Top Blogs of 2024 From Certified Credit

2024 has been a defining year for the mortgage industry. While it began with many of the same challenges as 2023 – high mortgage rates, prohibitory housing prices, and limited inventory – it also ushered in key changes, including two interest rate cuts, several regulatory shifts, and a presidential election.

As the year comes to a close, many mortgage professionals are taking time to reflect on 2024 and plan their strategies for 2025. If you’re one of them, revisiting our top blogs from this year can provide valuable insights and guidance as you prepare for the year ahead.

Below, we’ll highlight our top ten blogs from 2024 and explain why they’re worth a quick revisit before the new year begins. 

#1 New Changes Coming to Credit Scoring Models & Credit Reporting

Back in 2022, the Federal Housing Finance Agency (FHFA) announced that it would soon be implementing two regulatory changes for conventional loans:

• It will require FICO 10T and VantageScore 4.0 scores in place of Classic FICO. 
• It will only require bi-merge credit reports, rather than tri-merge credit reports. 

The purpose of these changes is to foster more innovation and inclusivity within the mortgage industry. While the FHFA’s implementation timeline was initially up in the air, it finally set a date for these two changes to take effect: Q4 2025. 

To learn more about the details of these important regulatory changes and their potential pros and cons, check out our full-length article here. 

#2 9 Tools Every Mortgage Lender Should Be Using in 2024

Did you know that 83% of the top mortgage producers claim that mortgage technology is the key to their growth? What’s more, 90% of workers say that automated solutions enhance their efficiency, while 85% say they promote collaboration. 

By setting your lending team up with the latest tech solutions, you can reap these benefits, along with many others – stronger lead generation, increased accuracy, reduced costs, and higher borrower satisfaction are just a few more to add to that list. 

So, what solutions should you invest in for the new year? In this detailed guide, we break down the nine tools every mortgage lender should be using, from automated VOE to credit score improvement tools.

#3 Beyond Words: The True Meaning of Good Service

One of the greatest benefits of time-saving tech tools is that they free up your schedule, giving you more time to focus on delivering exceptional customer service. Great service can help you generate more referrals, better reviews, and stronger customer retention. 

So, what contributes to a top-notch service experience? We explore seven key factors in our article, “Beyond Words: The True Meaning of Good Service.” 

Along with explaining these seven factors, we highlight how we embody them at Certified Credit and how you can do the same in your mortgage lending business.

#4 How Are Mortgage Trigger Leads Changing in 2024? 

Trigger leads are a polarizing topic for mortgage professionals. While they were designed to spur competition between lenders and help borrowers get the best rates, they often damage the borrower experience, particularly for applicants who aren’t properly forewarned.

Fortunately, many mortgage industry associations have advocated for trigger lead reform in recent years. Some bills that could ban or limit the use of trigger leads in the future include the:

• Homebuyers’ Privacy Protection Act (S.3502)
• Trigger Lead Abatement Act of 2023 (H.R. 2656)
• Protecting Consumers from Abusive Mortgage Leads Act (H.R. 4198)

Read the full article to discover how these proposed bills can bolster data privacy, consumer protections, and the borrower experience. At the end, you’ll also find some affordable lead-generation alternatives. 

#5 How to Protect Your Portfolio and Retain Borrowers Amid 2022 & 2023’s Rate Buydown Expirations

For the past two years, elevated interest rates have kept many would-be borrowers from purchasing homes. Low purchase volume is a problem, but an even bigger one is currently brewing behind the scenes: rate buydown expirations. 

In 2022, many borrowers took advantage of rate buydown offers from builders and lenders. Approximately two-thirds of these borrowers chose two-year programs, many of which are expiring this year. Since rates are still elevated, some of these borrowers may face sharp increases in their monthly mortgage payments, putting them at a higher risk of default.

In our article, “How to Protect Your Portfolio and Retain Borrowers Amid 2022 & 2023’s Rate Buydown Expirations,” we offer helpful strategies and solutions to safeguard your portfolio during this critical period.

#6 Empowering the American Dream: How to Help Underserved Borrowers Achieve Homeownership 

With a new year just around the corner, many people are setting their goals for 2025. Some of the most popular New Year’s resolutions include saving money, exercising, and eating healthier. Another major goal for most Americans is owning a home. 

While many first-time homebuyers face challenges in today’s housing market, underserved borrowers encounter additional hurdles, such as higher loan denial rates and limited financial resources. As a mortgage lender, you have the opportunity to help these applicants navigate these obstacles and secure the financing they need.

