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Even prior to the pandemic , housing inventory had hit record lows, and the problem has only gotten worse as demand continues to rise. Total home sales are outpacing new listings by a wide margin every month, and real estate tech company Homesnap foresees the shortage continuing in 2021 unless more sellers enter the market. The divide between supply and demand is striking: compared to last year, total new listings increased.22%, while total sales increased 19.29%.
Developing an appraisal specialty is a great way to grow your business and stay competitive in the industry. Last month we asked our appraisal community, “What new appraisal specialty or niche would you like to break into?” Below, we share the results regarding which specialty areas appraisers are most interested in pursuing. The top three answers were review appraisal, commercial appraisal, and green home appraisal.
The retail banking system operates on a fundamental promise between the bank and the customer. The customer opens an account and deposits money in it with the expectation that the bank will continue to stay in business and that the funds will be available for withdrawal when needed. But, history tells us that this isn’t always the case. Throughout history, there is a long list of notable bank failures, the largest of which occurred in 2008 when Washington Mutual collapsed with $307 billion in a
Demand for housing was strong in early 2020, before the COVID-19 crisis hit. Mandated shut-down measures and the fear of what COVID would do to our economy temporarily immobilized the housing market, evinced by nine weeks of declines in the weekly purchase applications data on a year-over-year basis. Then it was as if the Housing Demographic God exerted her chronokinetic powers to snap demand back to pre-COVID levels of growth.
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.
There is no place like home. The nature of the crisis this year and headed into 2021 because of the ongoing COVID-19 pandemic has emphasized that fact. Even though we love our family members, we all need our space. Housing demand continues to remain quite strong for those fortunate enough to work in industries that are currently shielded from job loss, while also being more amenable to remote work.
The U.S. forbearance rate measuring the share of mortgages with suspended payments increased for the second consecutive week in nearly five months from 5.48% to 5.54%, according to the Mortgage Bankers Association. The MBA now estimates the number of homeowners in some form of mortgage forbearance increased from 2.7 million to 2.8 million this past week.
The U.S. forbearance rate measuring the share of mortgages with suspended payments increased for the second consecutive week in nearly five months from 5.48% to 5.54%, according to the Mortgage Bankers Association. The MBA now estimates the number of homeowners in some form of mortgage forbearance increased from 2.7 million to 2.8 million this past week.
U.S pending home sales fell 1.1% in October – the second consecutive month the index has fallen as affordability strains the market, a recent report from the National Association of Realtors said. However, borrowers are still maintaining a strong pace, as contract signings are up 20.2% compared to a year ago. According to Joel Kan, the Mortgage Bankers Associations assistant vice president of economic and industry forecasting, that robust year-over-year improvement in activity is a sign the mark
Boise, Idaho was the No. 1 midsized housing market to watch in 2020 , according to Zillow, because of its draw for young professionals, families, and retirees alike. In 2018, Forbes ranked the city No. 1 on its list of America’s Fastest Growing Cities. The demand is clear — the Boise housing market has just 0.3 months worth of supply, according to Keller Williams Realty Boise , and homes typically stay on the market for just five days.
Given massive year-over-year gains in home prices , the Federal Housing Administration (FHA) is increasing its 2021 loan limit in most of the U.S. to $356,362, an increase of nearly $25,000 over 2020’s loan limit of $331,760. That loan limit figure is determined as a percentage of the national conforming loan limit for Fannie Mae and Freddie Mac , which is increasing in 2021 to $548,250.
The Federal Housing Finance Agency extended its moratorium on foreclosures and evictions for borrowers with mortgages backed by Fannie Mae and Freddie Mac until Jan. 31. This marks the fourth time the government agency has extended the moratorium, now another month past its most recent deadline of Dec. 31. According to FHFA director Mark Calabria, extending Fannie Mae and Freddie Mac’s foreclosure and eviction moratoriums through January 2021 keeps borrowers safe during the pandemic.
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.
