Housing Wire
JANUARY 14, 2021
The Federal Housing Finance Agency (FHFA) announced on Thursday it has extended relaxed lending and appraisal standards put in place due to COVID-19 another month for both Fannie Mae and Freddie Mac. The flexibilities surrounding alternative verifications of employment and appraisals were originally set to expire on Jan. 31, 2021, however, the government entity is now pushing that back to at least Feb. 28, 2021.
DataMaster
JANUARY 12, 2021
Save Time With the Right Tools! Time-Saving Tools. “The bad news is time flies. The good news is you’re the pilot.” Michael Altshuler. Time does fly! The older we get, the more we realize that! As we come to value our time more and more , most of us are on the lookout for ways to save time. It’s a great feeling when we finally lock in an effective time-management method!
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JMV Lending
JANUARY 15, 2021
APPRAISALS COMING IN UNDER CONTRACT PRICE B/C MARKET’S SO HOT We are seeing appraisals come in under contract price more frequently than normal again b/c the market is so hot and buyers are bidding so aggressively. This is not b/c our appraisers are not trying to support contract price; it is b/c appraisers simply lack […]. The post Appraisers Can’t Ignore Low Comparable Sales; Agents Should Not Either appeared first on JVM Lending.
MN Real Estate Services
JANUARY 9, 2021
Minnesota Real Estate Appraisal Services Wins Readers Choice Award for 2020 by the Readers of Finance and Commerce. MN Real Estate Appraisal Services Wins Readers Tops Service Award for 2020. Clarke Gosset thanked the readers of Finance and Commerce for once again honoring the firm. “We have a long relationship with many of the long time readers of the paper, and have done literally hundreds and hundreds of tranactions on their behalf.” “It is gratifying to know that our effort
Housing Wire
JANUARY 13, 2021
The Federal Reserve is looking into the rise of artificial intelligence and machine learning, and is considering stepping up its oversight of these technologies used by financial institutions. Federal Reserve Governor Lael Brainard spoke at the AI Academic Symposium virtual event on Tuesday, hosted by the Board of Governors of the Federal Reserve, saying it is important that the use of AI by the financial community is leading to equitable outcomes for consumers.
DataMaster
JANUARY 15, 2021
Sold! It’s a seller’s market! Appraising in 2021. How will it fare? Everyone agrees that 2020 was a highly unusual year in many ways. The real estate market defied expectations and flourished when many other industries struggled. Many industry cohorts wonder if housing sales and refinancing will continue to surprise this year! We wonder, will appraisers stay as busy as ever?
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Real Quantum
JANUARY 10, 2021
Realquantum – Rockport VAL Integration Drives New Efficiencies for Commercial Real Estate Valuation Professionals. JANUARY 11, 2021 – NEW YORK AND KANSAS CITY. Realquantum, the commercial real estate valuation technology company announces a new integration with Rockport VAL’s cash flow modeling & valuation SaaS platform. Realquantum, already heralded as the premier commercial property appraisal software, helps valuation and advisory teams eliminate tedious manual work and boost revenue
Housing Wire
JANUARY 13, 2021
Mortgage applications jumped 16.7% after a 4.2% drop last week , according to the Mortgage Bankers Association. The jump underlines the seasonality behind last week’s decreas e in mortgage rates, as well as the expectation of additional fiscal stimulus from the incoming administration, per MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.
National Association of Realtors
JANUARY 15, 2021
In this issue: December Commercial Market Insights Report, Creating Valuations Amid Uncertainty, How Commercial Markets Faired in 2020, & more.
McKissock
JANUARY 12, 2021
At McKissock Learning, we want our customers to have all the resources they need to be successful in real estate. That’s why we’ve teamed up with RISMedia , the leading provider of the most relevant and up-to-date information related to the residential real estate market. As their Strategic Education Partner, we are able to give our customers free access to the digital edition of the RISMedia monthly magazine.
Houston Properties
JANUARY 13, 2021
Houston Housing Market Forecast: Current Data & 2021 Predictions. Concerned about a housing market crash? Worried about missing out on a boom? SUMMARY: Coming off a record year, the Houston real estate market started 2021 in a seller’s market. The average household finances are in the best shape they’ve ever been in. Ever. COVID-19 and subsequent government actions have dumped gasoline on wealth inequality in ways that we don’t fully understand yet.
Housing Wire
JANUARY 11, 2021
The moment has finally arrived: California-based lender loanDepot has filed an updated S-1 with the Securities and Exchanges Commission and plans to go public in 2021. The company, founded by billionaire entrepreneur Anthony Hsieh, said Monday that its affiliate loanDepot Inc. had confidentially filed paperwork, but it hasn’t determined how much stock will be sold or at what price.
