Thu.Sep 12, 2024

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The average homeowner just gained another $25K in equity

Housing Wire

Home equity continued to rise in the second quarter of 2024 as residential properties with mortgages collectively gained $1.3 trillion in equity over the past year. But growth began to slow during these three months, according to the CoreLogic Homeowner Equity Insights report published on Thursday. The aggregate equity gain was 8% year over year, bringing total equity on mortgaged properties to more than $17.6 trillion at the end of Q2 2024.

Insurance 507
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HUD Updates Manufactured Home Regulations

Appraisal Buzz

The U.S. Department of Housing & Urban Development (HUD) has announced its most extensive update to the Manufactured Home Construction and Safety Standards in more than three decades, including 90 new or updated standards to increase innovation and production of homes with features that are sought-after by consumers, such as open floor plans and accessibility enhancements, open floor plans, and specifications for attics.

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The fall housing market could see hotter competition, Zillow says

Housing Wire

Lower mortgage rates over the past several months have led to increased affordability for prospective homebuyers, and this could lead to an extra competitive fall 2024 season. That’s according to a Zillow report released Thursday in which the Seattle -based real estate company said that “lower mortgage rates and rising inventory are giving home buyers a window of opportunity at an unusual time of year.“ Zillow noted that the U.S. median monthly mortgage payment in August had declined by mo

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Mortgage rates flirt with 6% — your move, Fed

Real Estate News

The downward trend hasn’t fired up buyers (yet), but predictions of more cuts this year could move rates closer to 5% and amp up the market next spring.

Mortgage 286
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Unlock The Blueprint: How To Construct A Better Payment Workflow

Speaker: Timothy Allsopp

Payment challenges often lead to delayed projects, financial bottlenecks, and strained relationships. With construction projects becoming more complex, outdated processes are no longer sustainable. By refining financial workflow, companies can improve cash flow, reduce error, and foster trust between stakeholders. Discover practical strategies for redesigning payment systems to overcome workflow challenges while creating a smoother, more reliable process for contractors and subcontractors alike.

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Baby boomers are most active in these housing markets

Housing Wire

Baby boomers are a key constituency for the reverse mortgage industry since they are currently the generation with the largest share of the population at or above the age of 62. A recent SmartAsset analysis of 2023 Home Mortgage Disclosure Act (HMDA) pinpointed where boomers are most active within the U.S. housing market. “ Retirement often signals a major shift in a person’s life.

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The agents fueling Charlotte’s real estate boom

Housing Wire

Charlotte, North Carolina, has emerged as a major player in the Southeast U.S. real estate scene with its rapid growth and increasing appeal to homebuyers. While it hasn’t reached the trillion-dollar mark in residential real estate value held by cities like New York and Chicago , Charlotte’s market has nonetheless experienced significant growth, with total property values pushing $200 billion as of 2023.

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Legal League Oversees Successful Servicer Education Sessions 

Appraisal Buzz

Legal League recently hosted four training sessions for more than 80 mortgage servicers. Classes included content from Legal League’s Level 1 and 2 certifications combined with new, unique content requested by the servicer’s Foreclosure, Bankruptcy, and Loss Mitigation teams. The Legal League is a professional association of financial services law firms in the United States.

Legal 243
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Logan Mohtashami talks recession concerns, home affordability with the ’Real Estate Insiders’

Housing Wire

In a recent episode of the “Real Estate Insiders Unfiltered” podcast, co-hosts James Dwiggins and Keith Robinson chat with HousingWire Lead Analyst Logan Mohtashami to discuss a variety of issues — including pending concerns of a recession , mortgage rates and housing affordability issues that persist across the country. Mohtashami has worked in the mortgage and real estate industries since 1996, and he takes pride in his ability to quickly decipher data, form opinions and deliver actionable ins

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NAR offers new advice for sellers on agent compensation

Real Estate News

With industry rule changes now in effect, the National Association of Realtors has been doubling down on education and outreach to buyers and sellers.

Sellers 232
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CFPB slaps TD Bank with $28M fine for consumer protection violations

Housing Wire

The Consumer Financial Protection Bureau (CFPB) has ordered TD Bank to pay $28 million for illegal actions that could tarnish consumer credit reports and for not taking timely action to correct its errors. The CFPB’s investigation found that for several years, TD Bank repeatedly gave inaccurate account information to consumer reporting companies, which at times contained systemic errors about personal bankruptcies and credit card delinquencies, the bureau said Wednesday.

Landlords 355
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NAR discrimination suit now a federal case

Real Estate News

An amended complaint by a former project manager adds new claims and details to sexual harassment, discrimination and retaliation allegations.

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Compass adds Dallas-area small team in latest Texas expansion

Housing Wire

Compass is adding a new team to its Dallas roster. The real estate brokerage announced this week that the B-W Group is joining up and will operate out of its Park Cities office. The group reportedly tallied $56.8 million in sales volume in 2023. It is led by the mother-daughter team of Michele Balady Beach and Lindsay Beach. Jamie Moore is also a member.

Brokerage 347
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Mortgage Demand for Second Homes Slips YoY

Appraisal Buzz

According to a recent report from Redfin , mortgage-rate locks for second homes declined 13.1% year-over-year in August to the lowest level since March 2016. In contrast, there was a 5.2% reduction in mortgage-rate locks for primary homes. Rate locks for primary residences decreased by 31.9%, while rates for second properties decreased by 59.2% from pre-pandemic levels.

