Housing Wire

AUGUST 7, 2020

After two consecutive months of advances , Fannie Mae’s Home Purchase Sentiment Index, a composite index designed to track consumers’ housing-related attitudes, intentions and perceptions, fell 2.3 points in July to 74.2. Year over year, the HPSI is down 19.5 points but still sits above April’s near-record low. According to the report, 53% of Americans now believe it is a good time to buy a home – an 8% decrease from June’s 61%.

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Boston Appraisal

AUGUST 4, 2020

Receiving a copy of a residential real estate appraisal report can be a little intimidating. It may seem like a lot of money for such a such a short report. But that is hardly the case. That appraisal report you are holding tells you so much more than a simple property value. We’re going to examine, in detail, the standard form appraisal report that is most commonly used for residential appraisals.

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Appraisal Real Estate Valuation Market Value 148

McKissock

AUGUST 5, 2020

What ethical considerations are involved in working with FSBOs ? FSBO ethics are not included in the National Associaton of REALTORs® (NAR) Code of Ethics. However, NAR’s Field Guide to Working with FSBOs contains numerous links to help members work with FSBOs. In addition, there are many sources cited in this post that will assist you with how to ethically deal with FSBOs.

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Advertising Realtors Real Estate Agents 95

JMV Lending

AUGUST 5, 2020

We once had clients who spent dozens (if not hundreds) of hours removing the popcorn ceilings from their $950,000 home. Because they put so much “sweat” into their equity, they were convinced that their home would appraise for substantially more when they were done. But because their neighborhood market had recently softened a bit, their […]. The post Why Appraisers Often Come In So Much Lower Than Homeowner Estimates appeared first on JVM Lending.

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Housing Wire

AUGUST 7, 2020

New York Gov. Andrew Cuomo has extended the state’s eviction moratorium again, as many fear being kicked out of their homes after the federal eviction moratorium and unemployment benefits ended late last month. In March , the State of New York Unified Court System put in place the first eviction moratorium, effective through June. In May , this was extended but expired on August 5.

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Tenants Government Mortgage Real Estate 534

Boston Appraisal

AUGUST 4, 2020

Receiving a copy of a residential real estate appraisal report can be a little intimidating. It may seem like a lot of money for such a such a short report. But that is hardly the case. That appraisal report you are holding tells you so much more than a simple property value. We’re going to examine, in detail, the standard form appraisal report that is most commonly used for residential appraisals.

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Appraisal Valuation Real Estate Market Value 78

National Association of Realtors

AUGUST 6, 2020

This year’s summit was precipitated by recent research suggesting home valuation processes could be influencing the wealth gap between White and Black households in America.

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Housing Wire

AUGUST 6, 2020

Ellie Mae announced Thursday it entered a definitive agreement to be acquired by Intercontinental Exchange for approximately $11 billion. The move comes 15 months after Thoma Bravo , a private equity investment firm, announced it would acquire Ellie Mae in an all-cash transaction of $3.7 billion. “We are excited to be joining the Intercontinental Exchange family and having the opportunity to work closely with Simplifile and MERS in helping our industry to realize the true digital mortgage,

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Supply Chain Technology Mortgage Valuation 533

REX Real Estate

AUGUST 5, 2020

In difficult and trying times, innovation and hard work are the foundation for success.

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McKissock

AUGUST 4, 2020

What types of clients do property appraisers serve? Do most of their assignments come from lenders vs. non-lenders? To help answer these questions, we recently asked our real estate appraisal community, “What type of appraisal client makes up the majority of your client base?” While most appraisers said that the majority of their work comes from lenders (most often through AMCs), some said the bulk of their client base is made up of other types of appraisal clients, such as attorneys or private

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Clients Appraisal Government Property Appraisal 87

Housing Wire

AUGUST 5, 2020

Last week, we published a story about United Wholesale Mortgage (UWM) offering 15-year fixed mortgage rates as low as 1.875% for purchases and refinances. The article drew mixed reactions, with some calling the announcement a “nice PR move” that doesn’t factor in the broker’s compensation and other issues. Others just wanted more details. For the sake of transparency, we wanted to report that UWM is not the only lender offering rates below 2%.

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Mortgage Loan Officers Lending Advertising 528

Housing Wire

AUGUST 5, 2020

Living in a good school district is one of the biggest factors for homebuyers, even if they’re empty nesters. The National Association of Realtors found in its Profile of Home Buyers and Sellers in 2019 that 26% of all homebuyers said the quality of schools was important when finding a new home. And typically, a better school district equals higher resale value.

