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Less than a week after laying off hundreds of workers and refusing new mortgage applications, First Guaranty Mortgage Corp. (FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection late Wednesday. . “While we have made considerable efforts to address our ongoing financial challenges related to the state of the mortgage market, we ultimately must do what is best for our borrowers and consumers,” Aaron Samples, chief executive officer of FGMC, said in a
Price reductions are growing fast and sellers are still behind the ball. Eventually they’ll catch up, but they haven’t gotten there yet. Let’s talk about price drops today in the Sacramento region. Is the trend similar in your area? Let me know what you’re seeing. TRUTHS ABOUT PRICE REDUCTIONS 1) Nearly 40% of active listings […].
Nearing the 60 day mark as the country’s newest Federal Housing Administration (FHA) Commissioner, Julia Gordon is continuing on her mission of getting people into affordable housing, but facing extraordinary challenges is making this task difficult, requiring her to seek alternatives to achieve this goal. “We want to provide alternatives to plain, vanilla single-family housing,” … The post Commissioner Working Towards Affordable Housing Amid Extraordinary Conditions appeared first on DSN
The top 10 builders captured 34.2% of new single-family home closings in 2021, the highest percentage on record based on data released by BUILDER Magazine. This share represents 264,426 closings out of the 774,000 new single-family home sales reported by the U.S. Census in 2021. Nevertheless, these closings only represent 23.5% of single-family starts, a broader measure of home building.
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.
The national mortgage delinquency dropped to an all-time low in May, continuing two consecutive months of a decline since March. The overall delinquency rate slightly dropped five basis points from April to 2.75% in May, according to Black Knight. The delinquency rate is 42% lower than the same period a year ago. A total of 1.46 million properties were in early-stage delinquencies, defined as borrowers who missed a single mortgage payment, which is a slight increase of 0.2% from April due to typ
How can we fix the excess of appraisers? Easy — we do what we have always done, each time. 1) We will raise the standards (“cost of entry”). 2) We will make it harder to become an appraiser; 3) Lower fees will discourage newcomer appraisers. Each cycle, the ‘appraiser shortage’ cycles with […]. The post Part 2: How Do We Fix the Excess of Appraisers?
How can we fix the excess of appraisers? Easy — we do what we have always done, each time. 1) We will raise the standards (“cost of entry”). 2) We will make it harder to become an appraiser; 3) Lower fees will discourage newcomer appraisers. Each cycle, the ‘appraiser shortage’ cycles with […]. The post Part 2: How Do We Fix the Excess of Appraisers?
Today’s Buzzcast interview is with Woody Fincham, Founder of Fincham and Associates. We sat down with Woody and Joan Trice, Founder of Allterra Group, LLC, to discuss what’s going on with the boots on the ground appraisers in the industry. How is all of this new technology impacting appraisers in their day-to-day? What has been the impact of ANSI? Can we have more information on the White Paper on green homes?
I was recently proofreading a paper my son had written for a class and came across a quote from Benjamin Franklin. My son used quotation marks to offset the. Read More.
The S&P CoreLogic Case-Shiller Home Price Index just recorded 20.4% year-over-year growth nationally and a record 21.2% growth for its top 20 city composite, and now you know why my most significant concern for housing was home prices overheating , not crashing like people have warned about from 2012-2021. From S&P : The S&P CoreLogic Case-Shiller U.S.
Recently, the National Association of Home Builders (NAHB) and the National Multifamily Housing Council (NMHC) undertook a joint research effort to find out how much government regulation adds to the cost of building new multifamily housing via a survey distributed to multifamily developers. The research finds that an average of 40.6 percent of total development costs can now be attributed.
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.
Returning to Dallas this September, the annual conference will once again unite mortgage servicers, government representatives, agents, vendors, attorneys, and other stakeholders for three days of education, networking, and entertainment. The post 2022 Five Star Conference Agenda Announced appeared first on DSNews. The post 2022 Five Star Conference Agenda Announced appeared first on Appraisal Buzz.
GoFormz dominates the Small-Business and Mid-Market G2 Summer Reports – from Best Support to Most Likely to Recommend G2, the leading peer-to-peer software review site, awards quarterly honors based on user feedback and reviews. This Summer, GoFormz has been awarded top honors in the following G2 categories: Mobile Forms Automation, Online Form Builder, and No-Code Development Platform.
The Fed eral Housing Finance Agency (FHFA) will review the enterprise regulatory capital framework in the “near term,” officials said — after getting an earful from industry players since unveiling a new securities fee. For now, however, the new 50 basis point fee charged on securities backed by one enterprise and later secured by the other, is here to stay.
Consumer confidence dropped again in June as inflation stayed at decades high and continued to temper consumers’ economic outlook, which tumbled to the lowest level in nearly a decade. Though spending intentions for homes, cars, and major appliances held relatively steady, consumer spending will continue to face headwinds from further inflation and rate hikes.
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.
ATTOM has released its Q2 2022 U.S. Home Affordability Report, showing that median-priced single-family homes and condos are less affordable in Q2 of 2022 compared to historical averages in 97 percent of counties across the nation with enough data to analyze. That was up from 69% of counties that were historically less affordable in Q2 … The post Price Gains Outpace Wage Growth in Nearly 90% of Markets appeared first on DSNews.
