Bill Cosgrove MBA Chairman 2015

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Bill Cosgrove MBA Chairman 2015

Our features speaker this year at the MMLA conference was Bill Cosgrove. We talked about what the mortgage industry has been like over the last 28 years and what is holding back 1st time home buyers. Mr. Cosgrove will be inducted at the MBA’s Annual Convention & Expo

Dave: Hi everybody Dave Sullivan here for the MMLA Membership Committee with…

Bill: Bill Cosgrove CEO Union Home Mortgage Company and chairman-elect to the Mortgage Bankers Association.

Dave: Bill how long have you been in the industry?

Bill: 28 years as of June 1st.

Dave: Wow yes that is a long time, what has changed the most over that time? When you first got in the industry what was the mortgage process like for people who were applying for a mortgage?

Bill: Well it was as you know, we all know, if we were in the business in the mid-eighties it was much simpler time, I think it was an easier time to be able to do good business and take care of customers who want to buy homes or refinance homes more maybe a little more relaxed more intimate process..

Dave: sure,

Bill: I think that the banker really knew the individual and probably had some sort of personal relationship with them back then I still think that happens but not maybe to the extent that it was able to happen 25-30 years ago

Dave: Yes so today we have very good rates, we’ve got plenty of inventory or a little more inventory than before. What do you think is holding back the first time home buyer or the move-up buyer right now?

Bill: Well I think the first time home buyer is challenged by a job market.

Dave: right

Bill: It seems is the economy is picking up with more jobs but it’s a part time job rather than full time jobs and no one is going to buy a home on part time work…

Dave: right

Bill: So we can make sure that as the economy recovers it is full-time work. I think there’s that there is some wage pressure on the younger people today. The median wages, what it was twenty years ago is not close to what it is today. Then I think the other thing is student debt. The cost of higher education is skyrocketing. As a country we need to figure that out, all those things, along with Q M and the tightened credit restrictions is putting pressure on first-time home ownership. We’ve got to figure that out.

Dave: yeah I think that you know you said student loan debt. I mean is over a trillion dollars now.

Bill: Right

Dave when look at a credit report I mean a student loan debt is usually five to ten accounts for one degree I think that people really don’t know how to handle it, recover from it. So it’s really tripping them up on the first up on their credit report as soon as they graduate from college.

Bill: well yeah and it’s when young people are most vulnerable and it seems as though the loans are being taken out, without the thought that they’re going to have to be repaid.

Dave: Right

Bill: So at the ended the day, the middle class shouldn’t have to break itself to educate their children

Dave: Right

Bill: That is affecting home ownership and we as a country need to get that figured out.

Dave: Yeah I agree, so in the future if you were to give some advice for somebody six months from now who was going to apply for a mortgage what would you tell them? How would you coach them to prepare for that process which is much more difficult now than it’s ever really been?

Bill: Yeah it is, well I think they need to be number one, conservative in what they want purchase,

Dave: Right

Bill: So the key today is successful home ownership not just home ownership but we need to have successful home ownership and that is to make sure the qualifying ratios are right. I think that the young person buying their first house needs to prepare and understand that home ownership is going to be more than rent.

You will have some other costs associated with home ownership. I but at the end, what the really need to be understood is that long-term home ownership is fantastic!

I think the average homeowner in the American the middle class has and a net worth over a hundred thousand dollars and a renter has a net worth about twelve thousand dollars so home ownership is good but it is successful home ownership that matters.

Dave: Right

Bill: That is not biting off more than you can chew from a mortgage perspective.

Dave well I do appreciate your being up here and being the chairman of the MBA we look forward to seeing you out in Vegas right?

Bill: Yes, October 19th and 22nd

Dave You will be inducted there?

Bill: I’ll be inducted that Sunday afternoon so that is exciting and we appreciate all the work you are doing here in Michigan and the partnership between the Michigan Mortgage Lenders Association and the MBA.

Dave Right, it really is a good partnership

Bill: thank you Sir

Dave: Thank you

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