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The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) this week announced a new policy enabling mortgage borrowers to “request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased.” An announcement on Thursday from HUD and a new Mortgagee Letter (ML) published Wednesday by the FHA clarifies that the policy applies to all Title II single-family programs, including the Home Equity Conv
Consumers are feeling economic pain, and we need to talk about some of the things that are brewing. Today, I want to look at growing debt, distressed sales, and unemployment. I have both national and local stats. Sounds like a happy post, right? Look, some people really hype this topic and use it to magnify […] The post Some red flags for the housing market first appeared on Sacramento Appraisal Blog.
Keller Williams was named to an additional class-action lawsuit that takes issue with alterations made to the brokerage’s profit-sharing program. On Thursday, James McFarlane filed a complaint aiming for class-action status in the U.S. District Court of Maine. McFarlane was associated with Keller Williams from 2004 to 2018. In the past several weeks, 13 agents formerly affiliated with Keller Williams — Jerri Moulder, David Bueker, Robert Hill, Kevin Ortiz, Edward Fordyce, Paul Davis, Penny Alper
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
The housing market has been on a topsy-turvy roller-coaster ride in recent years that has been particularly neck wrenching since this past fall, fueled by stubbornly high inflation and a still-strong jobs market. In early November, 30-year fixed mortgage rates began a nosedive, declining from near 8% to below 7% in a matter of months before once again starting to rise at the start of 2024.
While revenue rose at eXp World Holdings during the first quarter of 2024, the firm was still unable to turn a profit due to the challenging housing market. In Q1 2024, the company reported a $15.6 million loss compared to a net gain of $1.5 million in Q1 2023. Revenue at the parent company of eXp Realty increased 11% year over year to $943 million during the first quarter of 2024, executives disclosed on Wednesday.
Once new rules go into effect — between July and September — agents will need to embrace “the new regime” to avoid liability, and to ensure they get paid.
Luxury brokerage Engel & Volkers Atlanta is expanding its footprint in the Georgia capital through the acquisition of AtHome & Co., the company announced on Wednesday. Led by real estate veterans Noelle Larson and Susi O’Connor, the AtHome team serves the Georgia counties of Cobb, Cherokee, Dawson, Forsyth and North Fulton with its nine agents.
Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.
Real estate brokerage William Raveis has returned to the acquisitions business. On Thursday, the family-owned firm announced that it had acquired South Carolina -based Carson Realty. The financial terms of the deal were not disclosed. The acquisition comes after William Raveis acquired three other firms last fall. Founded in 2006, Carson Realty serves clients in the South Carolina markets of Hilton Head, Bluffton and Lake Keowee.
Profit margins on median-priced single-family home and condo sales in the U.S. decreased to 55.3% in the first quarter – the lowest level observed in more than two years, according to ATTOM’s recently released Q1 2024 U.S. Home Sales Report. That’s down from 57.1% in the fourth quarter of 2023 and from 56.5% a year ago, coincided with a quarterly 4.3% drop in the median nationwide home price, down to $330,000.
Top U.S. loan officer Timothy Potempa has departed Dallas-based multichannel lender OneTrust Home Loans to join E Mortgage Capital , bringing his team of about 40 people and more than $300 million in annual production to the company headquartered in California. “I’ve been in the industry since I was 18, so this year will be 22 years, and I’ve only been in five companies,” Potempa said in an interview. “The transition just became along the lines of the team’s a
The average rate for a 30-year fixed-rate mortgage increased to 7.22% this week, up from 7.17% the previous week and up from 6.39% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey. “The 30-year fixed-rate mortgage increased for the fifth consecutive week as we enter the heart of spring home buying season,” says Sam Khater, chief economist for Freddie Mac, in a statement.
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
Redlands, California-based mortgage lender Mountain West Financial has struck a deal to sell its retail assets to competitor ML Mortgage Corp. , one of the latest M&A transactions amid a challenging landscape for home loan originators. “We did transfer our branches and loan officers to ML Mortgage. We felt that ML was a good culture fit and would provide the least amount of disruption to the origination team,” Mountain West CEO Michael Delehanty said in an email to HousingWire.
Ron Ross has joined Mobility Market Intelligence (MMI), offering data intelligence and market insight tools for the mortgage and real estate industries, as chief financial officer. Most recently, Ross held the positions of president and chief operating officer at Everee Inc., a full-service payroll company that he founded. There, he built and led multiple teams, including payment operations, tax operations, customer success and support.
The number one rule of the marketplace is to understand your customer. Knowing what they need, what they want and what they fear is fundamental for success. The housing market has shifted. Today it’s dominated by baby boomers who make up 39% of all homebuyers and 52% of all home sellers. Known as “Peak 65”, in 2024 more than 12,000 people per day will turn 65.
U.S. home prices increased 1.2% in February compared with January and were up 7% compared with February 2023, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted monthly home price index. “U.S. house prices rebounded with an increase in February, after declining slightly in January” says Anju Vajja, deputy director for FHFA’s Division of Research and Statistics, in a release.
Real estate agents appear to be more open to changing brokerages in 2024 compared to last year, according to a recent Coldwell Banker survey. The report found that 61% of agents plan to stick with their current company this year, down from 75% of agents in 2023. Meanwhile, Coldwell Banker-affiliated agents showed no significant change in their likelihood to switch companies, with 69% prepared to stay put in 2024 compared to 70% in 2023.
Danielle Walker has been promoted to senior vice president, business development, at Xactus. Previously she served as vice president, product development. She also previously served as sales and product manager for one of Xactus’ divisions, Appraisal Firewall. Walker has almost 20 years of mortgage industry experience helping lenders mitigate risk. She is currently a board member for the Spokane Association of Mortgage Professionals serving as secretary and website committee chair.
Things just keep getting better, according to real estate brokers surveyed for the Q2 2024 HousingWire BrokerPulse survey , with 54% who are “optimistic” about the next three months in residential brokerage, compared to some 48% of those surveyed for the Q1 2024 HousingWire BrokerPulse survey who felt the same. The same can’t be said about their optimism over interest rates, where 74% said they would be flat and 22% said they would go down in the next three months, compared to
Keeping Current Matters CEO David Childers and Jimmy Burgess discuss why a relevant market opinion based on facts, not fears, is key for educating consumers and navigating industry changes.
Ocwen Financial Corp., parent company of PHH Mortgage Corp. and Liberty Reverse Mortgage , reported an overall improvement in its business performance for the first quarter of 2024 — including better reverse mortgage performance attributed to servicing and higher gains on loans held for sale. Under generally accepted accounting principles (GAAP), Ocwen reported GAAP net income of $30 million or diluted earnings per share of $3.74, which company CEO Glen Messina characterized as the “highest leve
The class action lawsuit filed by plaintiff James Lutz alleges that HomeServices and other members of the National Association of Realtors fixed commissions, which misled buyers and resulted in buyers paying inflated home prices.
At a recent appraisal event, a GSE executive, after a few drinks, privately told his nearby colleagues that we suck as an industry. Last year, Phil Crawford and I reported on GSE efforts to send unsigned complaints to state boards at scale. Appraisers had no recourse but to defend themselves from the state boards without knowing who their accusers were.
Total revenue declined by 8.3 percent year over year to $78.3 million during the first quarter of 2024, which still bested analysts' expectations for revenue to fall by 9.5 percent.
Buyer's agents have a critical responsibility to be the best they can be, new Inman contributor Filippo Incorvaia writes, as they navigate industry changes and the necessity of advocating for themselves early in the homebuying process.
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