Housing Wire

JANUARY 17, 2024

Dave Stevens grew up in the mortgage business before serving the industry and its customers both as FHA Commissioner during and immediately after the 2008 financial crisis and then as President & CEO of MBA, where he was instrumental in rebuilding our organization and leading the industry out of the Great Recession.”

Finance 493

Finance Loan Officers Real Estate Development 493

Appraisal Buzz

SEPTEMBER 25, 2024

In fact, the last time the FOMC cut rates by half a point was during the 2008 global financial crisis. Traditionally, they would would ramp up hiring – more loan officers, processors, and contract underwriting. BLOG VIEW: The Federal Open Market Committee (FOMC) on Sept. It was the first rate cut since the early days of the pandemic.

Mortgage 393

Mortgage Loan Officers Technology Contracts 393

Housing Wire

JUNE 21, 2022

Mortgage rates continued to surge last week, with the 30-year fixed mortgage rate jumping 33 basis points to 5.98% – the highest since November 2008 and the largest single-week increase since 2009,” Joel Kan, associate vice president of economic and industry forecasting for the trade group, said in a statement. the week prior. .

Mortgage 482

Mortgage Contracts 482

Housing Wire

JUNE 29, 2024

The last time we had a stressed seller market was when national home prices crashed in 2008-2011 and even with more inventory , we’re nowhere close to those levels. The numbers speak for themselves and if anyone you know has been saying housing looks like 2008 for the past 10 years, I will tell you that the person doesn’t read.

New Listings 415

New Listings Inventory Contracts Sellers 415

Housing Wire

OCTOBER 10, 2022

Toll led the company through many housing cycles, including the 2008 financial crisis, partially due to a focus on luxury homes. “You stop development, stop buying product, stop buying ground and just bring in money from houses you put out there and already contracted. . “By far the worst.

Law 418

Law Contracts Development Real Estate 418

Housing Wire

OCTOBER 19, 2022

Depositary banks such as JPMorgan Chase , Wells Fargo and Bank of America have already experienced double-digit contraction in their production in the third quarter, which is also expected of their non-depository peers. of all applications last week, which was the highest share since March 2008.

Mortgage 418

Mortgage Contracts Retail Marketing 418

Housing Wire

JANUARY 3, 2024

Deran Pennington, a former Movement Mortgage top sales executive sued for poaching by the lender, filed a counterclaim alleging that Movement breached the contract by failing and refusing to pay his due compensation. million and liquidated damages for the company’s breach of contract. In total, he asks for about $13 million.

Contracts 448

Contracts Legal Mortgage 448

Housing Wire

SEPTEMBER 14, 2022

Demand for mortgage loans declined last week as mortgage rates reached their highest level since 2008, crossing the 6% threshold. . MBA’s estimate, however, indicated the average contract 30-year fixed-rate mortgage for conforming loans ($647,200 or less) rose to 6.01% this week to the highest level since 2008, from the previous week’s 5.94%.

Mortgage 370

Mortgage Retail Contracts Housing Market 370

Housing Wire

FEBRUARY 13, 2023

Equity Prime Mortgage (EPM) filed a counterclaim against Jesse Iwuji Motorsports (JIM) last week for allegedly breaching a sponsorship contract. The stock car team is also accusing EPM of breaching the contract by failing to make more than $4 million in sponsorship payments following a “margin call” from its investors.

Contracts 391

Contracts Legal Lending Loan Officers 391

Housing Wire

DECEMBER 9, 2020

Mnuchin , have raised a $124 billion claim against the federal government, essentially arguing that the FHFA, which was created in the wake of the 2008 housing crash, acted illegally when it took several actions to prevent Fannie and Freddie from collapsing. The plaintiffs in the case, Collins v. home loans.

Government 435

Government Legal Investing Law 435

Housing Wire

JANUARY 13, 2022

The leading plaintiffs are two couples, Phillip and Sara Alig and Daniel and Roxanne Shea, who refinanced their mortgages in 2007 and 2008, respectively. Federal reforms following the 2008 financial crisis sought to put a firewall between lenders and appraisers.

Appraisal 448

Appraisal Valuation Law Home Value 448

Housing Wire

MARCH 6, 2024

million in damages related to a breach of contract claim in a four-year dispute between the companies. Founded in 2008, Pennymac employs about 3,900 people nationwide. He will be responsible for developing a road map to expand Pennymac’s proprietary servicing platform, Servicing Systems Environment (SSE).

