Housing Wire

DECEMBER 21, 2023

Mortgage rates stayed below 7% for the second week in a row, a welcome relief after a 17-week streak of above-7% rates. The 30-year, fixed mortgage rate averaged 6.67% for the week ending Dec. 21, according to Freddie Mac ‘s Primary Mortgage Market Survey. This week’s dip is the largest weekly drop since November 2022.

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Housing Wire

JANUARY 18, 2024

Mortgage rates continued their descent this week to mark their lowest level since May 2023, welcome news for homebuyers who have been waiting on the sidelines for rates to drop. The 30-year fixed-rate mortgage averaged 6.6% The 30-year fixed-rate mortgage averaged 6.6% 12 compared to a week earlier. The Fed next meets on Jan.

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Mortgage Inventory Retail Construction 527

Housing Wire

MAY 2, 2024

loan officer Timothy Potempa has departed Dallas-based multichannel lender OneTrust Home Loans to join E Mortgage Capital , bringing his team of about 40 people and more than $300 million in annual production to the company headquartered in California. 7 loan officer in the country last year with a mortgage production volume of $326.5

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Loan Officers Mortgage Retail Lending 390

Housing Wire

JANUARY 3, 2024

Mortgage demand fell over the holidays despite declining mortgage rates. Mortgage applications decreased 9.4% 29 compared to two weeks earlier, according to data from the Mortgage Bankers Association (MBA). for the week ending Dec. Purchase applications decreased by 5% week over week on an adjusted basis.

Mortgage 356

Mortgage Housing Market Construction Inventory 356

Housing Wire

APRIL 15, 2024

Last week’s above-consensus inflation figures brought the mortgage market back to a sour reality: The average 30-year fixed mortgage rate, an index closely watched by industry experts, may be close to or even above the 7% level for longer than previously expected. Where are mortgage rates headed? in second-quarter 2024.

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Mortgage Retail Buyers Investors 439

Housing Wire

MAY 15, 2024

Unfortunately, there is evidence that rents are going to be on the rise in the second half of 2024, according to Bright MLS chief economist Lisa Sturtevant. Record levels of new apartment construction in some markets in 2023 started bringing rents down,” Sturtevant said. That slowdown in new supply will increase pressure on rents.”

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Construction Investors Marketing Mortgage 354

Housing Wire

JANUARY 26, 2024

The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” NAR chief economist Lawrence Yun said in a statement. New home sales , another measure of contract signings, rose 8% in December on the back of declining mortgage rates. million and a 15.8% million units.

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Contracts Housing Market Construction Inventory 449

Housing Wire

MARCH 20, 2024

The PROGRESS in Lending Association released the names for its 2024 Innovations Award winners last week, including two vendors that are active in the reverse mortgage industry, according to an announcement. Also recognized by the PROGRESS in Lending Association was Mortgage Cadence , which was lauded for its technology innovation.

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Lending Mortgage Technology Construction 345

Housing Wire

JANUARY 11, 2024

Although what lies ahead in the world of real estate and mortgage services in 2024 remains a bit uncertain, it’s now crystal clear that, beyond the already-tired suggestion that we “survive until ’25,” quite a few businesses will be seeking to find additional sources of revenue. Here’s why.

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Brokerage Real Estate Business Construction 420

Appraisal Buzz

MARCH 26, 2024

The median sales price of new home sold in February 2024 was $400,500. As interest rates subside over the course of 2024, additional home buyers will be priced into the market and new construction will be needed to meet this demand.” “A New home sales were at a seasonally adjusted annual rate of 662,000 in February, down 0.3%

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Mortgage Construction Inventory Buyers 195

Housing Wire

APRIL 5, 2024

As a result, mortgage rates are likely going to stay elevated for longer.” Job gains were most notable in the health care (+72,000), government (+71,000) and construction (+39,000) sectors. In March, employment continued to trend up in construction, adding 39,000 jobs month over month. month over month to $34.69 and were up 4.1%

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Mortgage Transportation Construction Housing Market 285

Housing Wire

NOVEMBER 20, 2023

California-based retail lender American Pacific Mortgage (APM) has named vice chairman Bill Lowman as its chairman of the board, succeeding APM founder Kurt Reisig. I look forward to driving APM forward in the new year and turning the challenges into opportunities in 2024 and beyond,” Lowman said. The California lender originated $7.62

Retail 359

Retail Mortgage Lending Renovations 359

Housing Wire

JANUARY 9, 2024

For homeowners, ADUs can generate substantial rental income that assists homeowners in covering escalating property taxes and mortgage payments. Heading into 2024, there are continuing and emerging financing options, grant programs and legislation all designed to help homeowners and builders create much-needed infill housing.

