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Sellers Are Rejecting FHA/VA Backed Offers; Buyers Passing Instead of Compromising

Appraisal Buzz

The Urban Institute (UI) says it appears that the current sellers’ market is having a negative impact on government backed loans and the borrowers who need to use them.

Sellers 370
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Should You Buy a House with Knob and Tube Wiring?

Lamacchia Realty

KNOB AND TUBE WIRING. built from around 1880 to the 1950s often still have knob and tube electrical wiring. This is where electrical wires anchored by ceramic insulating knobs pass through ceramic tubes placed inside holes drilled into the wooden joists of the house. Should You Buy a House with Knob and Tube Wiring?

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

Housing Wire

“Eric Hill engaged in premeditated criminal acts with the sole purpose of enriching himself, without regard for millions of American homebuyers who rely on federal housing programs to insure their mortgages,” Wyatt Achord, special agent in charge with the Department of Housing and Urban Development (HUD) Office of Inspector General, said in a U.S.

Mortgage 391
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Title insurers reckon with attorney opinion letters

Housing Wire

Unlike the title industry’s cybersecurity and wire fraud challenges, which are strictly 21 st century issues, the recent interest and use of attorney opinion letters (AOLs) harkens back to an earlier era of homebuying. These technologies come with a cost at the front end, but over time, they bring that efficiency and bring the price down.”.

Insurance 323
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Will the WFH trend affect the housing market after COVID?

Housing Wire

It is part of our human wiring that old habits are hard to break and new habits are hard to grow. One possible positive benefit would be an increase in inventory in urban areas. But will we go back to shaking hands in the workplace? So what about the relatively recent cultural trend of working from home?

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Rent reporting platform Boom raises $4.5M in seed round 

Housing Wire

A study by the Urban Institute found that Black households have the most to gain by including rent payments in mortgage underwriting. In September 2021, Fannie Mae incorporated customers’ rent payments into its underwriting system, known as Desktop Underwriter. Freddie Mac adopted the same initiative in June 2022.

Landlords 355
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Spring brings homebuying season and increased risk of wire fraud

Housing Wire

Unfortunately, as buyers are preparing for this momentous day, wire fraud – a scam in which cybercriminals attempt to steal buyers’ hard-earned money – poses a serious threat. But for even the most digitally savvy and seasoned homebuyer, wire fraud continues to pose a serious threat. billion in reported losses in 2022.