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In the largest increase since 2013, luxury home sales rose 41.5% in the third quarter, according to a new report from Redfin. While sales in this segment of the housing market have skyrocketed, the sales of medium-priced homes went up only 3% and sales of affordable homes actually declined by 4.2%. “The luxury housing market normally takes a hit during recessions as wealthy Americans tighten their purse strings, but this isn’t a normal recession,” Redfin Chief Economist Daryl Fairweather said in
Each year, Columbus Business First recognizes industry executives who stand at the forefront of the Central Ohio business by embodying exemplary leadership qualities. This year, Columbus Business First chose Robert “Bob” Weiler as an honoree for the C-Suite Lifetime Achievement Award 2020! The 2020 awards and honorees are especially significant due to the changing landscape of business worldwide because of the coronavirus pandemic.
Competency, as defined by the Google Dictionary, is “the ability to do something successfully or efficiently.” Competency is a tough beast to wrangle though, because who gets to say someone is competent? How is competency measured? Why does it matter? Competency is a big part of the appraisal world and is one of the keys […]. The post Promoting Public Trust Part 11: Competency appeared first on Riverfront Appraisals.
Between the complexities of the real estate market and the changeable landscape of financing and property value, your clients likely have an abundance of questions regarding the sale of their home. We took a poll of some recent sellers and found the following questions to be the most frequent. We’ve also re-capped some common answers from our network of real estate experts.
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.
Our job as mortgage professionals is to help consumers when and how they need us. This is especially important in the current crisis as the behaviors of both consumers and those in the housing industry are changing. Join Jornaya ’s Head of Consumer Finance Mike Eshelman and Chief Marketing Officer Rich Smith as they discuss consumer shopping trends and the impacts on the housing industry.
Lenders will typically require you to do a home appraisal when applying for a loan, whether you are refinancing your mortgage or in the market to buy a house. That’s because they want to determine how much risk is involved in the deal. You will have to work with a property appraiser who is ideally from one of the top appraisal firms in Toronto. These professionals have the tools, knowledge, and experience to provide the services you need and support you in your efforts to get the best loan that
Lenders will typically require you to do a home appraisal when applying for a loan, whether you are refinancing your mortgage or in the market to buy a house. That’s because they want to determine how much risk is involved in the deal. You will have to work with a property appraiser who is ideally from one of the top appraisal firms in Toronto. These professionals have the tools, knowledge, and experience to provide the services you need and support you in your efforts to get the best loan that
Moving into a new house is often bittersweet. You are excited for the change, but sad to leave a home so full of memories. Downsizing can be even harder - a smaller place means you don't have room for all of your current possessions. But downsizing is also an opportunity to refresh and start anew. If you get rid of the clutter , you can fill your new place with the things you really love, making it feel like home.
According to HUD Handbook 4000.1, the intended users for an FHA appraisal report are FHA and the mortgagee. FHA appraisals are not a guarantee that the property is free from defects. The appraisal establishes the value of the property for mortgage insurance purposes only. If you are appraising a property that needs some cosmetic repairs but meets FHA minimum property requirements (MPR) in its current condition, you should make the appraisal “as-is.” Here is some guidance on cosmetic
The health and economic crisis has made 2020 a horrific year for many Americans. Added to all that misery we had terrible fires in the West and hurricanes in the East. From my perspective, that ball in Times Square can’t drop fast enough hailing the end of this year. One might think that with all the bad juju circulating the planet lately, people would be extra careful not to bring more misery upon themselves.
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.
Maxdale Bridge. Maxdale Bridge is well known by all locals to be the #1 haunted destination in the area. More than one high schooler has challenged one another to brave the bridge. Supposed ghost sightings have included witnessing corpses hanging from the bridge, ghosts walking about with limps, One story is that a school bus of children perished on the bridge, and if you honk your horn, you will witness your car windows fogging from their breath against the windows.
On Friday, October 23, 2020, McKissock Learning is hosting a FREE non-credit webinar titled “Fair Housing, Is It?” Join a virtual panel of real estate experts as they analyze the findings of the Newsday investigation, Long Island Divided , and discuss how real estate agents and brokers can evaluate their current practices to align with the Fair Housing Act.
The average U.S. mortgage rate for a 30-year fixed loan fell to 2.81% this week, the lowest in Freddie Mac’s survey history, the mortgage giant said in a report on Thursday. The rate fell six basis points from the week prior and is now five basis points lower than the original all-time low set in mid-September. The average fixed rate for a 15-year mortgage was 2.35%, falling from last week’s 2.37% — matching the record set three weeks ago.
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 LGBTQ+ Real Estate Alliance organization announced that it is partnering with the National Fair Housing Alliance (NFHA) and has landed its first corporate sponsor, Engel & V?lkers. The LGBTQ+ Real Estate Alliance, which officially launched on Oct. 1, is an inclusive member-based organization dedicated to enhancing the professional lives of its members while providing consumers with the proper resources to assist in buying and selling their home.
