UWM chief calls 50-year mortgages ‘a great idea, a great concept’ despite broker pushback
Almost a month after the Trump administration suggested the idea that a 50-year mortgage could be one option to battle housing affordability issues, the debate continues as the industry waits to see when, or even if, it is implemented.
The plan has received mixed reviews from brokers and executives across the industry. Some brokers offered creative ideas on how the half-century mortgage could work. Others countered that it could leave some borrowers upside down on their loans, especially on low-down-payment loans like VA and FHA products.
The plan got a major endorsement on Tuesday. Mat Ishbia (pictured top left), president and CEO of United Wholesale Mortgage (UWM), discussed the topic on a video on UWM’s social media channels.
Ishbia said he believes it can be a major step toward getting more people into housing.
“President Trump and FHFA Director Bill Pulte continue to try and find ways to make housing more affordable for borrowers as they propose a 50-year mortgage product as a possible idea,” Ishbia said in the video. “I love the concept from President Trump and Bill Pulte. Will it actually happen? How will it work? I have no idea. But here's what I do know: I do know that these guys care about the housing industry, and they're trying to come up with new ideas.”
Creating liquidity
In the video, he compared the jump from a 30-year to a 50-year mortgage to a similar one that happened when people moved on from the 15-year to the 30-year mortgage.
“Everyone likes the 15-year,” Ishbia said. “Anyone buy a house with the 15-year? Almost everyone does a 30-year. People don't care about the term. They care about the payment. The payment is what people need. How do you make housing more affordable?”
Ishbia said he’s not sure whether the 50-year mortgage will become a reality, but he believes that if Fannie Mae and Freddie Mac get on board, it could create the market availability needed to make it a success.
“How can we make things better?” he said. “How to make things affordable? So 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 work. Lower payments are always better. It would help housing values. It would also help more people be able to buy houses.
“It'd be a win across the board. Fifty-year mortgage is a great idea, a great concept. Will it come to fruition? Who really knows at this point, but I do love that the leaders of our industry are thinking about, how do we make mortgages and housing more affordable?”
Lower rates, not longer terms
Of course, many industry executives and brokers have pushed back against the idea of a half-century mortgage.
Max Slyusarchuk (pictured top right), founder and CEO of A&D Mortgage, told Mortgage Professional America that he thinks the 30-year term is long enough and that it would be difficult for someone with a 50-year mortgage to build equity in their home.
“I don't like it,” Slyusarchuk said. “I would rather keep 30 years. I think that's a long enough period. Once you get into 40 and 50 — we do 40-year loans — but it drags on. It's not that you overpay too much interest. I don't think that is the most important thing.
“What's important is your real payment for a 30-year loan is $2,000, and with a 50-year loan, it's $1,500, so you can fool yourself a little bit. You can pay an almost interest-only loan where you never build equity.”
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He also cited the risks for lenders who issue 50-year mortgages. If someone cannot qualify for a 30-year mortgage, he wonders whether banks should then give that customer the edge of qualifying for a longer mortgage.
He said the real solution is to get mortgage rates lower to make affordability improvements available to everyone.
“It's risky to give this loan to someone who cannot afford a 30-year loan,” he said. “Basically, that's why I think this loan is risky. We need to normalize the economy and get the rate down to normal, so you don't need to think about a 50-year or 100-year mortgage. Just get the rate back to 4.5% for 30 years.”
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