Navigating Mortgage Impact as Student Debt Relief Expires
Thursday, September 21, 2023 at 1:00 p.m. CST
School’s out and student loan repayments are back in. That means some 40 million borrowers will be tapped starting in October to pay back as much as $1.77 trillion in student loan funds, which breaks down to an average of $267 per month for Bachelor’s degree holders and $567 per month for those who borrowed to complete a Master’s degree program. After a three-year moratorium on payments this swell of debt demand could have a significant impact on consumer borrowing capabilities, especially among younger consumers seeking to purchase their first homes.
It’s fair to say the impact, while variable among borrowers and lenders, could create a sea change in the mortgage lending industry. The resumption of payments will drive up DTI for many prospective homebuyers and compound the current affordability challenges of high home prices and interest rates. Credit unions that learn how to navigate those potentially rougher seas will better be able to serve their members and keep their loan programs afloat.
During the next Inside Track webinar, a team of experts will define challenges and strategies to help you face the rising seas. Join Catalina Kaiyoorawongs, founder of LoanSense and TrustEngine Chief Innovation Officer Dave Savage for a timely discussion on loan strategies that will help homebuyers overcome these new challenges.
Among other things, the experts will discuss:
- How the resumption of student loan payments will impact homebuyers
- Federal programs that provide extended loan relief for student loan holders
- How LoanSense provides valuable guidance for restructuring student loan payments
- How Mortgage Coach by TrustEngine integrates with LoanSense to show the impact of payment changes on a borrower’s purchase or refinance options and financial outlook
You will want to attend this session to become an even more trusted mortgage advisor!
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Chief Innovation Officer
TrustEngine: Bringing Trust Back to Lending. You used to know us as Sales Boomerang and Mortgage Coach. Now we are TrustEngine™. Continuing our mission of “No Borrower Left Behind,” TrustEngine enables lenders to work better, faster and smarter. TrustEngine provides award-winning solutions for retail and wholesale mortgage lenders, banks, credit unions, and servicers. The Borrower Intelligence Platform builds on the strengths of Sales Boomerang and Mortgage Coach to provide:
- World-class data analysis and segmentation
- Sophisticated modeling and prediction of loan readiness
- Intelligent opportunity pacing and routing
- Compelling borrower interactions
- Ongoing performance evaluation and optimization