Housing Wire

FEBRUARY 17, 2022

Potential homebuyers seeking Freddie Mac -backed mortgages will no longer have to hunt for paper pay stubs to verify their income. Freddie Mac announced on Wednesday that it will roll out an automated process that allows mortgage lenders to assess a prospective homebuyer’s direct deposit income. Freddie Mac claims this would reduce the paper documentation burden on borrowers, speed loan closing and simplify the lending process.

Lending 541

Lending Mortgage Clients Business 541

Appraisal Buzz

FEBRUARY 18, 2022

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for January 2022 shows mortgage applications for new home purchases decreased 12.5% compared from a year ago. Compared to December 2021, applications increased by 10%. This change does not include any adjustment for typical seasonal patterns. “Purchase applications for new homes fell on an annual basis in January, but the 10 percent monthly gain is a positive sign to start the year.

Mortgage 370

Mortgage Appraisal 370

Sacramento Appraisal Blog

FEBRUARY 15, 2022

There are lots of big questions in life. Are you playing Wordle? Did you like the Super Bowl halftime show? And what are rising mortgage rates going to do to the housing market? Let’s talk about this. Okay, really quick. Yes, I play Wordle almost every day. And yes, I liked the halftime show. What […].

Mortgage 356

Mortgage Housing Market Marketing Appraisal 356

Eyes on Housing

FEBRUARY 15, 2022

The prices of goods used in residential construction ex-energy climbed 3.6% in January (not seasonally adjusted), according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. The index was led higher by a 25.4% jump in softwood lumber prices and 9.0% price increases for indoor and outdoor paint. Building materials prices increased 20.3%, year-over-year, and have.

Construction 202

Construction 202

Housing Wire

FEBRUARY 18, 2022

The National Association of Realtors reported that existing home sales for January came in as a big beat at 6.5 million. This is well above my peak sales ranges for 2022, as the sales trend forecast was between 5.74 million and 6.16 million. So, we have started the year off on a stronger-than-expected note. I believe there might have been some spillover demand from December into January as the December number came in lighter than expected.

Inventory 501

Inventory Housing Market Buyers Investors 501

Appraisal Buzz

FEBRUARY 18, 2022

For the fifth straight month, the South witnessed the highest pace of appreciation, as existing-home sales jumped 9.3% in the region in January. The post Southern Migration Boosting Sales Prices appeared first on DSNews. The post Southern Migration Boosting Sales Prices appeared first on Appraisal Buzz.

Appraisal 367

Appraisal 367

Eyes on Housing

FEBRUARY 16, 2022

Despite strong buyer demand, builder sentiment continued to slip in February as the industry grapples with ongoing building material production bottlenecks that are raising construction costs and delaying projects. Builder confidence in the market for newly built single-family homes moved one point lower to 82 in February, marking the second straight month that confidence levels have declined by a single.

Construction 195

Construction Buyers Marketing 195

Housing Wire

FEBRUARY 17, 2022

The average 30-year-fixed rate mortgage climbed to 3.92% for the week ending Feb. 17, up 23 basis points from the previous week. It’s the highest level since May 2019, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.81%. The PMMS report is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.

Mortgage 448

Mortgage 448

Appraisal Buzz

FEBRUARY 18, 2022

Households are resorting to non-traditional sources of income to meet financial obligations during the pandemic in a time when many fell behind on their payments. The post Renters Struggling to Stay Afloat appeared first on DSNews. The post Renters Struggling to Stay Afloat appeared first on Appraisal Buzz.

Appraisal 284

Appraisal 284

The Appraiser Coach

FEBRUARY 15, 2022

Every Sunday evening at 8 pm I get a notification on my phone that says “Don’t forget your big 3!” What are the big 3? The big 3 are weekly. Read More.

Advertising 195

Advertising Inspection Business Real Estate Agent 195

Eyes on Housing

FEBRUARY 18, 2022

According to NAHB analysis of the most recent Census data of Starts and Completions by Purpose and Design, townhouse construction jumped 28.1% in 2021. As housing demand has shifted to more suburban and exurban areas and housing affordability headwinds persist, medium-density construction lagged for much of 2020. However, demand for medium density neighborhoods returned as the economy more fully reopened during.

Construction 193

Construction Design 193

Housing Wire

FEBRUARY 18, 2022

Homebuyers flocked to what little inventory existed in January, with existing-home sales rising 6.7% from the prior month to a seasonally adjusted annual rate of 6.5 million. January sales fell 2.3% from a year earlier, though the median existing-home price rose 15.4% annually to $350,000, according to the Friday report from the National Association of Realtors.

