Appraisal Buzz

MAY 31, 2024

According to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI), homebuyer affordability declined in April due to rising interest rates and other costs increasing from a median $2,201 in March to a median $2,256, a $55 increase. The PAPI was benchmarked to 100 based on data from March 2012. in March to 179.5

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Housing Wire

FEBRUARY 6, 2024

The elevated interest rate environment has brought an old product, the assumable mortgage, back into fashion. Assumable mortgages remain a niche market compared to new mortgage issuance. An assumable mortgage enables qualified buyers to take over the seller’s mortgage terms, including the existing balance and interest rate.

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Mortgage Sellers Advertising Buyers 448

Appraisal Buzz

APRIL 24, 2024

Mortgage application volume decreased 2.7% during the week ended April 19, as the average rate for a 30-year fixed-rate mortgage increased to 7.24%, up from 7.13% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. The refinance share of mortgage activity decreased to 30.8%

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Appraisal Buzz

NOVEMBER 8, 2021

The asking … The post Higher Mortgage Rates Boost Buyer Urgency appeared first on DSNews. The post Higher Mortgage Rates Boost Buyer Urgency appeared first on Appraisal Buzz. According to a new report from Redfin, the October median home sale price increased to $357,007 which was a 1.5%

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Appraisal Buzz

MARCH 26, 2024

The surge in listings is bringing some buyers back to the market, the firm says. Mortgage-purchase applications and Redfin’s Homebuyer Demand Index—a measure of requests for tours and other buying services from Redfin agents—are each up roughly 9% month over month. The median U.S. home-sale price is up 5.3%

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Housing Wire

AUGUST 24, 2022

For the past two years appraisal gap clauses have been de rigueur in many markets , much to the disdain of frustrated homebuyers. Mortgage startup Tomo feels, however, that it has a solution. On Wednesday, the firm launched Tomo Appraisal Coverage. trillion purchase mortgage sector.

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Housing Wire

SEPTEMBER 13, 2023

New York-based mortgage platform Roam has secured a $1.25 Roam focuses on a distinctive niche within the mortgage industry: assumable mortgages. Assumable mortgages, the company’s primary bet, were relatively commonplace a few decades ago. The platform advertises sellers listing to qualified buyers.

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Housing Wire

MARCH 5, 2024

Mortgage assumption is a niche option that gained momentum in 2023. An assumable mortgage enables a qualified buyer to take over a seller’s mortgage terms, including the existing balance and interest rate. Typically, the fees are lower than those for new loans and no appraisal is needed. Raunaq Singh About $8.5

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Appraisal Buzz

OCTOBER 4, 2021

Even with a seasonal housing market cooling, more buyers are entering the market due to continued ultra-low interest rates. The post Low Mortgage Rates Push Additional Buyers Into Market appeared first on Appraisal Buzz.

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Housing Wire

DECEMBER 21, 2023

Unfortunately, too many misconceptions persist among real estate and even mortgage industry professionals about the VA home loan, and those misconceptions have big (and negative) impacts. VA mortgage loans generally provide veterans and active-duty service members with more favorable terms than other loans on the market.

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Appraisal Buzz

MAY 14, 2024

Demand for vacation-home mortgages fell 40% in 2023 as the average U.S. Austin and the Bay Area saw the biggest declines in mortgages for second homes in 2023, according to the firm. homebuyers took out 90,772 mortgages for second homes in 2023, Redfin’s data shows. home price surged to a record high, Redfin reports.

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Appraisal Buzz

MAY 16, 2024

Forty-four percent of recent home buyers have had to take on additional debt to maintain their lifestyle, and 43% have struggled to make mortgage payments on time, according to Clever Real Estate’s American Home Buyer Report. About 85% of buyers compromised on their priorities when purchasing a home, according to the report.

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Mortgage Buyers Finance Appraisal 195

Appraisal Buzz

MAY 31, 2024

Dark Matter Technologies has enhanced the Loan Assumptions feature in the Empower loan origination system (LOS) to make it easier for mortgage lenders and servicers to transfer assumable mortgages to new homebuyers. Typically, buyers must qualify under the loan’s criteria, and sellers need to obtain approval from their loan servicer.

