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Mortgage Applicant Quality Improved in Q2 2018

September 18, 2018 Raymond Bartreau

The share of “excellent” credit scores, as estimated by consumer mortgage inquiries, increased in Q2 2018 over Q1 2018 for the purchase, refinance and reverse mortgage markets, according to the Q2 2018 Mortgage Consumer Profile Report published today by Best Rate Referrals.

Reverse Mortgage Applicant Quality Increases Most Significantly

The greatest improvement in applicant quality was for reverse mortgages, for which the share of “excellent” credit scores spiked from 9.8% in Q1 2018 to 21.7% in Q2 2018. The reverse mortgage inquirers appeared to be better informed in Q2 2018 than in the prior quarter. In Q2 2018, six consumer segments that represented renters (who are not qualified for reverse mortgages) fell from the top 10 segments inquiring about reverse mortgages. The six new segments entering the top 10 in Q2 2018 for reverse mortgage inquiries represented older, retired consumers with moderate to affluent incomes.

Regions with Highest Home Values Had Highest Share of “Excellent” Credit Scores

The three geographic regions with average home market values over $300,000 (Pacific, Mid-Atlantic and New England) provided the highest share of “excellent” credit scores in Q2 2018 for refinance inquiries. According to data from Redfin, many cities that were the most competitive for home buying fell within these regions throughout late 2017 and early 2018.

Read More in the Just Published Q2 2018 Mortgage Consumer Profile Report

The new Q2 2018 Mortgage Consumer Profile Report published by Best Rate Referrals highlights mortgage market consumer trends, including:

  • Consumer-estimated credit scores by mortgage product and region
  • Home market values by mortgage product and region
  • Mortgage balances by mortgage product and region
  • Top consumer segments by mortgage product
  • Top consumer segment profiles (including demographic and behavioral attributes)
  • Marketing strategies for loan originators

Complete the form below to download your free copy of the Q2 2018 Mortgage Consumer Profile Report.

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About the Author

Raymond Bartreau

Raymond Bartreau is the Senior Vice President of Lending Partnerships at Digital Media Solutions, LLC (DMS), an industry leader in the world of customer acquisition and retention that helps clients maximize their digital marketing to beat the competition and accelerate growth. In this role, Raymond heads DMS subsidiary Best Rate Referrals, an award-winning consumer finance marketing firm with NMLS operating licenses in most states. In 2018, Best Rate Referrals expanded into the world of personal finance with the launch of Loan Advisor, a new online marketplace designed to provide consumers with simple and fast personal loan quotes from lenders for free. A leader with more than a decade of combined financial services and direct marketing experience, Raymond Bartreau has spent his career providing lenders with the strategies and insights to better connect with consumers amid an ever changing, rate-driven market. An impressive list of accolades speaks to Ray’s steady stream of success. He was a 2017 recipient of the HousingWire Insiders Award, made the National Mortgage Professional magazine list of the top 40 under 40 and became a Mortgage Professional Association “Hot 100” on two separate occasions. An experienced speaker, Ray has shared his insight at a number of national conferences, including HousingWire’s Engage.Marketing Summit and the Power Originator Summit. As Senior Vice President of Lending Partnerships at DMS, Raymond oversees operations for DMS Consumer Finance, comprised of award-winning consumer finance marketing companies including Best Rate Referrals, Better Loan Choice and Got Consumer.

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