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Finance Construction Tenants Renovations 456

Housing Wire

JUNE 7, 2023

The Mortgage Bankers Association (MBA) announced on Wednesday that Christine Chandler, the executive vice president, chief credit officer, and chief operating officer of M&T Realty Capital Corporation (RCC), has been nominated to serve as MBA’s vice chair for the 2024 membership year.

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Real Estate Finance Realty Construction 316

Housing Wire

NOVEMBER 30, 2023

As mortgage rates edged near multi-decade highs, pending home sales declined 1.5% Meanwhile, new home sales posted a better performance as homebuyers pivoted to new construction amid waning existing home supply. Pending home sales in October fell to their lowest level since 2001. down from 72.6 in September. New home sales fell 5.6%

Housing Market 460

Housing Market Inventory Realtors Construction 460

Housing Wire

FEBRUARY 28, 2024

Ellington Financial , parent company of top 10 reverse mortgage lender Longbridge Financial , reported a lower economic return for the fourth quarter of 2023, which was partially driven by net losses from Longbridge “and other positions,” according to CEO Laurence Penn. per share — Ellington chief financial officer J.R.

Mortgage 369

Mortgage Investors Retail Business 369

Housing Wire

MAY 13, 2024

A coalition of trade organizations — including the American Bankers Association (ABA), the Housing Policy Council (HPC), the Independent Community Bankers of America (ICBA), the Mortgage Bankers Association (MBA) and U.S. historical dataset. historical dataset. that use trended credit bureau data.

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Legal Mortgage Contracts Insurance 365

Housing Wire

FEBRUARY 12, 2024

Meanwhile, more apartments are under construction. Redfin chief economist Daryl Fairweather expects apartment completions to peak in 2024. Asking rents are stable, and while mortgage rates have dipped in recent months, they haven’t fallen enough to make the financial equation of homebuying feasible for many people.

Landlords 364

Landlords Construction Mortgage Marketing 364

Housing Wire

OCTOBER 26, 2023

Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years,” Lawrence Yun, NAR chief economist said in a statement. in 2024, hitting 800,000 new homes. For those new construction units, the national median new home price is projected to drop by 5.9%

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Inventory Contracts Housing Market Realtors 377

Housing Wire

APRIL 3, 2024

the parent company of top five reverse mortgage lender Liberty Reverse Mortgage and PHH Mortgage Corp. The only entity to be immediately impacted in the initial rebranding stage is Ocwen itself, but a version of the new name is expected to roll out to both Liberty and PHH at some point in 2024. Ocwen Financial Corp.,

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Mortgage Business Design Construction 320

Appraisal Buzz

APRIL 25, 2024

Meaningful gains will only occur with declining mortgage rates and rising inventory,” Yun says. NAR forecasts that existing-home sales will rise by 9% in 2024 to 4.46 in 2024 to 1.43 in 2024 to a record of $396,800 (from $389,800 in 2023) and another 1.8% million (from 4.09 million 2023) and another 13.2% million in 2025.

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Inventory Construction Realtors Appraisal 195

Housing Wire

JULY 27, 2023

The trade association forecasts the 30-year fixed mortgage rate to close at 6.4% in 2024, according to NAR’s forecast. With consumer price inflation calming close to the Federal Reserve’s desired conditions, mortgage rates look to have topped out,” Yun added. million in 2024. in 2024, to 820,000.

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Construction Inventory Realtors Housing Market 357

Housing Wire

FEBRUARY 27, 2023

“Buyers responded to better affordability from falling mortgage rates in December and January,” Lawrence Yun, NAR’s chief economist, said in a statement. NAR expects the economy to continue adding jobs throughout 2023 and 2024, and the 30-year fixed rate mortgage to steadily drop to an average of 6.1% annual jump in 2024.

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Housing Market Realtors Contracts Buyers 410

Housing Wire

JANUARY 19, 2024

Slow home sales in 2023 were accompanied by higher mortgage rates , with the average rate on a 30-year fixed rate mortgage hitting a 23-year high in early November. But we can’t blame high mortgage rates for the deficit in transactions last year. In 2023, 4.09 million existing homes were sold, the fewest since 1995.

Inventory 427

Inventory Realtors Housing Market Construction 427

Housing Wire

APRIL 27, 2023

In addition, NAR forecasts that mortgage rates will drop to 6.0% in 2024, and housing starts will fall 7.3% annual in 2024 to 1.54 Sales in the second half of the year should be notably better than the first half as job gains continue and more favorable mortgage rates are expected,” Yun said. to $390,000 in 2024.

