Housing Wire
MARCH 24, 2022
The one-two punch of higher mortgage rates and escalating home prices reduced homebuyers ’ ability to buy homes in February. The trend is also likely to worsen in the coming months. The national median monthly mortgage payment settled in loan applications increased 8.3%, from $1,526 in January to $1,653 in February, according to a survey published Thursday by the Mortgage Bankers Association.
Sacramento Appraisal Blog
MARCH 21, 2022
I have a few things on my mind today. Let’s talk about square footage rules changing, crazy gas prices, and recession buzz. 1) NEW SQUARE FOOTAGE STANDARDS FOR APPRAISERS: If you didn’t know, Fannie Mae is adopting some changes with the way appraisers measure square footage (pdf). In short, as of April 1, 2022, appraisers […].
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Appraisal Buzz
MARCH 21, 2022
Now that the GSEs have approved desktop valuations for purchase, appraisers need a way to collect trustworthy, verifiable data while also submitting floor plans on reports! Join us for our upcoming webinar on March 22 nd at 2 pm, “ Appraiser-Controlled Desktop and Remote Valuations ” with Mark Walser and Lisa Ratzke! Learn about all of the features in RemoteVal – a free inspection app for appraisers.
Cleveland Appraisal Blog
MARCH 19, 2022
Greetings! The spring selling season is upon us. If you’re planning on selling your home, you’re probably going to have open houses so that you can let buyers see for themselves the wonderful features of your home. How can you get the most impact from an open house? This week, I welcome back guest blogger Penny Martin. In this article, she shares some tips that you might find useful!
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Housing Wire
MARCH 23, 2022
We finally got mortgage rates to rise, and for people like me who have been concerned about how unhealthy the housing market was last year — and it got a lot worse this year — it’s a blessing that was much needed. Recently, I downgraded the housing market from an unhealthy housing market to a savagely unhealthy housing market, something I discussed with HousingWire Editor in Chief Sarah Wheeler on our recent podcast.
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Appraisal Buzz
MARCH 24, 2022
Black Knight Inc., has released a “first look” the latest iteration of it Mortgage Monitor Report for February 2022 which looks delinquency and foreclosure rates across the U.S. The big takeaway from this months’ first look found that the national delinquency rate has declined 2.4% since January, meaning that delinquencies are nearly the same as they … The post Early-Stage Delinquencies Rise in February; Foreclosure Starts Fall appeared first on DSNews.
George Dell
MARCH 23, 2022
AVMs (Automated Valuation Models) are often touted as something appraisers should understand and do more of. This is a problem of words. “AVM” is not descriptive of a formula to calculate value. It is an industry. Each company in the industry does use algorithms, formulas, and calculations to predict (estimate) value. The use of the […]. The post AVMs, Algorithms, and Models?
Housing Wire
MARCH 24, 2022
The rollercoaster is still climbing. Mortgage rates are approaching 4.5%, a level economists forecasted would not be reached until the tail end of 2022. And there’s good reason to believe mortgage rates will be in the 5% range before too long. According to data from Freddie Mac ‘s PMMS survey, mortgage rates on the traditional 30-year fixed-rate mortgage jumped 26 basis points to 4.42% this week, with increases across all loan types.
The Appraiser Coach
MARCH 22, 2022
We are all creatures of habit. We tend to eat the same foods, take the same way to work, and tie our shoes the same way every time. Often, we. Read More.
Speaker: Dylan Secrest
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.
Appraisal Buzz
MARCH 24, 2022
The Market Composite Index, a measure of mortgage loan application volume, decreased 8.1% on a seasonally adjusted basis from one week earlier, according to data from the Mortgage Bankers Association ‘s (MBA) Weekly Mortgage Applications Survey for the week ending March 18, 2022. On an unadjusted basis, the Index decreased 8% compared with the previous week.
Eyes on Housing
MARCH 21, 2022
NAHB analysis of the Census Bureau’s quarterly tax data shows that $672.5 billion in taxes were paid by property owners in the four quarters ending Q4 2021 (not seasonally adjusted), a 1.0% quarterly increase.[1] Four-quarter property tax revenues declined 0.6% in Q3 2021, the second such decrease since 2012. Property taxes accounted for 36.2% of state and local tax receipts, a 0.8.
