Housing Wire
JULY 28, 2022
The U.S. House of Representatives passed a bill late Wednesday creating federal minimum standards, which would allow notaries nationwide to perform remote online notarizations. The legislation passed the House with a vote of 336-90. A key to advancing the universal adoption of fully electronic mortgages is the creation of remote online notarization (RON) standards across all 50 states.
Sacramento Appraisal Blog
JULY 25, 2022
Finally. We’ve seen a massive change with housing inventory. But is it because sellers are rushing to list their homes? Nope. That’s not the culprit. Let’s talk about supply and some things on my mind about today’s market. UPCOMING (PUBLIC) SPEAKING GIGS: 7/26/22 Navigating the Shift (sign up here (for real estate community)) 8/11/22 Realtist […].
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The Appraiser Coach
JULY 26, 2022
I’ve been asked how much should be filled out on site during a mobile appraisal. I know there’s a lot of ways out there to do this; there are almost. Read More.
Appraisal Buzz
JULY 26, 2022
Emporium TPO , a non-QM wholesale lender headed by mortgage banking veterans Steve Nadon and Daniel Goodwin, is now using OptifiNow as its CRM and marketing automation and CRM platform. Emporium TPO chose OptifiNow because of its extensive experience with wholesale mortgage lending and the level of support they provide their clients. The lender has goals to grow quickly by hiring the right people and using technology that is functional but cost-effective.
Housing Wire
JULY 26, 2022
Tuesday’s report on new home sales came in as a miss of estimates and prior revisions were all negative. This data line confirms what we all know to be the case: The housing market, at least as it relates to construction, is in a recession. What I have always tried to do with my economic work is to connect the dots or show a pathway to why something could happen.
Cleveland Appraisal Blog
JULY 28, 2022
In recent years, with the advent of remote work, many are moving to different states. This week, I welcome back guest writer June Duncan who shares some tips for those planning on moving out of state. Enjoy! If you’re moving out of state, you can be sure that it will probably be a big adjustment to have to get used to. Moreover, it’ll probably be a big change to wrap your head around because you’ll probably be moving somewhere very different from where you are right now in terms of l
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Appraisal Buzz
JULY 27, 2022
The U.S. House of Representatives today passed the Secure Notarization Act (H.R.3962) , which would authorize the use of remote online notarization (RON) and create national standards and protections for its use. Industry groups including the Mortgage Bankers Association (MBA) had pressed for national baseline standards for RON, as previously a patchwork of state laws on its use created challenges for lenders, thus slowing adoption.
Housing Wire
JULY 29, 2022
Fast-rising home prices and interest rates coupled with a slipping economy helped to cool the nation’s housing market in June leading to a nearly 2% increase in the number of homes on the market. That marks the first month since July 2019 (pre-pandemic) that housing inventory increased year over year. The home-inventory bump dovetails with other data indicating the nation’s housing market lost some steam this past month, according to a June housing-market report from Seattle-based Redfin.
Eyes on Housing
JULY 25, 2022
The share of adults planning a home purchase within a year stood at 13% in the second quarter of 2022, unchanged from the previous quarter, but lower than a year earlier (17%). The leveled reading suggests that, after shrinking for the past three quarters, the pool of potential home buyers may have stabilized. Part of the reason housing demand has.
Appraiserblogs
JULY 25, 2022
Can someone explain how we should voluntarily follow ANSI standard on desktop appraisals? Appraisers, Fannie Mae has released a new FAQ document to help you understand how to implement and adhere to their ANSI measuring and reporting requirement. See the PDF document below or here. Normally these documents are informative and provide good information.
Appraisal Buzz
JULY 25, 2022
Freddie Mac’s ACE+ PDR has taken effect – how are appraisers going to be impacted? Join us for our upcoming free webinar on July 28 th at 2 pm ET, “ ACE + PDR: What does this mean to you, and what’s the future for appraisal data collection? ” and learn all about this new GSE change with our hosts Joshua Walitt, industry analyst and consultant, and Eric Tsai, co-founder of Asteroom.
