Tue.May 10, 2022

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The current challenges to increasing the homeownership gap

Housing Wire

This article is part of our housing market economic update series. At the end of this series, you can join us on May 10 for a Housing Market Update webinar. Bringing together some of the top economists and researchers in housing, this event will provide an in-depth look at their latest insights on the housing market, along with a roundtable discussion on how this information applies to your business.

Realtors 442
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Delegate, Delegate, Delegate!

The Appraiser Coach

I was in a group meeting recently where we were talking with small business owners and trying to help them with some of the problems they were facing. One. Read More.

Business 369
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loanDepot reports loss of $91.3M in Q1

Housing Wire

Nonbank heavyweight loanDepot reported an unprofitable quarter largely due to a steep decline in origination volume and expense reductions that did not keep up with the rapidly changing environment. The firm said it doesn’t expect to have a profitable fiscal year, citing pressures on margins and lower market volume. . The California-based company reported a net loss of $91.3 million in the first quarter, compared to a net income of $14.7 million from the previous quarter.

Mortgage 404
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Attention to Detail

Appraisal Buzz

As the CFPB swings into full enforcement mode with loss mitigation underway, Meghan Jones-Rolla of Mortgage Connect discusses how the industry is handling the Bureau’s mandate of “unprepared is unacceptable.”. The post Attention to Detail appeared first on DSNews. The post Attention to Detail appeared first on Appraisal Buzz.

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When will housing inventory recover?

Housing Wire

This article is part of our housing market economic update series. At the end of this series, you can join us on May 10 for a Housing Market Update webinar. Bringing together some of the top economists and researchers in housing, this event will provide an in-depth look at their latest insights on the housing market, along with a roundtable discussion on how this information applies to your business.

Inventory 393
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Interest Adds Up; The Effect on Mortgages

Appraisal Buzz

Mortgage rates have surpassed 5% lately, due in large part to increases to the federal interest rate by the Federal Reserve who in addition to raising the rate twice this year, is expected to have further increases for the foreseeable future. So, what does that mean for the average buyer? It means money is more expensive, … The post Interest Adds Up; The Effect on Mortgages appeared first on DSNews.

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More Trending

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Mortgage Delinquencies Fell in February 2022, CoreLogic Finds

Appraisal Buzz

For the month of February 2022, CoreLogic ’s monthly Loan Performance Insights Report shows that 3.2% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2.5 percentage-point decrease compared to February 2021, when it was 5.7%. In February 2022, the U.S. delinquency and transition rates, and their year-over-year changes, were 1.3%, down from 1.5% in February 2021, for early-stage delinquencies.

Mortgage 150
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Risk of mortgage fraud is on the rise in the current market

Housing Wire

Eric Hill, an Atlanta real estate agent representing a nationwide homebuilder, had a plan to help more than 100 homebuyers get mortgages. The problem: They did not qualify for the loans. Hill’s scheme, also enabled by a group of co-conspirators, caught up with him, in part because many of the loans started going south. In the end, some $850,000 in claims had to be paid on defaulted government-backed mortgages insured by the Federal Housing Administration (FHA).

Mortgage 393
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Inventory, Softening Demand Cooling Pace of Home Sales

Appraisal Buzz

According to the Realtor.com Monthly Housing Trends Report, new data suggests that the U.S. housing supply is preparing to rebound, as active listings posted the smallest year-over-year declines —down just -12.2% since December 2019. Inventory improvements were led by increases in the share of mid-sized homes, meaning more listings may be available to families looking … The post Inventory, Softening Demand Cooling Pace of Home Sales appeared first on DSNews.

Inventory 150
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Despite rising rates, Rocket delivers $1B profit in Q1

Housing Wire

Detroit-based Rocket Companies , the parent of Rocket Mortgage , generated a whopping $1 billion profit in the first quarter, up from $865 million the previous quarter. Compared to its main competitors, the lender seems to be in a comfortable place. United Wholesale Mortgage (UWM) reported a much lower profit of $453.2 million from January to March, buoyed by adjustments in the fair value of mortgage servicing rights (MSRs).

