Cleveland Appraisal Blog

OCTOBER 14, 2021

Others have expressed concerns that we are headed for a housing crash, like in 2008. Let’s talk about the difference between today’s market and the one during the years leading up to the bursting of the housing bubble in the Great Recession of 2008. THE RISE IN HOME PRICES IN THE YEARS LEADING TO 2008.

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Inventory Market Value Appraisal Contracts 243

Housing Wire

AUGUST 18, 2020

Periods of economic contraction, as witnessed during the 2008 financial crisis, typically result in a reduction in the supply of credit as lenders adapt to deteriorating market conditions reflected by higher losses on loan products and a reduction in consumer demand for loans.

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Contracts Marketing Business Mortgage 439

Housing Wire

OCTOBER 12, 2022

It’s no coincidence that the post-2008 crisis mortgage expansion happened to occur during a period marked by transformative technological change in the industry. The industry is now heading into one of those contractionary periods and an ICE-Black Knight merger would amplify those effects.

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Mortgage Technology Business Contracts 377

Housing Wire

AUGUST 3, 2022

Some closed in 2008 crash. It turns out a lot of big companies have contract workers. A lender has a budget for the year or quarter and calls an agency that has short- and long-term contracts with licensed, certified processors, underwriters, closers, and more. The employees would know their contract length and plan budgets.

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Mortgage Contracts Human Resources Training 370

Housing Wire

JANUARY 13, 2022

The leading plaintiffs are two couples, Phillip and Sara Alig and Daniel and Roxanne Shea, who refinanced their mortgages in 2007 and 2008, respectively. Federal reforms following the 2008 financial crisis sought to put a firewall between lenders and appraisers.

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Appraisal Law Valuation Home Value 416

Housing Wire

MAY 13, 2022

In 2008 when blockchain and its celebrity use case of BitCoin came into view, with breathless excitement discussions of complete decentralization of purchases and bank-less futures coursed freely through public discourse. Distributed Ledger Technologies are the Backbone of Blockchains.

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Contracts Technology Architecture Government 344

Housing Wire

SEPTEMBER 21, 2022

MBA’s estimate, however, indicated the average contract 30-year fixed-rate mortgage for conforming loans ($647,200 or less) rose to 6.25%, from the previous week’s 6.01%. Mortgage rates followed suit last week, increasing across the board, with the 30-year fixed rate jumping 24 basis points to 6.25% – the highest since October 2008.”.

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Mortgage Retail Contracts Housing Market 378

Housing Wire

OCTOBER 21, 2022

2022 and 2023 will not mirror the conditions of 2008 and beyond. But in combination with uncertainty about interest rates and the overall economy, the fact is that there will be industry contraction into 2023. I’ll begin by saying I don’t know anyone who believes 2022 or 2023 will look like 2008 or that era. Far from it.

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Marketing Business Agents Investing 254

Housing Wire

FEBRUARY 27, 2024

Exclusivity: No Trial period: No Contract requirements: Annual contract required SmartZip is a lead generation, marketing and CRM solution founded in 2008. Or purchase just the data and the platform, and do the mailing and marketing yourself.

Advertising 383

Advertising Tools Real Estate Sellers 383

Appraisal Buzz

MARCH 14, 2022

What would happen on purchase transactions if the Purchase Contract were not provided to the appraiser? Could that contract be construed as an influence on value? Reviewers report that they see a lot of fancy footwork to get to the contract price in increasing markets. To hit the purchase price, that’s why! Boilerplate Comments.

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Appraisal Contracts Marketing Lending 397

Housing Wire

DECEMBER 9, 2020

Mnuchin , have raised a $124 billion claim against the federal government, essentially arguing that the FHFA, which was created in the wake of the 2008 housing crash, acted illegally when it took several actions to prevent Fannie and Freddie from collapsing. The plaintiffs in the case, Collins v. home loans.

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Government Legal Investing Law 382

Housing Wire

OCTOBER 1, 2022

The National Association of Realtors Research Group has produced the index since 2008, at a time of turmoil in the real estate market. Notably, the market has contracted as fewer buyers can afford to purchase in today’s market with the rise in interest rates and the continual rise in home prices.

