Wed.Jul 14, 2021

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Mortgage applications jump 16%

Housing Wire

After several consecutive weeks of drops, mortgage applications jumped 16% for the week ending July 9, 2021, according to the latest report from the Mortgage Bankers Association. The prior week ‘s report showed a 1.8% drop in applications to the lowest level since January 2020. The sudden increase in applications was driven “heavily” by increased refinancing as mortgage rates dipped again, said Joel Kan, MBA associate vice president of economic and industry forecasting. “

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Mortgage Application Volume Bounces Back, Refi Share up 20%; Rates Recover

Appraisal Buzz

Mortgage application volume during the week ended July 9 featured the largest weekly increase since the first full week of 2021. The Mortgage Bankers Association (MBA)said its Market Composite Index, a measure of that volume, rose 16.0 percent on a seasonally adjusted basis. Like the week ended January 8, last week’s number represented a bounce-back from a major national holiday, but declining interest rates probably also played a role.

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Shareholder suit accuses Rocket of deceptive disclosures

Housing Wire

A shareholder sued Rocket Mortgage , the Detroit-based mortgage behemoth, for allegedly making misleading disclosures to conceal adverse market conditions. The class action-seeking lawsuit, which was filed in the Eastern District Of Michigan’s Southern Division, alleges that Rocket was aware of factors that were already taking a toll on its business, while touting its future performance to investors.

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U.S. Bank Taps Tendayi Kapfidze as New Head of Economic Analysis

Appraisal Buzz

Macroeconomic and financial analyst joins U.S. Bank to focus on the factors trending in the mortgage marketplace. . The post U.S. Bank Taps Tendayi Kapfidze as New Head of Economic Analysis appeared first on theMReport.com. The post U.S. Bank Taps Tendayi Kapfidze as New Head of Economic Analysis appeared first on Appraisal Buzz.

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Purchases of second homes declined in June

Housing Wire

For the first time in a year, the number of buyers who locked in mortgage rates to purchase a second home fell in June. Per a recent Redfin study , second home mortgages saw a year-over-year decrease of 11.1%. Home prices in seasonal towns, meanwhile, rose 28% year over year to $468,000 in June. The dip in vacation home mortgages is the first such decline since April 2020, following more than a year of double- and triple-digit increases in mortgage-rate locks for second homes, according to Taylo

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Joe Ludlow: Lenders Need Knowledge and Expertise to Capitalize on the Purchase Market

Appraisal Buzz

As the refinance segment approaches the saturation point, and mortgage rates gradually begin to rise, mortgage lenders are shifting their focus to the purchase market, which comes with a new set of challenges compared with the last cycle – lack of inventory, rising prices, savvier (and thus more demanding) borrowers, and the lingering effects of the COVID-19 crisis, to name a few.

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More Trending

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Technology in the Appraisal Industry with Vlad Bien-Aime

Appraisal Buzz

In today’s Buzzcast, we dive into how technology has changed within the appraisal industry, where it seems to be headed, and the benefits of emerging tech today. Today we have Vlad Bien-Aime, President and CEO of Global DMS, with Joan Trice, Founder of Allterra Group, LLC. We’ll be getting the inside scoop while Joan and Vlad discuss the influence and impact that technology has on the industry.

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Opinion, Estimate, or Prediction?

George Dell

Once upon a time, appraisers did not give an opinion! They provided estimates. Why the change? It seemed appraisers were getting sued over their estimates of value, which opened the door to attack on how the analysis was done. An estimate comes from an analysis. The professional response: “We will just deliver an opinion!” Safe! […]. The post Opinion, Estimate, or Prediction?

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Mortgage Applications Jumped 16 Percent as Rates Fell

Appraisal Buzz

Mortgage application volume spiked 16.0% on an adjusted basis during the week ended July 9, as the average rate for a 30-year fixed rate mortgage dropped to 3.09%, down from 3.15% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances increased a whopping 20% compared with the previous week while applications for purchases increased 8%.

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Three Ways States and Localities Can Get Rental Assistance to People Faster

Urban

How states and localities can get funds out to residents facing evictions when the moratorium is lifted.

