Housing Wire

SEPTEMBER 11, 2020

Mortgage credit in August was the tightest in more than six years as a weak economy prompted lenders to tighten standards, the Mortgage Bankers Association said in a report on Thursday. The group’s Mortgage Credit Availability Index fell 4.7% to 120.9 last month, the lowest since March 2014, indicating stricter requirements to get loans. The index plunged from record highs seen in late 2019 after the COVID-19 pandemic caused the worst economic contraction since the Great Depression.

Mortgage 545

Mortgage Government Contracts Lending 545

Advanced Appraisal

SEPTEMBER 11, 2020

09/11/2020

79

79

Annarbor Appraisal

SEPTEMBER 6, 2020

Challenging the results of the appraisal for mortgage financing. The first thing to remember as a consumer or real estate agent, is that the client is the lender, not the consumer. Even though the consumer may pay for the appraisal, they are no more the client than is the credit reporting agency or title company hired directly by the lender. The lender obtains the appraisal to ensure that the collateral is adequate for the loan (remember the three C’s of credit, capacity, and collateral).

Mortgage Appraisal 78

Mortgage Appraisal Appraisal Mortgage Reconsideration of Value 78

McKissock

SEPTEMBER 11, 2020

Sustainable insulation materials include things that are rapidly renewable and non-toxic. Have you ever worked with fiberglass insulation? It can get up your nose and cause your hands and any exposed areas to itch. It can get into your lungs and cause complications. Sustainable insulation is made from natural products such as wool, cotton, and soy-based foam insulation.

Construction 71

Construction Appraisal 71

Speaker: Timothy Allsopp

Payment challenges often lead to delayed projects, financial bottlenecks, and strained relationships. With construction projects becoming more complex, outdated processes are no longer sustainable. By refining financial workflow, companies can improve cash flow, reduce error, and foster trust between stakeholders. Discover practical strategies for redesigning payment systems to overcome workflow challenges while creating a smoother, more reliable process for contractors and subcontractors alike.

Construction

Housing Wire

SEPTEMBER 9, 2020

Telecommuting is growing in popularity as more companies establish work-from-home protocols. With this new flexibility, nearly 2 million renter households could become homeowners , according to Zillow. Renters who are employed with a job that could be done remotely and might be priced out of their current market could afford to buy the typical starter home elsewhere in the U.S. “If remote work becomes a bona fide long-term option especially with the pandemic, that could reshape the U.S. ho

Housing Market 545

Housing Market Marketing Real Estate 545

REX Real Estate

SEPTEMBER 9, 2020

When someone says “modern farmhouse,” I instantly think of Chip and Joanna Gaines –…

Modernization 50

Modernization Home Improvement 50

McKissock

SEPTEMBER 8, 2020

Real estate never sleeps. Meaning if you’re competitive in your market, you may feel like you must constantly be available and constantly be working. Unfortunately, this ambitious attitude does not always fair well. Symptoms of Real Estate Burnout. Your drive to work decreases. Your enthusiasm to meet new clients and interact with other agents fades.

Real Estate 71

Real Estate Clients Client Relationships Business 71

Housing Wire

SEPTEMBER 11, 2020

Real estate agent safety has been a concern for years, as the job requires showing empty homes or homes occupied by others, and meeting new people, often alone. As September is Realtor Safety Month, the National Association of Realtors has released its 2020 Member Safety Report. According to the report, 31% of Realtors said they feel unsafe during an open house or showings, and 27% said they feel unsafe when meeting a new client for the first time at a scheduled location or property.

Open Houses 545

Open Houses Realtors Real Estate Agent Real Estate 545

PennyMac

SEPTEMBER 9, 2020

The answer is, no. The down payment amount can vary depending on the type of loan for which you’re applying. Fortunately, there are numerous ways to save, as well as down payment assistance programs and other funding sources for buyers. We compiled a list of alternative options for your down payment. Let’s first see what the down payment amount is for the type of loan you’re looking at.

Insurance 36

Insurance Buyers Mortgage Human Resources 36

Advertiser: Trellis

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.

Real Estate

REX Real Estate

SEPTEMBER 11, 2020

So, you’re thinking about remodeling your home and are wondering where to start?

Home Improvement 36

Home Improvement Renovations 36

McKissock

SEPTEMBER 8, 2020

Previously, we asked our real estate appraisal community, “What’s your favorite part of the appraisal process ?” The top three answers we received were “Data collection and property description,” “Data analysis,” and “Application of the approaches to value.” This time, we asked appraisers, “What part of the appraisal process do you find the most challenging?

Appraisal Process 65

Appraisal Process Appraisal Valuation Clients 65

Housing Wire

SEPTEMBER 8, 2020

Back in April, when the COVID-19 data and unemployment numbers were at their worst, the housing bubble boys had a halfway legitimate 2020 housing market crash thesis. If unemployment rates had stayed between 20%-30%, the economic damage down to homeowners would have been epic. This could have led to a rapid increase in inventory on the market, which would have crashed home prices as demand collapsed.