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Realtors Realty Buyers Sellers 521

Housing Wire

AUGUST 6, 2020

Average U.S. mortgage rates for a 30-year fixed mortgage fell to an all-time low of 2.88% this week, the eighth time in 2020 the weekly rate has set a record in a Freddie Mac series that goes back almost five decades. It fell from 2.99% last week , Freddie Mac said in a report on Thursday. The average 15-year rate fell to 2.44%, the lowest in almost 30 years of data, according to the mortgage financier.

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Mortgage Inventory Buyers Housing Market 518

Housing Wire

AUGUST 5, 2020

The Federal Reserve is considering abandoning its longtime strategy of using its benchmark rate to pre-emptively prevent inflation from rising above its 2% target. That could be the death knell for rock-bottom mortgage rates. Fed Chairman Jerome Powell said at a news conference last week that the central bank was close to wrapping up a review of its policy-making strategy that began in 2019.

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Mortgage Investors Government 516

Housing Wire

AUGUST 7, 2020

The Department of Housing and Urban Development said it was resuming in-person inspections of public housing units, though families concerned about the spread of COVID-19 can decline to have a HUD worker in their home. The so-called REAC inspections, which stands for Real Estate Assessment Center, are aimed at ensuring HUD properties like rental housing for low-income families, the elderly, and persons with disabilities “meet federal standards of health, safety, and accessibility,” HUD said.

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Housing Wire

AUGUST 7, 2020

This article was written for FinLedger, HW Media’s new fintech-focused news brand designed specifically for financial services professionals in banking, insurance and real estate. Stay tuned for updates. Ubitquity , developer of a blockchain-secured platform for real estate and title recordkeeping, has announced a new partnership with Rainier Title.

Technology 493

Technology Contracts Real Estate Insurance 493

Housing Wire

AUGUST 6, 2020

After an unpredictable spring, Zillow Group said it has beat its outlook in the second quarter. The group’s total consolidated revenue grew 28% year over year in Q2, to $768 million, with a total net loss of $84 million. “Zillow’s second quarter results are even better than we had hoped, and firm up our belief that powerful tailwinds in both real estate and technology are rapidly converging, with Zillow at the nexus,” Zillow Group Cofounder and CEO Rich Barton said in a statement.

Real Estate 482

Real Estate Technology Agents Inventory 482

Housing Wire

AUGUST 6, 2020

Initial jobless claims fell to 1.2 million last week, down from 1.4 million in the prior period , declining to a pandemic low that was almost twice as high as the worst measure during the financial crisis a decade ago. Continuing claims, a tally of the number of Americans receiving unemployment benefits , dropped to 16.1 million in the week ended July 25, the lowest since mid-April, the Labor Department said in a Thursday report.

Contracts 476

Contracts Mortgage Marketing 476

Housing Wire

AUGUST 5, 2020

eXp World Holdings , the parent company of eXp Realty , said its profit soared to a record in the second quarter as the dollar-volume of transactions rose 26% from a year earlier to $13 billion. The company reported net income of $8.3 million in the three months ended in June, compared with a loss of $2.2 million in the year-earlier quarter, according to a statement on Wednesday.

Realty 476

Realty Agents Brokerage Real Estate 476

Housing Wire

AUGUST 7, 2020

Since the iBuying industry launched in 2014, billions of dollars have poured into companies created to disrupt the real estate industry and transform the way consumers buy and sell houses. These companies promise homeowners a hassle-free experience – one that’s simple, convenient and avoids the uncertainties often inherent in real estate transactions.

Real Estate 459

Real Estate Housing Market Marketing 459

Housing Wire

AUGUST 6, 2020

We sat down with Nancy Alley, vice president of strategic planning at Simplifile and one of HousingWire’s 2020 Women of Influence, to talk about the rapid changes in the closing process as a result of the pandemic. Will this end up being a watershed moment for the industry? HousingWire: You’ve been focused on helping the mortgage industry get to an end-to-end digital process for many years.

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Mortgage Agents Investing Training 459

Housing Wire

AUGUST 6, 2020

The Oakland County Health Division in Michigan sent an emergency order to Mat Ishbia, CEO of United Wholesale Mortgage and United Shore Financial Services , saying employees weren’t wearing masks at work, contributing to the spread of the coronavirus. The emergency order issued on Tuesday said over 50 confirmed cases of COVID-19 have been reported among workers at United Shore’s headquarters in Pontiac, Michigan, an address it shares with UWM, the nation’s largest wholesale len

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Development Business Mortgage 448

Housing Wire

AUGUST 5, 2020

Despite historically low rates, mortgage applications fell 5.1% last week, according to a survey from the Mortgage Bankers Association. The refinance index fell 7% from one week earlier, however, remained 84% higher than the same week a year ago when rates were over 4%. Last week also marked 11 straight weeks of year-over-year gains for refinance activity.

