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Subject:  Re: Mortgage Date:  9/29/2019  5:00 PM
Author:  DrTarr Number:  129257 of 129283

Guess they are seeing a lot more baby-boomers retiring with large-ish 401K accounts. That first refi, the loan officer had never encountered that situation before. This last time, they were used to it.

Hey Ray,

Interesting times in house purchasing. Some younger folks are getting pushed out due to price but all cash purchasing is going up! (even in non-investment activity) These folks are baby-boomers with large-ish 401(k)'s or other investment accounts. Others who worked hard and are now having a liquidity event like selling a business, simply downsizing, getting an inheritance (maybe not such hard work). Clearly most of the wealth management firms have mortgages geared toward this type of clientele and are fluent in this and gig economy type issues. Merrill has a program for new doctors who may be buried in student debt but the earnings forecast looks pretty good. Morgan has made efforts to bring mortgage offerings up to compete including asset dissipation I believe (Elon Musk hit them up recently for 4-5 loans). But even the smaller lenders are having to learn to speak this way to compete. There is still a large population of firms and underwriters that have a box to check because they carry the risk of not being able to sell off the loan once it is closed. But I think things are getting better / easier. Hopefully fintech can put together some better out of the box type of mortgage lending solutions.

d(baby-boomer buyer)/dTarr
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