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Mortgage rates continued to inch toward the 7% mark following last week’s meeting of Federal Reserve policymakers and new inflation data that showed further cooling of consumer prices. On Tuesday, HousingWire ‘s Mortgage Rates Center showed that the average 30-year rate for conforming loans was 7.08%. That was down 11 basis points from the same time last week and exactly 50 basis points below this year’s peak rate that was recorded in early May.
Despite the construction boom that happened shortly after pandemic restrictions began being lifted—that has since slowed—the U.S. housing shortage grew to a 4.5-million-unit deficit, up from 4.3 million units in 2023, according to a new analysis from the real estate firm Zillow. The deepening housing deficit is the root cause of the housing affordability crisis According to Zillow, at its core, the housing market is driven by supply and demand; when the number of people who want a home increase
The Consumer Financial Protection Bureau (CFPB) has proposed that lender and servicer Freedom Mortgage Corp. pay $3.95 million for alleged violations of a 2019 consent order and the Home Mortgage Disclosure Act (HMDA) when it submitted incorrect mortgage data. The proposed order was filed on Tuesday in a U.S. district court in West Palm Beach, Florida, following setbacks in recent months for both parties in an ongoing lawsuit.
Rapid rent increases mixed with widespread financial hardship pushed the number of cost-burdened renters to a record high of 22.4 million households in 2022, according to a new analysis from Harvard’s Joint Center for Housing Studies. With housing costs outpacing income gains, low-income renters have been hit especially hard—median residual income remaining post-rent has sunk to $310 a month, far less than the minimum for an adequate standard of living, and turning food, healthcare, and childcar
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 Mortgage Bankers Association (MBA) on Tuesday announced its submission of a letter to the U.S. Department of Housing and Urban Development (HUD), which urges the department to avoid reprimanding mortgage servicers for compliance lapses with the new National Standards for the Physical Inspection of Real Estate (NSPIRE) system until it is “fully accessible and usable to each participant.
This piece originally appeared in the June 2024 edition of MortgagePoint magazine, online now. Few factors dictate the housing market more than mortgage rates. And when rates are high, many borrowers put their home financing decisions on hold, and most lenders and servicers struggle to find new business—usually after they lay off staff, which doesn’t make the challenge any easier.
This piece originally appeared in the June 2024 edition of MortgagePoint magazine, online now. Few factors dictate the housing market more than mortgage rates. And when rates are high, many borrowers put their home financing decisions on hold, and most lenders and servicers struggle to find new business—usually after they lay off staff, which doesn’t make the challenge any easier.
U.S. home prices are growing at their slowest pace in nearly a year and a half, according to Redfin ‘s home price index that was published on Tuesday. Home prices rose 0.26% month over month in May, down from a monthly increase of 0.44% in April. Last month’s reading marked the smallest monthly increase on a seasonally adjusted basis since January 2023.
Properties in cities’ vibrant mixed-use districts—walkable urban areas that include office space, living areas, restaurants, and shops—might be the key to revitalizing urban areas hit hard by the one-two punch of work from home and the pandemic, according to a new CBRE analysis. More good news: there is 43.5 million square feet of space in the United States that could be upgraded or converted for mixed-use purposes.
Redy , an online marketplace that rewards home sellers for selecting a real estate agent who best aligns with their sales goals, announced its launch in five markets on Tuesday. The Redy online platform is now available to home sellers in Atlanta , Dallas , Orlando , Phoenix and San Diego. Real estate agents Josh Altman and Matt Proman, who are also cast members of the Bravo TV show “Million Dollar Listing,” co-founded the firm.
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.
Daily, my inbox contains another article regurgitating the same tired rhetoric about the real estate lawsuits and the (proposed) settlements. Invariably, these same articles classify all real estate brokerages and models as identical. That’s just false. Despite the news report claims, there has never been a “standard” model nor a “standard” commission in this industry.
Realtor.com is highlighting the 111 things independent buyer representation does for Black, Hispanic, Asian American, LGBTQ+, veteran and first-time buyers.
Despite some initial confusion , RE/MAX came out as the No. 1 brand in the 2024 RealTrends Verified + Tom Ferry The Thousand. This marks the fifth year in a row — and the ninth time in 11 years — that RE/MAX has claimed the top spot. In late May, when RealTrends Verified released The Thousand rankings, it appeared that RE/MAX had lost its crown as the top brand to Keller Williams.
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.
I’ve been highly tuned in looking for signals that the housing market is slowing. By now everyone knows that unsold inventory of homes on the market is climbing. But is that unsold inventory surging? Is it getting to unsustainable levels? Are home prices dropping? As the economy stays surprisingly strong, mortgage rates have stayed higher for longer than anyone expected.
The U.S. Department of Justice on Monday argued NAR "does not identify any errors of law or fact meriting panel rehearing" over whether the antitrust enforcer can reopen its probe into NAR rules.
