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Fraud and forgery claims represented more than one-fifth of the total dollars spent by title insurers on claims expenses and losses over the past decade, according to a study conducted by Milliman and commissioned by the American Land Title Association (ALTA). Between 2013 and 2022, title insurers recorded 203,181 claims for policies written during that time, and they paid out $4.4 billion in claims related to losses and loss expenses.
As an appraiser, you’re already familiar with buzzwords like seller’s and buyer’s markets. A seller’s market indicates demand is high and inventory is low, while a buyer’s market means inventory is high and demand is low. Interest rates impact the housing market significantly — demand can rise or fall any time they go up or down. When the market enters a phase more favorable to sellers, appraisers may find themselves caught in a crossfire between what buyers think is fair and what the homeowner
The setting could not have been more appropriate. Rohit Chopra , the head of the Consumer Financial Protection Bureau , and frequent critic Bob Broeksmit, the president and CEO of the Mortgage Bankers Association , sparring on stage over what constituted a junk fee. Chopra, the consumer watchdog, noted that there was actually some middle ground — lenders and consumers are both being overcharged by the credit reporting industry, he said.
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.
California -based multichannel lender and servicer PennyMac Financial Services announced on Monday a proposed private offering of a $650 million aggregate principal amount of senior notes that the company says it will pay back with interest by 2030. The notes will “be fully and unconditionally guaranteed on an unsecured senior basis” by the company’s existing businesses, except for certain specific outliers it does not specify.
Minnesota’s largest multiple listing service embraces its “broker-centric, tech-forward focus” as it works through rules changes and pursues collaboration.
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Minnesota’s largest multiple listing service embraces its “broker-centric, tech-forward focus” as it works through rules changes and pursues collaboration.
The proportion of newly built homes for sale in the U.S. during the first quarter of 2024 remained steady compared to last year, fueled by a continued shortage of existing-home supply. According to a Redfin report released Monday, newly built homes accounted for 33.4% of single-family homes for sale in the first quarter, virtually unchanged from a year earlier and down slightly from a peak of 34.5% two years ago.
The most notable trend in U.S. housing data recently is that price reductions are on the way up. There are more homes sitting on the market that didn’t get offers at their original list price and have had to reduce their prices than in any recent May. What does this leading indicator data tell us about home prices for the rest of the year? Well, I have revised down my estimates for national home-price appreciation for 2024.
The share of mortgage loans in forbearance remained flat for a fourth straight month at 0.22% as of April 30, according to Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey. About 110,000 homeowners are currently in forbearance plans, the MBA estimates. Since March 2020, mortgage servicers have provided forbearance to approximately 8.1 million borrowers.
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.
The U.S. Department of Housing and Urban Development (HUD) announced on Monday morning an extension to Ginnie Mae’s digital collateral program and an increase to fees servicers can charge on assumable mortgages , aiming to bring more efficiency and affordability to the housing market. “The past four years have placed a series of stressors on the market, which have been exacerbated by long-standing gaps in housing supply,” Adrianne Todman, HUD’s acting secretary, said on
One-third (33.4%) of single-family homes for sale in the U.S. in the first quarter were newly built, according to a Redfin report. Although that is essentially unchanged from a year earlier it is roughly double pre-pandemic levels. Newly built homes have taken up an increased share of home sales since mortgage interest rates began to increase starting about two years ago: This resulted in many existing-homeowners becoming locked into their low-rate mortgages and, as a result, they became financi
The National Association of Realtors (NAR) proposed settlement of litigation, recently given preliminary approval by the Court, has raised questions about whether buyers with limited resources, especially first-time home buyers , can afford closing costs. The settlement will require buyers to sign written buyer agreements that clearly disclose how much and by whom their broker are compensated.
Ben Rempe has been named president of mortgage services provider myCUmortgage , effective June 3. myCUmortgage is a credit union service organization (CUSO) and wholly owned by Wright-Patt Credit Union (WPCU). It provides a suite of mortgage solutions to nearly 200 credit union partners across the country. Rempe replaces Paul Sutor, who was serving as interim president and who will continue his role as vice president of risk management.
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.
