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Opendoor has partnered with nationwide multiple listing service My State MLS to equip more than 60,000 agents in each of the 50-plus markets Opendoor serves with access to the iBuyer’s cash-offer solution. My State MLS is a nationwide multiple listing service that allows members to list and search properties anywhere in the U.S. According to a news release, through the partnership, My State MLS agent members will be able to receive estimated cash offers on qualifying properties within minutes to
Homeownership remains a common aspiration for many Americans, yet it is often difficult to obtain. This is especially true for single parents, who often have less money to purchase a home than married couples. This is according to Jacob Channel , Senior Economist for LendingTree. We’ve previously discussed single-parent problems, and discovered that the majority of single mothers do not own a home.
Federal Reserve Chairman Jerome Powell told reporters on Wednesday that the U.S. housing situation is a “complicated one” and that “bringing inflation down” is the best thing officials can do to help. Cooling inflation will eventually allow the Fed to cut rates and alleviate the current lock-in effect , but this process will take longer than previously estimated. “The housing situation is complicated.
This piece originally appeared in the June 2024 edition of MortgagePoint magazine, online now. Mortgage delinquency rates in early 2024 are trending upward as a result of economic pressure bouncing back from unusually low levels of the past year. The trend of increasing mortgage delinquencies for all loan types can be traced back to the emergence from the pandemic economy in 2022.
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 Alliance of Comprehensive Planners (ACP), a trade association for financial planners, will be holding its annual conference this October in Savannah, Georgia, and the event will feature two of the nation’s leading reverse mortgage lenders as key sponsors. Plano, Texas-based Finance of America (FOA), currently the industry leader in the reverse mortgage space, and Paramus, New Jersey-based reverse mortgage lender and servicer Longbridge Financial will be sponsoring the event.
Mortgage rates edged down for a second week, with the average rate for a 30-year fixed-rate mortgage falling to 6.95%, down from 6.99% last week, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago at this time, the average rate for a 30-year was 6.69%. “Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” says Sam Khater, chief economist for Freddie Mac, in a statement.
Mortgage rates edged down for a second week, with the average rate for a 30-year fixed-rate mortgage falling to 6.95%, down from 6.99% last week, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago at this time, the average rate for a 30-year was 6.69%. “Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” says Sam Khater, chief economist for Freddie Mac, in a statement.
According to the most recent Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI), Annapolis, Maryland-based South River Mortgage is the ninth-largest reverse mortgage lender in the country with 496 endorsements in the 12-month period ending May 31. After hitting milestones in recent years, including a rollout of a proprietary reverse mortgage product and transitioning from a broker to a direct lender , company president Tyler Plack is determined to co
Fannie Mae transferred $284.8 million of mortgage credit risk to private insurers and reinsurers in a recent Credit Insurance Risk Transfer (CIRT) transaction , its fourth of the year. ”We appreciate the support of the 25 insurers and reinsurers that committed to write coverage on this deal,” says Rob Schaefer, vice president, capital markets, for Fannie Mae in a release.
With the number of instances of wire fraud continuing to rise , many victims are turning to court to seek damages after a large portion of their life savings or business liquidity was stolen by scammers. According to a report published Thursday by wire fraud prevention firm CertifID , real estate agents , brokers and title companies are increasingly being held accountable if a consumer loses money.
Recent housing reports suggest that inventory is increasing and, as a result, home prices are starting to drop in certain areas, resulting in improved affordability. But which areas are most at risk of seeing their housing markets go into a downturn as a result of shifting market conditions? A r eport from ATTOM reveals that California, New Jersey and Illinois have the highest concentrations of at-risk markets in the country.
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.
Multichannel mortgage lender New American Funding (NAF) announced this week the relaunch of its initiative designed to recruit, educate and expand loan officer understanding around issues faced by borrowers of color as “ NAF Black Impact.” This replaces the previous branding, “NAF Dream,” to emphasize a corporate commitment to “taking direct, action-oriented steps to address credit accessibility and promote sustainable and equitable homeownership for Black individuals and communities,” the compa
Buyers have more inventory to choose from, but the uptick in demand could be short-lived as the lock-in effect and price growth continue to stymie sales.
Wells Fargo ‘s internal credit-scoring algorithm is at the center of a lawsuit that plaintiffs say resulted in more than 100,000 disparately impacted minority applicants. The lawsuit stems from a 2022 Bloomberg investigation that found Wells Fargo was the only large bank to deny more Black applicants than it accepted in 2020 during the refinancing boom.
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.
