“We were going through some systems and were looking at credit reports from back in 2018, 2019 and even 2020,” he said. “And at that time, depending on the report and the situation, we were paying somewhere around $20 or $30 per credit report. You can get credit reports now that are $120. Same report, same exact thing, but now four or five times the cost.
“There’s no reason in the world that a credit report, which is a PDF, same technology, I log into the same website, I pay the same bill, and it literally looks the same. Nothing’s different, it’s just five times more. And they sell it, and they sell more trigger leads than they’ve ever sold before.”
The importance of a broker
Despite the headwinds, Sbonek remains optimistic that the mortgage market will soon pick up. His optimism is understandable, given that his brokerage had one of its highest sales months in June.
“I think if you’re working with a good mortgage broker and a good real estate agent right now, there are certainly deals to be found,” Sbonek said. “I think rates might get a little worse before they get better, but I do think that rate relief is coming soon. There’s just too much pressure for it not to happen.”
Tyler Hodgson, Executive Vice President of Growth at UMortgage, highlights that while affordability remains a nationwide challenge, uneven markets in major metropolitan areas mean buyers could face anything from seller concessions to multiple offers. https://t.co/RYbLHfiJTn
— Mortgage Professional America Magazine (@MPAMagazineUS) July 21, 2025
He encourages those who have been waiting for big rate drops to stop waiting and meet with a mortgage professional. While some people might still hesitate, he believes that now may be the best time to get into a home due to reduced competition from other buyers.