Housing Wire

Ex-MBA prez Ronald McCord to pay $52M mortgage fraud penalty

Housing Wire

A federal judge ordered Ronald McCord, the founder of Oklahoma City-based lender and servicer First Mortgage Company , who was also once the president of the Mortgage Bankers Association (MBA), to pay $51.8 million in restitution for mortgage fraud.

Housing inventory has never been lower

Housing Wire

It’s official – housing inventory in America is at a crisis level. The number of active listings hit an all-time low during the week ending November 28, according to a Redfin report published on Wednesday.

Insiders

Sign Up for our Newsletter

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

FHFA: Government to back mortgages up to $970,800 in 2022

Housing Wire

The Federal Housing Finance Agency (FHFA) today announced the baseline conforming loan limit for 2022 will be $647,200, an increase of 18%.

Pending home sales shock 2021 housing crash bears

Housing Wire

Today, pending home sales came in as a big beat of estimates — up 7.5% in October — and since we are days away from December, we can officially label the 2021 housing crash bears as even worse than the 2020 housing crash bears.

What Omicron, bond market and jobs mean for housing

Housing Wire

Today, the Bureau of Labor Statistics reported 210,000 jobs were created in November — a miss from estimates. They also reported 82,000 in positive revisions to the previous jobs report. The unemployment rate is currently at 4.2%. For men and women age 20 and over, it stands at 4.0%.

In the race to modernize title, firms double down on software

Housing Wire

Qualia CEO Nate Baker. In the next five-to-10 years, Doma CEO Max Simkoff wants to make it possible for a homebuyer to sign a contract on their new home on a Friday evening and move in on a Monday morning.

Will Omicron variant stop first Fed rate hike?

Housing Wire

Life comes at you fast. During this Thanksgiving week, we went from higher yields and the first Fed rate hike storyline to a big drop in bond yields and scary headlines on a new COVID variant, Omicron. How do we make sense of all this?

Retail 424

Residential construction jobs slowly return

Housing Wire

Following a strong showing in October , a somewhat disappointing U.S. jobs report released Friday shows that 210,000 non-farm jobs were added in November, bringing the unemployment rate down to 4.2%. While this is a 0.4% decrease in unemployment, the rate is still above the 3.5%

Agents harness the power of social media to generate leads

Housing Wire

When Gogo Bethke began her career in real estate back in 2011, the Romanian immigrant felt like social media was her only option to generate leads and close deals. “I I am not from here, so I had to figure out how to convince strangers to buy or sell a house through me,” Bethke explained. “A

Agents 344

How did the pandemic change the state of the appraisal market?

Housing Wire

The HousingWire award spotlight series highlights the companies that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s Tech100 award are now open through next Friday, December 17, 2021. To submit your company, go here.

Introducing the HousingWire 2021 Tech Trendsetters

Housing Wire

The housing industry has been working in overdrive over the last few years to shed the idea that its technology is antiquated and outdated. In today’s environment, this couldn’t be further from the truth.

Existing home sales now outperforming

Housing Wire

The National Association of Realtors ‘ existing home sales report for October came in at a solid beat of estimates at 6.34 million. This number is above my trend sales peak of 6.2 million and that means we have had back-to-back existing home sales prints of over 6.2 million.

Zillow: Over half of our iBuying inventory is on the move

Housing Wire

Zillow said Thursday that more than 50% of its remaining iBuying inventory “has sold, is under contract to sell or has reached agreement on disposition terms.”. Also, the company’s board of directors authorized the repurchase up to $750 million in shares of Zillow stock, according to a press release.

Underwriter shortage slowing the pace of private-label deals

Housing Wire

The supply-chain bottleneck afflicting the global economy has its own counterpart in the world of residential mortgage-backed securities, also referred to as RMBS. One group of industry players — loan underwriters — are the chief cause of the logjam.

This one practice can help lenders stop losing customers

Housing Wire

Chazz Huston Strategic Alliances Manager, Black Knight Secondary Marketing Technologies. A few months ago, I started shopping for a new car. During this pursuit, I scoped out dozens of automaker and dealer websites to browse a wide variety of makes, models and price points.

Retail 332

How lenders can serve the underserved in 2022

Housing Wire

Our business is changing…again. This time, the industry must respond to new mandates sent down by the new administration in Washington, D.C. President Biden has made it quite clear that lenders will be tasked with providing more affordable housing options to underserved communities.

Nonbanks quick to implement 2022 conforming loan limits

Housing Wire

On Tuesday, the Federal Housing Finance Agency revealed the much-anticipated conforming loan limits for 2022, with the baseline number jumping by 18% to $647,200. It’s the largest-ever annual increase in the size of loans eligible to be bought by Fannie Mae and Freddie Mac.

Why are builders happy despite new homes sales miss?

Housing Wire

Today the Census Bureau new home sales report came in as a miss of estimates at 745,000. In addition, revisions were all negative and the monthly supply of new homes rose.

California couple sues appraiser for race discrimination

Housing Wire

A San Rafael, California real estate appraiser is being sued for allegedly undervaluing a home by almost 50% because the homeowners are Black.

Housing permits reflect rising builder confidence

Housing Wire

Today, the U.S. Census Bureau reported that housing starts came in as a miss of estimates at 1.52 million for October and housing permits came in at a beat at 1.65 million.

Here’s the key to being an empowered real estate professional in 2022

Housing Wire

coming to the?end end of the year,?and?real real estate?market market experts are rolling out?all all of?their their predictions.?Home Home prices?are are expected to?rise? another 16%. At the same time, rising home prices? will slow down from what we’ve seen in 2021.? Mortgage rates?

