Just when you thought the 50-year mortgage debate was over, the CEO of the nation’s top mortgage lender has chimed in on the topic.
Yes, I know it’s been discussed ad nauseam, but I guess we have to keep talking about it now.
United Wholesale Mortgage’s CEO Mat Ishbia is actually in support of the controversial loan product, which doesn’t actually exist.
But if it were to make its way to market, Ishbia would likely add it to the company’s vast lending menu.
As for why, well, it’s all about the monthly mortgage payment.
UWM’s Ishbia Is a Fan of the 50-Year Mortgage
During his just released December version of 3Points, UWM’s Ishbia shared what he thought of a 50-year mortgage becoming a thing.
Instead of focusing on all the interest you’d have to pay over a half-century loan term, he focused on the monthly payment.
And he also compared it to a typical home buyer’s preference for a 30-year fixed instead of a 15-year fixed.
“Anyone buy a house with a 15-year? Almost everyone does a 30-year because you know what, people don’t care about the term. They care about the payment,” said Ishbia.
He added, “How do you make housing more affordable? So I love the concept from President Trump and Bill Pulte.”
Of course, he went on to say that he’s not actually sure how it will happen or if it’ll happen at all. And how it might work.
How Would a 50-Year Mortgage Actually Work?
In terms of getting a 50-year mortgage on the menu, like the rest of us, Ishbia had no idea.
That kind of tells you it’s likely not going to happen. He did clue us in a little though as to what you’d need to make it work.
“I’m a fan if the 50-year mortgage came out, guess what, it’d be a huge program, especially if you can get the liquidity from Fannie and Freddie and make it so the payment and the math works.”
So he’s basically leaning on Fannie Mae and Freddie Mac to make it happen. No lender would actually offer this product without the backing up a big investor or securitizer.
And chances are Fannie and Freddie wouldn’t touch a 50-year mortgage with a 10-foot pole, let along a 40-year.
Remember, loan terms beyond 30 years were effectively banned thanks to the Qualified Mortgage (QM) rule.
This means you’ll only find 40-year mortgages at select banks, lenders, and credit unions that retain those loans in their own portfolio. Or have an investor willing to take on the added risk.
Chances of a 50-Year Mortgage Remain Slim
Long story short, it was interesting to see the CEO of the nation’s top mortgage lender come out in support of the 50-year mortgage, but the chances of one seeing the light of day remains slim.
But he did say these guys (Trump and Pulte) care about the housing market and are trying to come up with new ideas.
I agree with that last point, even if they’re mostly harebrained ideas. A less cynical me says at least they’re throwing out ideas to attempt to fix the affordability mess.
Whether it’s making all mortgages assumable, or portable mortgages, all of which I’ve already touched upon.
But it also illustrates that’s there’s just no silver bullet to fix the housing market right now.
It boils down to time. We need to be patient and let the market work itself out without more intervention.
Let lower mortgage rates and higher wages take a bite out of the affordability problem. Let home prices ease if they need to, even if it means lower sales proceeds for sellers.
We’ve had a seller’s market for a decade or so. After all those years, a shift to a buyer’s market is a healthy response.
Read on: A Small Rate Buydown Makes the 30-Year Fixed Cheaper Than a 50-Year Mortgage
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