Contracts 393
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Seriously Delinquent Borrowers Still Struggling to Recover

Appraisal Buzz

According to CoreLogic, the nation’s delinquency rate in the U.S. in February 2022 hit its lowest recorded point since at least January 1999, as found in its monthly Loan Performance Insights Report. In February of this year, some 3.2% of all mortgages in the country were in some stage of delinquency, as defined as being … The post Seriously Delinquent Borrowers Still Struggling to Recover appeared first on DSNews.

Appraisal 150
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MSR offerings selling like hotcakes so far in Q2

Housing Wire

The mortgage-servicing rights (MSR) market went on a tear at the start of 2022, and that hot streak has continued into the second quarter as interest rates on 30-year fixed mortgages continue to rise — now up 2 percentage points since the start of the year and still seemingly upward bound. As rates rise, MSR prepayment speeds drop — a byproduct of diminished refinancing activity.

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Renovation: A Path to Fair Lending 

Appraisal Buzz

Think the Community Reinvestment Act’s (CRA’s) focus on measuring how many loans are made to underserved, largely low- and moderate-income communities does not apply to nonbanks? Think again. While that’s true of the federal law, at least three states have passed CRA-like laws that apply to nonbanks, and the Mortgage Bankers Association (MBA) predicts more states could follow suit.

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Now more than ever in the mortgage industry, it’s critical to know your KPIs

Housing Wire

As the first quarter unfolded, macroeconomic risks created strong headwinds for mortgage companies. The greatest concern is quickly rising mortgage rates, resulting in overall margin compression and essentially a nonexistent market for refinances. Fannie Mae forecasted in early March that mortgage rates would approximate between 3.7% and 3.9% this year, but by April 7, the national average for a 30-year mortgage had already reached 4.72%.

Mortgage 393
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Strong Job Gains in April, Unemployment Rate Flat at 3.6 Percent

Appraisal Buzz

The U.S. economy added 428,000 jobs in April, exceeding expectations, while the unemployment rate remained flat at 3.6%, according to the U.S. Bureau of Labor Statistics. Most of the job growth was in leisure and hospitality (78,000), manufacturing (55,000), and transportation and warehousing (52,000). These have been the fastest growing segments for over a year now.

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Doma lays off 15% of work force as Q1 revenue declines

Housing Wire

Despite a 40% year-over-year increase in market share to 1.4% during the first quarter of 2022, Doma Holdings was unable to produce a net profit. During the first quarter of 2022 , Doma recorded a GAAP net loss of $50.026 million, compared to a net loss of $11.8 million a year prior. In addition, the title insurer’s revenue was down 12% year over year from $127.8 million in Q1 2021 to $112.2 million in Q1 2022.

Investing 370
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Fannie Mae’s Latest Reperforming Loan Sale Transaction Includes 7,500 Loans

Appraisal Buzz

The results of Fannie Mae ’s 25th reperforming loan sale transaction included the sale of approximately 7,500 loans totaling $1.47 billion in unpaid principal balance (UPB), divided into three pools. The winning bidders of the three pools for the transaction were Pacific Investment Management Co. LLC (PIMCO) for Pools 1 and 2, and MCLP Asset Company Inc.

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Banks Report Weaker Demand for Home Loans

Eyes on Housing

In the first quarter of 2022, the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices showed a significant net share of banks reporting more relaxed lending standards and weaker demand for most categories of residential real estate (RRE) loans. “Significant” net shares of banks reported weaker demand for all RRE loan categories other than subprime.

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April Figures Show a 3.2 Percent Drop in Mortgage Credit Availability, MBA Reports

Appraisal Buzz

Mortgage credit availability decreased in April according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) that analyzes data from ICE Mortgage Technology. The MCAI fell by 3.2% to 121.1 in April. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.

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ProTip: Use Image Fields to Document Job Site Hazards

GoForrmz

Take the hassle out of job site hazard documentation by adding an Image field to your forms Nobody wants to think about the realities of on-site work hazards, but failure to properly document them can cause even more headaches. The Occupational Safety & Health Administration (OSHA) is one of the groups responsible for ensuring proper measures are taken to reduce workplace accidents.

