Housing Wire
MAY 7, 2024
Recent data from Inside Mortgage Finance shows a significant leap in broker market share, jumping to 24.3% in Q4 2023, the highest number we’ve seen since 2009. This is a true testament to the care, commitment and passion brokers across the country have for their borrowers. The big question is, what caused this increase? First and foremost, there has been a noticeable shift in consumer behavior.
Appraisal Buzz
MAY 7, 2024
Strong home price growth – propelled by lack of inventory – pushed U.S. mortgage holders’ tappable equity to a record $11 trillion in March, according to ICE Mortgage Technology’s Mortgage Monitor report. Though the inventory situation has improved slightly, a continuing deficit of homes for sale this spring is helping prices remain resilient, ICE says.
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Housing Wire
MAY 7, 2024
Las Vegas -based housing technology startup BOXABL on Tuesday announced that it has received approval to begin selling a factory-built accessory dwelling unit (ADU) in California , which could provide more options in a state strapped for affordable housing options. The company’s “Casita” product is a 361-square-foot home with a full kitchen, bathroom, living area and sleeping area.
Real Estate News
MAY 7, 2024
In a recent survey by the New York Fed, consumers said they expect rates to hit 8.7% in a year and 9.7% in three years.
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Housing Wire
MAY 7, 2024
The official magazine for the National Association of Realtors (NAR) recently touched on the topic of reverse mortgages, mentioning products such as the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) and addressing topics like the desires of baby boomers to age in place in their homes. Describing reverse mortgages as originating in 1961 before coming to greater prominence through the establishment of the HECM program during the Reagan administration, one of two recent NAR articles dea
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Housing Wire
MAY 7, 2024
Mortgage rates eased slightly last week after a cooler-than-expected jobs report. Additionally, the 10-year Treasury yield fell after Friday’s jobs report. HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.51% on Tuesday, slightly below the rate of 7.57% one week ago. At the same time one year ago, the average rate was 6.54%.
Real Estate News
MAY 7, 2024
The company remains on a rapid-growth trajectory, but net losses also increased this quarter, largely due to a recent commissions lawsuit settlement.
Housing Wire
MAY 7, 2024
Redfin showcased pockets of growth in the first quarter of 2024 despite challenging housing market conditions. The brokerage posted revenue of $225.5 million, an increase of 5% compared to the first quarter of 2023. But it also reported a net loss of $66.8 million, up from a net loss of $60.8 million in Q1 2023 and well above its $23 million loss in Q4 2023.
Appraisal Buzz
MAY 7, 2024
In the current economic climate, borrowers and lenders alike are afflicted by rising inflation, elevated interest rates and changing employment patterns. Just as borrowers need to adapt to unpredictable circumstances, lenders must continue to assess risk prudently and tailor their offerings to meet the evolving needs of borrowers. As of November 2023, 62% of Americans lived paycheck to paycheck.
Speaker: Dylan Secrest
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.
Housing Wire
MAY 7, 2024
With a 67% annual increase in agent count to 16,680 agents during the first quarter of 2024 , it is no surprise that The Real Brokerage also recorded an 86% annual increase in revenue to nearly $201 million. The uptick in agent count contributed to a 74% yearly jump in transaction count to 19,032 sides, good for a total sales volume of $7.5 billion and an 88% year-over-year increase.
Appraisal Buzz
MAY 7, 2024
Steven Winokur has joined Carrington Mortgage Services as vice president, marketing, third-party origination. Winokur has established a reputation as a non-QM virtuoso. Previously, he was with non-QM lender Angel Oak Lending, where he served as chief marketing officer. Winokur’s significant expertise in marketing strategy, brand development, marketing communications and digital marketing is expected to quickly build on existing marketplace momentum for Carrington’s diverse non-QM offerings.
Housing Wire
MAY 7, 2024
U.S. single-family home prices continued their upward trajectory in March, marking the 146th consecutive month of annualized gains, CoreLogic reported. Prices rose by 1.2% compared to February 2024 and by 5.3% compared to March 2023, according to the company’s home price index released Tuesday. Over the next 12 months, CoreLogic projects year-over-year home price gains to range between 3.7% and 5.6%.
Appraisal Buzz
MAY 7, 2024
Monterra Credit Union a full-service financial institution serving members throughout San Mateo County, Calif., the City of Palo Alto and the San Francisco Bay Area, has selected the Empower loan origination system (LOS) from Dark Matter Technologies for mortgage loan, home-equity loan and home-equity line of credit (HELOC) originations. One of California’s top 50 credit union lenders by mortgage loan volume, Monterra CU attributed its selection of the Empower LOS to the origination system’s sel
Advertiser: Trellis
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Housing Wire
MAY 7, 2024
Finance of America Companies (FOA), which controls the outgoing brands Finance of America Reverse (FAR) and American Advisors Group (AAG), recorded a net loss under generally accepted accounting principles (GAAP) of $16 million in Q1 2024 and an adjusted net loss of $7 million for the quarter, according to a recently released earnings report. Total revenues at the company dropped sharply from $276 million in Q4 2023 to $75 million in Q1 2024.