The U.S. Department of Housing and Urban Development (HUD) on Monday published a new version of its Single Family Housing Handbook 4000.1, which includes numerous updates to its guidance for the Home Equity Conversion Mortgage (HECM) program overseen by the Federal Housing Administration (FHA). “Today’s update clarifies instructions, adds new guidance, and incorporates previously published Mortgagee Letters (ML) in Sections I, II, III, and IV as well as Appendix 7.0,” HUD explained in an informa
The mortgage delinquency rate for residential properties increased to 3.94% of all loans in the first quarter, up 6 basis points compared with the fourth quarter, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. Compared with the first quarter of 2023, the delinquency rate was up 38 basis points. The percentage of loans on which foreclosure actions were started in the first quarter remained unchanged at 0.14%.
Proof , the remote online notarization (RON) platform formerly known as Notarize , has welcomed Pennsylvania notaries into its Notarize Network, the company announced earlier this month. Previously, Pennsylvania’s notaries could access Proof’s platform via its in-house notary capabilities for enterprises and notary-sourced transactions. With this expansion, Pennsylvania notaries now join their counterparts from Florida, Nevada, Texas and Virginia in offering on-demand notarial services.
Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), is aware that some loan officers are taking creative — and, as detailed in a recent HousingWire investigation, often illegal — approaches to winning business. And he would be willing to reexamine the decade-old rule that prohibits LOs from misclassifying lead sources to lower their own compensation, although it hasn‘t been a priority as mortgage servicing is higher on the agency‘s to-do list.
Buying into homeownership is already challenging enough for many Americans, but keeping — and maintaining — a home can come with serious challenges as a person gets older. This may lead an older homeowner to consider a product like a reverse mortgage, but potential borrowers should be aware of the product’s details and the informational resources they can access.
The Inman Intel Index goes beyond sentiment and trends by tapping into the real estate industry's most engaged community. Add your voice to real estate's most ambitious monthly survey today.
A recently released report from the Financial Stability Oversight Council (FSOC) that identifies vulnerabilities at nonbank mortgage servicers and makes some recommendations to avoid systemic risk is a ”tall order” for state regulators but isn’t only a ”wishful list,” according to Jason Cave, senior consultant at Patomak Global Partners. Cave spent nearly three decades in executive roles at the Federal Deposit Insurance Corp.
Miami Association of Realtors is the most recent MLS to link up with Sidekick, an AI productivity solution spun out of Avenue 8, an independent brokerage based in California.
Mortgage capital markets tech firm Polly announced on Monday its API integration with cloud banking provider nCino to enhance the digital mortgage process for lenders. This integration combines Polly’s advanced pricing engine with nCino’s Mortgage Suite point-of-sale (POS) solution, offering lenders and originators increased flexibility and new opportunities to strengthen referral relationships.
NAR's legal team, president and chief economist defended the group's cooperative compensation rule and used journalists as a scapegoat repeatedly during midyear panels earlier this month.
Rental software provider RentSpree announced on Monday a new partnership with UtahRealEstate.com (URE), a multiple listing service (MLS) serving approximately 20,000 real estate professionals across Utah. Additionally, RentSpree CEO Michael Lucarelli revealed in a LinkedIn post a new collaboration with REcolorado , the largest MLS in Colorado that boasts more than 26,000 brokers, agents and real estate professionals.
Homeowners with at least a 5 percent mortgage rate are three times more likely to enter the market soon as those with a sub-3.5 percent rate, according to results from Inman-Dig Insights' latest consumer poll.
NAHB’s analysis of Census Data from the Quarterly Starts and Completions by Purpose and Design survey indicates a slowing market for custom home building after a recent gain in market share. The subsector’s greater reliance on cash buyers has not shielded it from recent market softening, which in turn is putting downward pressure on home builder sentiment.
Close to 23% (or over 2.5 million) of workers employed in construction are self-employed, according to the 2022 American Community Survey (ACS). As industry payrolls expanded in 2022, the share of self-employed inched down. However, the share remained higher than it was in 2019, before the pandemic rattled the labor market. Even though the COVID-19.
Days after announcing the onboarding of UtahReealEstate.com, CEO and co-founder Michael Lucarelli’s rental industry software company is now available to members of REcolorado, the Centennial State’s largest.
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