Freddie Mac ‘s chief financial officer, Christian Lown, will transition to the same position at CoStar Group on July 1, the company announced on Tuesday. Lown informed Freddie Mac of his resignation on June 5 after four years working for the enterprise. His exit will take effect on June 28. In the meantime, the enterprise has started the process to identify a successor.
Attorney S tephen M. H ladik , on behalf of the Legal League and American Legal and Financial Network (ALFN) , has filed a Brief of Amicus Curiae in the Superior Court of Pennsylvania Eastern District in the case of Reverse Mortgage Funding LLC v. Foxfield at Naaman’s Creek Homeowners Association, Mohamed Ahmadat and Raechelle Eventoff. The Background The case of Reverse Mortgage Funding LLC v.
The Consumer Financial Protection Bureau (CFPB) on Tuesday announced a series of enforcement actions against two companies for what the bureau called “illegal activities that harmed older homeowners and caused them to fear losing their homes.” The actions were taken against Pittsford, New York-based Sutherland Global and Landover, Maryland-based NOVAD Management Consulting , which together formed a Home Equity Conversion Mortgage (HECM) servicing operation on behalf of the U.S.
Brett Wilbur has been promoted to executive vice president, chief information officer, at The Carrington Companies. Wilbur has been with Carrington for 17 years. He joined as associate director for Carrington Capital Management (CCM) but since then his role has grown dramatically. In his new role, Wilbur assumes the diverse responsibilities of overseeing all aspects of the information technology organization and providing leadership as Carrington continues to optimize its existing infrastructure
U.S. single-family rental (SFR) homes posted rent price growth of 3% during the year ending in April 2024, according to CoreLogic data released Tuesday. That was down from an annualized gain of 3.4% in March. The California -based real estate analytics company reported that the annualized gain was in line with the pricing growth recorded by the SFR segment during much of the past year.
To help more greater Bay Area residents achieve the dream of homeownership, Patelco Credit Union is partnering with FHLBank San Francisco on a first-time homebuyer matching grant program. The $13 million Workforce Initiative Subsidy for Homeownership (WISH) program provides downpayment assistance for first-time homebuyers Through the annual grant program, Patelco Credit Union will reserve funds to assist eligible low- to moderate-income first-time homebuyers in the greater Bay Area with up to th
Members of Generation X are more concerned about their post-retirement ability to support the lifestyles they’ve grown accustomed to when compared with other generations — including baby boomers and millennials — according to the results of a recent survey conducted by Allianz Life. In the company’s 2024 Annual Retirement Study, respondents indicated that 62% of Gen Xers “feel confident about being able to financially support all the things they want to do in life,” compared with 82% of baby boo
Greg Dalgarno has been promoted to director of builder services at Embrace Home Loans. Dalgarno, who was previously sales manager. has more than 20 years of mortgage industry experience. Prior to joining Embrace, he was a top-producing originator and sales manager at Guaranteed Rate and Wells Fargo, where he worked closely with homebuilders and helped both companies increase their overall sales.
Having built and led mortgage operations for nearly three decades, planning for the future stands out amongst the most challenging components a leader faces. Accurately predicting housing trends, mortgage rates , technology , elections, the impact of the broader economy , or how consumers will behave tests the best of us at some point in our career.
U.S. home prices increased 0.3% month-over-month in May – the smallest increase on a seasonally adjusted basis since January 2023, according to Redfin. Year-over-year, prices increased 7.2%, but annual growth showed signs of plateauing, the firm says. While home prices remain at record highs, rate of appreciation has slowed, Redfin says. That’s because even though there is a severe housing shortage, it’s not quite as severe as it was last year.
The Carrington Companies has promoted Brett Wilbur to the position of chief information officer. He will succeed Brent Rasmussen, who will retire in early July. It’s the second leadership change for the company this year. Wilbur will report directly to Andrew Taffet, the company’s chief investment officer, who was also tapped as CEO in March.
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The Federal Housing Administration (FHA) this week announced a proposed Mortgagee Letter (ML) that would add fraud and misrepresentation to its defect taxonomy list for Title II FHA-sponsored mortgage financing. The defect taxonomy includes a list of attributes that FHA can use to identify potential defects at the loan level based on policy requirements from the U.S.
The seminal appraisal model was espoused by George Schmutz in the 1940’s. His “appraisal process” followed the works of others starting in 1927 with Arthur Mertzke who translated economic principles to the unique economic features of real estate. Those works presented “systematic procedures” for applying the three traditional approaches to value. Editor’s Note: Find Part […] The post Model or Algorithm?
Real estate investment trust Redwood Trust is expected to close on Monday on the offering of $85 million in debt, following on the heels of other companies in this space. Analysts say the resources could be used to buy back other outstanding notes or improve the company’s cash position in the near term. Redwood’s unsecured debt consists of senior notes due in 2029 that pay 9% annually.
CEO Dawar Alimi writes that choosing a modern and advanced pricing engine can unlock new opportunities for growth, profitability and success in an increasingly competitive landscape.
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