Technology 448

Technology Retail Contracts Tools 448

Housing Wire

MAY 18, 2022

This demand curve prevents a boom and bust cycle from happening, as we saw from 2002 to 2008. It takes forever to finish a home, and now the builders are dealing with the reality of borrowers who went into contract with sub-4% rates and are now dealing with 5%+ rates. This is a huge positive for the U.S. From Census: Privately?owned

Mortgage 493

Mortgage Construction Contracts Housing Market 493

Housing Wire

JANUARY 27, 2023

After the 2008 mortgage meltdown, JVM let go of all its loan originators and trained its employees to target the jumbo loan market in the San Francisco Bay area instead. The lender runs its business based on a “no-loan-officer” model in which all of its 45 employees are licensed and delegated to a specific role in closing a loan.

Lending 418

Lending Real Estate Agent Loan Officers Retail 418

Housing Wire

OCTOBER 12, 2022

It’s no coincidence that the post-2008 crisis mortgage expansion happened to occur during a period marked by transformative technological change in the industry. The industry is now heading into one of those contractionary periods and an ICE-Black Knight merger would amplify those effects.

Mortgage 435

Mortgage Technology Business Contracts 435

Housing Wire

FEBRUARY 16, 2023

There is one simple reason for this: it’s not 2008. However, the glaring difference today versus the recession of 2008, is that in 2007 the builders had to deal with over 4 million active listings as competition for their pricey new homes. Let me be honest here: we got lucky as a country.

Construction 526

Construction Housing Market Inventory Mortgage 526

Housing Wire

JANUARY 19, 2024

It happened in 2008 and then didn’t happen again until 2023. Our housing market tracker counts weekly active single-family listings, those homes that aren’t in the contract, and the raw available number of homes for sale. Our tracker articles have a lot more details about the current weekly market and we publish those each Saturday.

Housing Market 493

Housing Market Inventory Contracts Marketing 493

Housing Wire

DECEMBER 11, 2020

Had a blockchain like FormFree’s been in place in the early days of the COVID-19 pandemic, it could have helped avert future lender losses and credit issues, according to Faith Schwartz, who led the HOPE NOW alliance during the 2008 crisis. The smart contract presents the borrower’s lending request to the exchange.

Lending 435

Lending Contracts Investors Technology 435

Housing Wire

AUGUST 3, 2022

Some closed in 2008 crash. It turns out a lot of big companies have contract workers. A lender has a budget for the year or quarter and calls an agency that has short- and long-term contracts with licensed, certified processors, underwriters, closers, and more. The employees would know their contract length and plan budgets.

Mortgage 418

Mortgage Human Resources Contracts Training 418

Housing Wire

DECEMBER 13, 2022

Fraud risk continues to rise even as the market contracts . Back in 2008 there were 8 million job losses in a single year,” Yun said. Yun also noted the difference in inventory conditions today compared to 2007 and 2008 when there were about 4 million homes on the market.

Realtors 435

Realtors Mortgage Real Estate Housing Market 435

Housing Wire

AUGUST 23, 2023

The yields jumped to their highest level since 2008, north of 4.3%. The average contract interest rate for 5/1 ARMs fell to 6.50% from 6.20% a week prior. For the week that ended August 18, mortgage applications fell 4.2% from the prior week , according to data from the Mortgage Bankers Association. bond yields spike last week.

Mortgage 370

Mortgage Contracts Government Buyers 370

Housing Wire

SEPTEMBER 21, 2022

MBA’s estimate, however, indicated the average contract 30-year fixed-rate mortgage for conforming loans ($647,200 or less) rose to 6.25%, from the previous week’s 6.01%. Mortgage rates followed suit last week, increasing across the board, with the 30-year fixed rate jumping 24 basis points to 6.25% – the highest since October 2008.”.

Mortgage 418

Mortgage Retail Contracts Housing Market 418

Housing Wire

APRIL 20, 2022

According to the agency, a “soft-landing” – when inflation subsides without economic contraction – is possible, but historically such an outcome is an exception, not a norm. Fannie Mae changed its GDP forecast from a growth of 2.2% to a decline of 0.1%. Fannie’s predictions show that, after peaking at 8.5%

Technology 476

Technology Mortgage Contracts Real Estate 476

Housing Wire

MAY 13, 2022

In 2008 when blockchain and its celebrity use case of BitCoin came into view, with breathless excitement discussions of complete decentralization of purchases and bank-less futures coursed freely through public discourse. Distributed Ledger Technologies are the Backbone of Blockchains.