As 2020 comes to an end, realtor.com ’s economists believe that the housing inventory shortage won’t be as dire in 2021. However, it all depends on the course the COVID-19 pandemic takes. Additional lockdowns and quarantines due to COVID-19 could put a dent in housing inventory and sales, potentially slowing down the market and putting increased pressure on buyers, the forecast said.
CoreLogic released its final three-year housing and mortgage outlook report for the year on Thursday, and if numbers hold up, the data company predicts 2021 will maintain its unprecedented sales and record low mortgage rates as the economy continues to recover. CoreLogic chief economist Frank Nothaft said in a podcast on Friday that the term “unprecedented” best describes 2020.
The average U.S. mortgage rate for a 30-year fixed loan fell one basis point this week to 2.71%, Freddie Mac said in a report on Thursday – the lowest rate in the survey’s near 50-year history. This week’s rate broke the previous record set on Nov. 19. The average fixed rate for a 15-year mortgage also fell last week to 2.26% from 2.28%. With this week’s record drop, there have now been 18 consecutive weeks when average mortgage rates have been below 3%.
As the end of the year approaches, the country is still feeling the pinch of an economic crisis amid the COVID-19 pandemic – but interestingly enough, several states are enjoying a boom in their respective housing markets. Look no further than Nevada, which has enjoyed the benefits of a steady exodus of citizens moving out of expensive states – California, for example – in search of more space and affordable housing.
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.
Ahead of its initial public offering slated for mid-December, United Wholesale Mortgage is offering mortgage rates below 2% on FHA loans through its Conquest Program. UWM, the second-largest lender in the country, is offering rates between 1.99% and 2.5% on FHA loans, the company announced in a statement on Wednesday. The rates will be available on FHA purchase mortgages, FHA rate and term refinances, and FHA streamline refinances.
The National Association of Home Builders ‘ Home Building Geography Index found that during the third quarter, the exodus from big cities to the suburbs and less expensive areas increased as people continue to work remotely. According to the HBGI, suburbs of medium-sized cities posted the greatest single-family gains in Q3, as there was a 15% growth rate over the last four quarters.
HousingWire recently spoke with Austin Niemiec, executive vice president of Rocket Pro TPO, about how the company plans to build off its recent rebrand and how its “We’ll figure it out” approach helped it continue to support broker partners throughout 2020. HousingWire: How has the Rocket Pro TPO rebrand impacted the company as a whole?
For-sale inventory is at record lows. According to the latest Census data, there’s just a 3.6-month supply of homes nationally — the third-lowest figure on record. Construction is starting to pick up, so that should help alleviate things in the housing market. But existing homes? Those are another story. It begs the question: why aren’t homeowners selling ?
Ralph McLaughlin Haus Chief Economist and SVP of Analytics. This is the first installment of our economist Q&A series of the top housing market forecasts for 2021. Every Tuesday in December in the HW+ Slack channel, HousingWire will be hosting a Q&A with a different economist to dig into their predictions for the upcoming year. To kick off the series, HousingWire Interviewed Haus Chief Economist and Senior Vice President of Analytics Ralph McLaughlin on his predictions for the year ahead
A new report from Redfin revealed that condo sales rose 22.7% in October from a year earlier on a seasonally adjusted basis, after seeing a 50% drop in the spring. Single-family home sales grew 23.3% last month. “Condos sales are rebounding because buyers are finding great deals,” said Redfin’s Chief Economist Daryl Fairweather. “Families are fleeing cities in search of more space in the suburbs , which has presented an opportunity for Millennials who are looking to become homeowners but don’t n
iBuyer purchase volumes were significantly lower during the third quarter this year than they were pre-pandemic, according to zavvie ‘s inaugural Seller Preference Report. In Q3, iBuyer purchases dropped 82% year over year. Zillow , Redfin , Offerpad and Opendoor all paused respective iBuying practices in March, citing COVID-19 concerns. The report said that collectively, iBuyers have been purchasing homes at an average 95.5% of market value across all markets since then.
