Housing Wire

DECEMBER 3, 2020

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%.

Inventory 546

Inventory Housing Market Marketing New Listings 546

McKissock

DECEMBER 4, 2020

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.

Appraisal 66

Appraisal Property Appraisal Valuation Luxury Properties 66

Property Metrics

DECEMBER 4, 2020

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

Tenants 53

Tenants Development Lending Retail 53

Housing Wire

NOVEMBER 30, 2020

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.

Housing Market 543

Housing Market Marketing Mortgage 543

Housing Wire

DECEMBER 2, 2020

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.

Housing Market 542

Housing Market Marketing Mortgage Real Estate 542

Housing Wire

DECEMBER 1, 2020

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.

Mortgage 537

Mortgage Finance Housing Market Marketing 537

Housing Wire

DECEMBER 3, 2020

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.

Marketing 534

Marketing Realty Housing Market Realtors 534

Housing Wire

DECEMBER 2, 2020

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.

Law 534

Law Housing Market Insurance Construction 534

Housing Wire

DECEMBER 2, 2020

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.

Valuation 529

Valuation Mortgage Government Inventory 529

Housing Wire

DECEMBER 2, 2020

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.

Housing Market 528

Housing Market Marketing Inventory Buyers 528

Housing Wire

DECEMBER 4, 2020

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.

Mortgage 518

Mortgage Contracts Construction Inventory 518

Housing Wire

DECEMBER 3, 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%.

Mortgage 514

Mortgage Inventory Finance Marketing 514

Housing Wire

DECEMBER 2, 2020

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.

Housing Market 497

Housing Market Marketing Development Real Estate 497

Housing Wire

DECEMBER 2, 2020

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.

Mortgage 497

Mortgage Loan Officers Retail Valuation 497

Housing Wire

DECEMBER 1, 2020

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?

Training 497

Training Clients Business Tools 497

Housing Wire

DECEMBER 2, 2020

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 ?

Housing Market 488

Housing Market Sellers Marketing Renovations 488

Housing Wire

DECEMBER 4, 2020

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

Housing Market 483

Housing Market Marketing Landlords Real Estate 483

Housing Wire

NOVEMBER 30, 2020

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

Buyers 482

Buyers Marketing Housing Market Real Estate 482

Housing Wire

DECEMBER 4, 2020

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.

Sellers 459

Sellers Market Value Inventory Marketing 459

Housing Wire

DECEMBER 3, 2020

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.

Marketing 435

Marketing Real Estate Tools Training 435

Housing Wire

DECEMBER 1, 2020

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.

Law 435

Law Modernization Technology Legal 435

Housing Wire

DECEMBER 2, 2020

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.

Mortgage 431

Mortgage Lending Modernization Technology 431

Housing Wire

DECEMBER 3, 2020

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

Property Taxes 428

Property Taxes Realtors Law Inventory 428

Housing Wire

DECEMBER 4, 2020

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.

Real Estate 421

Real Estate Finance Lending Mortgage 421

Housing Wire

DECEMBER 3, 2020

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

Mortgage 413

Mortgage Valuation Clients Marketing 413

Housing Wire

DECEMBER 2, 2020

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.

Mortgage 392

Mortgage Contracts Government Inventory 392

Housing Wire

DECEMBER 1, 2020

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.

Technology 390

Technology Development Business Marketing 390

Housing Wire

NOVEMBER 30, 2020

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

Technology 370

Technology Mortgage Investing Design 370

Housing Wire

DECEMBER 1, 2020

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.

Valuation 356

Valuation Real Estate Modernization Appraisal Process 356

Housing Wire

NOVEMBER 30, 2020

Paul Anastos, CEO, Chief Innovation Officer Gateless, Guaranteed Rate. Paul Anastos has been on the forefront of innovation within the housing industry for over a decade, specializing in developing technology solutions and transforming businesses into industry powerhouses. Anastos has worked with some of the biggest names in the mortgage industry and is now CEO of Gateless, an independent company formed by Guaranteed Rate that serves as a laboratory of cutting-edge technology for the entire indu

Loan Officers 349

Loan Officers Real Estate Agent Technology Development 349

Housing Wire

DECEMBER 1, 2020

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.

Mortgage 347

Mortgage Lending Technology Investors 347

Housing Wire

NOVEMBER 30, 2020

Katherine Campbell, Chief Digital Officer, Assurance Financial. Katherine Campbell spent 20 years in the financial services industry in San Francisco, helping to evolve numerous companies and products into a digital revolution. For the last two years, Campbell has worked to select, implement and adopt more than 14 technologies for an end-to-end digital mortgage solution including an MOS, POS, and COS, collaborative operating system for BI data across all tools.

Technology 316

Technology Tools Clients Development 316

Housing Wire

DECEMBER 1, 2020

Brent Chandler, Founder and CEO, FormFree. As Brent Chandler leads six-time HousingWire Tech100 honoree FormFree, he continues to drive industry innovation by leveraging blockchain infrastructure to give consumers and lenders better access to real-time ability to pay information. Chandler started FormFree from his basement and grew it into the company it is today.

Lending 287

Lending Clients Mortgage 287

Housing Wire

DECEMBER 2, 2020

Blackstone Group -controlled Finance of America posted record margins and originations in the third quarter , ahead of its public offering via a blank check company in 2021. Finance of America , which operates through retail, wholesale and correspondent channels, reported $242 million in income during the third quarter, a 66% increase from the second quarter.

Finance 268

Finance Lending Retail Valuation 268