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Mortgage Buyers Sellers Technology 195

Appraisal Buzz

APRIL 23, 2024

New home sales have generally been strong so far in 2024, despite higher mortgage rates and rising home prices. Rates moving above 7 percent, however, will move some home buyers to the sidelines as the spring progresses.” As of the end of the month there were about 477,000 new homes available for sale in the U.S. about an 8.3-month

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Empire Appraisal Group

JUNE 6, 2024

Study: All-Cash Buyers Pay 10% Less A new study shows sellers would rather leave money on the table and accept an all-cash sale than risk losing the sale completely because the mortgage falls through. taxpayers subsidize $8 trillion of mortgages to promote homeownership,” Valkanov said. “If In policy terms, U.S.

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Appraisal Buzz

SEPTEMBER 12, 2022

While many in the housing market are predicting a shift in power to buyers’ favor, that switch may not be coming anytime soon to according to a recent NerdWallet report due to tempered demand due to higher mortgage rates. The post Affordability Decreases for First-Time Buyers appeared first on Appraisal Buzz.

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Housing Wire

DECEMBER 14, 2023

Mortgage industry trade group Community Home Lenders of America (CHLA) is urging government agencies to begin to have conversations surrounding the impact of the jury verdict and potential court ruling in the Sitzer/Burnett commission lawsuit on lending practices.

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Housing Wire

FEBRUARY 9, 2021

When you go to buy a home , your mortgage lender will almost always order a home appraisal. But what does it mean for you as the buyer? But what does it mean for you as the buyer? 5 reasons to refinance your mortgage right now. Scenario 1: Your home appraises at your full offer price. The purpose?

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Housing Wire

MAY 7, 2021

The booming real estate market has created a high demand for appraisal services. This is good news for lenders, but it puts a tremendous amount of pressure on appraisers who have to be diligent in their work, while also meeting closing dates. HousingWire: What’s the biggest pain point appraisers are currently facing?

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Appraisal Buzz

JUNE 5, 2024

Mortgage application volume sank 5.2% during the week ended May 31, as the average rate for a 30-year, fixed-rate mortgage increased to 7.07%, up from 7.05% last week, according the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. The refinance share of mortgage activity decreased to 31.1%

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Cleveland Appraisal Blog

OCTOBER 27, 2022

Are you anticipating having your home appraised? While she is not an appraiser, I am, and I agree that these things can help! When selling or refinancing a house, an appraisal is typically necessary. When selling or refinancing a house, an appraisal is typically necessary. Assume the role of a potential buyer.

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Housing Wire

APRIL 30, 2021

And while this is great for sellers, it leaves buyers asking: “How can I stand out in such a competitive market?” ” One way buyers can stand out is with their offer. This isn’t the market for low offers, which is why buyers may think the only option is putting in a high offer. What is an appraisal gap?

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Appraisal Buzz

OCTOBER 7, 2022

With many Americans citing high home prices and mortgage rate conditions as primary reasons for being unable to afford a home, an estimated 75% of consumers in Fannie Mae’s latest Home Purchase Index believe now is a bad time to buy a home, causing many to pull back from their home searches.

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Appraisal Buzz

JULY 25, 2022

Until recently, the mortgage industry has been satisfied to leave the work of empowering new buyers to their real estate agents, so that loan officers (LOs) could spend time focusing on the flood of refinance business that led to a $4 trillion mortgage market in 2021.

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Housing Wire

JULY 12, 2022

Luke Tomaszewski, an appraiser doing home inspections in the aftermath of the housing bust, was traveling as much as an hour across Chicago just to snap exterior photos of bank-owned properties. At $50 to $100 per inspection, according to ProxyPics, it’s certainly less expensive than sending an appraiser. Made to order.

