Housing Wire
JULY 16, 2024
President Joe Biden released a legislative proposal on Tuesday that’s rankling the real estate industry — nationwide rent control. Biden’s new plan would cap annual rent hikes at 5% for two years for landlords who manage 50 or more rental units, which the administration said would cover 20 million units, or roughly half of all rental units in the country.
Appraisal Buzz
JULY 16, 2024
This piece originally appeared in the July 2024 edition of MortgagePoint magazine, online now. The popularity of manufactured housing has ebbed and flowed over the last several decades, after striking an all-time high on shipments in the early 1970s. Since taking a dip in 2009, there has been a slow, but steady climb with more than 100,000 manufactured homes shipped in 2021, and a post-recession high reached in 2022 with 112,000 manufactured homes shipped, according to a 2023 report by the Joi
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Housing Wire
JULY 16, 2024
Dallas-based United Real Estate has joined the cohort of brokerage defendants who have settled the commission lawsuits. On Tuesday, United Real Estate announced that it had reached a nationwide settlement in the Gibson commission lawsuit. As part of the settlement, United will pay $3.7 million into a settlement fund. The brokerage said it has also agreed to adhere to certain business practice changes, which are not being disclosed at this time.
Appraisal Buzz
JULY 16, 2024
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Housing Wire
JULY 16, 2024
VestaPlus , a software development firm known for its MLS solutions geared toward agents, has entered into a strategic partnership with the Staten Island Board of Realtors. The partnership includes the licensing of VestaPlus’ Checkmate Listing Violation Detection software to Staten Island MLS (SIMLS). SIMLS, which has more than 2,300 members, said the use of Checkmate will improve its compliance processes.
Appraisal Buzz
JULY 16, 2024
Updating a survey that was previously conducted in 2015, 2018, and 2023, Fannie Mae released the results of a consumer survey that uncovered opportunities to close knowledge gaps around mortgage qualifications and underscored the need to continue to improve education around the mortgage buying process. While knowledge of the mortgage process is a mixed-bag amongst most consumers, Fannie Mae—and the industry at large—can help close that knowledge gap by making the mortgage process more intuitive
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Appraisal Buzz
JULY 16, 2024
Motto Mortgage has opened a new office in Nashua, New Hampshire, serving all markets throughout the state. Motto Mortgage Sail Home is now open, marking the first ever franchise office location in the state for the Motto Mortgage brand. The new location will be managed by David Duplessis, who has 35 years of industry experience, previously holding roles at companies including Wells Fargo Home Mortgage, HarborOne Mortgage, LeaderOne Financial, Preferred Mortgage Lending, and Luminate Home Loans,
Housing Wire
JULY 16, 2024
Portfolio Intelligence and Monitoring Servicing a mortgage portfolio is a daunting challenge with hidden risks, requiring a holistic view and strong understanding of your portfolio. Portfolio Intelligence and Monitoring provides the business intelligence you need to make informed decisions. All transaction and property data are sourced automatically in the platform through an enhanced dashboard.
Real Estate News
JULY 16, 2024
The Fed is expected to cut rates in September, which may spur buyer activity — but after Canada’s central bank cut rates for the first time in June, sales fell.
Housing Wire
JULY 16, 2024
Do we really have a housing crisis? After all, the “homeownership rate” is in the mid 60s — in the middle of the pack of other rich countries, and little different than it’s been for 50 years. But the way we typically measure the homeownership rate — as the number of home-owning households divided by the total number of households — hides the severity of the problem.
Appraisal Buzz
JULY 16, 2024
Home buyers continue to wait on the sidelines until mortgage rates decrease. As a result, listings are piling up in certain areas, resulting in price cuts, the latest monthly report from Zillow shows. “A growing segment of homes that aren’t competitively priced or well-marketed are lingering on the market,” says Skylar Olsen, chief economist of Zillow, in a statement.
Housing Wire
JULY 16, 2024
VIU by HUB VIU by HUB is a digitally-enabled personal lines brokerage platform that seamlessly integrates into the home-buying experience. Clients can quickly shop, purchase, and manage their insurance in a complex market, thus a timely value-add for customers. For partners, VIU provides new ancillary revenue to off-set rising interest rates and inflation.
Appraisal Buzz
JULY 16, 2024
Borrowers generated 58,057 pre-approval letters through LenderLogix’s QuickQual pre-approval platform in the second quarter, an 8% increase compared with the first quarter, according to the firm’s Homebuyer Intelligence Report. The average number of pre-approved borrowers per loan officer increased to 29, up from 25 in the first quarter. The average pre-approval letter loan amount was $308,681, down slightly from $309,771 in the first quarter.
Housing Wire
JULY 16, 2024
Homebuilder confidence fell for the third consecutive month in July as builders navigate a high consumer mortgage rate environment while also contending with elevated rates for construction and development loans. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) fell one point month over month to a reading of 42 in July.
Real Estate News
JULY 16, 2024
After criticizing many agreements as “unfair,” The Consumer Federation of America has compiled a list of best practices for the industry.
Housing Wire
JULY 16, 2024
Mortgage insurer Radian Group plans to lay off 70 employees in Pennsylvania in September, according to a Worker Adjustment and Retraining Notification (WARN) sent to the state’s Department of Labor and Industry. The jobs cut will affect Radian’s corporate headquarters in Delaware County, with the separations expected to happen on Sept. 13.
