Housing Wire

AUGUST 13, 2024

Refinance activity last week hit its highest level since August 2022, when mortgage rates were closer to 5%. But it’s far too early to celebrate. Refinance activity received a major boost last week as mortgage rates declined on the back of expectations that the Federal Reserve will cut interest rates and a possible recession looms. The dollar volume of refinance applications increased 32.8% for the week ending Aug. 9 from the previous week, according to Fannie Mae ’s Refinance Application-

Mortgage 493

Mortgage Government Marketing 493

Appraisal Buzz

AUGUST 13, 2024

Key Highlights Single-family existing-home sales prices rose in 89% of measured metro areas—199 of 223—in the second quarter, down from 93% in the previous quarter. The national median single-family existing-home price rose 4.9% from a year ago to $422,100. Twenty-nine markets (or 13% of the 229 tracked markets) experienced double-digit annual price appreciation (down from 30% in the prior quarter).

Buyers 396

Buyers Mortgage Home Value Marketing 396

Housing Wire

AUGUST 13, 2024

As more brokerages and agents contemplate moving away from a cooperative compensation model , many are grappling with some tough questions, the most vexing probably being: What do I do if a seller is only willing to contribute part of the buyer broker’s fees, or none at all? According to Anthony Lamacchia , the broker-owner of Lamacchia Realty , he and his agents have seen disputes over buyer broker fees for years, highlighting the importance of having a signed buyer representation agreement , w

Clients 482

Clients Agents Buyers Sellers 482

Appraisal Buzz

AUGUST 13, 2024

As the rental market continues to cool, property managers are increasingly offering concessions to attract renters, according to new data from Zillow. The post-pandemic surge in apartment construction has given renters more options, leading to a softening in rent growth and an uptick in special deals. In June 2024, the number of completed multifamily units reached a 50-year high, with nearly 60,000 new units coming available.

Marketing 396

Marketing Construction Property Management Appraisal 396

Housing Wire

AUGUST 13, 2024

The Consumer Financial Protection Bureau (CFPB) on Tuesday released an advisory opinion stating that contracts for deed are under federal home lending rules and should provide consumer protections. In these contracts – also known as “land contracts” or “bond for deed” –the seller retains the legal title to a home until the borrower completes all the payments, leading to some “traps,” according to the CFPB.

Contracts 481

Contracts Mortgage Law Sellers 481

Appraisal Buzz

AUGUST 13, 2024

Homebuyers who are purchasing for the first time and have low to moderate incomes are disproportionately affected by elevated mortgage rates and home prices, according to a new CoreLogic study. Rising property values, cripplingly high interest rates, and two years of rising inflation are pushing more and more homebuyers to take out expensive second mortgages.

Finance 370

Finance Buyers Mortgage Government 370

Appraisal Buzz

AUGUST 13, 2024

While the industry is no stranger to predatory and/or unfair lending practices, new advisory opinion and research study on a type of home seller financing known as a “contract for deed” has been released by the Consumer Financial Protection Bureau (CFPB). Contract-for-deed agreements require the buyer to fulfill a number of payment obligations before the seller will transfer the deed to the residence.

Contracts 367

Contracts Investors Sellers Lending 367

Housing Wire

AUGUST 13, 2024

As many as half of surveyed U.S. adults said that retiring at age 65 is “unrealistic,” instead saying that age 74 is a more attainable goal to reach full retirement. This is according to a survey conducted by Equitable , a financial services provider. “Equitable’s survey revealed that nearly half of consumers (47%) believe it is unrealistic for them to retire before or at the traditional retirement age of 65,” the re s ults said.

Development 468

Development 468

Real Estate News

AUGUST 13, 2024

The Keller-Williams co-founder told a crowd of the faithful that he sees a soft landing for the economy and success for agents who are ‘ready to jump’ in 2025.

Marketing 340

Marketing Agents 340

Housing Wire

AUGUST 13, 2024

Imagine that the local government where you live is invoking eminent domain rights concerning your dear home to build a road or park or let a private developer do as they will (Kelo v. New London in 2005). To make matters worse, there has been no offer to pay you for your home’s fair market and sales value. To add further insult to injury, there is no compensation offer.

