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The United States Department of Veterans Affairs will soon release a circular that “bridges the gap” on an agency law that prohibits a VA buyer from paying their real estate agent compensation, a VA official announced on Tuesday. Michelle Corridon, deputy policy director at the VA, announced at the Mortgage Bankers Association ‘s Secondary & Capital Markets Conference in New York that the circular would be issued between now and June 12.
Mortgage application volume increased 1.9% during the week ended May 17, as the average rate for a 30-year- fixed-rate mortgage fell to to 7.01%, down from 7.08% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances increased 7% compared with the previous week and were up 21% compared with the same week one year ago.
It wasn’t on my housing market bingo card to be paying such close attention to insurance, but this is a huge deal for California (and some other states). I promise this won’t become an insurance crisis blog, but today I have some brand new stats to share for Sacramento and the Bay Area. UPCOMING SPEAKING […] The post An insurance crisis wasn’t on my bingo card first appeared on Sacramento Appraisal Blog.
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.
I anticipated solid year-over-year home-price growth in today’s existing home sales report, so I’ve tried my best on social media to inform people that we have a low bar in home-price comps for this report and the next one. This is the context for why the home-price growth data was strong, which took some people by surprise. As you can see below, even though home prices rose in 2023, the median sales price showed negative year-over-year growth in April, May and June of last year.
Mortgage bankers continued to lose on originations in the first quarter, as the average pre-tax net loss per loan was $645, according to the Mortgage Bankers Association’s (MBA) Quarterly Mortgage Bankers Performance Report. That’s a decrease from the reported loss of $2,109 per loan in the fourth quarter of 2023. “While the first quarter of 2024 marks the eighth consecutive quarter of net production losses, these losses were less severe than the previous two quarters,” says Marina Walsh, vice p
Mortgage bankers continued to lose on originations in the first quarter, as the average pre-tax net loss per loan was $645, according to the Mortgage Bankers Association’s (MBA) Quarterly Mortgage Bankers Performance Report. That’s a decrease from the reported loss of $2,109 per loan in the fourth quarter of 2023. “While the first quarter of 2024 marks the eighth consecutive quarter of net production losses, these losses were less severe than the previous two quarters,” says Marina Walsh, vice p
The Federal Housing Administration (FHA) on Thursday published Mortgagee Letter (ML) 2024-10 , outlining reporting requirements that lenders must follow if they detect a cybersecurity intrusion. Effective immediately and applicable to all FHA-insured mortgage programs, the letter states that all lenders “that experience a potential or actual cyber incident must notify HUD via the FHA Resource Center at answers@hud.gov and HUD’s Security Operations Center at cirt@hud.gov within 12 hours of detect
As an appraiser, you’re already familiar with buzzwords like seller’s and buyer’s markets. A seller’s market indicates demand is high and inventory is low, while a buyer’s market means inventory is high and demand is low. Interest rates impact the housing market significantly — demand can rise or fall any time they go up or down. When the market enters a phase more favorable to sellers, appraisers may find themselves caught in a crossfire between what buyers think is fair and what the homeowner
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.
The red brick Georgian mansion, known by children all over the world as Kevin McCallister's home, is back on the market after 12 years and comes with a large Kevin Lego figure for the home theater.
New listings data has been moving lower over the last few weeks. I usually wouldn’t care too much about this as its a data line that can be volatile week to week but now it’s been three weeks. The moves haven’t been significant and our weekly pending contracts data picked up this week. But, we need to see more growth in new listings data just to grow from 2023 levels. 2023 new listings data was the lowest ever on record, so it’s already a low bar.
A combination of increased listings and weakening affordability continued to dampen home price appreciation in April – a trend that will likely to continue, according to First American. “After years of historically low levels of homes for sale, the pace of existing-home listings has modestly increased, bringing much-needed supply to the housing market,” says Mark Fleming, chief economist for First American, in a statement.
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.