Mortgage 221
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Opinion: Unlocking the Pass-Through Assistance Program’s potential

Housing Wire

First launched in April of 2020, the Pass-Through Assistance Program (PTAP) was an important initiative designed to provide mortgage servicers with the liquidity needed to endure the financial challenges due to the COVID-19 pandemic. As millions of borrowers struggled to meet their mortgage payments, PTAP served as a lifeline, ensuring that servicers could meet their obligations to investors.

Tools 283
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Rate has now taken 10K loan applications en Español

Inman

DHI Mortgage, Rate and CrossCountry Mortgage ranked as biggest employers of top-producing Latino mortgage originators by the National Association of Hispanic Real Estate Professionals (NAHREP)

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Freddie Mac: Mortgage Rates Dip to Lowest Level Since February 2023

Appraisal Buzz

Mortgage rates dropped to the lowest level since February 2023 this week, as the average rate for a 30-year fixed-rate mortgage fell to 6.20%, down from an average of 6.35% last week and down from 7.18% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey. “Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023,” says Sam Khater, chief economist for Freddie Mac, in a statement.

Mortgage 195
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California MLS MetroList debuts AI-based voice search

Inman

The search platform is already live on the multiple listing service's website and comes amid a growing interest in using artificial intelligence to improve consumer home searches

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Chris Mock: Leveraging Data-Driven Strategies to Navigate the New Lending Landscape

Appraisal Buzz

PERSON OF THE WEEK: Since the pandemic, the mortgage industry has transitioned from a refinancing boom to a market characterized by elevated interest rates. As a result, many mortgage lenders have shifted their approach. Leveraging advanced data tools and technology, lenders are better understanding their borrowers, improving security measures, and creating a more robust and efficient lending landscape – thus helping them adapt to the new lending environment.

Lending 195
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Sweat The Details Podcast by Nest Realty – 9/10/2024 Jonathan Miller

Miller Samuel

This week I joined Jim Duncan and his colleagues at Nest Realty in Virginia. I’ve known Jim for years through our mutual online writings. His Jim’s Note has always been a must read for me. “This week, we were joined by Jonathan Miller, President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm based in NYC.

Realty 195
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LenderLogix Taps Ben Head as Account Executive

Appraisal Buzz

Ben Head has joined LenderLogix , a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, as an account executive. Head has more than 20 years of sales experience in the mortgage industry. He joins LenderLogix from Enact Mortgage Insurance, where he served as a strategic accounts representative for more than 12 years.

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Century 21 agent earns bronze for US Paralympics swim team

Inman

Twenty-three-year-old Century 21 Scala Group agent Matt Torres shares his journey to the 2024 Paris Paralympics and the key to helping people with disabilities thrive.

Agents 190
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Market Share for Modular and Other Non-Site Built Housing in 2023

Eyes on Housing

The total market share of non-site built single-family homes (modular and panelized) was just 3% of single-family homes in 2023, according to completion data from the Census Bureau Survey of Construction data and NAHB analysis. This is a slight increase from the 2% share in 2022. This share has been steadily declining since the early-2000s.

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New Hampshire metro prevails as hottest US market for 29th time

Inman

August marked the eighth consecutive month in which Manchester, New Hampshire, was ranked the hottest U.S. market by Realtor.com. The top 20 hottest markets were all in the Northeast and Midwest.

Marketing 189
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Welcome to the Fun State of Florida

Empire Appraisal Group

Welcome to the Fun State of Florida Source: [link] By Sara Filips A new study ranked Florida as the #1 state for great daytime and nighttime activities, including restaurants, theme parks and festivals. TAMPA, Fla. – “Fun” can be defined in many ways, but one study reveals that Americans can collectively agree on certain states that are considered more fun than others.

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NAR accuser outlines new details in lawsuit alleging retaliation

Inman

Roshani Sheth filed a lawsuit against the National Association of Realtors in June, alleging discrimination, sexual harassment and retaliation. A new filing offers more details.

Realtors 186
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Data Automation: A Game-Changer for Food Safety Compliance

GoForrmz

How automating data collection and analysis strengthens food safety practices In the food industry, compliance with safety regulations is non-negotiable. Ensuring that products are safe for consumption is a critical concern for food processing businesses, as failure to meet regulatory standards can lead to severe consequences, including product recalls, legal liabilities, and damage to brand reputation.

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Former Fannie Mae president David Benson joins Opendoor board

Inman

The iBuyer has appointed David Benson to its board of directors, effective immediately. Benson was Fannie Mae's president for six years, retiring from the role in May 2024.

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FINTRAC targets money laundering in Canadian real estate

Mortgagebroker News

Experts estimate $130bn in suspicious transactions flow through real estate transactions

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7 brutally honest truths you need to hear right now

Inman

It’s a tough market, but this is the market where careers are made, Real’s Jimmy Burgess writes. Double down on your work ethic, sharpening your skills and serving others.

Marketing 185
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Will Toronto's condo oversupply lead to bigger price drops?

Mortgagebroker News

GTA condo market has "hit rock bottom," says real estate expert

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Curbio to pay $7.5M to settle Washington DC fraud lawsuit

Inman

The pre-sale home renovation company denied all allegations and said it decided to settle to focus on its path forward.

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Quebec real estate brokers guilty of inflating prices with bogus bids

Mortgagebroker News

Disciplinary action raises questions about blind bidding in real estate

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It’s time for an industry update. Embrace transparency for real

Inman

The commission lawsuits are a wakeup call for real estate, new Inman contributor Mathew Speer writes. Now is the time to raise your standards and truly embrace transparency.