Contracts 371

Contracts Technology Architecture Government 371

Appraisal Buzz

MARCH 14, 2022

What would happen on purchase transactions if the Purchase Contract were not provided to the appraiser? Could that contract be construed as an influence on value? Reviewers report that they see a lot of fancy footwork to get to the contract price in increasing markets. To hit the purchase price, that’s why! Boilerplate Comments.

Appraisal 397

Appraisal Contracts Marketing Lending 397

Housing Wire

OCTOBER 1, 2022

The National Association of Realtors Research Group has produced the index since 2008, at a time of turmoil in the real estate market. Notably, the market has contracted as fewer buyers can afford to purchase in today’s market with the rise in interest rates and the continual rise in home prices.

Realtors 418

Realtors Housing Market Marketing Buyers 418

Cleveland Appraisal Blog

OCTOBER 14, 2021

Others have expressed concerns that we are headed for a housing crash, like in 2008. Let’s talk about the difference between today’s market and the one during the years leading up to the bursting of the housing bubble in the Great Recession of 2008. THE RISE IN HOME PRICES IN THE YEARS LEADING TO 2008.

Inventory 243

Inventory Market Value Appraisal Contracts 243

Housing Wire

SEPTEMBER 29, 2022

Following the Fed’s decision to raise the federal funds rate by another 75 bps, to 3%-3.25%, bringing it back to a level last seen in March 2008, mortgage rates past the 7%-level as of September 27, according to Mortgage News Daily. How lenders can improve business models in 2022. from the previous week.

Mortgage 369

Mortgage Retail Contracts Business 369

Housing Wire

SEPTEMBER 3, 2022

Even though the builders are going to stop producing new single-family homes that aren’t already under contracted, they need to have the labor to finish the homes that have been started on or under contract and not started on yet. We aren’t there yet, but now is the time to be mindful of it.

Contracts 493

Contracts Construction Marketing Design 493

Housing Wire

MAY 18, 2024

The moves haven’t been significant and our weekly pending contracts data picked up this week. Compare this level to 2008-2012 when this data line ran between 250,000 and 400,000 per week: clearly we aren’t seeing any considerable national-scale stress in this data line.

New Listings 501

New Listings Inventory Mortgage Contracts 501

Housing Wire

SEPTEMBER 19, 2023

There are 345,000 single-family homes in the contract pending stage. In this chart the height of each bar is the total count of homes in contract. There were still 390,000 single-family homes under contract last year mid-September. That’s 12% fewer than last year. The light portion of the bar are the new transactions each week.

Housing Market 476

Housing Market Marketing Inventory New Listings 476

Appraisal Buzz

AUGUST 1, 2022

When reading contracts, words will always have their ordinary meaning unless defined otherwise. a rule in statute or contract interpretation: when the language is unambiguous and clear on its face the meaning of the statute or contract must be determined from the language of the statute or contract and not from extrinsic evidence [i].

Valuation 360

Valuation Appraisal Contracts Legal 360

Housing Wire

OCTOBER 20, 2022

regions experiencing month over month contractions. “The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today.” from August to September, with three out of four major U.S. million from 6.18

Inventory 418

Inventory Contracts Mortgage Realtors 418

Housing Wire

OCTOBER 28, 2021

The current black box allows stealth contractions in their credit boxes, as we believe took place earlier this year. In our recent comment letters, CHLA also reiterated our longstanding call for more transparency in the GSEs’ automated underwriting systems (AUS). Of course, Fannie and Freddie need sound underwriting requirements.

Mortgage 485

Mortgage Contracts Insurance Realtors 485

Housing Wire

OCTOBER 21, 2022

2022 and 2023 will not mirror the conditions of 2008 and beyond. But in combination with uncertainty about interest rates and the overall economy, the fact is that there will be industry contraction into 2023. I’ll begin by saying I don’t know anyone who believes 2022 or 2023 will look like 2008 or that era. Far from it.

Marketing 284

Marketing Business Agents Investing 284

Housing Wire

FEBRUARY 27, 2024

Exclusivity: No Trial period: No Contract requirements: Annual contract required SmartZip is a lead generation, marketing and CRM solution founded in 2008. Or purchase just the data and the platform, and do the mailing and marketing yourself.

Advertising 459

Advertising Real Estate Tools Sellers 459

Housing Wire

MARCH 22, 2024

We are seeing contracts fall through during the due-diligence period because of the sticker shock on insurance costs, so that is definitely a problem.” What we recommend is that before you put a property under contract, you consult and get a quote so that you know what your potential insurance costs will be.”

Insurance 448

Insurance Inventory Marketing Real Estate 448