Housing Market 545

Housing Market Marketing Government Inventory 545

Housing Wire

SEPTEMBER 11, 2020

Even with refinancings driving a record $1.1 trillion in originations in the second quarter and testing the limits of lenders’ capacity, LOs, mortgage executives and economists say all the conditions are right for a string of even bigger quarters. According to a report this week by data and analytics firm Black Knight , there are over 19 million high-quality refinance candidates in America, representing 43% of all 30-year mortgage holders.

Mortgage 544

Mortgage Business Marketing 544

Housing Wire

SEPTEMBER 10, 2020

Average mortgage rates for 30-year and 15-year mortgages fell to all-time lows this week, Freddie Mac said in a report on Thursday. The 30-year average is 2.86%, breaking the prior low of 2.88% set in the first week of August, and the 15-year average is 2.37%, beating last week’s record low of 2.42%, the mortgage financier said. The rates are driving demand in the housing market, helping to counter-balance an economic slowdown that showed signs of worsening after the COVID-19 pandemic flared in

Mortgage 541

Mortgage Housing Market Realtors Buyers 541

Housing Wire

SEPTEMBER 8, 2020

The U.S. forbearance rate in the last week of August fell to the lowest level since mid-April, according to the Mortgage Bankers Association. The rate dropped to 7.16% from 7.2% in the prior week, MBA said in a report on Tuesday. The forbearance rate for Fannie Mae and Freddie Mac loans dropped eight basis points to 4.8%, while the rate for Ginnie Mae loans that include loans backed by the Federal Housing Administration increased four basis points to 9.62%.

Mortgage 538

Mortgage Government Marketing 538

Housing Wire

SEPTEMBER 11, 2020

There are 3.7 million U.S. homeowners with mortgages in forbearance this week, down 22% from May’s peak of 4.7 million , Black Knight said in a report on Friday. The total weekly drop was 66,000 loans, a slower pace than the decline of 150,000 in the prior week, the report said. Measured as a share of all mortgages, 7% of home loans are in forbearance, down from 7.1% in the prior week, Black Knight said.

Mortgage 530

Mortgage Government Marketing 530

Housing Wire

SEPTEMBER 9, 2020

In the ultra-competitive Westchester market, the odds were stacked against Heather Harrison and her client. A stately suburban home that was listed on Tuesday already had 30 showings lined up for that upcoming Saturday. “I put in a full price offer at $1.275 million, that was the asking price,” Harrison said. “The client went to highest and best on Monday at 5 p.m., and I counseled my client to bid accordingly, waive his mortgage contingency, then we bid $1.45 million and we go

Agents 501

Agents Marketing Clients Buyers 501

Housing Wire

SEPTEMBER 8, 2020

U.S. lenders issued a staggering $1.1 trillion in home loans between April and June, marking the biggest quarter in at least two decades, according to mortgage data firm Black Knight. The record quarter highlights the growing disparity between homeowners who are primed to take advantage of perfect conditions, and those who are simply desperate to not lose their homes.

Lending 497

Lending Mortgage Marketing 497

Housing Wire

SEPTEMBER 11, 2020

Exactly one week after Ellie Mae was officially acquired by Intercontinental Exchange , Ellie Mae president and CEO Jonathan Corr announced his retirement on Friday, and announced that the company’s chief operating officer, Joe Tyrrell, would succeed him as president of ICE. Though his retirement is effective immediately, Corr said he will be supporting Tyrrell in an advisory role through the end of the first quarter.

Mortgage 463

Mortgage Development Business 463

Housing Wire

SEPTEMBER 10, 2020

Mortgage lenders continued to be optimistic in the third quarter, with 48% of lenders saying they think profit margins will increase compared to the prior quarter, according to Fannie Mae ‘s Mortgage Lender Sentiment Survey. Thirty-seven percent think profits will remain the same, while only 15% see profits decreasing in the next three months.

Housing Market 440

Housing Market Government Mortgage Inventory 440

Housing Wire

SEPTEMBER 8, 2020

U.S. consumer borrowing rose 13% in July, the biggest gain since the month before the COVID-19 pandemic shut down the economy, according to a report on Tuesday from the Federal Reserve. It was the fastest pace since February’s 20% gain, which was followed by plunges of 12% in March, 69% in April, and 18% in May. Borrowing began increasing in June, with a 9% bump.

Contracts 438

Contracts Government Mortgage 438

Housing Wire

SEPTEMBER 11, 2020

The second quarter was a tough one on iBuyers, as only 0.1% of the homes sold across 418 metros — only 880 homes total — were purchased by top iBuyers Redfin , Zillow , Opendoor and Offerpad , according to a report by Redfin. That’s a drop of 88% compared to Q2 last year. It also represents the smallest number of properties purchased by iBuyers since Q1 2017, Redfin said, with iBuyers spending $195 million in Q2, compared to $1.6 billion Q2 2019.

