Thu.Mar 28, 2024

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Pending home sales pick up in February: NAR

Housing Wire

Pending home sales increased modestly in February despite rising mortgage rates , growing 1.6% month over month, according to the newest data released Thursday by the National Association of Realtors (NAR). NAR’s Pending Home Sales Index increased to 75.6 in February, up from 74.3 in January. On a year-over-year basis, pending sales were down 7%. For comparison, the index is benchmarked at a reading of 100 based on 2001 contract activity.

Inventory 257
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NAR: Pending Home Sales Increased 1.6 Percent in February

Appraisal Buzz

Pending home sales increased 1.6% in February compared with January but were down 7.0% compared with February 2023, according to the National Association of Realtors (NAR). Month-over-month, contract signings climbed in the Midwest and South but sank in the Northeast and West. Compared to one year ago, pending home sales declined in all U.S. regions.

Inventory 195
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NEXA Mortgage co-founders are splitting

Housing Wire

Mike Kortas and Mat Grella, the longtime owners and co-founders of America’s largest mortgage brokerage, NEXA Mortgage , are in negotiations to end their partnership. In the meantime, Kortas announced during a weekly Town Hall on Tuesday that company president Grella had been terminated, which means he will not be involved in the company’s daily operations or strategic decisions for the growth of the business.

Mortgage 248
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‘Apologize’ and 17 other common-sense ways to begin reforming NAR

Inman

Even before the courts resolve how agents are compensated, the National Association of Realtors has an opportunity to set a course for victory, Inman founder Brad Inman writes.

Realtors 100
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NAR, MBA ask for clarification on underwriting rules

Housing Wire

The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) are asking federal housing officials to confirm their treatment of interested party contributions (IPCs) to home purchase transactions. In a letter addressed to Federal Housing Finance Agency (FHFA) director Sandra Thompson , Fannie Mae CEO Priscilla Almodovar, Freddie Mac CEO Michael DeVito, and Federal Housing Administration (FHA) commissioner Julia Gordon on Wednesday, the NAR and MBA wrote that it was impor

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Broker Spotlight: Wyatt Poindexter, The Agency

Inman

Find out how this Oklahoma City broker's mindset helps him raise the bar on the service he provides and his own level of professional performance.

Brokerage 100

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LoanDepot Appraisal Discrimination Settlement

Appraiserblogs

Connolly and Mott v. Lanham, 20/20 Valuations, and loanDepot.com, U.S. District Court, Maryland. This is one of the appraisal discrimination cases that has received significant attention – among appraisers, the media and government agencies. A Black couple in Baltimore – Dr. Connolly and Dr. Mott, both university professors – filed suit in August 2022 alleging racial discrimination against loanDepot.com and the appraiser it engaged to appraise their home for a refinance.

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Better narrows loss in 2023, aims to reach profitability soon

Housing Wire

Better Home & Finance Holding Co. , the parent of digital lender Better.com , narrowed its net loss between the third and fourth quarters of 2023 by more than 80%, driven by expense cuts to its platform and marketing efforts. Going forward, Better is focused on driving market share and reaching profitability in the medium term. The digital lender made changes in its commercial operating model to achieve this goal and will continue to invest in Tinman, its proprietary technology platform.

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State & Local Tax Revenues: 2023 Fourth Quarter Analysis

Eyes on Housing

The Census Bureau’s Quarterly Summary of State & Local Tax Revenue shows a 1.3% increase in property taxes paid, rising from $769.2 to $778.9 billion (SA, trailing four quarter sum) in the fourth quarter of 2023. Total annual state & local tax revenue was $2.039 trillion, also 1.3% higher than 2022. The 1.3% quarterly increase.

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Opinion: Reformed FHA program will offer lenders new business opportunities

Housing Wire

Modern manufactured homes are an unusual feature of today’s housing market, the rare homeownership opportunity that is both lower-cost and high-quality. Thanks to the efficiencies baked into the construction processes of manufactured homes, these factory-built houses are both faster and less expensive to build than site-built homes, saving buyers between $50,000 to $100,000 per unit.

Business 228
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Best Real Estate Investing Conferences in 2024 (Chronological Order)

BiggerPockets

If you’re looking to elevate your real estate investing knowledge, expand your contact list, and gain powerful insight into 2024 real estate trends, then you need to be at the places that can make it happen.

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Opinion: Fannie Mae’s title insurance pilot program overreaches

Housing Wire

Earlier this month, President Biden during his State of the Union announced several initiatives to address housing affordability in our country. We have long supported thoughtful efforts to ensure greater housing opportunity and affordability. Unfortunately, one of the proposals the President mentioned in the SOTU was to revive a previously discredited and shelved pilot program that would waive the requirement for lender’s title insurance on certain refinances by Fannie Mae.

Insurance 195
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NAR Settlement: Separating Fact From Fiction for Home Buyers

Buys Brokers Only LLC

The recent settlement between the National Association of Realtors (NAR) and plaintiffs represented by class-action lawyers has garnered much attention in the media and elsewhere.