Wildfires continue to rip through the west coast, but that doesn’t mean homebuyers won’t purchase in high-risk areas. More than 4.5 million homes are located in areas at high risk of wildfire across the states of Washington, Oregon and California, with a total estimated home value of $3.3 trillion, a new Redfin report said. Since 2012, the median sale price of homes in ZIP codes with a low wildfire risk has increased 101% compared to an 88% increase for homes in high-risk ZIP codes,
Just one quarter away from its expected public debut, United Wholesale Mortgage reported record loan volume in the third quarter. The Detroit-based company, the largest wholesale lender in the U.S. , originated $54.2 billion in closed loans during the third quarter, an 81% increase from the $29.9 billion it originated in Q3 2019 (loan volume was up 31.8% from Q2 2020).
End-to-end lending and services platform Finance of America Capital is the latest mortgage company to get in on the mushrooming IPO craze. The lender and servicer, owned by the Blackstone Group’s Tactical Opportunities business, is slated to go public in the first half of 2021 through a special purpose acquisition company at a $1.9 billion valuation.
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California has distinguished itself as the state that may never accept remote online notarization (RON). The state has no legislation permitting RON, and has even gone so far as to write to Congress opposing proposed bills that would make RON legal in all 50 states. Earlier this year, the state once again looked at RON legislation with its bill AB 199.
Though its earnings were disappointing overall, residential lending at Wells Fargo rebounded in the third quarter, both in terms of income and origination volume. The bank originated $62 billion in home loans during the third quarter, up 5% from $59 billion in the prior quarter. In the third quarter of 2019, Wells Fargo originated $58 billion in mortgages.
After plummeting 18% the week prior, the number of mortgages in active forbearance rose by 19,000 last week, according to a new report by Black Knight on Friday. Though the raw number increased, the number of all mortgages in active forbearance remained at 5.6% , unchanged from the week prior. Oct. 9 marked the first week forbearances fell below 3 million since April, and despite last week’s uptick, that record held steady after a reported 2.99 million homeowners remained in COVID-19-related for
In time for National Hispanic Heritage Month, the National Association of Realtors has launched ‘NAR en Español,’ a Spanish language subsite to the association’s main webpage. According to NAR, its Spanish-speaking membership continues to grow at a historic pace. Since 2018, the NAR en Español initiative has helped Spanish-speaking Realtors leverage networking and additional sources, the association said.
Mortgage applications held relatively steady last week, falling 0.7% from the week prior, according to a report from the Mortgage Bankers Association. After hitting their highest level since mid-August the week before, refinances experienced a slight 0.3% dip but remained 44% higher than the same week a year ago. Refinances also continued to inch closer to two-thirds share of mortgage activity as they increased to 65.6% of total applications.
Some sectors of the housing industry have begun adjusting to the new normal brought on by COVID-19; however, servicers continue to face a number of lingering challenges related to the CARES Act and increasing forbearance numbers. Under the CARES Act, homeowners have been able to ask for forbearance from their mortgage servicers and suspend payments for up to 12 months.
This article was written for FinLedger, HW Media’s new fintech focused news brand designed specifically for financial services professionals in banking, payments, insurance and proptech. Register for the FinLedger Daily Newsletter. Fintech startup StreamLoan is dipping its toe in the insurtech pool. San Francisco-based StreamLoan has forged a partnership with insurance giant Progressive enabling home buyers and homeowners who use StreamLoan’s digital mortgage platform to obtain quotes for homeow
In 2013, Thuan Nguyen was working out of his chaotic office in the heart of Silicon Valley. You’d find him there from 5 a.m. to 11 p.m. At that point, Loan Factory had about 200 loans and just 13 employees. They hustled, too. “The office was like a market,” Nguyen recalled. “It was so noisy, stuff was everywhere. We couldn’t keep track of things.
The COVID-19 pandemic helped accelerate the mortgage industry’s digital transformation by years, and proptech firms such as Snapdocs have capitalized on the opportunity. The company just raised $60 million in a Series C funding as the digital mortgage space bursts with activity in a booming housing market. Snapdocs, which has raised $103 million in venture capital funding since 2014, said that its platform is on track to process 1.5 million digital mortgage closings this year, more than do
Houston, Texas (Katy). “Even through the pandemic, home sales have been at record levels here,” said Andi Bolin, the Texas state manager for Knight Barry Title, which just opened its office over the summer. As a new player in the Houston real estate market, Bolin added that she’s proud of how her team has handled the volume of orders on top of everything that normally goes into establishing an operation in a new area.
The Amherst Group , a real estate investment, development and operating firm, announced another executive-level appointment, hiring Gillian Sutton Cho as chief operating officer of investment management. In her new position, she is responsible for all investor-facing services and operations, and for growing assets under management for all Amherst strategies.
This content is password protected. To view it please enter your password below: Password: The post Protected: How much house can I afford to buy? appeared first on HousingWire.
JPMorgan Chase doesn’t see mortgage defaults worsening in the second half of 2020. In its earnings presentation on Tuesday , the nation’s largest bank by assets said it had actually pared back its $15 billion in loan-loss reserves by $569 million in the third quarter. The bank cited runoff from its mortgage portfolio – driven by a wave of refinancings – as a reason for reducing its reserves. .
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