 4th Consecutive Year

Berkshire Hathaway HomeServices Ranked Highest for Repeat Home Seller Satisfaction in J.D. Power’s 2017 Home Buyer/Seller Satisfaction Study

DETROIT/ July 27, 2017 (StlRealEstate.News) — Detroit-based Quicken Loans, the country’s second largest retail mortgage lender, and the nation’s leading FinTech innovator, was today named the nation’s top mortgage servicer for client satisfaction by J.D. Power for the 4th straight year – each year in which the company has been eligible.

In addition to the 4 mortgage servicing awards, Quicken Loans has also ranked highest in client service in J.D. Power’s survey of mortgage originators for 7 straight years, making the company the top rated originator among the more than 50,000 mortgage lenders in the country.  Additionally, no company in the history of J.D. Power studies on customer service in the mortgage lending industry has finished 1st among all lenders 11 total times in just 7 years.

“Quicken Loans’ brainforce is tireless in its pursuit of making our mortgage process the standard by which all others are judged,” said Dan Gilbert, Founder and Chairman of Quicken Loans. “Through innovations like Rocket Mortgage, we continue to define what FinTech is and how it can revolutionize the entire mortgage experience. This award is further proof that when you obsess over every detail and treat every client as family, you leave a lasting impact.”

Quicken Loans received the highest score in every category measured by J.D. Power, including:

  • Billing and Payment Process
  • Mortgage Fees
  • Interaction
  • Escrow Account Administration
  • Communication
  • New Client Orientation

According to the J.D. Power survey, 95% of Quicken Loans respondents reported that they had experienced no problems with the servicing of their loan within the last year. The report also concluded that Quicken Loans ranked 25% higher than the industry average for the number of clients who would choose Quicken Loans when purchasing their next home.

“The most frequently overlooked part of getting a home loan is the actual servicing of the mortgage, however, that is often the most significant aspect, as it is a relationship that can last as long as 30 years,” said Jay Farner, CEO of Quicken Loans. “We place tremendous emphasis on providing our clients an unmatched experience. From a web-based portal that provides clear, concise information, to experts who are empowered to take action when a problem arises, we are relentless in our mission of constantly exceeding our clients’ expectations.”

In late 2015 Quicken Loans launched Rocket Mortgage, the first completely online mortgage experience. In the spirit of continually innovating to improve client experience, in July 2017 the company launched a new user interface via its MyQL servicing portal. The mobile and desktop application, which allows clients to make online payments and view loan information, now features tools to provide clients their current equity, escrow analysis and more.

Since 2010, Quicken Loans has served more than 1.5 million mortgages and is the nation’s 7th largest mortgage servicer.

About Quicken Loans
Detroit-based Quicken Loans Inc. is the nation’s second largest retail home mortgage lender. The company closed more than $300 billion of mortgage volume across all 50 states between 2013 and 2016. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 17,000 team members from Quicken Loans and its Family of Companies work in the city’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States by J.D. Power for the past seven consecutive years, 2010 – 2017, and highest in customer satisfaction among all mortgage servicers the past four years, 2014 – 2017.

Quicken Loans was ranked #10 on FORTUNE magazine’s annual “100 Best Companies to Work For” list in 2017, and has been among the top-30 companies for the past 14 consecutive years. The company has been recognized as one of Computerworld magazine’s ‘100 Best Places to Work in IT’ the past 13 years, ranking #1 for eight of the past twelve years including 2017. The company is a wholly-owned subsidiary of Rock Holdings, Inc., the parent company of several FinTech and related businesses. Quicken Loans is also the flagship business of Dan Gilbert’s Family of Companies comprising nearly 100 affiliated businesses spanning multiple industries. For more information and company news visit QuickenLoans.com/press-room.

SOURCE: Quicken Loans

SunTrust Survey: Mortgages Are Going to the Dogs

SunTrust Survey: Mortgages Are Going to the Dogs

ATLANTA/ July 26, 2017 (StlRealEstate.News) — A third of millennial-aged Americans (ages 18 to 36) who purchased their first home (33%) say the desire to have a better space or yard for a dog influenced their decision to purchase their first home, according to a new survey conducted online by Harris Poll on behalf of SunTrust Mortgage, a division of SunTrust Banks, Inc. (NYSE: STI). Dogs ranked among the top three motivators for first-time home purchasers and were cited by more millennials than marriage/upcoming marriage, 25 percent, or the birth/expected birth of a child, 19 percent.

Only the desire for more living space, 66 percent, and the opportunity to build equity, 36 percent, were identified by more millennials as reasons they purchased their first home.

Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions,” said Dorinda Smith, SunTrust Mortgage President and CEO. “For those with dogs, renting can be more expensive and a hassle; home ownership takes some of the stress off by providing a better living situation.”

Among millennials who have never purchased a home, 42 percent say that their dog – or the desire to have one – is a key factor in their desire to buy a home in the future, suggesting dogs will also influence purchase decisions of potential first-time homebuyers.

“Millennials are trending toward homeownership,” Smith added. “Demand among millennial-aged, first-time homebuyers is robust, and we expect them to continue adding strength to the housing market.”

SunTrust offers the following tips when considering a first-time home purchase:

        *Understand Your Initial Expenses. The down payment and closing costs can really add up, but don’t forget to budget for moving expenses. These include everything from truck rental    to setting up water, power, cable, internet and more.

  • Organize Your Finances. While there are different types of loans for different needs, your finances will be thoroughly evaluated during the credit application. Make sure they are organized so you can better retrieve them throughout the application process.
  • Get Pre-Qualified. Lenders can use your income and credit history to give you an estimate of the home loan amount for which you qualify. The pre-qualification amount can be a helpful guideline when you are considering which properties to purchase.
  • Create a Realistic Timeline. Even with a pre-qualification, loans can take weeks to be finalized. Work with a loan officer to decide the best type of loan for your situation and make sure your loan will be ready in advance of your closing.

SunTrust launched the onUp Movement to help people achieve financial confidence, and for many that includes owning a home. OnUp.com offers a variety of resources that can help people calculate how much home they can afford, save for a down payment, get ready for the loan application process and more.

Survey Methodology:
The survey was conducted online within the United States by Harris Poll on behalf of SunTrust Mortgage from June 28-30, 2017, among 412 U.S. adults ages 18-36, among whom 248 purchased their first home and 135 have never purchased a home. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, SunTrust operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2017, SunTrust had total assets of $207 billion and total deposits of $160 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onup.com .

SOURCE: SunTrust Banks, Inc.