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The looming impacts on real estate and insurance are also at the forefront of Californians minds. “We’ve got clients calling us frantically looking for leases. Obtaining home insurance in California has been a longstanding issue. It certainly is not going to drive costs down. Who’s bearing the risk?
Rising personal home insurance rates, fueled by escalating claims costs, increasing property values and the growing frequency of natural disasters, will all have a profound impact on market dynamics and homeowners insurance costs. In the first half of 2024 alone, insured losses hit $62 billion , 70% above the 10-year average.
Representatives from lenders and servicers, as well as individual originators, have told HousingWire s Reverse Mortgage Daily (RMD) that its imperative for borrowers to let their servicer know about anything that could impact the occupancy of their property due to the terms of Federal Housing Administration (FHA)-backed reverse mortgages.
The mortgage servicing landscape has long been a crucible of change, where today’s decisions lay the groundwork for the industry’s future. Formed in 2023, the MSEA is a platform for nurturing the next generation of mortgage leaders. Here’s what our panel of mortgage servicing executives had to share.
The Consumer Financial Protection Bureau (CFPB) this month published an issue spotlight that takes a closer look at home equity contracts, or what the industry refers to as home equity investments (HEIs) that offer a lump sum payment to clients in exchange for a stake in their home equity. Unlock Partnership Solutions case in the U.S.
There is constant movement in the mortgage industry with the desire for growth and expansion. Thus, it has never been more important to focus on due diligence in analyzing a mortgage industry acquisition target. Regulatory compliance The mortgage industry is heavily regulated and subject to scrutiny by both State and Federal agencies.
Homeowners insurance costs are higher now than they have typically been , which has the potential to hit those living on a fixed income particularly hard. A lot of my calls start with clients asking about whether or not they should get a reverse mortgage,” she told the outlet.
After years of high interest rates, and price spikes, mortgage lenders are optimistic heading into 2025. Fannie Mae predicts a 28% increase in mortgage originations to $2.1 The Mortgage Bankers Association (MBA) also predicts that total origination volume will increase by 28.5%
In honor of the 2025 Tech100 nomination season, HousingWire asked leaders from last year’s Tech100-winning companies including Flueid , Vesta , Gridbase and MyHome, a Williston Financial Group Company to share some examples of how their technology has helped transform a traditional real estate and mortgage process.
This was some of the perspective shared by Matt Cook, the director of business development at HomeTeam Inspection Service , who shared with HousingWire ‘s Reverse Mortgage Daily (RMD) how the growing number of older homeowners is impacting what he sees on a daily basis. Some feel like homes arent built like they used to be.
While the slowdown has resulted in a return to pre-pandemic levels of market activity, real estate agents across the state believe that an issue far greater than 7% mortgage rates may cause the housing market to slow further. “We We have an insurance problem,” said Charlotte Johnson , a Keller Williams agent based in Mandeville.
Insurance brokerage platform VIU by HUB has partnered with mortgage servicing company Valon to provide homeowners with streamlined insurance options amid rising costs. Through the partnership, Valon customers will have access to instant insurance quotes from multiple carriers along with guidance from licensed agents.
The current reverse mortgage industry market leader, Mutual of Omaha Mortgage , announced on Tuesday that it has launched a new proprietary reverse mortgage product, with initial availability in California and Florida. The product line, known as SecureEquity, is available to homeowners as young as age 55.
For most real estate industry professionals, title insurance needs no introduction. A trusted product , title insurance has been used to protect real estate transactions and property rights for over a century. Title insurance is different than most other insurance products. Diane Tomb, ALTA CEO Contributor.
With mortgage rates elevated and the housing market evolving, many homeowners are choosing to update their current home rather than look for a new one. And yet, about that same amount failed to upgrade their insurance policies to protect their new investment. homeowners overall).
ICE Mortgage Technology — part of Intercontinental Exchange (ICE) – will be offering lenders access to investment advisory advice in its Encompass loan origination system (LOS) through a partnership with Halcyon , a tech firm specializing in advanced data integration. “In
Rocket Mortgage is shutting down its Canadian operations as the company refocuses on its core U.S. We want to assure our clients that all loans in process will proceed without issue, and we remain committed to supporting them through this transition, Rocket Mortgage said in a statement. The decision, filed in U.S.
While it may be easy to attribute the slower market conditions to the state’s well-publicized insurance issues , local agents say there is a perfect storm of factors. “It Insurance is still a major hurdle for many. Altos’ data shows that the 90-day median time on market jumped from 49 days a year ago to 70 days as of mid-July.
However, long-standing challenges still persist within foreclosure firms, title and escrow companies, and title insurance underwriters. Fortunately, information technology company Mortiles brings comprehensive solutions to the ever-changing title insurance, escrow and settlement arena. What drew you to the title search industry?
The Tech Trendsetters are made up of the top product and technology leaders who have been essential in bringing innovative tech solutions to market for mortgage and real estate clients. This year, 75 honorees were selected.
John Rogers is a well-known name in the world of mortgage and real estate data analysis. We have amazing data scientists who are building out new models — from reducing premiums on wildfire insurance in California to using image analytics so that an appraiser can capture the appraisal in real time and use it for quality assurance.
HousingWire recently spoke to Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency, about how working with an insurance agency can simplify the closing process for their customers, even in times of interest rate uncertainty. Take insurance, for example.
