Housing Wire

DECEMBER 17, 2020

The average U.S. mortgage rate for a 30-year fixed loan fell four basis point this week to 2.67% – the lowest rate in the Freddie Mac ’s Primary Mortgage Market Survey’s near 50-year history. This week’s mortgage rate broke the previous record set on Dec. 3 and is the first time the survey has witnessed it fall below 2.7%. “The housing market continues to surge higher and support an otherwise stagnant economy that has lost momentum in the last couple of months,” said Sam Khater, Fred

Mortgage 546

Mortgage Housing Market Lending Marketing 546

National Association of Realtors

DECEMBER 16, 2020

Understand home value, learn details about the appraisal process, borrowers rights, and more. Use this resource to become an informed home buyer.

Appraisal Process 85

Appraisal Process Buyers Appraisal Home Value 85

Robinson Appraisal Group

DECEMBER 15, 2020

Along with the rest of the world appraisers have had to adapt to all things Covid. Being in an industry where you are entering into homes, being in one another’s personal space and typical interaction has become alarmingly apparent of risks and uncertainty. Appraisers from the beginning of our national lock down were considered essential to continue the momentum of an economy that looked to be headed toward very unstable ground with the shock of the unprecedented closings and shut downs.

Real Estate 78

Real Estate Appraisal Inspection Real Estate Agent 78

McKissock

DECEMBER 18, 2020

The 2020 housing market will end the year as the highest performing sector of the U.S. economy. Next year’s 2021 housing market will remain strong as the economy recovers from the COVID-19 recession. The Mortgage Technology sector is growing rapidly, modernizing and digitizing what has traditionally been a fragmented and heavily regulated market.

Housing Market 76

Housing Market Appraisal Marketing Modernization 76

Housing Wire

DECEMBER 17, 2020

2020 has been a remarkably strong year for the housing market. Sales volume has remained elevated compared to last year since about mid-June, home values are growing more quickly than they have in 15 years and homes are typically selling a full three weeks faster than a year ago. Incredibly, next year’s housing market outlook is poised to be much stronger.

Housing Market 546

Housing Market Marketing Home Value 546

Property Metrics

DECEMBER 18, 2020

The development spread is a back of the envelope calculation widely used by real estate developers. It is a fast and easy way to size up the financial feasibility of a real estate development project, prior to completing a more in depth analysis. In this article we’ll take a closer look at the development spread and walk through an example of how it is used in practice.

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Development Real Estate Market Value Construction 69

McKissock

DECEMBER 15, 2020

A VA loan permits an eligible veteran to borrow up to 103.3% of the purchase price or the value of the home, whichever figure is lower. The VA uses state-licensed or state-certified appraisers to provide opinions of value for the homes on which it guarantees the mortgages. In order to complete a VA appraisal , you must be on the VA panel. Here’s an overview of how the VA appraisal panel operates.

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Appraisal Property Appraisal Contracts Real Property 53

Housing Wire

DECEMBER 14, 2020

What a crazy year we have all been through. Last year, I visited Japan, London, Puerto Rico, Oregon and Las Vegas twice. This year I had fewer visits than that to my local barber and I was ecstatic to be there. This was the year we relearned to appreciate small things. Adventure and excitement were out, and safety was in. On the economic front, COVID-19 was the mother of all exogenous shocks.

Housing Market 545

Housing Market Government Marketing Mortgage 545

Housing Wire

DECEMBER 14, 2020

The total number of loans in forbearance decreased from 5.54% to 5.48% as of Dec. 6, according to the Mortgage Bankers Association. Fannie Mae and Freddie Mac loans in forbearance decreased to 3.26% – an 8-point improvement. Ginnie Mae loans in forbearance decreased 21 points to 7.68%. Despite a dramatic point improvement, borrowers are still seeking relief, according to Mike Fratantoni, MBA’s senior vice president and chief economist. “New forbearance requests reached their highest level

Mortgage 544

Mortgage 544

Housing Wire

DECEMBER 17, 2020

The coronavirus is raging. Eleven million workers are unemployed. And at the end of this month — absent immediate and urgent action by Congress and the administration — millions of American families will be put into eviction and foreclosure proceedings that will take them from their homes at the worst possible moment. Since the coronavirus began spreading, home has been the first line of defense.

