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Today’s jobs report beat estimates , but the internals show the labor market is softening, as the Federal Reserve wants. The data shows that wage growth is cooling down and the job opening quits rate is below pre-COVID-19 levels. This bodes well for those hoping to see a soft landing, and for those hoping for lower mortgage rates. The 10-year yield has had a wild ride today, but now is an excellent time to look at my macro take on the labor market and explain what the Fed is looking for wi
Ruling could lead to further changes in industry practices by allowing the Department of Justice to revisit an antitrust case originally settled in 2020.
Ginnie Mae this week issued a public notice to its issuer partners warning of an observation of higher prepayments in some of its mortgage-backed securities (MBS) programs, reminding issuers that a violation of its requirements could result in punitive action. In a prior All Participants Memorandum (APM) issued in December 2017 , Ginnie Mae described how it monitors prepayments in its MBS programs.
The brokerage giant announced that its chief strategy officer will assume the CEO role, taking over from founder and eXp World Holdings CEO Glenn Sanford.
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 number of first-time homebuyers made up 32% of all buyers in 2023, according to a report released by the National Association of Realtors. Millennials comprised 75% of this demographic, with older millennials and Generation X (ages 44 to 58) accounting for 44% and 24% of first-time buyers. Against that backdrop, Zillow identified prime markets for first-time homebuyers , and half of them were nestled in the Midwest.
As of March 29, the San Francisco-Oakland-Fremont metropolitan area was the fourth-hottest housing market in the country. The Bay Area metro had a 90-day average Market Action Index score of 61.19, according to data from Altos Research. In comparison, Seattle-Tacoma-Bellevue , the top-ranked metro area, had a score of 64.53. Altos considers anything above a Market Action Index of 30 to be a seller’s market.
In another loss for the National Association of Realtors, the court ruled the U.S. Department of Justice can reopen its investigation into rules around commission sharing.
The National Reverse Mortgage Lenders Association (NRMLA) announced this week that Peter Sciandra, EVP of reverse lending and secondary marketing at Fairway Independent Mortgage Corporation , has joined its board of directors for the remainder of the 2023-2024 term. Reverse mortgage division leaders at Fairway announced in February that in addition to a reshuffling of the division’s leadership team, the company had elected to rejoin NRMLA after splitting from the association in late 2021.
The rate of defects in mortgages post-closing fell to 1.67% in the third quarter of 2023, according to ACES’ Q3 2023 Mortgage QC Trends Report. That’s a decrease of 2.91% compared with the second quarter of 2023. It was the fourth consecutive quarter that the rate of defects decreased – the result of low mortgage origination volume. Defects in the Credit and Income/Employment categories decreased significantly, while defects in the Liabilities category increased.
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.
In a filing earlier this week, HomeServices of America asked Judge Stephen Bough, who is overseeing the Sitzer/Burnett commission lawsuit , to deny the plaintiffs motion for entry of judgement. In their mid-March filing, the Sitzer/Burnett plaintiffs asked the court to order HomeServices of America, the sole remaining defendant in the suit, to pay $4.7 billion in damages.
Roughly 303,000 jobs were added to the U.S. economy in March – above expectations and far higher than the average monthly gain of 231,000 over the prior 12 months – while the unemployment rate remained flat at 3.8%, according to the U.S. Bureau of Labor Statistics. The highest job gains occurred in health care, government, and construction. About 6.4 million people were unemployed as of the end of the month – basically flat compared with February.
Reverse mortgage professionals in Massachusetts will be reliant on their borrowers’ ability to complete their required counseling sessions under the state’s face-to-face mandate following the expiration of a provision temporarily relaxing the standard that expired on April 1. This is according to prior legislative documents reviewed by RMD and an announcement this week by the National Reverse Mortgage Lenders Association (NRMLA).
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.
To paraphrase Mark Twain, history may not repeat itself, but it does rhyme. The U.S. mortgage industry recently had to remind itself of this fact when a CNN analysis found that the nation’s largest credit union, Navy Federal, has the widest disparity in mortgage approval rates between white and black borrowers of any major lender. The report, released back in December, noted that Navy Federal Credit Union approved more than 75% of white borrowers who applied for a new conventional home pur
That includes benefits for first-time homebuyers, who might be better served by inexperienced agents. However, some benefits require changes from mortgage lenders, consumer watchdog says.
The U.S. economy added another 303,000 jobs in March, exceeding economists’ expectations, and well above the average monthly gain of 231,000 jobs over the prior 12 months. Jobs increased in March, up from a revised rate of 270,000 in February , according to data released by the Bureau of Labor Statistics on Friday. The national unemployment rate changed little at 3.8%, down from 3.9% in February, and still below the full employment rate of 4%.
Job growth accelerated in March, following a strong gain in February. Furthermore, the unemployment rate fell to 3.8%. March’s jobs report shows that the labor market remains resilient despite elevated interest rates. The strong job numbers likely reduce prospects for a Federal Reserve rate cut in the near-term (NAHB has just two rate cuts in.
Hunterbrook Media founder dismisses Ishbia's take as "baseless conspiracy theory", while Rocket says it and founder Dan Gilbert have no financial interests or relationship to Hunterbrook.
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Property management software company Colleen has added voice-based interaction to its artificial intelligence rent collection solution, five months after its initial launch.
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