- InGeniusly Speaking
- Posts
- 50 & Fabulous?
50 & Fabulous?
By Jeff Walton & Kelly Guest
Table of Contents
CHATTER
The Easy-Squeezy Path to Homeownership? Trump Floats 50-Yr Mortgages
FHFA Director Bill Pulte confirmed they’re working on a mortgage product that would be amortized over 50 years vs. the standard 30 as one way to combat the housing affordability issue.
Assume – in a Good Way
FHFA Director Pulte took to X to announce the GSEs are mulling other mortgage terms, posting, “At Fannie and Freddie, we are evaluating how to do assumable or portable mortgages, in a safe and sound manner.”
Don’t Close the CFPB! Dems on Senate Banking Cmte Send Nasty Gram to Vought
U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, and all Banking Committee Democrats, sent a letter to Acting Director of the Consumer Financial Protection Bureau (CFPB) Russell Vought raising concerns about new evidence that he (allegedly) plans to illegally shut down the CFPB. In a recent interview, Vought announced that he plans to “close down” the CFPB “within the next two or three months.”
Booming Blockchain? Beeline announced that its subsidiary Beeline Loans, Inc. successfully completed its first round of blockchain-recorded BeelineEquity transactions, marking a major industry milestone as the first U.S. platform to tokenize residential home equity at scale. In its initial rollout, BeelineEquity closed five blockchain-tracked equity transactions, with five more scheduled this month and an additional 25 pre-selected to close before year-end.
Not Just Negatives: VantageScore Report on Renters
Millions of American adult renters could become eligible for a mortgage by incorporating on-time rental payments into their credit reports, according to a comprehensive analysis of over 600,000 U.S. renters
Landlords typically report unpaid rent to collection agencies or sell the accounts to debt buyers. This often results in credit report rental data being restricted to “negative only” information, while positive rental information remains largely unreported.
Q325 EARNINGS
Total loan origination volume was $41.7 billion for Q325. The Company also reported 3Q25 total revenue of $843.3M, net income of $12.1M.
Total revenue of $843.3M in 3Q25 compared to $758.7M in 2Q25 and $745.6M in 3Q24.
Net income of $12.1M in 3Q25 compared to net income of $314.5M in 2Q25 and net income of $31.9M in 3Q24.
Revenue increased 14% to $323M and adjusted revenue increased 11% to $325M compared to the prior quarter on higher pull-though weighted lock volume and margin, and servicing income.
Pull-through weighted gain on sale margin increased 9 basis points to 339 basis points.
Expenses increased 6% to $334M, driven primarily by higher personnel and general and administrative expenses.
Net loss of $9M was down 65%, compared with net loss of $25M in the prior quarter, primarily reflecting higher revenue.
Adjusted net loss of $3M was down 82%, compared with the prior quarter adjusted net loss of $16M.
eXp World
Revenue for the quarter came in at $1.32B versus the consensus estimate of $1.24B.
MOVING & SHAKING
Data Getting Its Due
NAR Appoints 1st-ever Chief Data Officer: David Conroy will also hold the title of SVP of Strategy & Innovation.
loanDepot names Nikul Patel as Chief Growth Officer.
Jet Direct Mortgage welcomed the return of JoAnne Soldo to be Corporate Sales Liaison.
NEXA named Rana Mortensen Chief Administrative Officer.
Foundation Mortgage named Samuel Bjelac SVP of National Sales, TPO.
Carrington Holding Company entered into an agreement to acquire Reliance First Capital from Tiptree Inc., a holding company that combines insurance operations with investment management expertise.
MARKET/INDUSTRY
Government shutdown may cement December rate cut: Bill Bodnar breaks down the week as it applies to mortgage in his latest Master the Markets segment.
Rates Remain Near 2025 Lows: Freddie 11-6-25
Down, But Still WAY Up
Mortgage Applications Decreased 1.9% from One Week Earlier: MBA Weekly Survey for the week ending 10-31-25.
The Market Composite Index decreased 1.9% on a seasonally adjusted basis from one week earlier, but check out refis: The Refinance Index decreased 3% from the previous week and was 151% higher than the same week one year ago.
Home Price Appreciation Widespread in Q3: NAR
Home prices rose in 77% of metro markets (176 out of 230) during the third quarter of 2025, according to the National Association of REALTORS®' latest quarterly report. This is up from 75% in the second quarter. Four percent of metro areas recorded double-digit price gains in the third quarter, down slightly from 5% in the second quarter of 2025.
