Wed.May 08, 2024

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How housing credit is shaping housing inventory

Housing Wire

Housing credit channels directly impact housing inventory channels. What does that mean? Home prices escalated out of control after 2020 and when we look at why that happened, we can see that housing credit mattered more to inventory data than most people realize. Let’s see how this has played out in different stages of the economy. On March 18, 2020, purchase application data broke out to pre-cycle highs in demand.

Inventory 449
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Embracing Change in the Appraisal Industry

Appraisal Buzz

On today’s episode of the Appraisal Buzzcast, host Hal Humphreys speaks with Jason Feifer, Editor in Chief of Entrepreneur Magazine and our keynote Speaker this year at Valuation Expo. He is also the bestselling author of Build for Tomorrow: An Action Plan for Embracing Change, Adapting Fast, and Future-Proofing Your Career. The valuation space is going through a lot of change right now, through technology as well as other factors.

Appraisal 329
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Newrez cuts jobs after concluding Computershare acquisition

Housing Wire

Top-five U.S. mortgage lender Newrez , owned by asset manager Rithm Capital , is imposing a round of layoffs to its workforce following the acquisitions of Computershare Mortgage Services and its affiliate Specialized Loan Servicing (SLS). On May 2, Newrez sent Worker Adjustment and Retraining Notification Act (WARN) notices to state authorities in Florida and Colorado, confirming that 123 employees are expected to be separated from employment beginning July 1, 2024.

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Fannie Mae: 79 Percent of Consumers Say Now is a Bad Time to Buy a Home

Appraisal Buzz

Roughly 79% of U.S. consumers say now is a bad time to buy a home, according to Fannie Mae’s Home Purchase Sentiment Index (HPSI) report for April. The survey results are relatively unchanged compared with March, which could be a sign that negative sentiment is plateauing as consumers continue to adjust to the higher interest rate and home price environment.

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Batton plaintiffs look to block final approval of commission lawsuit settlements

Housing Wire

The plaintiffs in the Batton 1 homebuyer commission lawsuit are making a last-minute effort to prevent the court from granting final approval to the commission lawsuit settlement agreements reached by Anywhere , Keller Williams and RE/MAX on Thursday. The Batton plaintiffs filed a motion for a temporary restraining order and preliminary injunction on Wednesday in Chicago’s U.S.

Brokerage 372
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Homebuyers try to halt approval of commissions settlements

Real Estate News

Anywhere, RE/MAX and KW deals at risk after new documents reveal a plan to include immunity from buy-side lawsuits, plaintiffs in the Batton case allege.

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Planet Home Lending Hires Paul Walker as Chief Financial Officer

Appraisal Buzz

Paul Walker has been appointed chief financial officer at Planet Home Lending , a national mortgage lender, servicer, and asset manager. Before joining Planet Financial Group, Walker was chief financial officer at Mortgage Assets Management, LLC, and Supreme Lending, leading key fiscal and strategic planning initiatives. He has also held significant positions in public accounting and SEC reporting including senior vice president of enterprise accounting at Finance of America, senior vice presid

Lending 195
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Surefire CRM error results in 600K errant, unsolicited messages: sources

Housing Wire

Because of an apparent error made by staff at ICE Mortgage Technology ‘s Surefire customer relationship management (CRM) platform, more than 600,000 emails and texts were sent without permission to real estate agents, business partners and past clients of loan officers around the country. These messages, part of Surefire’s weekly “Markets in a Minute” deployment, mistakenly contained a New Jersey-based LO’s marketing materials and contact information (including NMLS

Clients 366
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MCT: Mortgage Lock Volume Increased 2 Percent in April Despite Rising Rates

Appraisal Buzz

Mortgage lock volume increased 1.87% in April compared with March, according to Mortgage Capital Trading , which offers mortgage capital markets technology. Amidst an environment of increasing rates, the increase in mortgage lock volume over the previous month illustrates a possible shift in public perception. Potential homebuyers appear to be adapting to the 7% interest rate, viewing it as a new normal.

Mortgage 195
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Former top executive withdraws lawsuit against Better.com and its founder

Housing Wire

A former top executive at Better.com has voluntarily dismissed with prejudice a lawsuit filed about two years ago against the company and its leadership, including founder Vishal Garg , that accuses the defendants of violating labor and securities laws when pursuing the firm’s goal to go public. Attorneys for Sarah Pierce — Better’s former executive vice president for customer experience, sales and operations — and the defendants sent a stipulation of voluntary dismissal with pre

Law 355
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Row Row ROV? Pt 1

George Dell

A better ROV! Please reconsider the direction of your boat. Try this this bigger oar. And use it only on the right side of the boat. Appraisers have long been asked to “reconsider” their opinion. Now we have a more official “standardized process” which affects appraisers, lenders, AMCs, GSEs, and of course, the borrower. This […] The post Row Row ROV?

Appraisal 195
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Why agents should personalize marketing

Housing Wire

Personalized marketing is on the rise in just about every sector. In our hyperconnected times, consumers have more choices than ever, and brands have to get creative if they want to stand out in an oversaturated landscape. In the highly competitive world of real estate , it’s no different. Firms are seeking ways to foster deeper, more meaningful connections with clients, which is where personalized marketing comes in.

Agents 346
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Compass beats revenue expectations, adds agents

Real Estate News

While revenue improved 10%, the company reported steep losses — but CEO Robert Reffkin was more focused on the future of buyer agents during the earnings call.