New-home purchase mortgage applications rose 1% month over month and 13.8% year over year in May, according to data released Thursday by the Mortgage Bankers Association (MBA). The data is derived from the trade group’s survey of homebuilders. The MBA also estimated that sales of new single-family homes reached a seasonally adjusted annual rate of 702,000 in May, up from 699,000 in April for the strongest pace since October 2023.
Watch the conversation with strategist Jay Baer as he explains how to create better client outcomes by avoiding common pitfalls and “yesterday’s thinking.
Online retail giant Amazon announced this week that it is committing an additional $1.4 billion to its Housing Equity Fund that will go toward the creation and preservation of roughly 14,000 affordable housing units across three major metropolitan areas in which it maintains a corporate presence. The funds — to be invested in the metro areas of Seattle , Nashville and Arlington, Virginia — will bring the total investment fund to $3.6 billion and 35,000 housing units since its inception in 2021,
A new report from Redfin revealed the median U.S. home-sale price reached an all-time high of $394,000 in the four weeks ending June 9, up 4.4% year-over-year—the largest gain in roughly three months. There are indications that home-price increases may slow soon. Asking prices have leveled down, with 6.5% of house sellers lowering asking price on average, the largest percentage since November 2022.
The National Association of Hispanic Real Estate Professionals (NAHREP) this week released the 10th edition of its annual Top 250 Latino Mortgage Originators rankings, honoring the top-performing Latino mortgage originators across the country. For the second year running, DHI Mortgage earned the top position in the report among all companies, followed by Guaranteed Rate and CrossCountry Mortgage , respectively.
According to findings in the Q1 2024 Verisk Remodel Index , the cost of home repairs and remodeling in Q1 of 2024 continued to increase, rising by 0.59% from the prior quarter, and just over 4% from the first quarter of 2023. Costs once again set new highs for the past decade, rising approximately 61% from Q1 of 2014. The Verisk Remodel Index tracks costs on 31 different categories of home repair, comprising over 10,000 line items, ranging from appliances to windows.
A judge in Arizona has approved a $3.5 million settlement agreement between Rocket Mortgage and current and former employees who alleged in a class-action-seeking lawsuit that the company did not provide sufficient overtime pay, according to court documents reviewed by HousingWire. U.S. District Court Judge Douglas L. Rayes mentioned in the decision that the agreement “was reached through arms-length negotiations with the assistance of a retired federal judge who served as a mediator.̶
ServiceLink VP, National Sales Executive Nate Johnson ServiceLink has named Nate Johnson as its new VP, National Sales Executive, in its Origination Division, responsible for driving client growth strategy for origination products. Johnson brings decades of experience within the industry to his new role, and has been a catalyst in generating more than $1 billion in closings as a business leader.
The new platform, Corcoran Copilot, is integrated with Corcoran's listing databases and will initially help agents with developing materials like listing descriptions and video scripts.
According to the Special Housing Risk Report published by ATTOM Data, which spotlights county-level housing markets around the U.S. that are more or less vulnerable to declines based on home affordability, underwater mortgages, and other metrics during the first quarter of 2024 found that areas of California, New Jersey, and Illinois had the highest concentrations of at-risk markets in the country.
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AgentHome , a national network of independent title agents, has acquired Corinthian Title Company , Inc., a California-based provider of title insurance and escrow services for residential and commercial real estate transactions. Terms of the deal were not divulged. Corinthian, headquartered in San Diego, is a locally owned and operated title agency currently licensed to issue title insurance policies in 28 counties within the state of California.
Rate-and-term refinance activity spiked 25.6% in May compared with April, as borrowers reacted to a dip in rates, according to Optimal Blue’s Market Advantage mortgage data report. The report shows that the 30-year conforming rate finished the month at 7.02% – but it bottomed out on May 15 at 6.875%. “The sharp increase in demand for rate-and-term refinances following a dip in rates indicates that homeowners with rates above 7 percent feel pinched and are sensitive to even modest interest rate m
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Applications for mortgages for new home purchases increased 1% in May compared with April and were up 13.8% compared with May 2023, according to the Mortgage Bankers Association (MBA) Builder Application Survey (BAS). “There continues to be strength in the new home purchase market, as purchase applications increased in May compared to both the prior month and from a year ago,” says Joel Kan, vice president and deputy chief economist for the MBA, in a statement.
The one-two punch of government action and private sector innovation is the right formula for fixing the affordable housing mess, which has grown into a global epidemic, writes Brad Inman.
Inputs to residential construction, goods less food and energy, fell 0.09% over the month according to the most recent producer price index (PPI) report published by the U.S. Bureau of Labor Statistics. The index for inputs to residential construction, goods less food and energy, represents building materials used in residential construction. This was the first.
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