Housing Wire
JULY 27, 2022
The Federal Reserve hiked rates 0.75% on Wednesday, which was mostly expected by market participants before the announcement. The question is, will the Fed keep aggressively hiking rates if the economic data worsens? I say this because I’ve raised all but one of my six recession red flags. I need to wait for one more report to officially raise the last flag, but it is certain to happen in August.
Eyes on Housing
JULY 27, 2022
NAHB analysis of the most recent Quarterly Sales by Price and Financing published by the U.S. Census Bureau reveals that the four-quarter moving average (MA) share of new home sales financed through FHA was 11.0% in Q2 2022–its smallest share since early 2008. Conventional loans financed 74.8% of new home sales in the second quarter of 2022—a 1.8 percentage point quarter-over-quarter decline.
Appraiserblogs
JULY 27, 2022
From the organization that brought you the bat-s**t crazy letter and the chickenshit letter, they are charging for classes that are misleading. ASC just sent a letter to state appraiser regulatory officials pointing out that the USPAP update course is factually inaccurate and puts appraisers in legal jeopardy if they follow it. Letter From Jim Park, Director ASC to State Appraiser Regulatory Officials: 2022-2023 7-Hour National USPAP Update Course The letter references findings and recommendatio
Appraisal Buzz
JULY 27, 2022
New home sales plunged in June as higher mortgage rates and lack of affordability dampened buyer demand. In addition, production slowed on lower builder confidence. New home sales were at a seasonally adjusted annual rate of 590,000, a decrease of 8.1% compared with May and down 17.4% compared with June 2021, according to estimates from the U.S. Census Bureau and the U.S.
Housing Wire
JULY 29, 2022
A few months ago, the United States housing market failed Econ 101. Table 1, below, reports the 10 hottest U.S. metropolitan areas in February 2022, based on year-over-year growth in median listing price according to the residential real estate listing website, Realtor.com. The table also reports the year-over-year percent change in new listings for each market.
Eyes on Housing
JULY 29, 2022
After falling steadily for five quarters, the popularity of new homes rebounded in the second quarter of 2022, as 21% of prospective buyers reported looking for a newly-built home – up from 19% a quarter earlier. A possible reason for this pivot is the recent growth in the inventory of new homes for-sale, while the supply of existing homes on.
Birmingham Appraisal
JULY 27, 2022
Do Buyers Have a Leg Up In Today’s Market? The smell of a market shift is in the air but what does this mean for the average buyer? Over the past two years, buyers have been put through the wringer. The steep rise in home prices, and the market’s competitive nature, have tested the resolve of buyers. If they didn’t lose out on a contract for the home of their dreams they had to bid the price up way over the list price to even get the attention of sellers who have had an edge in
Appraisal Buzz
JULY 25, 2022
Guild Mortgage has launched a new loan program that evaluates borrower eligibility using residual income analysis and rent payment history. Guild’s Complete Rate program, powered by FormFree , offers an alternative method to measure credit risk for borrowers, the company says in a release. Those with no credit score or credit history can opt-in to the program for a free assessment.
Housing Wire
JULY 29, 2022
Over the past few years, lenders have put a microscope to their processes to see where they can improve the borrower journey. But there may be one area they’re still overlooking. HousingWire sat down with Kara Shipulski, vice president of strategic partnerships at Liberty Mutual, and Sean Larney, ??vertical manager of strategic partnerships at Liberty Mutual, to discuss how partnering with a nationally recognized insurance company improve borrower engagement for lenders.
Eyes on Housing
JULY 29, 2022
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.6% in June, making its ninth monthly increase in the past 12 months. Gains in personal income are largely driven by increases in compensation of employees and proprietors’ income. Real disposable income, income remaining after adjusted for taxes and inflation, decreased 0.3% in.
Houston Properties
JULY 29, 2022
The best zip codes to live in Houston TX, according to this expert guide.
Appraisal Buzz
JULY 29, 2022
Although the rate of growth is slowing, U.S. home prices continued to rise in May, increasing 1.0% on an adjusted basis compared with April and up 19.7% compare with May 2021, according to the S&P Corelogic Case-Shiller home price index. The index’s 10-city composite – measuring home price growth in the ten largest U.S. cities – posted an increase of 1.3% in May compared with April, while the 20-city composite posted an increase of.