Inventory 406

Inventory Realtors Contracts Construction 406

Housing Wire

MAY 10, 2024

billion in fix-and-flip and bridge loans in the first four months of 2024, a 40% increase over the same period in 2023, and it recently expanded into construction financing. The deal followed on the heels of a $350 million securitization by Kiavi in March. The lender also reported that it originated $1.66

Investing 296

Investing Investors Real Estate Construction 296

Housing Wire

APRIL 24, 2023

In addition to the lower mortgage rate forecast issued after the March banking turmoil, Fannie Mae’s Economic and Strategic Research (ESR) Group has upgraded its existing home sales outlook for the remainder of the year. “The For 2024, Fannie Mae anticipates volumes of $2.02 For 2024, Fannie Mae anticipates volumes of $2.02

Construction 369

Construction Inventory Lending Mortgage 369

Appraisal Buzz

MAY 14, 2024

Applications for mortgages for new home purchases increased 2% in April compared with March and were up 22.1% compared with April 2023, according to the Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS). Kan adds.

Construction 195

Construction Mortgage Appraisal 195

Housing Wire

FEBRUARY 4, 2024

” In December, the Fed talked about three rate cuts in 2024 but some people made a case for four, five or even six rate cuts given a Fed pivot. The Fed believed that policy was too restrictive when the 10-year was near 5% and we had 8% mortgage rates , but they seem fine with mortgage rates between 6%-7.25% right now.

Housing Market 494

Housing Market Marketing Mortgage Construction 494

Appraisal Today

JANUARY 26, 2024

New USPAP Q&As January 16, 2024, the Appraisal Standards Board released new Questions and Answers covering important topics in the profession today including: Demographics Does demographic information relating to race (such as Census data) constitute “information relating to” a protected characteristic? baths, 16,225 sq.ft.,

Contracts 85

Contracts Appraisal Mortgage Inspection 85

Housing Wire

AUGUST 3, 2022

To say that mortgage rates have been on a wild Mr. Toad’s ride in 2022 is an understatement. People thought the mortgage rate drama in 2013-2014 was a lot when rates went from 3.5% People thought the mortgage rate drama in 2013-2014 was a lot when rates went from 3.5% It’s savage man, truly savage with the mortgage rate rise.

Mortgage 498

Mortgage Inventory Sellers Housing Market 498

Housing Wire

JULY 7, 2023

“The incoming economic data has been filled with conflicting signals,” said Mortgage Bankers Association SVP and Chief Economist Mike Fratantoni in a statement. Manufacturing activity remains quite weak, while consumer spending has held up somewhat better, and new home construction and sales have picked up.

Construction 347

Construction Renovations Government Inventory 347

Housing Wire

APRIL 1, 2024

In October 2023, the firm — which is known for its “buy before you sell” product that enables a mortgage lender to treat the client’s current home as sold while giving them the ability to sell their home on the open market for up to 90 days after buying their new property — launched a partner channel.

Loan Officers 368

Loan Officers Clients Mortgage Construction 368

Housing Wire

OCTOBER 4, 2023

Fannie Mae on Wednesday released its October 2023 update to its Selling Guide, aiming to reflect changes in the mortgage industry, its surrounding regulatory environment and Fannie Mae policy positions. This update does not apply, however, to newly constructed manufactured homes , since these documents are required on all newer units.

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Government Insurance Construction Business 437

Housing Wire

JUNE 7, 2021

million until 2020-2024. Even in the years 2020 to 2024, however, which are very favorable for housing, I don’t see a credit sales boom or construction boom brewing in the current data — nor do I expect to see either of these shortly. We still have not seen housing starts begin the year at the level.

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Housing Market Marketing Inventory Construction 545

Housing Wire

JULY 20, 2023

Lenders point to cost-cutting as their top business priority amid the mortgage industry facing a number of challenges – including high home prices , tight inventory of homes available for sale and interest rate hikes. Surveyed lending executives had a pessimistic outlook toward the economy. About 73% of the respondents believe the U.S.

Lending 354

Lending Technology Business Construction 354

Housing Wire

JUNE 8, 2023

Register Sarah Gonzalez is the president and chief operating officer of Panorama Mortgage Group. Her biggest piece of advice for mortgage leaders in this market? “Be These mortgage leaders’ experience spans from retail to affordable housing to new construction. Be decisive and move quickly.”

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Retail Business Construction Tools 324