Housing Wire
OCTOBER 7, 2020
Don’t call it a comeback, Good demographics and low mortgage rates have been here for years, Rockin’ the bubble boys Puttin’ the bears in fear. That’s a reference to the song “Mama Said Knock You Out” from L.L Cool J. I have used this in other articles and interviews, which runs in line with my big macro take that what drives the housing market are mortgage rates and demographics.
McKissock
OCTOBER 5, 2020
Technology is an essential part of any successfully run business, which remains valid for the real estate industry. Staying on top of industry trends is especially important for agents as every intricate part of a transaction can improve using technology and software. In this article, we will cover some of the most useful and innovative solutions out there to help any agent run their business ethically and efficiently as possible. #1: Client Relationship Management System.
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Anthem Valuation
OCTOBER 7, 2020
The Department of Homeland Security has made changes in 2020 with required income, credit history, civil liabilities and assets/resources in immigration applications. In such, requiring a recent appraisal of real estate by a licensed appraiser to indicate equity value. [link]. The post Appraisals for Immigration appeared first on Anthem Valuation Blog.
REX Real Estate
OCTOBER 8, 2020
When the COVID-19 pandemic first started, experts predicted the housing market would suffer compared…
Housing Wire
OCTOBER 7, 2020
For the second consecutive month, Fannie Mae’s Home Purchase Sentiment Index, a composite index designed to track consumers’ desire to sell or buy a home, gained 3.5 points in September to 81. Compared to this time last year, the HPSI is down 10.5 points, but has recovered more than half of its early pandemic-period decline when April’s HPSI hit its lowest reading since November 2011.
McKissock
OCTOBER 9, 2020
We recently asked our appraisal community, “What ONE business skill does every appraiser need to master?” By far, the most popular answer selection was “delegation and time management.” According to real-life appraisers, several business skills are important. But time management, in particular, is essential for building a successful career in real estate appraisal.
Property Appraisal Zone brings together the best content for appraisal professionals from the widest variety of industry thought leaders.
Housing Wire
OCTOBER 7, 2020
Are you running your real estate practice like a business? Or is being a real estate agent just a side hustle for you – something you do in your spare time? According to the U.S. Small Business Administration , only half of small businesses survive five years or longer. So, if you’re planning to be a real estate agent long-term, it’s probably a good idea to run your business like, well, a business, especially in today’s highly competitive housing market.
Housing Wire
OCTOBER 5, 2020
The U.S. forbearance rate measuring the share of mortgages with suspended payments fell to 6.81% in the last week of September, the lowest since mid-April, according to the Mortgage Banker Association. The rate dropped from 6.87% in the prior week, MBA said in a report on Monday. The forbearance rate for Fannie Mae and Freddie Mac loans dropped seven basis points to 4.39%, while the rate for Ginnie Mae loans that include loans backed by the Federal Housing Administration increased one basis poin
Housing Wire
OCTOBER 6, 2020
There are about 400,000 mortgage borrowers “needlessly delinquent” as a result of the COVID-19 pandemic who did not use available forbearance options, according to a report from the Urban Institute. These are borrowers with mortgages backed by the federal government who could have gotten help by getting a forbearance agreement, a right given to them by the CARES Act passed by Congress at the end of March, according to the report by Laurie Goodman and Michael Neal.
Housing Wire
OCTOBER 8, 2020
The average U.S. mortgage rate for a 30-year fixed loan is 2.87% this week, dropping one basis point from last week’s 2.88% , Freddie Mac said in a report on Thursday. The rate is now one basis point from an all-time low set in mid-September. The average fixed rate for a 15-year mortgage was 2.37%, rising one basis point from last week’s 2.36%, the mortgage securitizer said.
Housing Wire
OCTOBER 7, 2020
V#&WUA. – no, I’m not beeping something out. These days, it seems those symbols are all the economic recovery scenarios that are possible as the U.S. looks to recover from the pandemic that has gripped our nation in 2020. For the housing market, that recovery could look different from the larger economy. In the Spring of of 2020, as stay-at-home orders spread across the U.S. and many businesses began to close, the housing market proved to be incredibly resilient, thriving amid record l
Housing Wire
OCTOBER 6, 2020
With ever-waning levels of inventory, surging homebuyer demand and bidding wars on the rise, it’s clear that sellers have the upper hand this season. And while that certainly bodes well for homeowners (hello, more profits!) that doesn’t mean every property will sell in record time or for top dollar. Are you considering putting your home on the market?