Housing Wire
MARCH 25, 2022
Home Mortgage Disclosure Act (HMDA) data, released Thursday by the Consumer Financial Protection Bureau, showed a reshuffle in the top 10 lenders by volume for 2021. According to an analysis of the HMDA data by Polygon Research application HMDAVision, the top 10 lenders by volume are: Rocket Mortgage United Wholesale Mortgage Wells Fargo LoanDepot JPMorgan Chase New Residential Investment Corp.
JMV Lending
MARCH 23, 2022
I lived in the same neighborhood for over 20 years and did hundreds of loans within the area – so I knew every nuance of the area. As a former appraiser and armed with my extensive neighborhood knowledge, I was often shocked by how wrong Zillow’s estimates were. Here are some of the things Zillow […]. The post #1 Factor Zillow Estimates Get The Most Wrong (Why We Need Appraisers) appeared first on JVM Lending.
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Appraisal Buzz
MARCH 24, 2022
On March 23, 2022, the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released a report entitled “Action Plan to Advance Property Appraisal and Valuation Equity.” The 58-page report is available here , while an Executive Summary of the report is also available. Pages 5 and 6 of the report set forth 21 recommendations, termed “Agency Actions to Advance Valuation Equity.
Eyes on Housing
MARCH 23, 2022
New single-family home sales posted a second monthly decline in February as housing demand was affected by a jump in mortgage rates. After starting at 3.1% in December, rates increased to 3.45% in January and 3.76% in February, per Freddie Mac. Additionally, builders continue to grapple with supply-chain issues, limiting inventory in a market for which new construction is an.
Housing Wire
MARCH 22, 2022
Nonbanks and mortgage subsidiaries of chartered banks reported grim profitability figures in the fourth quarter of 2021, when costs reached a new high and margins fell to the lowest level since early 2019. And most industry observers think it will only get worse in the next few quarters. . Net gains in Q4 declined to $1,099 on each loan originated, compared to $2,594 in the previous quarter, according to a report published by the Mortgage Bankers Association (MBA) on Thursday.
GoForrmz
MARCH 22, 2022
Join the digital transformation movement and reap the benefits of enhanced professionalism, elevated data collection, and significant time and cost savings From job applications to rental applications, application forms can be found across every industry. While paper-based forms must be manually completed and delivered, digital and online application forms can be accessed, completed, and processed anywhere, anytime – even while offline!
Appraisal Buzz
MARCH 23, 2022
Fannie Mae has announced the execution of its second and third Credit Insurance Risk Transfer (CIRT) transactions of 2022. As part of Fannie Mae’s ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market, CIRT 2022-2 and CIRT 2022-3 together transferred $1.8 billion of mortgage credit risk to … The post CIRT Transfers Nearly $2B of Mortgage Credit Risk To Insurers appeared first on DSNews.
Eyes on Housing
MARCH 25, 2022
Much like other home buyers, those buying their first homes rate double sinks and walk-in pantries as the most popular of 30 kitchen features listed in the recent NAHB study, What Home Buyers Really Want, 2021 Edition. In the study, first-time (and other) home buyers rated over 200 home features—including 30 in the kitchen—on the following, four-tier scale (which emphasizes.
Housing Wire
MARCH 23, 2022
The Department of Housing and Urban Development ’s long-awaited action plan on appraisal bias outlines administrative actions the federal government will quickly take to address mis-valuations. But the report fails to offer a clear plan to release appraisal data from the government sponsored enterprises. Doing so would help to better diagnose and solve the problem, fair housing advocates, trade associations and researchers have long argued.
Chicagoland Appraisal Blog
MARCH 21, 2022
In March, I had the pleasure to join Attorney Peter Olson to talk about family law, divorces and home appraisals. We share insights and learning from our careers on family law and home appraisals during divorces. TRANSCRIPTION: If you’re buying, selling, divorcing, filing bankruptcy, fighting your property tax bill, etc…it’s super important to value your real estate correctly.