Landlords 528

Landlords Housing Market Mortgage Marketing 528

Housing Wire

DECEMBER 17, 2020

Single-family housing starts continued their seven-month climb in November, coming in at the highest level since 2007, according to the Census Bureau. Housing starts rose 1.2% in November compared to October and are up 12.8% year over year to a seasonally adjusted annual pace of 1.58 million starts. Single-family housing starts rose 0.4% from October and 27.1% compared to last year.

Construction 521

Construction Housing Market Inventory Sellers 521

Housing Wire

DECEMBER 18, 2020

The economic hardships wrought by the coronavirus pandemic will be long-term, and millions of renters and homeowners alike could take a serious hit in the upcoming months, affordable housing experts said on a recent webinar hosted by Freddie Mac. Despite economists’ more optimistic housing predictions for the year ahead, one panelist felt that the worst may still be yet to come.

Mortgage 511

Mortgage Finance Housing Market Marketing 511

Housing Wire

DECEMBER 16, 2020

After two weeks of decreases, the Mortgage Bankers Association reported that mortgage applications increased 1.1% during the week ending Dec. 11 amid mortgage rates that hit a new survey low. In its latest weekly survey the MBA said the 30-year fixed mortgage rate dropped five points to 2.85% – due, partly, to uncertainty over the prospects of additional pandemic-related government stimulus, as well as concerns about the continued rise in COVID-19 cases across the country, according to

Mortgage 501

Mortgage Contracts Government Buyers 501

Housing Wire

DECEMBER 16, 2020

The Federal Reserve left its overnight lending rate unchanged on Wednesday, and said it expects to keep interest rates low until labor market conditions and inflation hit the Federal Open Market Committee ‘s standards of maximum employment and inflation moderately exceeding 2% for some time. “Our guidance is outcome-based and is tied to progress toward reaching our employment and inflation goals.

Lending 497

Lending Mortgage Marketing Housing Market 497

Housing Wire

DECEMBER 15, 2020

New home purchases in November 2020 increased 34.7% from a year ago, but new home applications decreased from October, according to the Mortgage Bankers Association builder application survey. New home applications decreased 16% from October, said Joel Kan, MBA associate vice president of economic and industry forecasting. “November new home sales activity, both mortgage applications and home sales, ran at a pace considerably ahead of 2019, showing the ongoing strong growth in housing demand and

Construction 493

Construction Mortgage 493

Housing Wire

DECEMBER 18, 2020

Renting your home out on Airbnb can be a smart way to make some extra cash. In fact, it might even make homeownership more affordable. According to a study from Earnest, the average Airbnb host makes about $924 per month. Considering the median mortgage payment sits around $1,100, that’s a pretty big chunk of change to be bringing in. But buying an Airbnb property isn’t quite the same as buying a new home to live in.

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HOA Finance Investing Loan Officers 488

Housing Wire

DECEMBER 15, 2020

Data and analytics behemoth Verisk has reached an agreement to acquire behavioral data intelligence company Jornaya , the two companies announced on Tuesday. Verisk, headquartered in Jersey City, New Jersey, will add Jornaya’s proprietary technology – which tracks consumer behavior – into its suite of products geared toward insurance and financial services markets.