The Doomed Quest to Reform a corrupt West Virginia Licensing Board “Board members earn money working for a law firm that files lawsuits against appraisers,” said one West Virginia appraiser… Readers of DC Comics will be familiar with Bizarro World, a cube-shaped planet that is home to a weirdly inverted version of reality. The planet is governed by the Bizarro Code, whose ungrammatical main tenet is, “Us do opposite of all Earthly things!
The last two years have been good to Christian Dicker. Like many loan officers, Dicker was working nights and weekends, banging out refinancings and purchase mortgages at record-low rates for clients. It didn’t matter where he was — getting dinner with his family at a fancy restaurant or out on the lake on a boat, Dicker always had his phone on his hands to make sure he didn’t miss any of his clients’ emails or calls.
NAHB analysis of the Census Construction Spending data shows that private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $938.2 billion in May. It was 0.2% up over the upwardly revised April estimates of $935.9 billion. On a year-over-year basis, total private construction spending was 19% higher. These monthly gains are largely attributed to the growth.
An upcoming installment in the Five Star Institute Webinar Series will discuss the current era in mortgage servicing and provide tips on how to navigate this record-breaking time in the servicing space. The post Are Mortgage Servicers in Their “Golden Age?” appeared first on DSNews. The post Are Mortgage Servicers in Their “Golden Age?” appeared first on Appraisal Buzz.
Don’t say that the subject property is ‘within’ a particular City or Town due to the postal ZIP Code that applies to the street address unless that is accurate. The actual location may be miles away from there. Appraisers, this article was prompted by my ‘coming in contact with’ several appraisal reports where different regional appraisers report the physical location of the subject property “in” a particular City associated with the postal ZIP Code for that City.
Millennials and Gen Zs make up the largest cohort of potential homebuyers today, the majority of which are first-time buyers bullish to get a foot on the property ladder. As market volume dips and pent-up demand builds, 61% of millennials and Gen Zs who intend to buy a home plan to apply for a mortgage this year. For years, the dominant market narrative defining these generations has been digital-first experiences and poor financial habits.
Real gross domestic product (GDP) decreased in 46 states and the District of Columbia in the first quarter of 2022. New Hampshire, Vermont, Massachusetts, and Michigan saw modest GDP growth. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP ranged from 1.2 percent increase in New Hampshire to 9.7 percent decline in Wyoming.
New data from the first quarter continues to roll in as the Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the first quarter of 2022 by a decent margin. The OCC Mortgage Metrics Report for the First Quarter 2022 showed that … The post Q1 Mortgage Performance Makes Strides appeared first on DSNews.
What do Experts Think the Victoria, BC Housing Market Will Look Like by 2027? The state of Victoria’s housing market is never far from anyone’s mind, especially for first-time home buyers, those moving to a new area or for people looking to sell. Between 2021 and 2022, house prices in the Victoria, BC region rose by an average of 20%. This significant increase came about due to the unprecedented combination of: All time low mortgage rates.
The real estate market is cooling down. Reports released this week by several respected market observers point to less good and increased bad and ugly ahead for the housing market. For some of the good, a U.S. Census Bureau report released late last week spurred a bout of optimism when it revealed that new-home sales jumped by nearly 11% month-over-month in May on a seasonally adjusted basis, after declining by 12% in April.
Discover how to approach, recognize, and prioritize employee safety in the most high-risk industry. Blue-collar workers are exposed to the most high-risk environments – especially the manufacturing industry. Those in this industry face real potential dangers every day as they earn their livings. In fact, the CDC estimates that 13,455,000 workers in manufacturing industries are at risk for fatal and nonfatal injuries every year.
Affordability issues are officially taking a toll on the market as the average asking price of a newly listed home is off 1.5% from its peak in spring in light of the rapid rate increase by the Federal Reserve in June. This is amid new data from Redfin that showed a record amount of existing sellers … The post Sellers Drop Prices Amid Rising Affordability Issues appeared first on DSNews.
Shame Brews for Homes That Linger on Market. Homes are selling within days or even hours—except for the homes that aren’t. Those homes’ owners say they often feel embarrassed and angry and wonder what could be wrong with their house, according to an article at realtor.com®. The seller’s market means that many homes end up in bidding wars, and fierce competition is the talk of the town.
Freddie Mac announced Wednesday that on-time rental payments will be included in its underwriting system. The government-sponsored enterprise said that it hopes to incentivize “responsible” renters to make a leap into homeownership. According to Freddie, this option will be available starting July 10 and will allow mortgage lenders to submit a borrower’s bank account data that shows a 12-month streak of on-time rent payments to its automated underwriting system.
How much do your paper forms cost you? If paper forms are a part of your workflow, have you thought about how much they’re costing your business? There are some obvious expenses that may have crossed your mind; like the cost of paper and storage space for all your forms. But what about the time and effort of your employees? If you haven’t considered the switch to digital forms , or you’re apprehensive about the ROI, it’s time to think about how much you currently spend on paper forms.
CoreLogic has announced the launch of Discovery Platform, a cloud-based data exchange and property analytics ecosystem. Powered by the industry’s first integrated property identifier, CoreLogic’s CLIP ID, and built on more than 50 years of data spanning 99.9% of U.S. properties, Discovery Platform provides a comprehensive property analytics solution.
While the home buying market gets most of the attention and coverage from the media and economists, the single-family residential (SFR) rental property market is a booming $4.
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