Supply Chain 435

Supply Chain Inventory Buyers Contracts 435

Appraisal Buzz

FEBRUARY 18, 2022

Homes sold faster than ever during the four weeks ending February 13, as a record 57% of homes that went under contract did so within two weeks of being listed, according to a new report from Redfin. People buying homes now are paying more than ever before, too – a median $1,997 per month – as asking prices soared 16% year over year to a new high, and mortgage rates shot up to their.

Contracts 284

Contracts Housing Market Marketing Appraisal 284

Appraiserblogs

FEBRUARY 18, 2022

I can and will decline to do any of these Catch-22 Fraud facilitating misleading products promoted by a GSE… There are many legitimate times and reasons a desktop appraisal may be performed. In every single one of them, it is assignment specific based on the assignment specific needs of the client with a mutually agreed upon scope of work between the client and the appraiser.

Clients 147

Clients Appraisal 147

Eyes on Housing

FEBRUARY 14, 2022

NAHB recently released its 2022 priced out estimates, showing how higher prices and interest rates affect housing affordability. The new estimates show that 87.5 million households (roughly 69 percent of all U.S. households) are not able to afford a new median priced new home in 2022, meaning their incomes are insufficient to qualify for a mortgage under standard underwriting criteria. .

Mortgage 193

Mortgage 193

Housing Wire

FEBRUARY 18, 2022

Mortgage applications for new homes stalled in January, dipping by 12.5% year-over-year, according to a Mortgage Bankers Association ’s survey published this week. The trade group noted that the survey results showed the slowest annual pace since July 2021. However, from December 2021 to January, purchase applications grew, with a 10% month-over-month gain recorded by MBA’s survey.

Supply Chain 435

Supply Chain Development Mortgage Marketing 435

Appraisal Buzz

FEBRUARY 18, 2022

FormFree ’s AccountChek digital asset verification service is supporting a Freddie Mac solution that allows mortgage lenders to assess a prospective homebuyer’s income using direct deposit data. Available to mortgage lenders nationwide, Freddie Mac’s Loan Product Advisor (LPASM) asset and income modeler (AIM) solution fulfills mortgage verification of assets (VOA) and verification of income (VOI) requirements.

Appraisal 195

Appraisal Mortgage 195

GoForrmz

FEBRUARY 17, 2022

Revamp your business processes with workflow automation Equipping your team with process automation will improve your productivity and efficiency across your business organization. Manual tasks like scanning and uploading paper documents can be mundane and time-consuming for your staff. One of the most powerful aspects of GoFormz mobile forms is the ability to automate processes like dispatching pre-filled forms to field workers, emailing supervisors completed mobile forms, automatically running

Project Management 146

Project Management Business Tools 146

Eyes on Housing

FEBRUARY 15, 2022

For 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 1,111,414. On a year-over-year (YoY) basis, this is a 13.7% increase over the December 2020 level of 977,863. Year-to-date ending in December, single-family permits increased in all four regions. The Northeast region reported the strongest increase of 15.9%, followed by the South (+15.2%), the Midwest (+11.2%), and.

Construction 187

Construction Marketing 187

Housing Wire

FEBRUARY 17, 2022

On Thursday, the U.S. Census Bureau reported that housing permits came in at an excellent print at 1,899,000 , surprising me. Then I took a look at housing completions at 1,246,000, and it reminded me of the sad state of the housing market. We have the demand — we just don’t have the supply. Global pandemics have always created short-term shortages due to a lack of production capacity.

Construction 435

Construction Housing Market Inventory Marketing 435

Appraisal Buzz

FEBRUARY 18, 2022

Existing-home sales rose in January, making a notable move upward following a previous month where sales declined, according to the National Association of Realtors. On a month-over-month basis, each of the four major U.S. regions experienced an increase in sales in January. However, year-over-year, activity was mixed as two regions reported sagging sales, another watched sales increase and a fourth region remained flat.

Realtors 195

Realtors Appraisal 195

Appraiserblogs

FEBRUARY 17, 2022

Why is the ASB proposing to remove the definition of Personal Inspection? Several days ago, an appraiser posted the following comment which we have decided to publish as a free-standing post because we believe it deserves attention: Amazingly, while these are horrible – everyone seems to miss the real issue that will hit us all in 2023. As of 2023, if the ASB gets its way in a few weeks, the word “inspection” or “personal inspection” will no longer be defined in USPAP.

Inspection 141

Inspection Appraisal Clients 141

Eyes on Housing

FEBRUARY 17, 2022

The number of single-family built-for-rent (SFBFR) construction starts increased almost 16% in 2021, after a record-breaking third quarter for production. The SFBFR market is a way to add inventory amid concerns over housing affordability and downpayment requirements in the for-sale market, particularly during a period when a growing number of people want more space and a single-family structure.

Construction 174

Construction Inventory Marketing 174

Housing Wire

FEBRUARY 18, 2022

You can’t please all the people all of the time, but Redfin is a unique real estate brokerage , an instant homebuyer, a popular listings website, a platform for renters, a mortgage company, a title company, a concierge service, and a research service on the U.S. housing market. What does that all add up to? A company that posted a $110 million dollar loss in 2021, a sextuple leap from the $19 million lost in 2020.