Contracts 426

Contracts Marketing Agents Housing Market 426

Housing Wire

SEPTEMBER 11, 2020

Opendoor , the largest instant home buying platform in the country, could debut on the public market at a $5 billion valuation, according to a new report. Chamath Palihapitiya’s Social Capital is in talks to use one of his blank-check companies, Social Capital Hedosophia Holdings Corp. II, to merge with Opendoor and take it public, according to Bloomberg.

Valuation 422

Valuation Brokerage Real Estate Agent Real Estate 422

Housing Wire

SEPTEMBER 8, 2020

After a slight falter in July, Fannie Mae’s Home Purchase Sentiment Index, a composite index designed to track consumers’ housing-related attitudes, intentions and perceptions is back up 3.3 points in August to 77.5. Compared to this time last year, the HPSI is down 16.3 points, but has continued its upward recovery for year-over-year gains past April’s eight-and-half-year low.

Sellers 414

Sellers Buyers Design Mortgage 414

Housing Wire

SEPTEMBER 8, 2020

For the fourth consecutive month , over half of home offers from Redfin faced a bidding war. Across the U.S., 54.5% of Redfin home offers faced competition in August, ticking down slightly from July’s 57.3%. To break it down further, the competition remained fierce in coastal areas. This includes San Diego, which saw 64.5% in bidding wars, and San Francisco and San Jose – which both had 65.2% in bidding wars, Redfin said. “The pandemic-driven trend of people moving away from densely packed

Mortgage 410

Mortgage Housing Market Real Estate Marketing 410

Housing Wire

SEPTEMBER 9, 2020

After three weeks of declines, mortgage applications rose 2.9% last week, according to a report from the Mortgage Bankers Association. The refinance index also saw an uptick last week, gaining back the 3% it had lost the week prior and remaining 60% higher than the same week one year ago. According to Joel Kan, MBA’s associate vice president of economic and industry forecasting, last week’s drop in rates led to the rebound in refinance activity – driven mainly by borrowers applying for conventio

Mortgage 396

Mortgage Contracts Marketing 396

Housing Wire

SEPTEMBER 9, 2020

As the world continues to grapple with COVID-19, industry leaders are watching closely to determine long-term effects on their businesses and to understand how to best shift their priorities to ensure continued success. The mortgage industry is no exception. The pandemic has propelled every mortgage company into uncharted territory, and without quick action, many mortgage providers will be unprepared to manage what’s to come.

Housing Market 370

Housing Market Mortgage Business Marketing 370

Housing Wire

SEPTEMBER 9, 2020

Zillow launched its iBuying solution, Zillow Offers in its 25th market Wednesday morning: Homeowners in Jacksonville, Florida can now sell their home directly to Zillow. In early March, Zillow said it had plans to expand in Jacksonville and Oklahoma City this year. It looks like despite the pandemic, it’s still on track. The last market Zillow Offers launched in was Cincinnati on March 2, right before the pandemic caused it to pause on March 23.

Marketing 370

Marketing Sellers Agents Clients 370

Housing Wire

SEPTEMBER 10, 2020

Remote online notarizations are currently not permitted in New York, but that doesn’t mean a borrower can’t sign their documents remotely. About half of U.S. states don’t currently allow for RON, but due to the COVID-19 pandemic and widespread stay-at-home orders, many issued emergency orders to help move remote notarization forward. New York was one of those states.

Mortgage 361

Mortgage 361

Housing Wire

SEPTEMBER 11, 2020

Zillow and Redfin are among the companies that are signing on to The Board Challenge, a pledge to add a Black member to their board of directors within one year. Rolled out this week , the Board Challenge is part of a movement to increase diversity and inclusion since the death of George Floyd at the hands of police officers in Minneapolis in May. “The perspectives and ideas we listen to, and the voices we elevate, will determine the future of our industries, our companies, and ultimately our wo

Housing Market 358

Housing Market Real Estate Marketing 358

Housing Wire

SEPTEMBER 9, 2020

Prior to the deadline for public commentary on Tuesday, housing industry trade groups, companies and organizations responded to the Consumer Financial Protection Bureau’s proposed rulemaking for the general qualified mortgage definition and the expiration of the QM patch in January 2021. In June, the bureau released two proposals regarding the QM Patch, which allows loans sold to Fannie Mae or Freddie Mac to exceed the 43% debt-to-income ratio the Bureau had established in its Ability to Repay/Q

Mortgage 358

Mortgage Lending Investors Legal 358

Housing Wire

SEPTEMBER 10, 2020

Economists are having a moment. Their ability to model likely future scenarios has always been important, but during a once-in-a-lifetime event like a global pandemic, they are invaluable. Understanding what businesses should expect next quarter, next year and in the next five years has never been more important — or more unclear. That’s why we’ve invited Doug Duncan, senior vice president and chief economist at Fannie Mae , to give the economic forecast at our HousingWire Annual event on Oct. 8

Finance 348

Finance Business Real Estate Mortgage 348