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Emerging Cyber Threats in the Mortgage Industry

Cybersecurity is an increasing concern in the mortgage industry, where sensitive financial and personal data is often targeted by malicious actors. Recent reports indicate that hackers are deploying advanced techniques, particularly abusing tools like the MacroPack framework, to infiltrate systems and compromise sensitive data. As professionals in the mortgage industry, it’s critical to stay informed about these threats and take proactive steps to mitigate them.

Today’s First-Time Home Buyer Is Not What You’d Expect — Here’s Why It Matters.

Older and Wealthier First-Time Buyers: The median age of first-time buyers reached 38, the highest on record, with a median salary of $97,000, indicating that only the financially secure are able to buy homes in the current market.

Record Low Share of First-Time Buyers: First-time buyers made up only 24% of home sales, the lowest since 1981, highlighting the challenges they face amid limited housing supply, high prices, and volatile mortgage rates.

Economic Barriers and Financial Sacrifices: First-time buyers struggle without home equity, and many face high rent and student loans. Nearly two-thirds of them reported making sacrifices like cutting spending or canceling vacations to save for a down payment, which is now at 9%—the highest since 1997.

Diverse Down Payment Sources: First-time buyers are increasingly relying on savings, family support, and even selling investments like cryptocurrency, stocks, or bonds to fund their purchases. Inherited wealth contributed for a record-high 7% of first-time buyers.

Strategies for Handling High Mortgage Rates: About half of recent buyers locked in mortgage rates below 5% by using rate-buydown deals or other strategies. A forecast for lower mortgage rates by 2025 offers some hope, with home sales expected to grow in the coming years.

Pent-Up Demand: Many young adults are currently unable to afford homes, so they are renting or staying with family. This demand could drive a future increase in first-time home buying if affordability and inventory improve.