article thumbnail

Northpointe Bank to shutter its correspondent lending business

Housing Wire

Due to the significant contraction in the overall mortgage industry, we have made the difficult decision to exit the correspondent lending business,” Chuck Williams, president and CEO, said in a statement. Northpointe became an approved seller and servicer for Freddie Mac in 2013, Fannie Mae in 2014 and Ginnie Mae in 2016.

Lending 351
article thumbnail

Cash offer startup Accept.inc raises 90M in debt and equity

Housing Wire

If the all-cash offer wins, the home is purchased from the seller and reserved until the loan is ready to close. The all-cash contract signed between Accept.inc and the seller is still contingent on a satisfactory inspection that can be negotiated between the buyer and agent. The trio closed a $7 million seed round in 2019.

Sellers 311
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

CFPB, senators pledge to look at house-flipping business practices

Housing Wire

I actually met with some Minnesota community leaders about contract-for-deed targeting certain immigrant groups across the country,” Chopra said. We have thousands of encouraging stories of franchises going beyond expectations to help sellers and their communities.”

Business 318
article thumbnail

Will existing home sales climb at all this year?

Housing Wire

Pending Sales There are now 378,000 single-family homes in contract. There were 68,000 new contracts for single-family homes this week. In the chart below, the light portion of each bar represents the new contracts each week. But, there were another 15,000 condos and townhomes that went into contract this week.

Inventory 285
article thumbnail

Real estate unicorn Roofstock cuts its workforce by 20%

Housing Wire

Shortly after Beasley made that statement, the nation was plagued with a number of issues, including rising mortgage rates, high inflation and a questionable economy, which affected the way buyers, sellers, investors and real estate professionals viewed the industry.

article thumbnail

What’s an appraisal gap? Here’s what buyers and sellers should know

Cornerstone

In the past few months, it’s become commonplace for an appraisal to come back under a home’s contract price. Based on CoreLogic data, this graph shows the rate at which appraisal gaps have been increasing: How might this impact you as a buyer or a seller? Home values are climbing at nearly historic levels.

Sellers 57
article thumbnail

Are you prepping for worst-case commission lawsuit outcomes?

Housing Wire

The lawsuit, which was originally filed in 2019 and won class-action status in April, alleges that some NAR rules, including one that requires listing brokers to offer buyer brokers a commission to list a property in a Realtor-affiliated MLS, violate the Sherman Antitrust Act by inflating seller costs.