We explain how to do just that in our article, “Empowering the American Dream: How to Help Underserved Borrowers Achieve Homeownership.” Along with breaking down the backgrounds of underserved borrowers, we offer three effective strategies for supporting their home-buying journeys.

#7 How AVMs Can Supercharge Your HELOC and Second Mortgage Growth Strategy

As the saying goes, “When one door closes, another one opens.” In today’s mortgage market, those “open doors” are HELOCs and home equity loans. While purchase and refinance demand is down, focusing on these second mortgage products can help you bolster your business in the meantime.

Attracting and closing more HELOCs and home equity loans is easier when you have the right tools. For example, automated valuation models (AVMs) can help you originate second loans faster and more affordably. 

To learn what AVMs are, how they work, and the unique benefits they offer for second mortgages, check out this insightful article. 

#8 Climate Change’s Impact on Mortgage Lending & Flood Zone Determination 

Summer 2024 brought record-breaking heat, with July 2024 marking the hottest month ever recorded. As temperatures rose, flooding ravaged many parts of the country. These climate concerns prompted FEMA to redraw many of their flood zone determinations. 

In our article, “Climate Change’s Impact on Mortgage Lending & Flood Zone Determination,” we explore the complex interplay between warming weather and mortgage lending, including affected stakeholders, FEMA’s latest announcements, and common flood risk myths. 

This article offers valuable insights on how to easily and cost-effectively incorporate flooding into your mortgage lending risk calculations.

#9 Consumer Education: 9 Tips For First-Time-Homebuyers in Today’s Market 

Many Americans aspire to purchase a home one day. Not only can homeownership grow their generational wealth, but it can also provide them with valuable security and a stronger sense of community. 

Despite these benefits, buying a home is a daunting process, especially for first-timers. That’s why we compiled nine tips for first-time homebuyers in this helpful guide. Some of the topics we discuss include:

• The costs involved in purchasing a home 
• Down payment assistance programs
• The impact of applicants’ credit scores and employment history
• What documents they need for their application
• How to manage their housing expectations while shopping on a budget
• How to protect their credit score throughout the process

Share this article with your applicants to educate them on the home-buying process and set them up for success.

#10 Answering Mortgage Lenders’ Top FAQs

While applicants often have a lot of questions, so do our mortgage lending clients. After all, so much is changing in the industry, from rising credit report costs to the FHFA’s new credit reporting requirements. 

We gathered our clients’ most frequently asked questions (FAQs) and answered them in our article, “Answering Mortgage Lenders’ Top FAQs.” Here are just a few on the list:

• “How will the changes to credit with the bi-merge impact borrower mortgage eligibility?”
• “How can I know when my borrower is taking out a new loan or a line of credit?”
• “I want to modernize my borrower experience. Where should I start?”

Browse this article to see if your most pressing question is on the list and find the answers you need to refine your 2025 lending strategy. 

Start the New Year Empowered and Informed with Certified Credit

At Certified Credit, we believe that our clients can overcome any challenge with the right education. Based on our top-performing blogs, it's clear that 2024 has been full of valuable lessons and innovative advancements. As we move into 2035, we encourage you to carry these insights forward and approach the new year with renewed focus.

Want a dedicated partner by your side in 2025? At Certified Credit, we’re committed to ensuring the success of our clients. That’s why we’re constantly developing new tech solutions. Our current product line includes:

• Customizable credit reports 
• Automated lead generation
• Automated prequalification
• Automated verification of income and employment
• Automated undisclosed debt monitoring
• Credit score improvement tools
• Property and valuation support
• Fraud and risk mitigation
• Underwriting compliance
• Settlement services

By leveraging these solutions and sharing our educational resources with your borrowers, you can position your business for a strong start in 2025.

Want to learn more about the benefits of partnering with Certified Credit? Book a credit consultation with our team today.

Sources:

National Mortgage News. 2018 Top Producers. 

https://www.nationalmortgagenews.com/news/top-producers-2018

Harvard Business Review. How Automation Drives Business Growth and Efficiency.

https://hbr.org/sponsored/2023/04/how-automation-drives-business-growth-and-efficiency

Statista. America's Top New Year's Resolutions for 2024.

https://www.statista.com/chart/29019/most-common-new-years-resolutions-us/

National Centers for Environmental Information. October 2024 Global Climate Report.

https://www.ncei.noaa.gov/access/monitoring/monthly-report/global/202410