The luxury market is back. That was Compass co-founder and CEO Robert Reffkin's primary message during his latest appearance on CNBC's "Squawk on the Street," where he talked about home price trends, mortgage rates, and stock market ebbs and flows.
A “consumer-centric” approach to buy-side commissions is better for all agents, industry leaders say. Here’s why, and what you need to know about the DOJ.
The median U.S. home sale price reached a record $387,600 in the four weeks ending May 19, marking a 4% year-over-year increase, according to data released Thursday by Redfin. The pricing surge comes despite a marginal dip in weekly average mortgage rates , which fell from a five-month high of 7.22% to 7.02% at the beginning of May, according to Freddie Mac.
Today, host Hal Humphreys meets with Jeff Allen, President of CubiCasa. Jeff has been an integral part of the valuation industry for a while, and he gets us up to speed on what his experience has involved. There have been a lot of new changes coming to the valuation space. What are some recent changes happening in valuation technology Where is the future of valuation going, and just how long will it take us to get there?
Equity Angels was launched in early 2024 by 2018 Inman Person of the Year Kenya Burrell-VanWormer, chief growth officer at NEO, and Katherine Winston, founding member and head of marketing at Plunk.
An appeals court ruled that the government could reopen its investigation. NAR says that decision involved “far-reaching and exceptionally important” errors.
New home sales missed estimates , showing that demand isn’t crashing but not growing much either. However, we need to keep an eye on the housing construction data in this report because it has huge implications for the economic cycle, our recession risk and mortgage rates. As the chart below shows, the housing sector generally poses a future risk to labor if the single-family permits data continues to decline.
Mortgage rates fell this week, with the average rate for a 30-year, fixed-rate mortgage dropping to 6.94%, down from 7.02% last week, according to Freddie Mac’s Primary Mortgage Market Survey. “Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month,” says Sam Khater, chief economist for Freddie Mac, in a statement.
Christine Quinn and a number of other stars are set to make an appearance on "Trixie Motel: Drag Me Home," a new HGTV series that premieres on Max on June 1.
A new report describes the political might of NAR, its lavish efforts to protect it, and risks to its future posed by the government — and its own actions.
Fraud and forgery claims represented more than one-fifth of the total dollars spent by title insurers on claims expenses and losses over the past decade, according to a study conducted by Milliman and commissioned by the American Land Title Association (ALTA). Between 2013 and 2022, title insurers recorded 203,181 claims for policies written during that time, and they paid out $4.4 billion in claims related to losses and loss expenses.
Truity Credit Union , a member-owned credit union with locations in Oklahoma, Kansas and Texas, is using Dark Matter’s Empower loan origination system to provide loan officers and members a modern, mobile-friendly experience across home purchase, refi, home-equity and construction loan originations. According to Joe Beffer, Truity’s senior vice president and director of lending, the credit union chose Dark Matter for its mobile-friendly borrower portal and for features that will help its interna
Homeowners can't sell a primary residence through Xome's seller portal without a listing agent, but can hire an agent on their own or ask Xome to match them with one.
Minnesota’s largest multiple listing service embraces its “broker-centric, tech-forward focus” as it works through rules changes and pursues collaboration.
After two years of limited demand, private equity and insurance companies are increasing their allocations to single family residential mortgages. This increased flow of funds appears to be driven by strengthening macro factors that favor residential mortgages over other yield assets such as commercial real estate (CRE) and commercial (C&I) loans.
Down Payment Resource , offering homebuyer assistance program data and solutions, recently announced an integration with ICE Mortgage Technology that embeds down payment assistance program support into Encompass. The integration helps lenders make affordable home financing opportunities more accessible while growing business and forging referral partnerships, Down Payment Resource says in a release.
Newly built homes available on the market rose to 480,000, representing a supply of 9.1 months at the current sales rate, up from an 8.5 month supply in March, according to U.S. Census Bureau data.
Real launches luxury division; Alabama merger ups United's market share; RE/MAX affiliate adds 3 firms; The Agency opens in Niagara; ERA Carroll expands in WY.
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