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Realtors Housing Market Marketing Buyers 391

Housing Wire

DECEMBER 11, 2020

Had a blockchain like FormFree’s been in place in the early days of the COVID-19 pandemic, it could have helped avert future lender losses and credit issues, according to Faith Schwartz, who led the HOPE NOW alliance during the 2008 crisis. The smart contract presents the borrower’s lending request to the exchange.

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Lending Contracts Investors Technology 407

Housing Wire

SEPTEMBER 29, 2022

Following the Fed’s decision to raise the federal funds rate by another 75 bps, to 3%-3.25%, bringing it back to a level last seen in March 2008, mortgage rates past the 7%-level as of September 27, according to Mortgage News Daily. How lenders can improve business models in 2022. from the previous week.

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Mortgage Retail Contracts Business 297

Housing Wire

SEPTEMBER 20, 2022

” According to Tullos, the company made an arrangement to work on a contract basis with some of the employees that were laid off. Founded in 2008, ResMac is a nonbank mortgage lender that originated, on average, $15 million in loans over the last 12 months and has licenses in 31 states, according to the mortgage tech platform Modex.

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Marketing Investors Retail Mortgage 349

Housing Wire

MARCH 15, 2023

” The MBA survey shows that the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) was 6.71% last week, down from the previous week’s 6.79%. It was the biggest bank failure since Washington Mutual collapsed in 2008.

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Mortgage Clients Retail Marketing 362

Housing Wire

APRIL 7, 2023

compared to the week prior and the average contract interest rate for 30-year fixed-rate mortgages with loan balances of $726,200 or less, decreased from 6.48% to 6.45%. Let’s keep the 2008 market where it belongs — in the past. When this back and forth was unfolding, mortgage demand rose 2.9%

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Retail Real Estate Clients Modernization 360

Housing Wire

JULY 13, 2022

Even with big drop in rates in the first week of July — the sharpest decline since 2008, to 5.3% The average contract interest rate for 30-year fixed-rate jumbo mortgages (balances greater than $647,200) is even a tad lower than the prevailing market rate of 5.3% — coming in at 5.25 Morgan jumbo offerings and current market rates.

Mortgage 365

Mortgage Market Value Marketing Contracts 365

Appraisal Buzz

MAY 17, 2021

In the run-up to the 2008 market crash, appraisers were overworked and took on more than they reasonably could handle. Almost daily, there is some story on social media about being “turned in” to the state by a disgruntled agent, buyer, or seller for appraising a property below the contract price.

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Appraisal Clients Real Estate Sellers 418

Housing Wire

OCTOBER 28, 2021

The current black box allows stealth contractions in their credit boxes, as we believe took place earlier this year. In our recent comment letters, CHLA also reiterated our longstanding call for more transparency in the GSEs’ automated underwriting systems (AUS). Of course, Fannie and Freddie need sound underwriting requirements.

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Mortgage Contracts Insurance Realtors 371

Miller Samuel

FEBRUARY 24, 2021

It is where the BOD gets to vote on Jim Amorin's new contract that the entire board has not seen. You can't vote on a contract in good conscience, if you haven't seen it or been exposed the the key terms. from 2008-2019), membership dues as a percentage of total revenue rose steadily over the same period.

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Appraisal Design Contracts Real Estate 259

Housing Wire

OCTOBER 26, 2020

Many of the current leaders in servicing experienced the housing crisis of 2008, and they clearly recognize the importance of being prepared. Servicers are reviewing their top performers as well as those outside of their current network to determine who can best support the additional volume.

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Technology Investors Business Contracts 380

Housing Wire

APRIL 7, 2022

In 2008, as the financial crisis was unfolding, he landed a job at secretive big data startup Palantir , where he learned that the $10 trillion mortgage industry was still in the Stone Age technologically. Nima Ghamsari, CEO and founder of mortgage fintech Blend Labs. Blend Labs CEO Nima Ghamsari is a betting man. He was right. Right again.

Mortgage 375

Mortgage Technology Clients Insurance 375

Housing Wire

SEPTEMBER 9, 2022

Last year “was the largest year of nonagency securitization since 2008,” the Urban Institute ’s report continues. The frenetic pace of growth in nonagency issuance has since slowed, however, due to a variety of market pressures — chief among them the contraction of mortgage originations in the face of fast-rising interest rates.

