Stop waiting for rescue: Mark Milam on fixing the affordability problem
Affordability isn’t going to fix itself, and Mark Milam’s argument is that the mortgage industry should stop waiting for someone else to solve it. The CEO of Atlanta-based Highland Mortgage calls rates, home prices, and wages the holy trinity of affordability: the three things the industry doesn’t control, and the three it keeps trying to wish into place. The long stretch of low rates after 2008 is his example of a well-meant intervention the market is still paying for. He’s also skeptical that supply legislation, including the 21st Century Road to Housing Act, moves prices on existing homes, since builders will cut to clear inventory but a homeowner with equity and a low rate can simply stay put. His focus instead is on the levers the industry can reach: GSE guarantee fees, voluntary prepayment penalties that let borrowers trade flexibility for a lower rate, and first-time buyer programs built around local home prices rather than income relative to neighbors. The coalition that took on trigger leads is his proof that the industry can move policy when it organizes. Related to the episode: Zeb Lowe’s LinkedIn Mark Milam's LinkedIn Highland Mortgage Want more from Zeb? Don’t forget to subscribe to LendingLife. The Power House podcast brings the biggest names in housing to answer hard-hitting questions about industry trends, operational and growth strategy, and leadership. Join HousingWire’s Zeb Lowe every Thursday morning for candid conversations with industry leaders to learn how they’re differentiating themselves from the competition. Hosted and produced by the HousingWire Content Studio.