Housing Wire
OCTOBER 7, 2020
After faltering 4.8% the week prior , mortgage applications almost completely rebounded last week, gaining 4.6%, according to a report from the Mortgage Bankers Association. The refinance index also jumped 8% — hitting its highest level since mid-August. Refinances continued to hover around two-thirds the share of mortgage activity as they increased to 65.4% of total applications from 63.3% the week prior.
Housing Wire
OCTOBER 6, 2020
Opendoor has officially filed its announcement to go public after announcing its merger with Social Capital Hedosophia Holdings Corp. II in September. But the filing also revealed that Opendoor is under investigation by the Federal Trade Commission over its advertising practices. According to the filing, Opendoor in 2019 received a civil investigative demand.
Housing Wire
OCTOBER 6, 2020
Talk to any mortgage technologist about the future of the industry and two topics will emerge immediately: big data and smarter automation. I know this because this is what we’ve been talking about in our industry for the past decade. While big data and smart automation are still at the forefront of these conversations today, the focus has evolved. When the concept of big data first emerged, it was a dream based on the need to centralize information so lenders could run analytics to gain insight
Housing Wire
OCTOBER 5, 2020
Following previous natural disaster recovery patterns, mortgage delinquencies are not expected to return to pre-pandemic levels until March 2022, according to a report from Black Knight. If trends persist, the data service provider estimates once the first wave of forbearances hit their 12-month expiration in March 2021, there may be more than 1 million excess delinquencies.
Housing Wire
OCTOBER 8, 2020
The pandemic has changed everything. We no longer shop for groceries, clothes or TVs as we did in March. The same is true of home shopping. And we may never go back to the old ways. “Consumer shopping behavior has permanently changed; the customer expectation has changed,” Jornaya Head of Consumer Finance Mike Eshelman said at HousingWire Annual on Thursday.
Housing Wire
OCTOBER 8, 2020
In many states across the U.S. ( with some exceptions ), remote online notarizations are becoming widely accepted. Now, experts say it’s time to move on to the next step: artificial intelligence. At the onset of COVID-19, the housing industry was forced to figure out how it would continue to help Americans fulfill their dream of homeownership amid stay-at-home orders.
Housing Wire
OCTOBER 7, 2020
Keller Williams co-founder Gary Keller has stepped down as CEO amid a broader corporate restructuring that will see the creation of a new holding company, KWx , and a new CEO. In an email to Keller Williams’ leaders and agents Wednesday morning, Keller said the announcement is “one I have been working toward for many months and am confident will mark the next chapter in the history of Keller Williams.”.
Housing Wire
OCTOBER 8, 2020
Months after taking a back seat at the Association of Independent Mortgage Experts , former Chairman Anthony Casa announced he is officially stepping down following the backlash from his lewd and sexist videos. Over the July 4 holiday this year, Casa sent a video to Quicken Loans Vice President Austin Niemic, where he made comments of a sexual nature about Niemiec’s wife.
Housing Wire
OCTOBER 8, 2020
Mortgage credit in September was the tightest since February 2014 as a weak economy prompted lenders to raise standards, the Mortgage Bankers Association said in a report on Thursday. The group’s Mortgage Credit Availability Index fell 1.9% to 118.6 last month, indicating stricter requirements to get loans. The index plunged from record highs seen in late 2019 after the COVID-19 pandemic caused the sharpest economic contraction since the Great Depression.
Housing Wire
OCTOBER 9, 2020
Home Point Financial named Kristin Supancich to the new role of chief people officer where she will be charged with growing and scaling the company. Supancich brings more than 25 years of experience in the workforce and talent industry to the new position, harnessing her experience to help Home Point become one of the nation’s Top-10 overall mortgage lenders by continuing to enhance its people-focused initiatives.
Housing Wire
OCTOBER 9, 2020
Home sales are up, and so are the prices. Median home sale prices have made the largest increase on record, jumping 15% year over year for the week ending Oct. 4. The previous largest increase was 14.5% seen in September 2005, according to Redfin analysis of the Case-Shiller national home price index and analysis of MLS data. As of last week, the median home sale price in America was $320,625, compared to $279,090 a year ago.