Agents 222
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Judge denies Batton plaintiffs’ request to block settlement agreement’s final hearing

Housing Wire

A court has denied the Batton 1 plaintiffs’ last-minute attempt to block Thursday’s final approval hearing for the commission lawsuit settlement agreements from occurring. Earlier on Wednesday, the homebuyer plaintiffs in the Batton 1 commission lawsuit, filed in Chicago in January 2021, filed a motion for a temporary restraining order and preliminary injunction.

Sellers 329
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Judge denies effort to delay commissions settlement hearing

Real Estate News

Buy-side plaintiffs who claim the Anywhere, RE/MAX and KW deals go too far will still get their chance to make that argument in court May 9.

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Panorama Mortgage Group launches 1% down payment loan program

Housing Wire

Nonbank lender Panorama Mortgage Group (PMG) launched a new program that allows first-time homebuyers to take out a loan with a 1% down payment , the company announced on Wednesday. The new offering, known as the 1st Generation Homebuyer program, also includes a 2% grant to reach the conventional down payment minimum of 3%. “We believe in dismantling barriers to homeownership and fostering financial empowerment,“ Jason Madiedo, president and CEO of Panorama Mortgage Group, said in a statement.

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Portals ‘should not work against outcomes’ the government seeks

Real Estate News

In a conversation with Real Estate News, Realtor.com CEO Damian Eales discussed NAR, the benefits of major rule changes and the role of home search sites.

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ACES Announces Partnership with Document Processing Firm Infrrd

Appraisal Buzz

ACES Quality Management is partnering with Infrrd to provide AI-powered intelligent mortgage document processing to clients. When used in conjunction with ACES Quality Management & Control software, Infrrd’s technology helps lenders improve the efficiency of their quality control (QC) reviews by indexing, categorizing and reviewing the accuracy of loan file documents prior to review.

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Buyers seek surprise injunction to halt commission suit settlements

Inman

The plaintiffs in a suit known as Batton 1 have filed for a temporary restraining order preventing the final approval of the Keller Williams, Anywhere and RE/MAX settlements.

Buyers 176
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Mortgage Activity Remains Lower Midway Through Spring Buying Season

Eyes on Housing

Per the Mortgage Bankers Association’s (MBA) survey through the week ending May 3rd, total mortgage activity increased 2.6% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate fell 11 basis points to 7.18%. The 30-year FRM has risen 17 basis points over the past month as rates remained at around seven percent.

Mortgage 133
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‘Godspeed’: Enforcement of NAR settlement changes shifts to MLSs

Inman

At the Realtors Legislative Meetings earlier this week, MLS executives were told they would be responsible for making sure real estate agents and brokers follow the new commission rules.

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At 2022 Rates, 10 Million More Households Could Afford a New Home

Eyes on Housing

According to the latest press release from Freddie Mac, the average rate on a 30-year fixed-rate mortgage has now risen to approximately 7.25%. As the data posted on NAHB’s priced-out web page shows, at this rate only about 27.5 million (out of a total of 134.7 million) U.S. households could afford to buy a median-priced.

Mortgage 132
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What if NAR went away? Examining the catastrophic potential

Inman

Although it may seem righteous to dismantle the institution that NAR has built, brokerage founder Sean Frank writes, the collapse of NAR would equate to the collapse of the modern real estate market as we know it.

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How “Switching Costs” Hold the Housing Market in Limbo w/Lance Lambert

BiggerPockets

The housing market has seen unprecedented home price growth in the 2020s. Already, we’ve almost beat the past three decades, and we aren’t even halfway through our own.

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Mortgage demand picks up as rates retreat from 2024 highs

Inman

Some borrwers were quick to spring into action, with applications for purchase loans rising by a seasonally adjusted 2 percent and requests to refinance up 5 percent week over week.

Mortgage 157
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Selling Your Home This Summer? Keep These Tips in Mind!

Lamacchia Realty

SELLING YOUR HOME THIS SUMMER? KEEP THESE TIPS IN MIND! As spring comes to a close, many potential sellers may be considering the idea of listing within the next few months. If this sounds like you, don’t wait too long! To gain a competitive edge in this market, be proactive and prepare to list your house for sale this summer. We will see the real estate market start to heat up as summer approaches, making it the perfect time for sellers to take advantage.

Sellers 64
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Judge rejects homebuyer motion to block commission settlements

Inman

Plaintiffs in the commission suit known as Batton 1 had requested a temporary restraining order Wednesday to prevent final approval of the Keller Williams, Anywhere and RE/MAX settlements.

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The Best Appliances to Boost Your Rental Property’s Value—and Bonus Tips For Saving Money

BiggerPockets

Rental properties come in all shapes, sizes, and prices, as do many of the appliances that go in them.

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Blend trims loss, shrugs off decline in mortgage segment revenue

Inman

Mortgage tech and cloud banking software provider says it's debt free and on faster track to profitability, thanks to $150 million cash injection from Haveli Investments.

Mortgage 149
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Mortgage broker faces ban over several violations

Mortgagebroker News

FSRA proposes suspending principal broker and $100,000 fine

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Compass posts revenue spike and increases agent count in strong Q1

Inman

The real estate brokerage also managed to trim losses and achieved positive free cash flow for the first time ever in a first quarter, according to an earnings call Wednesday.

Brokerage 145
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DLCG posts Q1 gains as Canadian housing market "stabilizes"

Mortgagebroker News

Executive chairman optimistic about continued growth in 2024

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How to ignore the legal drama and focus on the opportunity

Inman

While you need to be aware of the changes going on in the industry, CEO Verl Workman writes, you also need to make sure to keep your focus on what you can control.

Legal 150
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Don't be afraid to ask borrowers hard questions: private lending president

Mortgagebroker News

Comprehensive due diligence to be expected in sector, says BC-based company president

Lending 64