A collection of mortgage-related predictions for 2010.

Credit Requirements loosen up.  Scores aren’t deemed as important as the credit history and circumstances behind such matters.  The human element is re-introduced.

Upfront Mortgage Brokers/Bankers aren’t a sales pitch, but a reality.  Personally, I never understood why the concept was so narrowly defined that it became the sales pitch that it now is.  Who are they comparing themselves to, the “Back End Bend You Over” Brokers/Bankers?  When a home, anyone’s home, is on the line, “Upfront” should be the norm … not the catchphrase of the day.

Credit education begins to be taught at a young age, let’s say well before eighteen.  When you start driving a vehicle whose weight measures in tons, your knowledge of how to gain financing for said vehicle weighs even more.  Creditors make money off of ignorance.  I don’t mind anyone making money.  I just mind anyone being ignorant.

Your house is your home.  It’s not an ATM Machine.  Enough written.  Now go and put up those Christmas lights.
Regulations on the Mortgage Industry continue to do everything but collect dust.  They are implemented!  And then one day, some smart chap in Eastern Pennsylvania proposes that they remain consistent across the board.

Federally Chartered Banks have to follow the same rules as Joe & Chico’s Mortgage Outlet on the Eastside.  If you want competition, provide an even playing field … you’ll get it in droves.

Pre-Approvals will not replace Charmin for wiping the vertical smile below the small of your back.  Along with a full application, all supporting documentation will be collected and reviewed before addressing the streets with one’s ability to purchase a home.

Interest Rates remain stable and relatively low.  House prices do the same.  What becomes of this is a flurry of late-night Real Estate “Get Rich” schemes that take in as much money as it would take to bail out our collective debt-load.

Thanks to Jason Sardi for the inspiration.