Brokerage 418

Brokerage Real Estate Investors Technology 418

Appraisal Buzz

FEBRUARY 17, 2022

Housing starts in January were at a seasonally adjusted annual rate of 1.638 million, a decrease of 4.1% compared with December but up 0.8% compared with January 2021, according to the U.S. Census Bureau and U.S. Department of Housing and Urban Development. Starts of single-family homes were at a rate of 1.116 million, a decrease of 5.6% compared with December.

Supply Chain 195

Supply Chain Development Appraisal 195

GoForrmz

FEBRUARY 16, 2022

See why GoFormz is the right mobile forms solution for your data capture needs While there are various reasons GoFormz is the right digital data capture platform for your operation, here are five reasons you should harness the power of GoFormz for your data capture and documentation needs Maintain document formatting GoFormz holds multiple patents on its digitization technology, including a method that preserves the look and feel of your original paper forms.

Training 141

Training Design Technology Business 141

Eyes on Housing

FEBRUARY 18, 2022

Despite record-low inventory and higher prices, existing home sales jumped in January as buyers expected further rate increases and locked in current low rates, according to the National Association of Realtors (NAR). However, investors with all-cash offers were squeezing out first-time and young homebuyers. More supply especially at lower-end market is needed in order to improve housing affordability.

Inventory 167

Inventory Realtors Investors Buyers 167

Housing Wire

FEBRUARY 18, 2022

Realogy CEO Ryan Schneider. The record climb in home sales and staggering increase in home price has not necessarily translated into success for the biggest U.S. residential real estate companies. Zillow , Compass , and Redfin each posted nine-figure losses in 2021. However, at least one significant player did capitalize on housing’s banner year. Brokerage and franchise conglomerate Realogy reported its yearly financials Thursday, and the Madison, New Jersey-headquartered company tallied $343 mi

Brokerage 418

Brokerage Real Estate Agent Real Estate Agents 418

Appraisal Buzz

FEBRUARY 17, 2022

Kim Weaver has joined Paradatec Inc. , a provider of AI-based document classification and data extraction technology for mortgage loan processing, as director, product strategy. Weaver has more than 25 years of experience in the financial services industry, with a focus on mortgage and consumer lending. She spent 15 years at Fiserv where she held senior roles in product management, product strategy and client delivery.

Technology 195

Technology Lending Clients Appraisal 195

GoForrmz

FEBRUARY 15, 2022

Improve your organization’s communication barriers with these collaboration tools Collaboration between departments can be a challenge if your organization is not equipped with the necessary tools to be successful. Workflow automation tools such as digital form software and project management tools empower your team to work together. When it comes to team communication, your organization needs digital form software with collaboration features that are easy to use and adaptable.

Business 137

Business Project Management Tools 137

Eyes on Housing

FEBRUARY 17, 2022

In the fourth quarter of 2021, effective interest rates decreased on all four categories of loans tracked in NAHB’s Survey on Acquisition, Development & Construction (AD&C) financing. The average effective rate (based on rate of return to the lender over the assumed life of the loan taking both the contract interest rate and initial fee into account) decreased from 6.50.

Development 167

Development Construction Contracts Finance 167

Housing Wire

FEBRUARY 18, 2022

Fannie Mae recently announced that it will begin to “include a desktop appraisal option in Desktop Underwriter beginning March 19, 2022. According to Fannie Mae, “Desktop appraisals are disclosed as “Appraisal” as the property value is obtained through an appraisal that was completed by a licensed or certified appraiser. Further, Fannie notes, “Leveraging the wealth of big data, the power of advanced analytics, and the speed of technology, appraisers can perform des

Appraisal Process 397

Appraisal Process Appraisal Valuation Renovations 397

Appraisal Buzz

FEBRUARY 17, 2022

Lisa Geloso has been promoted to head of product development and customer success CondoTek , a provider of technology and services for condominium and co-op lenders. . Geloso previously served as the company’s director of business development and product operations. Geloso has over 30 years of mortgage industry experience and has held executive positions at Bank of America, Wells Fargo, TD Bank, and some of the leading large mortgage lenders including Freedom Mortgage and Arc Home.

Development 195

Development Technology Business Appraisal 195

Appraiserblogs

FEBRUARY 14, 2022

Hybrid Appraisals were tested and failed. So what does Fannie Mae do? Let’s call them Desktops with third party inspectors. Fannie Mae has announced they will soon start accepting Desktop Appraisals. The appraiser does not inspect the property; however an interior floor plan including walls is required. This in itself is over and above what most appraisers typically provide.

Inspection 132

Inspection Appraisal 132