The home buying process and obtaining a mortgage are inextricably linked. The Mortgage industry has been pushed to the forefront by the recent mortgage crisis, marked by unprecedented rates of loan delinquencies, defaults, and foreclosures. Recent studies on this topic cite various causes, including risky product offerings, economic conditions, a housing price bubble, adverse selection, and questionable marketing practices
Today, MLS organizations are positioned to play a much broader role through their network of subscribers to leverage technology to make the process of buying and selling a home much more efficient and effective. Some of the most innovative MLS organizations provide their subscribers with a tool that educates homebuyers on home affordability working in conjunction with their members’ lender(s) of choice.
MLSs need to continually reinvent themselves, serving the needs of large and small brokers, top Producers and part-time REALTORS® alike. They need to serve a spectrum of needs without demonstrating bias to any of their customer segments. MLSs can provide support to their subscribers beyond the property database.
WAV Group has drafted a white paper outlining the potential for MLSs to expand their relevance, especially for top producers by finding ways to encourage clients to pre-qualify for a mortgage before working with a REALTOR®. Click here to download the paper. The paper outlines a new method to expand the value of the MLS WITHOUT leveling the playing field.
The Difficulty of Securing a Mortgage
In today’s regulation-heavy marketplace it has become more and more difficult for consumers to secure a mortgage. According to NAR’s 2013 Home Buyers and Sellers Survey, nearly 9 out of 10 homebuyers are financing their home with a mortgage. Nearly 100% of all first time homebuyers finance their home purchase with a mortgage.
Download the full paper HERE!