Appraisal Hub
JANUARY 11, 2021
As a business property owner, it is your responsibility to consider certain factors that can affect its value before you buy or sell. After all, every commercial property is different in terms of value, supply, demand, size, location, and other qualities that may affect valuation. So if you are considering a commercial real estate appraisal in Toronto, be sure to have it done by an experienced property appraiser.
McKissock
JANUARY 12, 2021
The use of Microsoft Excel is widespread in the appraisal industry. Looking for new ways to leverage Excel tools in your appraisal business? Here are four excellent Microsoft Excel resources offered by McKissock Learning—including a Pro-Series webinar on Wednesday, January 27, 2021, “Using Excel for Pairing Data to Extract GLA Adjustments.” Upcoming Webinar: Using Excel for Pairing Data to Extract GLA Adjustments.
Housing Wire
JANUARY 13, 2021
If you’re considering purchasing a home, you probably have a lot of questions. One being, how much do you need to earn in a year to afford a mortgage in the U.S.? . Since home prices vary state-by-state, the salary you need to qualify for a mortgage in the U.S. depends a great deal on where you live. For example, the median price of a home in New York is typically more expensive than a home in Wisconsin.
Housing Wire
JANUARY 14, 2021
The mortgage industry has not traditionally been the vanguard of digital adoption, particularly in data intelligence and applied machine learning. Investments in proper infrastructure, an innate fear of losing process control, and converting the workforce to a digitally savvy “knowledge force” have contributed to “digital apprehension” in the past.
Housing Wire
JANUARY 14, 2021
The average mortgage rate for a 30-year fixed loan rose from its previous record low by 14 basis points this week to 2.79%, according to Freddie Mac ’s Primary Mortgage Market Survey. This marks the first time mortgage rates have risen in almost two months. The 15-year fixed rate also rose slightly this week from 2.16% to 2.23%. Even with this week’s uptick, there have still been 23 consecutive weeks when average mortgage rates have been below 3%.
Housing Wire
JANUARY 13, 2021
Since the CARES Act was signed into law, homeowners across the U.S. have taken advantage of its mortgage relief provisions. In fact, as of November 2020, a total of 6.5 million borrowers had been, or still were, on a COVID-19-related forbearance plan, either through the CARES Act or another program. Fortunately, the forbearance programs and foreclosure moratoria have protected many Americans from losing their homes during the pandemic.
Housing Wire
JANUARY 14, 2021
It’s 6:30 in the morning on September 25, 2020, and a small team from The Home Loan Expert is beginning their long climb up Mount Elbert, the highest summit in the Rocky Mountains of North America and the highest point in Colorado. In a class commonly referred to as 14ers by those adventurous enough to climb them, this 14,440 foot-high mountain isn’t for the faint of heart.
Housing Wire
JANUARY 12, 2021
Appraisal software company Reggora today announced the completion of a $30 million Series B funding round, led by returning investor Spark Capital. Other investors included Shine Capital , Greenpoint Partners , Boston Seed and 1984. The company snagged $10 million in a February Series A funding round, bringing the company’s total capital to $45 billion.
Housing Wire
JANUARY 15, 2021
Fresh off a SPAC merger and public offering that loaded the company with roughly $200 million in fresh capital, proptech firm Porch made four acquisitions this week, notably investing $100 million in an insurtech company. Porch, led by CEO Matt Ehrlichman, acquired home insurance company Homeowners of America , mover marketing and data firm V12 , home inspection company Palm-Tech and roofing contractor software company iRoofing.
Housing Wire
JANUARY 12, 2021
Finance of America Mortgage. Finance of America Mortgage has served the rigorous demands and long-term needs of our customers for more than a quarter-century. We’re dedicated to helping our clients achieve the dream of homeownership. And with the support of a leading global asset manager, we’ll continue to serve our customers with the foundation and stability of a national financial institution.
Housing Wire
JANUARY 12, 2021
SoftBank -backed residential brokerage Compass filed paperwork with the Securities and Exchanges Commission on Monday to go public. Compass filed an S-1 document with the SEC, suggesting it would go public through a traditional offering. The document does not indicate how much money Compass plans to raise in a public offering, nor does it disclose price per share on common stock up for sale.
Housing Wire
JANUARY 13, 2021
United Wholesale Mortgage ( UWM ) unveiled a new policy this week, telling brokers that appraisals will be completed within 10 business days or they’ll refund 50% of the appraisal cost back to the customer. The initiative, called “Appraisal Promise,” drops just a week before the wholesale lender’s Wall Street debut on Jan. 22.