Insurance 482

Insurance Clients Technology Development 482

Housing Wire

DECEMBER 15, 2020

A new, invitation-only home listing platform hit the web last week. Forbes launched a luxury home listing platform which the company says will capitalize on its audience and “connect, inform, and inspire high-net-worth potential homebuyers and sellers” about properties for sale around the world. Forbes Global Properties will be led by Jeff Hyland, president and cofounder of the luxury listing site Hilton & Hyland and Bonnie Stone Sellers, the former CEO of Christie’s International Real

Real Estate 479

Real Estate Brokerage Housing Market Sellers 479

Housing Wire

DECEMBER 18, 2020

With a number of tech companies relocating to or expanding their footprint in Austin, Texas, current residents and local first-time homebuyers are getting squeezed by rising home prices. And it’s a trend that is only going to get worse, as real estate company Redfin reports that hot housing markets in major southern cities , including Austin, will become less affordable in 2021.

Realtors 476

Realtors Inventory Housing Market Real Estate 476

Housing Wire

DECEMBER 14, 2020

The Lone Star State has long been attractive to businesses of all kinds. The combination of warm weather, lots of space to build and the lack of a state income tax has been drawing companies for years. But this year, with tech companies and tech workers fleeing traditional tech hubs in droves, the trend has only accelerated, especially in the state’s capital, Austin.

Technology 476

Technology Business Housing Market Realtors 476

Housing Wire

DECEMBER 18, 2020

United Wholesale Mortgage’s (UWM) much-anticipated Wall Street debut is expected to take place on Jan. 22, 2021, the company told HousingWire late Thursday. UWM, the nation’s second-largest mortgage originator by volume, is going public through a merger with a publicly-traded special purpose acquisition company headed by businessman Alec Gores.

Clients 468

Clients Mortgage Investors Finance 468

Housing Wire

DECEMBER 18, 2020

Remote online notarization is spreading like wildfire across the U.S. as COVID-19 and stay-at-home orders forced many companies and mortgage notaries to look for alternative methods to continue operating amid the socially distanced environment in 2020. But what is in store as 2021 unfolds? Consumer demand for RON only continues to grow. Currently all states but two (California and South Carolina) have accepted some kind of RON or remote ink-signed notarization methods, either through temporary C

Mortgage 468

Mortgage Tools 468

Housing Wire

DECEMBER 15, 2020

Move , Inc., which operates Realtor.com , announced Tuesday it has acquired Avail , a platform that provides online tools, educational content and support for do-it-yourself landlords and tenants. The acquisition expands Realtor.com’s presence in the rental space and augments its current listing content. The terms of the deal were not disclosed. The Avail online platform offers landlords free workflow tools, as well as upgraded functionality and customizations which allow landlords to create and

Landlords 459

Landlords Tenants Tools Insurance 459

Housing Wire

DECEMBER 16, 2020

United Wholesale Mortgage is facing a potentially ugly court battle from a few of its own constituents. Three mortgage brokers in California claim that UWM pulled the rug out from beneath them in March when it changed the commission structure on mortgages that were quickly paid off by borrowers. The lawsuit is seeking class-action status. . On March 12, 2020, UWM executive Allen Beydoun appeared in a video sent to the roughly 100 mortgage brokers he claimed were responsible for higher-than-indus

Mortgage 448

Mortgage Investors Clients Contracts 448

Housing Wire

DECEMBER 14, 2020

Opendoor announced last week that it has expanded its iBuying services in Provo and Ogden, Utah; Rochester, Minnesota; Lakeland, Winter Haven, Sarasota, Deltona, and Ormond Beach, Florida; and Oxnard, Thousand Oaks, and Ventura, California. The iBuyer also said that homebuyers in Tucson, Arizona; Charlotte, North Carolina; Houston; San Antonio; and Austin, Texas, can tour and purchase any home on the market, via Opendoor.

Advertising 448

Advertising Finance Buyers Real Estate 448

Housing Wire

DECEMBER 16, 2020

Keller Williams -owned Smarter Agent , a Philadelphia-based startup that allows agents to create their own branded apps, will be shutting down its dedicated app. Inman News first reported that Smarter Agent would be shutting down. Keller Williams declined to provide HousingWire a timeline for the closure or explain why Smarter Agent was shutting down.