Buyers 44
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As insurance costs rise, Florida homeowners are given a new option

Housing Wire

Florida is reckoning with a severe homeowners insurance crisis. The recent surge in both the frequency and intensity of hurricanes that have battered the state has prompted numerous insurers and reinsurers to exit the market , leaving Florida homeowners grappling with skyrocketing premiums and limited coverage options. According to the Insurance Information Institute , this exodus has resulted in Florida homeowners paying an average of nearly $4,000 a year in insurance , which is nearly three ti

Insurance 195
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Capping immigration could speed rate cuts but derail Canada's growth

Mortgagebroker News

Desjardins sees quicker rate relief ahead but flags economic growth risks from population caps

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Moehrl trial not likely until January 2025

Housing Wire

Plaintiffs and defendants in the Moehrl commission lawsuit have waited more than five years for their day in court. Based on the parties’ latest status report, it looks like they will be waiting a bit longer. In a status report filed on Monday, the plaintiffs and the sole remaining defendant in the suit, HomeServices of America , each indicated they would be available for a three- to four-week trial starting Jan. 21, 2025.

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Immigration boom: Canada's population hits new high, alarming experts

Mortgagebroker News

Population growth props up economy but puts strain on infrastructure and housing

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Opinion: How to win the coming mortgage refi race

Housing Wire

One of the most critical moments in any race is the very beginning. A mistake at the start can snatch away a win before the race is even underway. Any coach will tell you that springing into action the moment the shot is fired is a critical success factor for any athlete. A race is a useful analog for the mortgage business, especially as it relates to the refinance business.

Mortgage 195
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Apartment construction surges in major Canadian cities

Mortgagebroker News

Rental demand drives surge, but will it be enough to tackle affordability?

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DOL accuses PrimeLending of violating whistleblower provisions

Housing Wire

Investigators at the U.S. Department of Labor announced on Wednesday that they found that PrimeLending , a Texas-based retail mortgage bank, violated whistleblower provisions in a case involving two employees who raised consumer fraud concerns. According to the DOL, the company terminated two California-based employees after they reported to a regional manager and the vice president of Human Resources that a branch manager pressured them to pass on fees to loan applicants caused by internal proc

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Younger Canadians giving up on homebuying aspirations: StatCan

Mortgagebroker News

Intensifying affordability squeeze hitting younger generations hardest

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HUD’s green retrofitting program issues $173M in grants and loans

Housing Wire

The U.S. Department of Housing and Urban Development (HUD) on Thursday announced $173.8 million in new grant and loan awards under the Green and Resilient Retrofit Program (GRRP), which brings the level of total funding awarded under it to $544 million, now comprising more than 50% of the full allocation. Speaking in Chicago on Thursday, Acting HUD Secretary Adrianne Todman announced the new funding alongside the city’s mayor, Brandon Johnson, at a community that was a awarded an $11.76 million

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How far will interest rates fall in 2024?

Mortgagebroker News

No consensus among commercial lenders on outlook for year

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How to empower your team to spot cybersecurity risks

Housing Wire

When it comes to reducing cybersecurity risks, your team plays a crucial role. To ensure the safety of your digital assets and sensitive information, it’s important to make sure all users are well-informed about cybersecurity and receive periodic training. To reduce risks , we’ll explore why empowering your team through education and training is essential to mitigate risks and keep your business secure.

Training 195
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Canadian economy continues to grow

Mortgagebroker News

What's next for the Bank of Canada?

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5 activities real estate agents should do every morning

Housing Wire

The past year and a half, with its rising mortgage rates , low inventory, and economic uncertainty, has been a challenge for real estate pros, not to mention the buyers and sellers they serve. Times like this often result in a sense of fear and hesitancy; after all, if you don’t know what’s next, how are you supposed to take decisive action? In life, we sometimes find ourselves plunging headfirst in t o the unknown.

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U.S. Home Prices Dipped 0.1 Percent in January, According to FHFA’s Home Price Index

Appraisal Buzz

U.S. home prices fell 0.1% in January compared with December, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted monthly home price index , which uses home price data from government-sponsored enterprises Fannie Mae and Freddie Mac. “U.S. house prices declined slightly in January, marking the first decrease since August 2022,” says Anju Vajja, deputy director of division of research and statistics for the FHFA, in a statement.

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AI isn’t just a buzzword to these housing executives

Housing Wire

Are you intrigued by AI or tired of hearing about it? At the recent ICE experience conference, I talked to a lot of mortgage lenders and tech folks about what’s making a difference in their businesses. Many were excited about the current or potential use cases for artificial intelligence , while others were a bit more jaded. Will AI turn out to be just the latest buzzword , akin to blockchain and cloud computing in years past?

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Digital Tools to Prioritize Patient Privacy

GoForrmz

Navigating HIPAA compliance in the digital era As digital advancements hit every industry, the medical field in particular is hit with unique challenges surrounding patient privacy. The rise of electronic health records (EHRs) and telemedicine necessitates robust measures to ensure HIPAA compliance across all healthcare settings, especially smaller clinics and niche providers.

Tools 78
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Opinion: More can be done to shorten the average time to close

Housing Wire

Seemingly forever, the average time between reaching a sales agreement and closing on that property has hovered around 45 days — a month and a half. It’s not something consumers think about much when they set out to buy a first home or plan to “upsize” to accommodate life changes. Instead, they think about finding a home in a great neighborhood or perhaps in a good school district.

HOA 248
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Bipartisan housing policy efforts are gaining traction, but challenges remain

Housing Wire

As the nation progresses further into a hotly contested election cycle, President Joe Biden and the White House have continued to address housing supply and pricing policy priorities that were highlighted during the State of the Union address earlier this month. While the arms of the federal government aim to address certain housing policy challenges, different localities across the country are also working to address them in their own backyards.