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Delegate, Delegate, Delegate!

Appraisal Buzz

I was in a group meeting recently where we were talking with small business owners and trying to help them with some of the problems they were facing. One … Read More. The post Delegate, Delegate, Delegate! appeared first on Appraisal Buzz.

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ProTip: Show Or Hide Fields Based On Form Ownership

GoForrmz

Leverage Calculations with Dynamic Field Properties to make specific fields Hidden/Visible and easily guide user data entry Did you know that Automatic Calculations can do more than just populate numbers? In fact, there are numerous instances where Calculations are leveraged to automatically populate form data for users to guide user entry, ensure data integrity, expedite form completion processes, and much more!

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New Western Adds Google/eBay Vet as CFO

Appraisal Buzz

With more than 25 years of experience, Dipak Joshi joins distressed residential investment properties provider to govern financial matters and expansion goals. The post New Western Adds Google/eBay Vet as CFO appeared first on DSNews. The post New Western Adds Google/eBay Vet as CFO appeared first on Appraisal Buzz.

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Things to Consider When Purchasing a Vacation Home

Assurance Financial

Every year, your family enjoys a getaway in the mountains, at the beach or in a cabin in the woods. And, every year, you wonder if it’s finally time to buy a vacation property. If you already have a primary residence, purchasing a second home can be an excellent investment. You have a guaranteed vacation spot each year and can rent the house out to bring in some extra income.

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The Beginner’s Guide to Wholesaling Houses in 5 Steps

Mashvisor

Wholesaling houses isn’t a new concept. But the question for real estate investors is whether it is the right strategy for wealth-building? Table of Contents What Is Wholesaling Houses?

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Avoiding Fraudsters When Buying and Selling a Home

Will Springer Realtor

Hacking. Phishing. Wire fraud. These are all ways people attempt to undermine real estate deals as consumers move more and more online to complete transactions – and the chances of being entangled in a cyber scam have increased along the way. In its latest report covering 2020, the FBI claims there were $213M in losses from real estate-related cyber fraud, directly affecting more than 13,600 people.

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How to Create Your Own Rental Property Excel Spreadsheet

Mashvisor

When analyzing real estate investments, investors typically rely on a rental property Excel spreadsheet to identify a great investment opportunity. Table of Contents Why Invest in Rental Property?

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Multifamily Q&A: How to Start, Scale, and Succeed in Apartment Investing

BiggerPockets

Is multifamily real estate investing as complicated as investors make it out to be? If you’re Andrew Cushman of Vantage Point Acquisitions, you’d probably argue that although multifamily has a […].

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How Does VRBO Vacation Rental Work?

Mashvisor

VRBO vacation rental site is one of the top vacation rental platforms today. But what is it really and how does it work? Table of Contents What Is VRBO?

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9 Doors While Deployed and Investing from Afghanistan, Iraq, and Africa

BiggerPockets

When you think about long-distance investing, what comes to mind? People usually have reservations about investing out-of-state, but today’s guests took it a step further and invested from halfway across […].

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Out-of-province buyers turn to Calgary market for less

Mortgagebroker News

"It's something I haven't really experienced in my nine years in real estate"

Buyers 69
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The Many Reasons Why You Shouldn’t Waive a Home Inspection

AmeriMac

The home inspection is a standard step in most home buying processes, but some homebuyers are tempted to forgo inspections in the current real estate climate. When you make an offer on a house, here are some of the many reasons why you shouldn’t waive a home inspection. 1. Identify Major Expenses. When you purchase a home, you become responsible for all of the house’s maintenance and repairs.

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Canadians worried over possible recession despite BoC reassurances

Mortgagebroker News

Pollster said the country is "being hammered with risk after risk after risk"

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Listing Agent Commissions

Eppraisal

Real estate agents don't get paid for their work until a property closes. They are paid a commission for their work if they help you buy, sell or rent a house. Real estate commissions however, are not set percentages. In fact, some real estate brokerages set a minimum amount of commission required rather than a set percentage. Every real estate brokerage sets their own requirements in regard to commissions.

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