Who’s afraid of the PSPA?

Housing Wire

Stakeholders are divided over whether, in light of proposed changes to its capital rule, the Federal Housing Finance Agency should retool its agreement with the U.S. Treasury and remove policies some say never belonged there in the first place.

Fed pulling back from the MBS market cautiously

Housing Wire

The Federal Reserve Bank of New York later this week plans to sell up to $90 million in agency mortgage-backed securities (MBS) now held in portfolio, a small sale, but still an interesting move in the current economic climate. .

Zillow hit with multiple shareholder lawsuits

Housing Wire

Zillow’s Chief Operating Officer Jeremy Wacksman virtually appeared this September at a conference held by investment banking company Piper Sandler , and proclaimed, “The strength and the appeal for Zillow Offers just continues to grow.

Single-family rents soar in tight housing market

Housing Wire

You could buy a top-of-the-line laptop and a new cell phone to match, or you could pay one month’s rent for a single-family home in Los Angeles. It’s not much better for prospective single-family renters across California, a study by HouseCanary found.

Clever raises $8M to expand mortgage platform

Housing Wire

Online real estate platform Clever has raised $8 million in a Series B funding round to expand its team and accelerate its mortgage efforts, the company said on Wednesday.

Accurate Group acquires eMerge Property Solutions

Housing Wire

Real estate tech provider Accurate Group announced on Tuesday the acquisition of eMerge Property Solution for an undisclosed sum, three months after receiving a strategic investment from Novacap.

Mortgage rates climb back up, to 3.10%

Housing Wire

Mortgage rates strongly increased above 3% in the week ending November 18, according to the latest Freddie Mac PMMS mortgage report. The 30-year fixed-rate mortgage hit 3.10%, up 12 basis points from 2.98% the week prior.

Better.com forecasts another rough quarter

Housing Wire

Vishal Garg, founder and CEO, Better.com.

FHFA: Home prices make historic leap

Housing Wire

Home prices posted their largest-ever yearly gain since the inception of the Federal Housing Finance Agency (FHFA) House Price Index more than a decade ago. Home prices across the country rose 18.5% year-over-year, a 4.2% increase from the second quarter of 2021. Home prices in the U.S.

Opinion: The path to modernizing the appraisal process

Housing Wire

Through all the transformative and disruptive changes that have occurred over the past two years, there is one common thread that has emerged. Regardless of the size or complexity of a system or process, it is time to look at whether the impact it has on people is equitable. All people.

How Tech is Working on the Solution to the Appraiser Shortage 

Appraisal Buzz

The shortage of appraisers within the industry has been well publicized recently and no doubt plenty of you reading this article have experienced the impact of this shortage first hand.

Stewart Title shows no signs of slowing down expansion

Housing Wire

Stewart Title has acquired Las Cruces Abstract and Title according to an announcement made Friday. Founded in 1926, Las Cruces Abstract and Title serves Dona Ana, Hidalgo and Luna Counties in southern New Mexico.

Mortgage rates remain stuck at 3.10%

Housing Wire

Mortgage rates remained at 3.10% in the week ending Nov. 24, according to the latest Freddie Mac PMMS mortgage report. A year ago at this time, the average 30-year fixed-rate loan averaged just 2.72%.

Better.com lays off LOs, secures $750M cash injection

Housing Wire

Better.com founder and CEO Vishal Garg. Digital mortgage lender Better.com is laying off 9% of its workforce ahead of a $750 million cash injection from financial backer SoftBank Group.

HousingWire Magazine Supplement: December 2021/ January 2022

Housing Wire

Maleesa Smith, Managing Editor, Content Solutions. The close of this year and the beginning of 2022 leave me with one question: was 2021 really just 2020 part 2? For the most part, employees continued in a hybrid, if not fully remote, work scenario.

MISMO searches for participants for closing initiative

Housing Wire

The Mortgage Industry Standard Maintenance Organization (MISMO) announced last week that the organization is looking for participants for an initiative focused on standardizing pre-closing title document data sets.

Opinion: Pass the Neighborhood Homes Investment Act

Housing Wire

A shortage of affordable starter homes is thwarting aspiring first-time homebuyers and fueling inflation in home prices. At the same time, many urban and rural communities are struggling for stability and vitality.

HW+ Member Spotlight: Reina Ramos

Housing Wire

This week’s HW+ member spotlight features Reina Ramos, senior vice president, mortgage market leader at City National Bank of Florida. She joined CNBF after more than a decade with Seacoast Bank , where she served as senior vice president, residential lending production manager.

October saw mortgage apps rise for new homes by 6%

Housing Wire

Mortgage applications for new home purchases dipped by 15.2% year-to-year in October, according to a monthly builder survey published by the Mortgage Bankers Association this week. However, on a month-to-month basis, activity was actually 6% higher in October than in the month prior.

Americans’ mortgage debt looks great again

Housing Wire

One of the most unloved American economic success stories has been how spectacular American households with mortgage debt look today. Let’s take a look at the New York Federal Reserve’s Household Debt and Credit Report for the third quarter, released today.

Mortgage apps rise despite higher interest rates

Housing Wire

Mortgage applications increased 1.8% for the week ending Nov. 19, despite higher rates, according to the Mortgage Bankers Association (MBA) survey published on Wednesday. The increase was mainly driven by the purchase index growing by 4.7% from the previous week, on a seasonally adjusted basis.

Nonbank profit margins improve, but expenses are up

Housing Wire

Nonbank mortgage lenders regained their footing in the third quarter, upping their net profit by 28% to $2,594 on each loan originated, according to a quarterly report published by the Mortgage Bankers Association on Tuesday.