Appraisal Buzz
JULY 16, 2024
U.S. home appraisals were higher than sale prices 51% of the time in the first half of 2024 – and the gap between appraisals and sale prices is the highest that it has been since the start of the pandemic in 2020, according to a report from Corporate Settlement Solutions. In 2020, 42% of homes were appraised above the sale price compared with 42% in 2021, 46% in 2022 and 50% in 2023, according to the firm’s data.
Housing Wire
JULY 16, 2024
Solex ® Solex ® delivers an end-to-end digital mortgage closing solution, integrating eDelivery, eSign, eClose, eVault, and more, to streamline transactions, boost efficiency, ensure compliance, and enhance the experience for lenders, borrowers, and settlement agents. Combined with ConformX ® , our digital document generation engine, lenders gain a complete suite for their document solution needs.
Inman
JULY 16, 2024
Homebuilders exhibited little optimism as the housing market showed little improvement month-to-month, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released today.
Housing Wire
JULY 16, 2024
The National Association of Realtors is adding another partnership to its NAR Realtor Benefits Program. RentRedi will now offer NAR members a subscription to its property management platform at a rate of $1 for the first six months. The platform provides tools for both landlords and renters, which the company said is designed to automate and streamline the management process.
Inman
JULY 16, 2024
3 in 4 Americans are planning to buy the next time they move, but many are overestimating minimum down payment, credit score underwriting requirements, according to a new Fannie Mae study.
Housing Wire
JULY 16, 2024
Even as a federal law designed to protect income for retirees turns 50 this year, the cry to reform retirement benefits seems to be growing louder than ever. This rising chorus includes The New York Times, which recently published an article titled, “ The $25 Trillion System of Retirement Savings Needs Fixing. ” It offers expert opinions on several ways to shore up fiscal protections for private retirement accounts and argues for an expansion of Social Security benefits.
Inman
JULY 16, 2024
After brokerages and MLSs reached out, the Consumer Federation of America created criteria focused on whether agreements are readable, understandable, and fair to buyers.
Housing Wire
JULY 16, 2024
Mortgage production increased at Bank of America (BofA) in the second quarter of 2024 compared to the previous three months, but the bank’s home loan volumes were still lower than those delivered in the same period last year. Competitors Wells Fargo , JPMorgan Chase and Citi showed the same trend when opening the Q2 2024 earnings season for mortgage businesses on Friday.
Inman
JULY 16, 2024
More than 7,500 loan officers in all 50 states and Washington, D.C., have access to cash offers that can be approved in as little as an hour, with NEO Home Loans and American Financial Network among the biggest partners.
Housing Wire
JULY 16, 2024
The North Carolina Regional MLS (NCRMLS) has expanded into Georgia. According to an announcement on Monday, the MLS has recently welcomed the strategic additions of Savannah MLS , Athens Area Association of Realtors and Classic MLS , and the Realtors of Greater Augusta into its fold. “Georgia’s partnership with NCRMLS marks a significant advancement for real estate professionals in our region,” a joint statement from the three Georgia associations read.
Inman
JULY 16, 2024
Nine months after signing an enterprise deal with Anywhere, California-based proptech leader RealScout has extended its reach to include Sotheby's International Realty's company-owned locations. Agents at SIR's company-owned locations will have full access to the RealScout platform, which includes a branded home search portal, interactive side-by-side listing comparisons, social media tools, lead management and distribution, and several other agent and broker-focused support features.
Will Springer Realtor
JULY 16, 2024
Laws can be funny sometimes. In Washington, it’s illegal to buy or sell a mattress on Sunday, though the law is not widely enforced. It’s also against the law to pretend that your parents are wealthy, a bizarre mandate that was created long ago to reduce cases of fraud. The state even has a rule against driving with a lollipop in your mouth because of the potential distraction.
Inman
JULY 16, 2024
North Carolina Regional MLS's subscriber count is now more than 19,000 after adding Savannah MLS, Classic MLS and Realtors of Greater Augusta as owners, executives told Inman.
BiggerPockets
JULY 16, 2024
In this episode, we’re sharing two of the real estate markets we’re investing in NOW. One you may have heard of and one you probably haven’t.
Inman
JULY 16, 2024
Appraisal management company Solidifi and lending giant Rocket Mortgage are also charged with violating the Fair Housing Act. Rocket says it expects to prevail.
Mortgagebroker News
JULY 16, 2024
Economists give their verdict – and as ever, inflation will prove key
Inman
JULY 16, 2024
Real estate data is incredibly important to a variety of industries, and there's a cost to produce it, Sam DeBord writes. Those who do so should be properly compensated.
Appraisal Buzz
JULY 16, 2024
President Biden has issued a new plan to make renting more affordable for millions of Americans through new actions to lower housing costs. The Biden Administration’s three-pronged approach involves capping rent increases, rehabbing distressed properties, and building affordable housing. More specifically, the new Biden plan aims to: Call on Congress to pass legislation giving corporate landlords a choice to either cap rent increases on existing units at 5%, or risk losing current valuable feder
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