Legal 465

Legal Market Value Government Tenants 465

Real Estate News

AUGUST 13, 2024

Watch the conversation with Zillow’s chief economist as she shares interest rate predictions and how we can get back to “the stable promise” of homeownership.

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264

Housing Wire

AUGUST 13, 2024

The American Land Title Association is making it clear that it won’t have the Consumer Financial Protection Bureau making drastic changes to title insurance without first at least hearing the trade groups thoughts on the issue. In a 15-page letter sent to CFPB Director Rohit Chopra on Aug. 2, the trade group stressed the importance of title insurance.

Insurance 463

Insurance Mortgage Legal Government 463

Inman

AUGUST 13, 2024

With all the commission confusion as we near the Aug. 17 implementation deadline, compliance expert Summer Goralik is here to answer your burning questions, starting with concessions.

Sellers 197

Sellers Marketing Realtors Brokerage 197

Housing Wire

AUGUST 13, 2024

Kiavi , a San Francisco-based lender for residential real estate investors , announced on Tuesday the closing of a $400 million rated securitization of residential transition loans (RTLs) in an “oversubscribed” transaction. The deal marked Kiavi’s 19th securitization, elevating its total issuance to over $5 billion since it launched its securitization program in 2019, including $1.4 billion in 2024 alone.

Investors 447

Investors Mortgage Real Estate Investing 447

Appraisal Buzz

AUGUST 13, 2024

Single-family existing-home sales prices increased in 89% of U.S. metro areas in the second quarter, down from 93% in the first quarter, according to the National Association of Realtors (NAR). The national median single-family existing-home price increased 4.9% from a year ago to $422,100. Twenty-nine markets (13%) experienced double-digit annual price appreciation (down from 30% in the prior quarter), according to NAR’s quarterly report.

Marketing 195

Marketing Realtors Mortgage Appraisal 195

Housing Wire

AUGUST 13, 2024

Influential housing nonprofit Enterprise Community Partners this week submitted a comment letter to the Federal Housing Finance Agency (FHFA) regarding the Duty to Serve (DTS) plans submitted by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. In its letter, the organization recommended that the GSEs take steps to preserve the affordability of properties financed by the Housing Credit program; commit to energy efficiency goals outlined throughout the Duty to Serve program;

Insurance 446

Insurance Modernization Finance Government 446

Appraisal Buzz

AUGUST 13, 2024

Fannie Mae is auctioning a pool of approximately 3,119 reperforming loans , with unpaid principal balance of approximately $611.2 million, as part of its ongoing effort to reduce the size of its retained mortgage portfolio. The sale is being marketed in collaboration with Citigroup Global Markets, Inc. Bids are due on September 5, 2024. Reperforming loans are loans that have been or are currently delinquent but have reperformed for a period of time.

Buyers 195

Buyers Appraisal Marketing Mortgage 195

Housing Wire

AUGUST 13, 2024

Construction of accessory dwelling units (ADUs) is taking off, but is it bringing down housing costs? A new report from John Burns Real Estate Consulting casts doubt on it, citing uneven geographic distribution of deregulations and the high cost of construction. As a result, the most impactful ADUs are in new construction. California has led the nation in ADU construction since it passed broad legislation at the state level allowing for ADUs on single-family residential lots.

Construction 435

Construction Real Estate Development Marketing 435

Appraisal Buzz

AUGUST 13, 2024

Home builders experienced tightening credit in the second quarter , according to the National Association of Home Builders (NAHB). About 85% of respondents to a survey conducted by NAHB say lenders were tightening in the second quarter by reducing the amount they are willing to lend, and lowering the loan-to-value (or loan-to-cost) ratio. Credit for residential land acquisition, development and construction (AD&C) continued to tighten and became even more expensive for most types of loans, a

Construction 195

Construction Loan Officers Development Contracts 195

Housing Wire

AUGUST 13, 2024

Onity Group , parent company of top five reverse mortgage lender and servicer Liberty Reverse Mortgage , will acquire reverse mortgage assets from Mortgage Assets Management, LLC (MAM), a subsidiary of investment funds managed by Waterfall Asset Management. The deal, initially announced by Onity during its Q2 earnings call , suggests that Waterfall is committed to the reverse mortgage space.