The Mortgage Bankers Association reported that applications dropped 0.6% during the week ending Nov. 27 in its latest weekly survey. The refinance index decreased as well, down 5% from the previous week but up 102% over last year’s totals from the same week. The seasonally adjusted purchase index did increase – up 9% from one week earlier – while the unadjusted purchase index decreased 28% compared with the previous week.
Knock ’s Home Swap solution is now available in three new markets in Florida: Homeowners in Miami, Fort Lauderdale and West Palm Beach can buy their next home before selling their current one. Knock entered the Florida market in October. Late last month, Knock’s Home Swap launched in Charlotte and Raleigh, North Carolina. Now, the solution is available in 14 markets in the U.S., with plans to expand to 21 markets by mid-2021.
A simple, ancient practice, one that often goes unnoticed despite the critical role it plays in the lives of millions of Americans, is getting modernized. Another ancient practice — resistance to change — is raising some misplaced worries about the safety and security of these needed improvements. We’re talking about online notarizations. Over a billion documents are notarized each year — you probably know the drill.
Prior to 2020, the mantra around the mortgage industry going back to 2016 was that launching a new “digital experience” was the equivalent to table stakes in poker. If you wanted to do business with millennials, the emerging core of the home buying customer base, at a bare minimum engaging the consumer in a mobile-friendly, online experience was required just to get a seat at the table.
The passage of Proposition 19 in California — which will generate wildfire relief funds while providing tax breaks for senior citizens — was a victory for the California Association of Realtors , which lobbied for its passage and put real dollars behind the effort. The bill is expected to add $2 billion to California’s coffers annually, and homeowners with disabilities, seniors looking to move for health reasons, and empty nesters looking to downsize could receive property tax breaks when
The Mortgage Bankers Association (MBA) announced the new members of its 2021 Residential Board of Governors and the Chairs of the Residential Committee. The new appointees include New American Funding Co-Founder and President Patty Arvielo , who created the company’s Latino Focus and other New American Dream initiatives aimed at improving the home lending experiences of Hispanic and Black homebuyers.
Independent mortgage banks (IMB) and mortgage subsidiaries of chartered banks saw an average net gain of $5,535 on each loan they originated in the third quarter of 2020, up dramatically from the $4,548 in profit-per loan they recorded just a quarter prior, according to a new report from the Mortgage Bankers Association. “With the surge in mortgage production volume in the third quarter, net production profits among independent mortgage bankers increased, surpassing 200 basis points for the firs
Flagstar Bank and the FinTech Consortium revealed that fintech startups Home Lending Pal , Stavvy and Real Key are the latest initiates to the companies’ ongoing MortgageTech Accelerator program. This marks the second round of startups to participate in the program since its launch in September 2019 – originally as an initiative by Flagstar to guide late-stage mortgage tech startups in an effort to evaluate the viability of future investments and partnerships.
Lindsay Bhandari, Vice President, Capital Markets and Treasury Technology Management Fannie Mae. Lindsay Bhandari is a strategic problem solver with a proven history of delivering high-value, complex technology solutions that align business and technology goals. Bhandari knows how to connect people and technology – driving a culture of empowerment where each person has a voice and space to innovate – and ensures the organization is meeting its strategic goals.
Jeff Allen, Executive Vice President, Innovation Labs , Clear Capital. Jeff Allen brings more than 15 years of real estate valuation, data and analytics experience to the Clear Capital executive leadership team. Now leading Clear Capital’s mortgage collateral modernization programs, Allen is reimagining and re-engineering how home valuations are manufactured and partnering with major lenders and GSEs to bring greater efficiency and speed to the consumer.
The Mortgage Collaborative, an independent cooperative network in the mortgage industry, today announced the launch of TMC Emerging Technology Fund LP, a venture capital program funded by a self-selected segment of TMC members to capture opportunities driven by the rapid pace of technological change in the mortgage sector. Inspired by member suggestions during a CEO Roundtable session last year, the fund will pool member resources to level the playing field with the largest lenders in the mortga
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