Appraisal Buzz
MAY 7, 2024
Mortgage credit availability was basically flat in April, rising just 0.1% compared with March to reach a score of 94.0 on the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI), which was benchmarked to 100 in March 2012. Mortgage credit availability for conventional loans increased 0.3%, while credit availability for government loans was flat.
Housing Wire
MAY 7, 2024
Mortgage capital markets tech firm Polly announced on Tuesday that it has launched “Polly/AI,” which integrates artificial intelligence (AI) technology into the newest version of its product and pricing engine (PPE) and includes a “co-pilot” for loan officers that will “process, interpret, and recommend a range of outcome-driven results.” The PPE system is native to the cloud and is described by the company as “commercially scalable” through a series of customizable options.
Inman
MAY 7, 2024
Realtor.com CEO Damian Eales took to the podium on Monday at the MLS Forum of the Realtors Legislative Meetings to refute rival CoStar's earlier claims about Homes.com's growing traffic.
Housing Wire
MAY 7, 2024
Flagstar Bank has made changes to its third-party origination (TPO) channel leadership. Industry veteran John Gibson is leaving the company to pursue other opportunities, and he will be replaced by Rich Hoffman as senior vice president and head of TPO lending. Hoffman has spent more than 30 years in mortgage banking, 22 of them at Flagstar, where he started as an account executive.
Inman
MAY 7, 2024
Questions of agency, agreements and compensation are on the line. Do you have the information you need to move forward now?
Housing Wire
MAY 7, 2024
Carrington Mortgage Services (CMS) hired Steven Winokur to serve as vice president of marketing for third-party originations (TPO), the company announced Tuesday. In this new role, Winokur will work to increase the company’s emphasis on diverse forms of nonqualified mortgage (non-QM) educational resources.Prior to joining CMS, Winokur served as chief marketing officer at Angel Oak Lending and was a 2022 HousingWire Marketing Leader.
Inman
MAY 7, 2024
Real estate’s new era is upon us. At Inman Connect Las Vegas in July, we’re bringing together real estate’s most trusted voices to cut through the noise and give our community the information and tools it needs to succeed moving forward.
Appraiserblogs
MAY 7, 2024
A colleague recently shared an important heads up regarding Fannie Mae and Freddie Mac’s plans to implement photo recognition AI to analyze appraisal photos. This technology can scan a single photo and extract over 100 data points related to quality, condition, and repairs. For example, it can identify flooring types, appliance models, and even assess light levels in a room.
Inman
MAY 7, 2024
Enviable weather, ocean views and a lengthy list of landmark tourist destinations have made Florida a treasure chest for short-term rental investors. A Clever Real Estate market analysis published on Tuesday revealed strong property values, robust population growth, and year-round tourist demand have made Tampa, Orlando, Jacksonville and Miami top-tier cities for short-term rentals on Airbnb and other platforms.
Eyes on Housing
MAY 7, 2024
According to the Federal Reserve Board’s April 2024 Senior Loan Officer Opinion Survey (SLOOS), lending standards loosened further for all commercial real estate (CRE) loan categories and residential real estate (RRE) categories in the first quarter of 2024. While the Federal Reserve left the federal funds rate unchanged during their last meeting, demand for RRE and CRE.
Inman
MAY 7, 2024
In addition to $15 million in direct costs, loanDepot says it lost an additional $22 million in revenue while systems were down, contributing to $72 million net loss.
BiggerPockets
MAY 7, 2024
There’s one way to invest in real estate that’s cheaper, easier, and more efficient than almost any other strategy.
Inman
MAY 7, 2024
The Real Brokerage reported revenue of $200.7 million in the first quarter of 2024 as gross profit soared to $20.8 million, according to Q1 earnings data released Tuesday morning.
GoForrmz
MAY 7, 2024
How digital forms are transforming the construction safety space As we celebrate Construction Safety Week, it's important to recognize how technology is reshaping how construction companies approach safety. One area specifically that’s been making strides in improving site safety is digital forms. GoFormz has been helping customers digitize their construction forms to streamline everyday processes and improve safety measures.
Inman
MAY 7, 2024
Realtors and buyers are both confused right now, writes mega-team leader Carl Medford. To help buyers sort out the mess, here are our top 10 answers for buyer questions.
Mortgagebroker News
MAY 7, 2024
Crown corporation delivers affordable units amid rising rates and labor shortages
Inman
MAY 7, 2024
Whether it’s the liquidity of REITs, the adventurous potential of international markets, reliable income from self-storage, or the traditional appeal of residential rentals, Victoria Kennedy writes, each component adds a unique layer of security and opportunity to your investment strategy.
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