Mortgage 432

Mortgage Finance Clients Legal 432

Appraisal Buzz

AUGUST 13, 2024

The global loan servicing software market is estimated to grow by $2.7 billion over the next four years, according to market research firm Technavio. The market is estimated to grow at a CAGR of almost 12.01% from 2024 to 2028, the firm says in a report. Demand for efficiency in lending operations is driving market growth, with a trend towards strategic partnerships and acquisitions between market participants.

Marketing 195

Marketing Lending Modernization Technology 195

Housing Wire

AUGUST 13, 2024

Talk of a potential recession and the impending business practice changes were the overarching themes of the opening session of Keller Williams’ 2024 Mega Agent Camp Tuesday morning. Despite these harsh realities, Gary Keller, the CEO and co-founder of the firm, still had a reassuring message to share with the over 4,700 agents who had gathered in Austin, Texas for the event.

Agents 345

Agents Marketing Real Estate Real Estate Agent 345

Appraisal Buzz

AUGUST 13, 2024

Motto Mortgage reports that it has opened a new franchise location in Marquette, Michigan. Motto Mortgage Express is now open and serving all markets throughout the Great Lakes State, the company says in a release. Motto Mortgage Express is a customer-first, full-service mortgage brokerage with a mission to support local real estate agent partners, provide homebuyers with a great customer service experience, and offer diversified loan products that meet the unique financial needs of those in th

Mortgage 195

Mortgage Real Estate Agent Brokerage Lending 195

Housing Wire

AUGUST 13, 2024

As an academic and consultant, Mike DelPrete wears many hats. He can now add “sting operative” to his resume. DelPrete managed a team of undercover “secret home shoppers” to test the responsiveness of brokerages to online inquiries on home listings. His team conducted 100 such tests and found significant lapses in how brokerages handled contact with potential buyers.

Agents 345

Agents Brokerage Open Houses Technology 345

Inman

AUGUST 13, 2024

Veteran Century 21 agent Yuk-Ying Mui, 56, vanished Aug. 9. Rescue teams have narrowed their search to a property outside Toronto she was due to visit on the morning of her disappearance.

Agents 187

Agents Brokerage 187

Eyes on Housing

AUGUST 13, 2024

Inputs to residential construction, goods less foods and energy, decreased 0.04% over July according to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics (BLS). The index for inputs to residential construction, goods less food and energy, represents building materials used in residential construction.

Construction 170

Construction 170

Inman

AUGUST 13, 2024

The "Prefab Hiking House" series of homes designed by OneSpaceHub includes a split-level 40-foot property featuring a sun deck for $48,000 and a single-story home with a terrace priced at $19,000.

Design 187

Design Marketing 187

Appraiserblogs

AUGUST 13, 2024

The comment period on the Consumer Financial Protection Bureau’s (CFPB) “Request for Information Regarding Fees Imposed in Residential Mortgage Transactions” concluded on August 2, 2024, with a total of 959 comments received. Upon reviewing some of these submissions, several noteworthy perspectives emerged regarding appraisal fees and the role of Appraisal Management Companies (AMCs).

Realtors 149

Realtors Appraisal Mortgage 149

Inman

AUGUST 13, 2024

As we face change as an industry, it’s crucial to be able to face that change with confidence in order to be able to thrive, broker Joseph Santini writes. Here’s how to build a tolerance for change.

Agents 186

Agents 186

BiggerPockets

AUGUST 13, 2024

Investors have their checkbooks ready, poised to go on a buying frenzy if interest rates continue to drop. Commercial real estate, in particular, has been decimated in recent years.

Real Estate 91

Real Estate Investing Investors 91

Inman

AUGUST 13, 2024

Bernice Ross talks with James Dwiggins about the new rules of the road when it comes to agent compensation and client negotiations.

Clients 179

Clients Agents Brokerage 179

Mortgagebroker News

AUGUST 13, 2024

Rates are falling – but is it enough?

Mortgage 90

Mortgage 90

Inman

AUGUST 13, 2024

Kiavi has packaged up more than $5.1 billion in "residential transition loans" for sale to investors. The latest deal — the first to be evaluated by a credit rating agency — was oversubscribed and bumped up to $400 million.

Investors 178

Investors Investing Lending Finance 178

Mortgagebroker News

AUGUST 13, 2024

Experts note market is facing ‘biggest test’ since 1991 recession

Investors 85

Investors Marketing 85