Here’s what you need to know:
- In its ground-breaking report, “Who Are The Future Borrowers?”, Freddie Mac identified millions of mortgage-ready prospects. As of January 2023, that number was 38.2 million, according to Cindy Waldron, VP, Research & Analytics in the Single-Family Client & Community Engagement at Freddie Mac.
- To better understand the mortgage-ready market, Freddie Mac created the First-Time Homebuyer Affordability Map, which evaluates affordability for future borrowers based on their credit characteristics, income distribution and geographic location.
- “I believe data drives change. Creating a story with data to understand the challenges and opportunities provides [lenders and LOs] with strategies to really impact the homeownership gap,” Waldron noted.
For additional details, listen to my Mortgage Manager Playbook podcast episode, Freddie Mac: Mortgage Ready Report.
Pat Sherlock is the founder of QFS Sales Solutions, an organization that helps organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com.
