After talking about John's background in the mortgage business, Mark and John talk about the boom times over the last few years and low-interest cycles. John talks about the current regulatory climate today and what he expects the mortgage market to look like over the next few years.

IN THIS EPISODE:

• [2:22] John describes how First Heritage operates and his professional background
• [5:52] John explains how he evaluates and reacts to the ups and downs of interest rates
• [9:19] What makes a credit union successful in the mortgage business as opposed to those that are not
• [12:45] John discusses government loans and how interest rates during the pandemic have affected the housing market
• [17:18] John talks about the reasons that apartment and condo construction is up, the shortage of new homes and the amount of down payment required to purchase
• [21:54] John discusses retaining mortgages, selling the mortgages, and liquidity solutions overall for credit unions 
• [25:22] John gives his short and long-term mortgage predictions 

KEY TAKEAWAYS: 

• First Heritage provides services and skill sets unavailable within most credit unions. 
• There has been a housing recession since June of 2022. Home prices increased in value at a steep rate, and mortgage rates followed, resulting in a problem with the housing cycle and a lack of inventory. 
• The average down payment required to purchase a home is $60,000.
• FHA, VA, and USDA can assist with lower down payments, making it possible for first-time home buyers to purchase. 

RESOURCE LINKS:

Mark Ritter Website

MBFS - Website

Mark Ritter - LinkedIn

First Heritage - Website

John Giordano - Email

BIOGRAPHY:

John Giordano is a longtime mortgage industry veteran and is currently the CEO of First Heritage Mortgage Services. First Heritage assists credit unions nationwide with all things residential mortgages.