Agents 435

Agents Brokerage Real Estate Technology 435

Housing Wire

DECEMBER 14, 2020

Homebuyer , an Ohio-based software startup offering digital mortgages to first-time home buyers, announced on Monday it had snagged $1.4 million in a seed round from private investors. The company was founded in 2019 by Dan Green, under the mission to make homeownership more inclusive and less expensive for first-time borrowers. An ex-software engineer, Green is also a former loan officer and founder of The Mortgage Reports, a mortgage education website that was eventually acquired by Full Beake

Loan Officers 420

Loan Officers Investors Legal Buyers 420

Housing Wire

DECEMBER 17, 2020

The Federal Housing Finance Agency is looking to finalize a rule that would require Fannie Mae and Freddie Mac to hold higher levels of liquidity to protect against any sudden shortfalls, creating a further $10 billion cushion for the publicly-held mortgage companies. The measure – which is now up for final comment after previously having been implemented – also creates minimum funding requirements for the government sponsored enterprises.

Finance 418

Finance Housing Market Government Mortgage 418

Housing Wire

DECEMBER 16, 2020

After three successive months of record highs, the National Association of Home Builders and Wells Fargo Housing Market Index measuring builder confidence fell four points to 86 in December. Though the index fell from it’s 35-year series high, it is still the fourth month in its history the score broke 80. In December, all HMI indices, including current sales conditions, sales expectations and traffic of prospective buyers, also fell four points from their previous highest recorded reading

Construction 418

Construction Housing Market Buyers Inventory 418

Housing Wire

DECEMBER 16, 2020

In a lawsuit filed last week, a mortgage brokerage claimed that one of its former loan officers stole a database containing client names and information and brought it with him to a new job at NEXA Mortgage. Smart Mortgage , which operates in Illinois, Indiana, Colorado and Florida, filed suit against former senior loan processor Brian Noe and NEXA Mortgage earlier this month in federal court in Illinois.

Mortgage 418

Mortgage Loan Officers Brokerage Clients 418

Housing Wire

DECEMBER 14, 2020

Nexsys Technologies , a subsidiary of Rocket Companies , launched its Clear HOI platform for all mortgage lenders on Wednesday – a new product it says will cut homeowners’ insurance verification time to mere minutes. The platform will allow lenders to automate the verification process rather than requiring manual confirmation from both parties.

Mortgage 410

Mortgage Insurance Lending Technology 410

Housing Wire

DECEMBER 14, 2020

Accessory dwelling units (ADUs) have increased in popularity exponentially since the 1950s and are considered by some industry experts to be one solution to the affordable housing crisis. Now, as remote working and virtual classrooms have become the “new normal” for 1 in 4 American workers and roughly 93% of households with school-aged children in light of the COVID-19 pandemic, such units are being eyed as a solution to the problems those scenarios can bring as well.

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Tenants Government Development Legal 398

Housing Wire

DECEMBER 16, 2020

2020 was a year that forced a number of industries to modernize and adopt technologies that had been otherwise underutilized. For the housing economy in particular, tech helped to solve many of the challenges that COVID presented and allowed the industry to not only sustain, but prosper. “In 2021, technology will no longer be a ‘nice to have,’ but a must for building trust and standing out amidst an abundance of competitors in the wake of the pandemic,” said John Berkowitz, CEO of OJO Labs.

Agents 397

Agents Real Estate Technology Brokerage 397

Housing Wire

DECEMBER 15, 2020

Despite the steady decline in forbearance volumes since the peak in April 2020, 2.7 million homeowners remain on forbearance plans – and more than 78% of them are now in an extension, according to the MBA Forbearance and Call Volume Survey. Homeowners need information about what happens when forbearance plans end, and how they can achieve sustainable homeownership after a COVID-19-related delinquency.

Tools 397

Tools Training Sellers Finance 397