Appraisal Buzz
MARCH 23, 2022
The level of commercial/multifamily mortgage debt outstanding during the final three months of 2021 was $287 billion (7.4%) higher than at the end of 2020, according to the Mortgage Bankers Association ‘s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report. MBA’s report found that total mortgage debt outstanding rose by 2.9% ($116.0 billion) in fourth-quarter 2021.
GoForrmz
MARCH 21, 2022
Jumpstart employee productivity with mobile and online forms The amount of time spent on projects can be significantly reduced by implementing digital solutions to boost productivity and efficiency amongst your employees. Manual labor hours spent processing and storing paper forms is inefficient and time-consuming. Focusing on mundane tasks like data entry can leave your team frustrated and overwhelmed.
Housing Wire
MARCH 21, 2022
UWM’s headquarters in Pontiac, Michigan. United Wholesale Mortgage (UWM) announced late last year that it would turn the appraisal space on its head by launching an in-house appraisal program. Even if it has not made quite the outsized impact UWM said it would, appraisers mostly like the wholesaler’s new program. Some appraisers take issue not with the program itself, but with the software and payment platform it uses.
Appraiserblogs
MARCH 21, 2022
The other agencies, Freddie Mac, HUD/FHA, USDA, ONAP, VA have NOT (yet) adopted this ANSI measuring protocol. Appraisers, an appraiser I know sent an email to the VA asking if VA was going to require appraisers to adhere to the ANSI Z765-2021 Measuring Standard as of April 1, 2022. The appraiser received an ‘unofficial’ response back from a person within the VA connected to processing appraisals, which said: “The short answer is, no.
Appraisal Buzz
MARCH 23, 2022
Freddie Mac announced that Wendell Chambliss, a 20-year veteran of the company, has been appointed Senior VP and Chief Diversity and Inclusion Officer (CDIO). In this newly created role, Chambliss will be responsible for programs and initiatives to bring greater diversity, equity, and inclusion (DEI) to the company and housing industry. He will serve as … The post Wendell Chambliss Named Senior VP and CDIO appeared first on DSNews.
GoForrmz
MARCH 23, 2022
Document automation that will transform your small business Having a small business means that your team has to wear many hats. Relying on your team for mundane administrative tasks (like the filing, storage, and processing of paper documents) is an inefficient use of their time. Paper forms leave your team bogged down with manual data entry which can lead to inaccurate reporting.
Housing Wire
MARCH 25, 2022
A rule making its way through the New York Senate could significantly shorten the time allotted for a lender to initiate a foreclosure action. This may have ramifications on all lenders operating in the state of New York. A bill, dubbed the Foreclosure Abuse Prevention Act, sponsored by James Sanders Jr. (D) from the 10th Senate District, stipulates that once a lender has initiated a foreclosure action and accelerated the loan, they only have six years to complete a foreclosure.
Appraiserblogs
MARCH 24, 2022
Appraisers historically have been sold bogus franchises, software, and other magic solutions. Only $199.95 — Push the enchanted ‘calculate’ button and get ‘correct’ adjustments. Sounds good. It is nice to think that for this small charge, I can save hours and get the right, fully mathematical solution to an adjustment amount. It will be wonderful! I have seen this marketing plan work many times.
Appraisal Buzz
MARCH 23, 2022
As new home sales experienced a decline in February, the 20.4% rise in building materials year-over-year is being passed on to the consumer and pricing many out of the market. The post First-Time Buyers Continue to Feel Impact of Supply Chain Issues appeared first on DSNews. The post First-Time Buyers Continue to Feel Impact of Supply Chain Issues appeared first on Appraisal Buzz.
Riverfront Appraisals
MARCH 25, 2022
Have you ever listed a home and during your listing appointment, the homeowner mentioned a previous appraisal? Maybe they kept impeccable records and had the appraisal from when they bought the home, as well as a refinance appraisal from two years ago. Which one should you use? What’s the difference between the two? Read on […]. The post The Realtor’s Guide to Appraisals Part 4: The Difference Between a Purchase & Refinance Appraisal appeared first on Riverfront Appraisals.
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