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Appraisal Buzz

MAY 1, 2024

In the ever-evolving landscape of mortgage finance, the year 2024 presents both challenges and opportunities that demand astute navigation. While rising rates in 2023 led to a slowdown in mortgage originations, a potential decrease in rates could reignite buyer interest and stimulate market activity in 2024.

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Mortgage Housing Market Buyers Finance 195

Housing Wire

JUNE 11, 2021

What’s the difference between a home inspection and an appraisal? Before you get overwhelmed, take comfort that critical milestones of home inspection, appraisal and closing processes are all great ways to get more acquainted with your prospective new home. What matters is whether or not the defects are deal-breakers to you, the buyer.

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Housing Wire

APRIL 6, 2021

Linda (who asked that her real name not be used) beat out a dozen other prospective buyers in a bidding war by offering $445,000 and waiving all contingencies. Unfortunately, the appraisal put the house’s value roughly $50,000 below than what she paid. She recently had a deal fall apart due to appraisal. Wow, since when?

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Housing Wire

NOVEMBER 28, 2022

Pure wholesale lender Homepoint will provide a $500 credit on appraisal costs for borrowers buying primary homes that are designated as Fannie Mae HomePath properties, the company announced on Monday. . Homepoint CEO Willie Newman told HousingWire in a recent interview that the company had hit the “reset” button on its structure.

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Housing Wire

JANUARY 19, 2023

Declining mortgage rates spurred the demand for home loans at the beginning of 2023, spreading optimism across the industry. After months of a slowing housing market, sellers are offering more discounts to close deals and mortgage lenders are launching programs to protect their clients’ rates.

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Mortgage Sellers Housing Market Buyers 414

Appraisal Buzz

DECEMBER 27, 2021

There’s too little supply and too high a demand, a predicament that’s disrupted the housing and appraisal industries. Beginning in January 2020, 7% of purchase transactions had a contract price above the appraisal value. As the appraisal gap widened, the CoreLogic Price Index rose as well, reaching 15% in May of this year.

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Appraisal Valuation Modernization Contracts 397

Appraisal Buzz

MAY 22, 2024

Technology firm Finaya has launched an AI-based homeownership marketplace super-app that integrates home buying and selling, mortgage, insurance, title, closing and other related services supported by a marketplace of on-demand realtors, loan brokers, lenders and service providers.

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Appraisal Buzz

MAY 8, 2024

Mortgage lock volume increased 1.87% in April compared with March, according to Mortgage Capital Trading , which offers mortgage capital markets technology. Amidst an environment of increasing rates, the increase in mortgage lock volume over the previous month illustrates a possible shift in public perception.

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Mortgage Home Value Real Estate Technology 195

Appraisal Buzz

JUNE 6, 2024

Mortgage rates dipped this week, with the average rate for a 30-year fixed-rate mortgage dropping to 6.99%, down from 7.03% last week, according to Freddie Mac’s Primary Mortgage Market Survey. The average rate for a 15-year fixed-rate mortgage was 6.29%, down from 6.36% last week but up from 6.07% a year ago.

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Mortgage Buyers Appraisal Marketing 150

Housing Wire

FEBRUARY 7, 2023

California-based Carrington Mortgage Services (CMS) sees a window of opportunity in the mortgage market. The Federal Reserve (Fed) actions that resulted in millions of borrowers receiving mortgage rates below 4% gave way to Fed actions that… triggered mortgage rates to rise above 7% in the fall of 2022.

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Cleveland Appraisal Blog

APRIL 11, 2023

With the massive amount of technology available to anyone who can access the internet, you might wonder why bother getting a real property appraisal? Isn’t that all that appraisers do? Not professional appraisers. Appraisers will provide market trends for the properties that compete with the property being appraised.

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Appraisal Buzz

APRIL 1, 2022

Mortgage rates are shooting up at the fastest pace in history, sending the typical monthly mortgage payment for a homebuyer up more than $500 since the beginning of this year, according to Redfin. The post With Soaring Rates, Monthly Mortgage Payments Up $500, Redfin Observes appeared first on Appraisal Buzz.

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