Housing Wire
JULY 28, 2022
Freddie Mac ’s net income for the second quarter slipped to $2.5 billion, a 33% year-over-year decline, as it grapples with the mortgage sector’s vulnerability to fluctuations in interest rates. Freddie Mac’s net income for the year so far has decreased to $6.3 billion compared to $6.4 billion in 2021. But while Freddie Mac’s net income was down from the $3.8 billion it made in the first quarter, the company has still brought in more revenue year-to-date compared to last year.
Eyes on Housing
JULY 26, 2022
New single-family home sales declined in June due to rising mortgage rates and worsening affordability conditions. Per Freddie Mac, the 30-year fixed rate mortgage was 5.10% at the end of May and climbed to 5.70% by the end of June. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau estimated sales of newly built, single-family homes.
Houston Properties
JULY 29, 2022
We analyzed 512,056 Houston home sales. Save money, headache, & time by following these Houston homebuying tips.
Appraisal Buzz
JULY 29, 2022
Three mortgage companies are signing on as white label partners for home equity line of credit (HELOC) offerings with Figure , a provider of home equity financing technology. Guaranteed Rate, Homebridge and Synergy One have partnered with Figure to leverage Figure’s HELOC technology to create a branded product for their customers in 41 states and Washington, D.C.
Housing Wire
JULY 27, 2022
The Department of Justice and the Consumer Financial Protection Bureau are taking the fight to non-bank mortgage lenders for redlining. The two agencies revealed their new strategy to rein in mortgage discrimination on Wednesday, with a $24.4 million consent order, stemming from a referral the CFPB made in November 2020. It’s the DOJ’s second- largest mortgage redlining settlement ever, and its first against a non-bank mortgage lender.
Eyes on Housing
JULY 28, 2022
The U.S. economy definitively slowed in the first half of 2022 as the Federal Reserve tightened financial conditions. Real GDP fell for the second straight quarter, while the Fed raised interest rates by 75 basis points for the second consecutive month to reduce inflation pressure. Despite these negative elements, the job market remained solid amid inflation concerns and growing recession.
McKissock
JULY 28, 2022
There has been a lot of talk about the Uniform Appraisal Dataset (UAD) and Uniform Residential Appraisal Report (URAR) redesign initiative, and how it will make life easier for appraisers. What exactly does this mean? The mortgage appraisal forms we use today were designed in 2005 using technology and mortgage processes in place at the time. Consider all the technological advances since 2005: Apple released the iPhone, the first touchscreen smartphone.
Appraisal Buzz
JULY 28, 2022
According to the redesigned J.D. Power 2022 U.S. Mortgage Servicer Satisfaction Study released today, customer satisfaction suffers when there is a lack of trust in the servicer. As a recession seems increasingly likely and mortgage loan delinquencies are on the rise, customers want to be assured their mortgage servicers are on their side. “Mortgage servicing … The post J.D.
Housing Wire
JULY 27, 2022
“Turn to automation when profit margins are tight.” It’s a message the industry is hearing loud and clear as rates stay high and lenders can no longer depend on a steady flow of refis. In light of this, HousingWire CEO Clayton Collins recently sat down with Paul Doman, CEO at Accurate Group, to discuss mortgage lender profitability, as well as the modernization of title and appraisal processes and where there is opportunity for automation. .
Eyes on Housing
JULY 25, 2022
Nonfarm payroll employment increased in 38 states in June compared to the previous month while 11 states and the District of Columbia lost jobs. Rhode Island reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 372,000 in June, following a gain of 384,000 jobs in May. On a month-over-month basis, employment data.
McKissock
JULY 26, 2022
Purchasing property, especially a home, can be a very emotional experience. As a buyer agent , it is your job to be the voice of reason, the buffer, and sometimes the peacemaker. While many transactions are completed with a minimum of negotiations , others are fraught with haggling over price, repairs, timelines, etc. You have the power to set expectations and to take all the back and forth negotiation in stride.
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