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The Federal Housing Administration (FHA) on Thursday published Mortgagee Letter (ML) 2024-10 , outlining reporting requirements that lenders must follow if they detect a cybersecurity intrusion. Effective immediately and applicable to all FHA-insured mortgage programs, the letter states that all lenders “that experience a potential or actual cyber incident must notify HUD via the FHA Resource Center at answers@hud.gov and HUD’s Security Operations Center at cirt@hud.gov within 12 hours of detect
It wasn’t on my housing market bingo card to be paying such close attention to insurance, but this is a huge deal for California (and some other states). I promise this won’t become an insurance crisis blog, but today I have some brand new stats to share for Sacramento and the Bay Area. UPCOMING SPEAKING […] The post An insurance crisis wasn’t on my bingo card first appeared on Sacramento Appraisal Blog.
New home sales missed estimates , showing that demand isn’t crashing but not growing much either. However, we need to keep an eye on the housing construction data in this report because it has huge implications for the economic cycle, our recession risk and mortgage rates. As the chart below shows, the housing sector generally poses a future risk to labor if the single-family permits data continues to decline.
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 median U.S. home sale price reached a record $387,600 in the four weeks ending May 19, marking a 4% year-over-year increase, according to data released Thursday by Redfin. The pricing surge comes despite a marginal dip in weekly average mortgage rates , which fell from a five-month high of 7.22% to 7.02% at the beginning of May, according to Freddie Mac.
As multiple listing services work to comply with new rules, some worry about liability risks — but including concessions could be a competitive advantage.
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As multiple listing services work to comply with new rules, some worry about liability risks — but including concessions could be a competitive advantage.
Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a pretax net loss of $645 on each loan they originated in the first quarter of 2024 — a decrease from the average loss of $2,109 per loan in Q4 2023, according to the Mortgage Bankers Association ’s (MBA) newest quarterly performance report. “While the first quarter of 2024 marks the eighth consecutive quarter of net production losses, these losses were less severe than the previous two quarters,” Marina Wals
In the first quarter of 2024, 38% of a typical household’s income was needed to make a mortgage payment on a median-priced, new single-family home in the U.S. That’s according to the Cost of Housing Index (CHI) unveiled Thursday by the National Association of Home Builders (NAHB) and Wells Fargo. For low-income families, or those earning up to 50% of the area median income, the burden is even heavier, with 77% of their earnings needed for the same home.
Equity Angels was launched in early 2024 by 2018 Inman Person of the Year Kenya Burrell-VanWormer, chief growth officer at NEO, and Katherine Winston, founding member and head of marketing at Plunk.
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.
A study commissioned by the U.S. Department of Housing and Urban Development (HUD) Office of Policy Development and Research (PD&R) in 2022 aimed to assess the state of the Home Equity Conversion Mortgage (HECM) program over a 20-year period. The study, released late last year, examined three core elements of HECM program effectiveness between 2000 and 2020.
Newly built homes available on the market rose to 480,000, representing a supply of 9.1 months at the current sales rate, up from an 8.5 month supply in March, according to U.S. Census Bureau data.
Freddie Mac ’s head of single-family acquisitions, Sonu Mittal , this week defended the government-sponsored enterprise’s proposal to acquire single-family, closed-end second mortgages amid opposition by trade groups that are worried about its impacts on the secondary market. “Six out of 10 borrowers are below a 4% mortgage rate. But they have also accumulated a good amount of equity over the last few years.
Mortgage rates fell this week, with the average rate for a 30-year, fixed-rate mortgage dropping to 6.94%, down from 7.02% last week, according to Freddie Mac’s Primary Mortgage Market Survey. “Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month,” 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.
Artificial intelligence (AI)-powered real estate assistant Sidekick unveiled a partnership with South Florida ’s BeachesMLS on Thursday. The collaboration will allow 43,000 agents that serve Broward, Palm Beaches and St. Lucie counties to leverage Sidekick’s integrated datasets and workflows. The collaboration comes on the heels of Sidekick partnerships with the MIAMI Association of Realtors and the San Francisco Association of Realtors earlier in May.
Truity Credit Union , a member-owned credit union with locations in Oklahoma, Kansas and Texas, is using Dark Matter’s Empower loan origination system to provide loan officers and members a modern, mobile-friendly experience across home purchase, refi, home-equity and construction loan originations. According to Joe Beffer, Truity’s senior vice president and director of lending, the credit union chose Dark Matter for its mobile-friendly borrower portal and for features that will help its interna
Editor in Chief Sarah Wheeler sat down with Christos Bettios, chief information officer at NFM Lending , to talk about the company’s private, proprietary GPT that is making his whole team more efficient. Bettios has been at NFM Lending for seven years and previously worked at US Bank Home Mortgages and First American Mortgage Solutions. He started his career as a developer and spent 10 years as a senior product manager at Fannie Mae.
Down Payment Resource , offering homebuyer assistance program data and solutions, recently announced an integration with ICE Mortgage Technology that embeds down payment assistance program support into Encompass. The integration helps lenders make affordable home financing opportunities more accessible while growing business and forging referral partnerships, Down Payment Resource says in a release.
After nearly a year of searching, iBuyer Offerpad has a new chief financial officer. The firm announced Thursday that it has pegged Peter Knag for the role, effective June 5. “I am excited to join at such a dynamic time for the company,” Knag said in a statement. “I look forward to working with the talented team to continue to grow and diversify Offerpad’s platform offerings and drive efficiency, scale and profitability in the business.” Knag has an extensive resume, having served in sever
Lack of inventory, high home prices and rising mortgage rates slowed existing-homes sales in April. According to the National Association of Realtors (NAR), existing-home sales fell 1.9% compared with March to a seasonally adjusted annual rate of 4.14 million. Year-over-year, existing-home sales were down 1.9%. Despite a 9% month-over-month increase in inventory in April, home prices continued to increase: The median existing-home price jumped 5.7% year-over-year in April to $407,600.
A reverse mortgage has potential utility for a homeowner in the right situation, but loan terms must be observed closely to remain in good standing and avoid the possibility of foreclosure. This is according to a look at the reverse mortgage product category published by Newsweek. As part of its recently launched “ Newsweek Vault ” subsite, which vets financial products and provides analysis from sources judged to be financial experts, the publication assembled a series of pros and cons about re
Truly engaging is an essential component in providing stellar service from first contact to the closing table. Author and trainer Bernice Ross provides a step-by-step approach to evaluating your skills.
Nimble, a software company that specializes in customer relationship management for “soloprenuers” and small business teams, has shipped a new feature to its customer accounts — email sequencing.
A new quarterly Cost of Housing Index (CHI) highlights the burden that housing costs represent for middle and low-income families. In its inaugural release for the first quarter of 2024, CHI revealed that a typical family in the U.S. must spend 38% of its income to cover the mortgage payment on a median priced new.
The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties. The multifamily segment of the missing middle (apartments in 2- to 4-unit properties) has disappointed since the Great Recession. For the first quarter of 2023, there were just 43,000 2- to 4-unit housing unit construction starts.
Want to make great strides in your business? Jimmy Burgess believes that the answers you seek to a successful real estate practice may be simpler than you think.
Getting the right tenants is crucial for having a seamless landlord experience. Here are 12 questions to ask tenant references to ensure they're a good fit.
RentSpree distributes its product to empower residential agents in their work with clients who may not yet be ready to buy, and to provide them software advantages to offer investor clients or to use in their own rental portfolios.
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