Housing Wire
OCTOBER 7, 2020
HousingWire recently spoke with ACES Quality Management CEO Trevor Gauthier about the importance of quality control among record-breaking volumes and how QC technology can help lenders avoid costly errors. HousingWire: How have recent conditions impacted loan quality management? Trevor Gauthier : Right out of the gate with COVID-19, we saw everyone making the transition to a remote work environment, which was incredibly burdensome on organizations that are used to being in their brick-and-mortar
Housing Wire
OCTOBER 5, 2020
Rich Weidel, the CEO of family-owned and operated lender Princeton Mortgage , was scared. He saw the big competitors only getting bigger. He wondered how a smaller retail-and-wholesale shop could possibly compete with the likes of Rocket Companies , with massive budgets for technology and an ability to scale and expand margins. But he ran the numbers, and says he was surprised at what he found.
Housing Wire
OCTOBER 9, 2020
Changes to capital markets have been fast and furious over the last year in housing. By some accounts, the growth timeline has been compressed five years. It makes for exciting – and uneasy – times for lenders, investors and policy makers, panelists said at HousingWire Annual on Thursday. During the half-hour discussion, the panelists offered their takes on capital market appetite by channel, touching on the rise of the nonbank, regulatory challenges, IPOs, adaptation and technology, the upcomin
Housing Wire
OCTOBER 7, 2020
Patrick Stone was looking both ways when he took steps to launch Williston Fina ncial Group (WFG) in January 2010. Behind him, the recent financial crisis still cast a cautionary shadow over new business development, but ahead he saw opportunities for a client-centric, tech-focused family of companies in the title insurance and real estate settlement services industry.
Housing Wire
OCTOBER 6, 2020
The American Land Title Association announced at its ALTA ONE conference Tuesday that it is launching its Good Deeds Foundation to provide grants and sustain efforts to strengthen communities in crisis. The foundation will help the charitable efforts of its members in their communities and help those affected by national emergencies like COVID-19 or with housing needs.
Housing Wire
OCTOBER 9, 2020
After a slight uptick the previous week, mortgages in active forbearance plummeted 18%, marking the first time since mid-April the total number of plans fell below 3 million, Black Knight said in a report on Friday. As of Oct. 6, 2.97 million homeowners remain in COVID-19-related forbearance plans, representing $614 billion in unpaid principal. According to the report, last week’s decline of 649,000 forbearance cases represented the largest single-week drop since the beginning of the pandemic.
Housing Wire
OCTOBER 6, 2020
Real estate technology company Compass announced on Monday that it has signed a definitive agreement to acquire title and escrow software startup, Modus. The financial terms of the deal were not disclosed. Modus , based in Seattle, will merge its 60-plus person team with Compass’s end-to-end real estate transaction platform. Founded in 2018 by Alex Day, Jai Sim and Abbas Guvenilir, Modus’ goal is to digitize the home-closing process by providing a transparent platform for agents and their
Housing Wire
OCTOBER 8, 2020
The Federal Reserve Board announced on Wednesday an enforcement action against Citigroup after an assessment found the bank had multiple “longstanding” deficiencies in risk management and internal controls. Inadequate implementation was found in data quality management and regulatory reporting, compliance risk management, capital planning and liquidity risk management, the Fed announced on Wednesday.
Housing Wire
OCTOBER 9, 2020
Redfin’ s iBuying service RedfinNow has expanded into another new market since it resumed after pausing because of COVID-19. As of Friday October 9th, Sacramento, California homeowners can sell their homes and get a cash offer via RedfinNow. “Despite the pandemic, people still need to sell, whether they are relocating for a job, making room for a growing family or downsizing for retirement in a new place,” said Jason Aleem, vice president of RedfinNow. “We’re excite
Housing Wire
OCTOBER 9, 2020
Alongside the discussions around how the pandemic is changing consumer behavior, how to solve the current inventory shortage and how the economic forecast for 2021 is shaping up, was a conversation much bigger than mortgage and these boom times. It was a conversation focused on how lenders and companies can – and should – create a business strategy during social upheaval.
Housing Wire
OCTOBER 9, 2020
HousingWire recently spoke with Yvette Gilmore, senior vice president of Servicing Product Strategy at ServiceLink, about the challenges of portfolio management in the current environment and how machine learning can help servicers streamline the asset-decisioning process. HousingWire: What are the current challenges of portfolio management for servicers?
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