Zillow Home Loans — the platform’s affiliate mortgage lender — pushes the future of financing. Users can enter a potential home price, down payment, interest rate, loan terms, property taxes, insurance costs, and homeowners association (HOA) fees. The mortgage process is complex — but it doesn’t have to remain that way.
A bill that would seek to bolster the disclosures that reverse mortgage lenders make to potential clients in an effort to broaden their understanding of the product inside New York state is getting pushback from industry advocates. Leroy Comrie (D-Queens), who introduced the bill on Jan. Again, it’s very concerning, Irwin said.
Incenter Lender Services , a group of companies that help nonbank and depository mortgage lenders nationwide, announced this week the hiring of two new vice presidents. “Our clients appreciate their ability to internalize their core challenges, and apply their comprehensive industry knowledge to solving them.”
Kortney Lane-Schafers has been promoted to vice president of growth and client advocacy at Mobility Market Intelligence (MMI), which offers data intelligence and market insight tools for the mortgage and real estate industries.
United Wholesale Mortgage (UWM) has launched a new service to handle all the title work for its brokers on refinancings. mortgage lender announced the service on Thursday during an annual meeting with its broker partners in Pontiac, Michigan. The top U.S. Department of Veteran Affairs (V.A.) loans but only for refinances.
But in light of Redfins blockbuster sale to Rocket Mortgage that was announced less than two weeks later, hindsight dictates that Kelman may have known that the end of independence was coming for the company hes run for almost 20 years. .” They have that eat what they kill mentality. Redfin Next] has rejuvenated agent growth.
Reverse mortgage industry performance metrics continued their 2025 softness on the basis of endorsement volume and securities issuance, February data shows. When asked about that difference, Jon McCue, RMIs director of client relations, said that it all comes down to rates, with a bit of an asterisk. And PHH Mortgage Corp.
Milo , a Miami-based digital lender, will soon offer a crypto mortgage to clients with digital assets. According to Milo’s press release , clients who use the company’s services can pledge their Bitcoin to purchase a property. If a client qualifies, they will receive a low interest rate 30-year crypto mortgage, the company said.
methodology in October 2021, thousands of homeowners in low-elevation coastal areas of the United States braced for federal flood insurance hikes. Recently released data from the agency shows that annual flood insurance premiums will eventually double or even triple for homeowners in some U.S. When FEMA released its Risk Rating 2.0
In late June, Susan Gregory received an estimate for a new homeowner’s insurance policy on her 120-year-old St. Augustine, Florida property, after her previous insurer, United Property and Casualty, went insolvent earlier in the year. This is one of the easiest parts of Florida to insure and costs have gone up over 40%.”
One potential product that could assist in paying for LTC and its insurance could be a reverse mortgage, according to personal finance publication Kiplinger. Insurers currently offer few affordable options for those in the economic middle , according to Kiplinger. population grows older in the coming years.
After completing countless Veterans Administration (VA) mortgage loan transactions over the years, Chris Pascoe, a Marine veteran turned RE/MAX agent, has developed something of a system. First, he has his clients lender call the listing agent. That never happens when a VA loan is involved.
Fortunately, there are ways to detect deed fraud attempts early, but mortgage professionals need to be well-informed to protect themselves and their clients. For consumers, understanding the role that title insurance plays in safeguarding their homes is also critical.
In an industry where managing a web of technology vendors to support LO’s sales and marketing needs has become overwhelmingly complex, inefficient and creates unnecessary security and compliance risks, CANDID is quickly becoming a leader in transforming how mortgage lenders operate.
High mortgage rates and Home Prices : The average 30-year fixed mortgage rate hit 6.96% in January, an eight-month high. Im seeing more homebuyers back out of deals than usual, and Im hearing the same from other agents and mortgage lenders in the area, said Sam Brinton, a Redfin Premier agent in Salt Lake City. year-over-year.
Guild Mortgage announced on Wednesday the introduction of a new product line called the “ Flex Payment Mortgage ,” which includes Federal Housing Administration (FHA)-sponsored Home Equity Conversion Mortgages ( HECMs ), refinances, proprietary jumbo options and HECM for Purchase (H4P) loans.
In an environment of high home prices and elevated mortgage rates , older homeowners taking a closer look at less expensive areas to make their money go further is not an isolated phenomenon. Costs are also generally lower for everything from property taxes to groceries or car insurance, he said.
One of our big goals at Blueprint Title is to shrink the title insurance business from an $18 billion business to a $10 billion business,” Berneman, the company co-founder and CEO. “We share of the market controlled by small, independent title insurance companies. of the market, should be too concerned about the rise of the little guy.
Real also added head count to its nascent mortgage business. This allowed the company to grow its mortgage revenue from $1.2 The company also anticipates launching a version of Leo for clients later this year. The company also touted its title insurance business as high margin and rapidly growing, with revenue reaching $4.8
Real estate agents often make the mistake of believing their clients will remember them forever but they dont. Its up to us as agents to stay engaged and stay in contact with our clients. When you buy through our links, we may earn a commission. So, where do you start? Why send a regular real estate newsletter?
Arguably, one of the most important functions of a real estate agent is to guide and be a subject matter expert to clients through the buying and selling processes. Put simply, a good agent is a sherpa who knows every step of the journey and expertly leads their client up the path. How do real estate agents get paid?
Traditional equity-tapping methods — such as selling the home or taking out a home equity loan — could present lifestyle challenges, which is where alternative options like reverse mortgages can come into play. Interest rates also further complicate matters if the homeowner has a more beneficial mortgage rate than is available today.
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