Median existing single-family home price by region (year-over-year change)
· Northeast: $540,100 (+6.0%)
· Midwest: $331,100 (+4.2%)
· South: $372,800 (+0.5%)
· West: $633,900 (-0.1%)
"Home sales have struggled to gain traction, but prices continue to rise, contributing to record-high housing wealth. Markets in the supply-constrained Northeast and the more affordable Midwest have generally seen stronger price appreciation." - NAR Chief Economist Lawrence Yun
Guess What Hit a Record Low…
Highlights from NAR 2025 Profile of Home Buyers & Sellers
1. First-time buyers sink to an all-time low
First-time buyers now make up just 21% of the market—the lowest share since NAR began tracking in 1981. Before 2008, they consistently accounted for about 40% of home sales.
Those who do buy are older, too. The median age of first-time buyers has climbed to a record 40—up from the late 20s in the 1980s. High rents and student loan debt make saving for a down payment increasingly difficult.
2. Record high of all-cash home buyers
All-cash home purchases have reached an all-time high, averaging 26% over the last year. By comparison, between 2003 and 2010, fewer than one in 10 buyers paid all cash on a home sale.
3. Higher down payments
Down payments continue to rise for both first-time and repeat buyers, reaching levels not seen in decades. In 2025, the median down payment among all buyers was 19%—10% for first-time buyers and 23% for repeat buyers. That marks the highest median down payment for first-time buyers since 1989 and the highest for repeat buyers since 2003.
4. Real estate agents remain essential
Real estate professionals continue to play a central role in buying and selling homes. Eighty-eight percent of buyers purchased their home through an agent or broker, making agents the most trusted and frequently used information source—well ahead of online listings. Buyers primarily sought help finding the right home, negotiating terms and navigating paperwork. More than half of buyers said they valued that their agent pointed out property features or flaws they hadn’t noticed, and 76% of first-time buyers credited their agent with helping them understand the process.
Sellers also placed a high value on their agents’ expertise: 91% used a real estate agent—matching the highest percentage on record. The top priorities when choosing an agent include getting help to market the home to potential buyers, pricing the home competitively and selling within a specific timeframe.
5. FSBOs hit record low
Only 5% of homes over the past year sold as For Sale By Owner, an all-time low, while a record 91% of sellers used a real estate agent, NAR’s data shows. FSBOs don’t typically fare as well, selling for significantly less than agent-assisted homes—a FSBO median price of $360,000 versus $425,000 for agent-assisted homes.
6. Repeat buyers are flexing their financial power
The median down payment among this group climbed to 23%, and nearly one in three repeat buyers are paying all cash—sidestepping financing altogether.
In just the last five years alone, homeowners have gained an average of $140,900 in wealth, according to NAR’s research.
7. Fewer households with children are buying homes
The share of buyers with children under 18 has dropped to a historic low—just 24% of recent buyers compared to 58% in 1985. Among those households, 11% had one child, 9% had two and only 5% had three or more.
8. Home buyers and sellers are getting older
The median age of first-time buyers is 40—a record high—while repeat buyers rose to a median age of 62. Sellers are following the same trend—the typical age of home sellers this year is 64, the highest ever recorded.
9. Buying for the long haul
Home buyers are planning to stay put longer than ever. The median expected tenure in a purchased home is now 15 years, with 28% of buyers declaring it’ll be their “forever home” and that they never intend to move. This marks a significant increase from 2000 to 2008 when sellers typically stayed in their homes for just six years.
10. New home purchases tick up
More buyers are tempted to buy new, with the share of new home purchases rising slightly to 16%, matching a level that hasn’t been seen since 2006. Meanwhile, existing-home purchases decreased slightly to 84%
What’s Under YOUR Mattress?
Homeownership Path is Harder: Raisin’s 2025 State of Homebuying Report
Affordability Dominates:
More than half (53%) of respondents said home prices in their preferred area are too high; 44% cited mortgage rates as a major hurdle; and 41% said they simply can’t save enough for a down payment
9 in 10 Americans — both current and potential homebuyers — have made sacrifices to save for a home:
58% are working extra hours or multiple jobs while 49% are cutting back on dining out and 41% are postponing major purchases
18% have delayed major life milestones, such as weddings or starting families
The Rise of the ‘Under-the-Mattress’ Economy
Nearly 1 in 4 aspiring homebuyers are keeping cash outside the banking system, with Gen Z leading the way:
Over 30% report stashing money “under the mattress” compared to 20% of Millennials and Gen Xers
Homeownership Often Wins Over Retirement:
82% of respondents say it’s very challenging to save for both a home and retirement simultaneously
52% of likely buyers prioritize saving for a down payment over retirement
20% report reducing retirement contributions to save more aggressively for a home