Mortgage 448

Mortgage Contracts Government Marketing 448

Housing Wire

AUGUST 6, 2020

When the Consumer Financial Protection Bureau released the 2019 Home Mortgage Disclosure Act data there was one key shift that was evident from the start – independent mortgage banks clearly stepped up their game. Wells Fargo, which had long held the No. 1 spot for mortgage originators, had fallen. Not only did Quicken Loans surpass the mega bank in total originations, which it had been doing for some time already, but United Wholesale Mortgage also surpassed Wells, placing the bank in a solid t

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Mortgage 435

Housing Wire

AUGUST 5, 2020

This article was written for FinLedger, HW Media’s new fintech-focused news brand designed specifically for financial services professionals in banking, insurance and real estate. Stay tuned for updates. Rocket Companies , parent company of Quicken Loans , is expected to price its initial public offering (IPO) at a significantly lower price than originally anticipated, according to multiple reports.

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Investors Valuation Business Design 418

Housing Wire

AUGUST 7, 2020

As record-low interest rates drive a refinance boom and spikes in mortgage applications, many businesses are adjusting to the present market. “We’re really starting to see a shift from the idea of growing at all costs, to the idea of focusing on how to scale that growth upward,” said Katy Lyman, director of product management at Total Expert. In a HousingWire webinar , Lyman and Kelly Gill, VP of marketing and advertising for Motto Franchising, emphasized that lending operations need to shift th

Technology 397

Technology Loan Officers Tools Business 397

Housing Wire

AUGUST 6, 2020

Rocket Companies , parent company of Quicken Loans , underwhelmed in its public debut on Thursday. But executives remain optimistic with an eye toward the future, according to a HousingWire interview with COO Bob Walters. On Wednesday, we reported that Rocket Companies had drastically lowered its pricing and shares being offered in its initial public offering – from an originally projected selling of 150 million shares at $20 to $22 per share to 100 million at $18 per share.

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Transportation Technology Modernization Valuation 388

Housing Wire

AUGUST 7, 2020

In today’s low-rate environment, wholesale mortgage lending continues to grow, making up more than 20% market share. Three independent wholesale brokers discuss how they found success in the wholesale channel during a HousingWire webinar on Thursday titled: ”Taking the Mortgage Boom to the Next Level.”. Independent wholesale brokers on the webinar included Mike Kortas, CEO of NEXA Mortgage , Tacy Nichols, president of mortgage lending for Gapital Mortgage , and Christine Smallwood, director of o

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Retail Mortgage Loan Officers Marketing 370

Housing Wire

AUGUST 5, 2020

The National Association of Mortgage Brokers has been advocating for mortgage brokers for almost 50 years. HousingWire spoke with NAMB President Rocke Andrews and Roy DeLoach, NAMB’s lobbyist in Washington, D.C., about the organization’s past and current legislative efforts. HousingWire: NAMB has been around since 1973. Can you tell us a bit about the history?

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Housing Wire

AUGUST 5, 2020

According to an analysis by FundingShield , increases in CPL and agent validation errors with title insurers rose by 530% in the second quarter of 2020 compared to the first. Fraud and risk exposures in CPL errors and issues rose 50%, and there was a 135% increase in state licensing issues. Data inconsistencies and data mismatches are the first way many kinds of fraud manifests itself , said Adam Chaudhary, president of FundingShield.

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Housing Wire

AUGUST 7, 2020

Patricia Suazo has joined FundingShield as its vice president of technology operations and integrations. Suazo has over 15 years of leadership experience in the mortgage lending space with firms including Stearns Lending , Bank of America , Carrington Holding Company and CloudVirga. Suazo specializes in software systems implementation, migrations, and integration, with experience in digital platforms and automation.

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Technology Law Lending Legal 338

Housing Wire

AUGUST 5, 2020

Note: This is part four of a five-part series. Over the following weeks, Todd Duncan, sales entrepreneur and New York Times best-selling author, will showcase principles for mortgage and real estate professionals to embrace for success. Find more advice in his first , second and third pieces. It was a particularly difficult discussion. My youngest son, Matt, just eight-years-old at the time, finished his guitar lesson.

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Real Estate Buyers Finance Mortgage 322

McKissock

AUGUST 3, 2020

Having your own website is a must for today’s professionals no matter what industry you work in. As a real estate agent or broker, this is even more important as it is a key way to differentiate yourself from the competition, generate quality leads, increase your lead conversion, and much more. However, many people shy away from having their own website because they worry they will have to be very technically-savvy in order to make one and it will take a lot of time to upkeep.

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Real Estate Real Estate Agent Tools Agents 52

REX Real Estate

AUGUST 3, 2020

The city you live in increasingly determines how much square footage you get for…

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Real Estate 41