Residential Briefs

MBA NewsLink Staff

April 04, 2017

Fannie Mae: Shifting Determinants of Young-Adult Homeownership Before, After the Great Recession
Fannie Mae and the University of Southern California issued a paper examining the sharp decline in young adult homeownership rates following the Great Recession and how the economic downturn may have changed the relationships among young-adult homeownership, household demographic and economic characteristics and local housing market conditions.

The report by researchers at the University of Southern California and sponsored by Fannie Mae noted education was not associated with homeownership status before the Great Recession, but having a college degree increased the likelihood of homeownership by 9 percentage points after the recession. This is true even after controlling for other characteristics, including income and wealth. The authors discuss several hypotheses that might explain the increasing importance of education for young-adult homeownership attainment post-recession.

"Non-Hispanic blacks are less likely to be homeowners than non-Hispanic whites before the recession, and that this relationship persists to a similar degree after the recession," the paper said. "There is no statistical difference in the likelihood of homeownership between Hispanics and non-Hispanic whites in either period...Educational attainment is not associated with homeownership before the Great Recession but is positively associated with homeownership in the post-recession period. The positive association between educational attainment and homeownership in the post-recession years is present for blacks and non-Hispanic whites but not Hispanics."

Similarly, the paper said, income and wealth are positively associated with homeownership before and after the Great Recession. "However, the positive association between the homeownership status of young adults and that of their parents is slightly diminished after the recession."

The paper can be found at http://fanniemae.com/resources/file/research/housingsurvey/pdf/parental-assistance-working-paper-3-033016.pdf.

Congressional Bank Selects Alight
Alight Inc., San Francisco, a provider of cloud-based applications, announced that Congressional Bank selected Alight Mortgage Lending for continuous reforecasting.

Alight Mortgage Lending gives depository and commercial bank CEOs, firm owners and their teams the ability to see the financial impact of decisions, before they're made. Alight connects to the general ledger and pulls data from loan origination systems and capital market providers so that banks can run unlimited what-if scenarios and see the financial and operational impact of changes ripple through the entire enterprise to financials, including P&L, balance sheet and cash flow.

reQuire Expands with Document, Search Services
reQuire Real Estate Solutions, Virginia Beach, Va., a provider of technology-enabled real estate settlement services, launched its Document and Search Services. The company will now provide settlement agents and closing attorneys integrated access to document preparation, property search, title curative and lien release tracking.

Document services include document retrieval, document preparation and document recording services. Search services include tax search, legal and vesting and tiered property reporting services.

Credit Plus Reports Integrated into Ellie Mae's Encompass Consumer Connect
Credit Plus Inc., Salisbury, Md., announced its credit reports are available through Ellie Mae's point-of-sale platform, Encompass Consumer Connect, an extension of its Encompass platform. The integration allows Encompass Consumer Connect users to verify and share their credit reports with lenders.

Encompass Consumer Connect enables lenders to provide a branded self-service online loan origination experience to homebuyers.

Iroquois Federal Savings & Loan Association Taps Fiserv
Fiserv Inc., Brookfield, Wis., said Iroquois Federal Savings & Loan Association, Watseka, Ill., selected the Premier core account processing platform and other integrated Fiserv services as the new technology foundation for its organization.

In addition to selecting Fiserv online and mobile banking services for consumers and businesses, Iroquois Federal will add CheckFree RXP and CheckFree Small Business for online bill payment, Popmoney for personal payments, TransferNow for account-to-account transfers and a range of card services and item processing services.

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