Shifts are rapidly occurring throughout the mortgage industry, thanks to a number of different demands. Mortgage rates are on the rise, while home price skyrocket and homeownership tend towards significantly longer durations. The assumptions of both lenders and borrowers have had to be set aside and a rebirth of the industry is currently being seen.
One of the major players in this shift is the limited housing availability. For two years now there has been a significant lack of available homes for purchase – especially in large metro areas.