Housing Wire
JANUARY 15, 2021
Wells Fargo , the second-biggest mortgage lender in the nation, continued to cede market share to nonbank rivals in the fourth quarter of 2020. The lender originated $53.94 billion in the fourth quarter, a 12.5% decline from the prior quarter , when the bank originated $61.6 billion in mortgages. It also represents a not-insignificant decline from the $59.8 billion the San Francisco-based bank originated in the fourth quarter of 2019.
Housing Wire
JANUARY 11, 2021
The U.S. forbearance rate fell seven basis points last week to 5.46% of servicer’s portfolio volume, according to a survey from the Mortgage Bankers Association on Monday. As of last week’s data set, forbearance portfolio share is now below numbers Black Knight reported in mid-April of 2020. Every investor class managed to see a decline in rate, with Fannie Mae and Freddie Mac once again claiming the smallest forbearance rate at 3.19%.
Housing Wire
JANUARY 11, 2021
Rocket Homes Real Estate , a real estate affiliate of Rocket Companies , is being investigated by the Consumer Financial Protection Bureau (CFPB) for possibly violating the Real Estate Settlement Procedures Act (RESPA) when it charged fees for referring Quicken’s mortgage clients to real estate agents, according to officials. Syndicated columnist Lew Sichelman reported Sunday that Dmitry Shkipin of HomeOpenly.com alleged that Rocket Homes was receiving what amounted to illegal kickbacks while vi
Housing Wire
JANUARY 13, 2021
It took a few years, but Victor Ciardelli has finally captured the one that got away. The founder and CEO of Guaranteed Rate , which originated $73 billion in mortgages last year, has made joint ventures and acquisitions a cornerstone of his growing business. In 2017, Guaranteed Rate struck a deal with the largest real estate brokerage conglomerate in the country, Realogy , to form a landmark joint venture.
Housing Wire
JANUARY 13, 2021
This article was originally published on FinLedger, HW Media’s new, fintech-focused sister publication. Almost exactly a year after announcing their $5.3 billion merger, Visa and Plaid have called off the proposed marriage, and the U.S. Department of Justice has agreed to drop its antitrust lawsuit challenging the deal. Visa announced termination of the deal and the lawsuit in a Jan. 12 news release.
Housing Wire
JANUARY 12, 2021
Following other recent moves from the government-sponsored enterprises to the private sector, former Fannie Mae Head of Digital Products Henry Cason announced his move to FinLocker , a consumer-permissioned personal financial assistance tool. FinLocker CEO Henry Cason. Cason will serve as CEO and succeed the company’s cofounder and CEO Peter Esparrago, who will become FinLocker’s executive chairman and will continue to lead key strategic business relationships.
Housing Wire
JANUARY 15, 2021
HousingWire’s people mover section covers the latest hiring announcements in the real estate and mortgage industry. Kicking off this week’s leadership announcements, Cherry Creek Mortgage changed its structure and ownership. Through the restructuring, the company stated that it is 100% owned by the family of its co-founder, Jeffrey May, and announced the introduction of a new parent company of Cherry Creek Mortgage and other affiliated businesses, Cherry Creek Holdings , which May will serve as
Housing Wire
JANUARY 12, 2021
Following its rebrand from Citadel Servicing Corp. to Acra Lending, the company has also launched a new jumbo prime program. HousingWire recently spoke with Keith Lind, Acra executive chairman and president, and Acra CEO Kyle Gunderlock, about the new program and how it will help borrowers in 2021 and beyond. HousingWire: Why did you develop the Jumbo Prime program?
Housing Wire
JANUARY 12, 2021
Borrower Intelligence System. Sales Boomerang notifies a Lender when their borrower needs a loan. This demo will present a new suite of alert products. Prescriptive Scenarios enable loan officers to connect a borrower with the right type of loan at the right time based on the borrower’s needs and qualifications. Product Fast Facts: #1. In 3 years our lenders produced $18B in new loan originations from Sales Boomerang alerts, and had an average of 24X ROI. #2.
Housing Wire
JANUARY 15, 2021
JPMorgan Chase , the nation’s largest depository bank, increased mortgage origination volume to $32.5 billion in the fourth quarter, a 12% gain from the prior quarter. But that doesn’t quite tell the whole story. The Jamie Dimon-led bank increased overall mortgage origination volume primarily through its correspondent channel, according to the earnings report issued this week.
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