Housing Wire

JUNE 18, 2024

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.

Mortgage 482

Mortgage Inventory Real Estate Marketing 482

Appraisal Buzz

JUNE 18, 2024

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

Inventory 448

Inventory Construction Law Real Estate 448

Housing Wire

JUNE 18, 2024

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.

Mortgage 474

Mortgage Realty Law Lending 474

Appraisal Buzz

JUNE 18, 2024

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

Investing 434

Investing Appraisal Marketing 434

Housing Wire

JUNE 18, 2024

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.

Inspection 468

Inspection Real Estate Property Inspector Training 468

Appraisal Buzz

JUNE 18, 2024

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.

Marketing 394

Marketing Technology Investing Tools 394

Appraisal Buzz

JUNE 18, 2024

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.

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Government Development Law Design 332

Housing Wire

JUNE 18, 2024

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.

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Sellers Agents Real Estate Agent Real Estate 459

Real Estate News

JUNE 18, 2024

The company, which has been dubbed a “repeat offender” by regulators, faces another penalty for submitting inaccurate loan data.

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Mortgage 306

Housing Wire

JUNE 18, 2024

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.

Brokerage 459

Brokerage Real Estate Agents Clients 459

Real Estate News

JUNE 18, 2024

Realtor.com is highlighting the 111 things independent buyer representation does for Black, Hispanic, Asian American, LGBTQ+, veteran and first-time buyers.

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Buyers Agents 289

Housing Wire

JUNE 18, 2024

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.

Agents 448

Agents Real Estate Sellers Clients 448

Real Estate News

JUNE 18, 2024

Connecticut’s SmartMLS reluctantly decides to join the NAR settlement. Other MLSs and brokerages have until the end of the day to opt in.

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Brokerage 277

Housing Wire

JUNE 18, 2024

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.

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Inventory Contracts Housing Market New Listings 448

Inman

JUNE 18, 2024

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.

Law 203

Law Realtors 203

Housing Wire

JUNE 18, 2024

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.

Real Estate 448

Real Estate Brokerage Realtors Investors 448

Appraisal Buzz

JUNE 18, 2024

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.

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HOA Mortgage Legal Law 195

Housing Wire

JUNE 18, 2024

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.

Contracts 448

Contracts Property Taxes Government Law 448

Appraisal Buzz

JUNE 18, 2024

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

Technology 195

Technology Appraisal 195

Housing Wire

JUNE 18, 2024

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.

Real Estate 448

Real Estate Marketing Housing Market Mortgage 448

Appraisal Buzz

JUNE 18, 2024

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

Investing 195

Investing Appraisal 195

Housing Wire

JUNE 18, 2024

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

Mortgage 445

Mortgage 445

Appraisal Buzz

JUNE 18, 2024

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.

Loan Officers 195

Loan Officers Construction Lending Business 195

Housing Wire

JUNE 18, 2024

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.

Mortgage 444

Mortgage Technology Investors Modernization 444

Appraisal Buzz

JUNE 18, 2024

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.

New Listings 195

New Listings Sellers Buyers Mortgage 195

Housing Wire

JUNE 18, 2024

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.

Technology 443

Technology Retail Government Real Estate 443

George Dell

JUNE 18, 2024

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?

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Appraisal Process Real Estate Appraisal 195

Housing Wire

JUNE 18, 2024

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.

Mortgage 440

Mortgage Insurance Finance Development 440

Inman

JUNE 18, 2024

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.

Modernization 193

Modernization Lending Finance Technology 193

Housing Wire

JUNE 18, 2024

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.

Investing 439

Investing Real Estate Lending Investors 439

Inman

JUNE 18, 2024

While negotiating skills are top of mind for agents as commission confusion sets in, consultant Rachael Hite offers a step-by-step strategy that should ensure optimal service all summer long.

Clients 190

Clients Agents Buyers 190

Eyes on Housing

JUNE 18, 2024

The market value of household real estate assets rose from $44.90 trillion to $45.84 trillion in the first quarter of 2024 according to the most recent release of U.S. Federal Reserve Z.1 Financial Accounts. Over the year, household real estate assets were 7.75% higher. After falling in the fourth quarter of 2023, the market value.

Real Estate 173

Real Estate Market Value Marketing Mortgage 173

Inman

JUNE 18, 2024

Introduced in December, the "End Hedge Fund Control of American Homes Act" has stalled but seeks to deter large investors from gobbling up single-family homes. Critics say it's misguided.

Landlords 189

Landlords Investors 189

Eyes on Housing

JUNE 18, 2024

Over the first four months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 336,124. On a year-over-year (YoY) basis, this is an increase of 25.3% over the April 2023 level of 268,205. Year-to-date ending in April, single-family permits were up in all four regions. The range of permit increase spanned.

Construction 158

Construction Marketing 158