Marketing 372

Marketing Mortgage Investors Legal 372

Housing Wire

MARCH 26, 2023

With this new variable, I am looking at the economic data differently to see whether we get the credit contraction the Fed wants to see to stop inflation, or if they have the tools to keep the banking crisis at bay so the economy can expand, making their fight against inflation harder.

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Inventory Housing Market Marketing Mortgage 448

Housing Wire

AUGUST 28, 2020

The products I’ve put into this category primarily help in converting leads, prospects and opportunities into contracts. Specifically, I’m talking about listing agreements and sales contracts. The first is listing tools – the products designed for you to convert potential sellers into listing contracts.

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Tools Sellers Real Estate Contracts 247

Appraisal Today

JUNE 17, 2022

NOTE: Please scroll down to read the other topics in this long blog post on real estate market, USPAP and contracts, unusual homes, mortgage origination stats, etc. ==. Today is NOT the same as 2008+, with its massive fraudulent loans made to unqualified buyers. Computer modeling did not predict the 2008 crash. 8-minute podcast.

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Appraisal Contracts Real Estate Mortgage 52

Housing Wire

NOVEMBER 18, 2022

In 2008, membership was again expanded by Congress to include Community Development Financial Institutions (CDFIs), and finally, in 2015, to include non-federally insured credit unions. When the FHLB Act was adopted in 1932, membership was limited to mortgage lenders (e.g.,

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Legal Law Insurance Finance 309

Appraisal Today

JULY 21, 2023

NOTE: Please scroll down to read the other topics in this long blog post on changing real estate market, interest rate forecasts, non lender appraisals, foreclosures way down from 2008, Freddie and ANSI, unusual homes, mortgage origination stats, etc. The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.36

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Appraisal Real Estate Contracts Business 88

Housing Wire

JULY 12, 2022

Even with big drop in rates in the first week of July — the sharpest decline since 2008 , to 5.3% For the final week of June, the conforming 30-year fixed mortgage hovered in the 5.7% for a 30-year fixed rate mortgage, according to Freddie Mac — the spread between the prime WAC and current conforming rates remains wide.

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Mortgage Marketing Contracts Real Estate 346

Appraisal Today

JANUARY 19, 2024

An example of this in real estate appraisal is the purchase and sale contract. When a property goes under contract, that is an excellent sign of what the buyer and seller conclude the property is worth. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.75

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Appraisal Contracts Real Estate Architecture 72

Appraisal Today

MAY 19, 2023

. = Appraisal Business Tips from Ann O’Rourke Why is the residential lender business so slow now, as compared with 2008? There were a lot of foreclosure appraisals starting in 2008. Also, in 2008 there were some direct lender opportunities as AMCs had not taken over completely. There are very few direct lender appraisals now.

Appraisal 52

Appraisal Business Contracts Real Estate 52

Appraisal Today

AUGUST 5, 2022

Is it headed for a crash like in 2008? Excerpts: Lending was not very prudent prior to the crash of 2008 as suggested by the trend in the median credit score (FICO), a measure for credit worthiness; for newly originated first-time purchase mortgages the median FICO score was 686 in Q1 2006 versus 740 in Q4 2020. Find out why not.

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Appraisal Valuation Contracts Modernization 59

Birmingham Appraisal

JULY 7, 2022

If the factors that affect this change are not taken into consideration when pricing a home for sale then the appraisal and the contract price may not line up. 6 Reasons Your Home’s Appraisal Value May Come In Lower Than The Contract Price In Today’s Market. Needless to say, the appraisal was less than the contract.

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Appraisal Marketing Contracts Buyers 64

Eppraisal

MAY 12, 2021

Escalation Clause Advantage An escalation clause is an addendum to a real estate contract that some buyers are using in this sizzling seller's market. As some fear another recession, rest assured, the economy is not like it was when we experienced the last recession in 2008. by mid-2021 and end up 10.5%

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Sellers Real Estate Buyers Home Value 67

Appraisal Today

MARCH 15, 2024

In previous downturns, such as during the 2008 recession, there were many foreclosures due to bad lending. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.84 The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.37

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Appraisal Inspection Modernization Business 68

McKissock

JANUARY 31, 2023

” “That cost does not equal value on homes, and picking comparable sales just to hit contract prices is unethical. ” Appraisers are unbiased and must follow guidelines “I wish they understood that we cannot always ethically hit the sale contract price.” .” “How value is derived.”

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Real Estate Agent Real Estate Agents Appraisal 97