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Foreclosure Activity at All-Time Low

Appraisal Buzz

Lenders started the process on 36,742 homes, a significant drop from the first six months of last year, but up from the latter half of 2020. . The post Foreclosure Activity at All-Time Low appeared first on DSNews. The post Foreclosure Activity at All-Time Low appeared first on Appraisal Buzz.

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5 Fields to Include In Your Digital Rental Lease Agreements

GoForrmz

Improve your rental lease agreement forms with these five impactful fields The renting experience is an enduring, stressful process. For property management firms, landlords, and tenants, rental lease agreements need to be completed, reviewed, and signed in order to move into a new property. In most cases, landlords utilize a property management firm to reduce their time and effort spent on the rental property since most tenants go through property management firms to find their next location to

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Cenlar Promotes Key Legal-Team Members

Appraisal Buzz

Attorneys Michael N. DeAngelo and Jennifer Scoliard reflect the subservicer’s dedication to employees, clients, and homeowners, a spokesperson says. The post Cenlar Promotes Key Legal-Team Members appeared first on DSNews. The post Cenlar Promotes Key Legal-Team Members appeared first on Appraisal Buzz.

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CoreLogic acquires ClosingCorp

Valuation Review

CoreLogic recently announced a definitive merger agreement to acquire all outstanding shares of ClosingCorp. The transaction is expected to close in the third quarter of 2021 subject to regulatory approvals, and other customary closing conditions, the company announced in a release. Read on for more details.

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Churchill Mortgage Heading to Milestone in Pacific Northwest Lending Region

Appraisal Buzz

Churchill Mortgage, a conventional, FHA, VA and USDA lender, says its Pacific Northwest division is on track to surpass $1 billion in annual loan volume just two years after opening its first branch. The company’s Pacific Northwest team has averaged $70 million in funded volume through the first five months of 2021 and is expected to increase that number by another $23 million to $28 million per month as an influx of new loan.

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Advanced Multifamily Investing: What Is the Capital Stack?

BiggerPockets

As you start to do bigger multifamily deals, it’s helpful to understand how larger investors look at projects. Deal structure is one of the most important parts of that perspective.

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Economist: Vacation-House Boom is Abating

Appraisal Buzz

The pandemic-era saw an explosion in second-home mortgages. Now demand is “dropping back down to earth” as many return to the workplace. The post Economist: Vacation-House Boom is Abating appeared first on DSNews. The post Economist: Vacation-House Boom is Abating appeared first on Appraisal Buzz.

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Commercial real estate finance company adds VP

Valuation Review

Greystone announced Karen Ford has joined as a vice president on the Federal Housing Administration (FHA) lending team. Based in Mississippi, Ford will serve with Lisa Anderson, managing director for FHA lending.

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Despite Obstacles, First-Time Homebuyers Still Motivated to Buy

Appraisal Buzz

A new study by Chase has found that amid income fluctuations of the past year, more are still likely to purchase a home this year following the pandemic. The post Despite Obstacles, First-Time Homebuyers Still Motivated to Buy appeared first on theMReport.com. The post Despite Obstacles, First-Time Homebuyers Still Motivated to Buy appeared first on Appraisal Buzz.

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Best cities for first-time buyers

Valuation Review

With 14 percent more people becoming first-time homeowners last year compared to the previous year, the personal-finance website WalletHub released its report on “2021’s Best & Worst Cities for First-Time Home Buyers.” Real estate in 300 cities of varying sizes were used to determine the best locations.

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Demand for Second-Homes Wanes

Appraisal Buzz

Following a yearlong boom, real estate economists see signs of the surge in vacation-house mortgages subsiding. The post Demand for Second-Homes Wanes appeared first on theMReport.com. The post Demand for Second-Homes Wanes appeared first on Appraisal Buzz.

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CUNA discusses homeownership gap during FHFA session

Valuation Review

The Federal Housing Finance Agency conducted a session on closing gaps to sustainable homeownership, which has the support of the Credit Union National Association. Those attending the session were told several steps can be taken to address the racial wealth gap and the racial homeownership gap.

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GSEs Recognized for Disability Inclusion

Appraisal Buzz

Nonprofits named both Fannie Mae and Freddie Mac among the best places to work for employees who have a disability. The post GSEs Recognized for Disability Inclusion appeared first on DSNews. The post GSEs Recognized for Disability Inclusion appeared first on Appraisal Buzz.

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Veros: Home prices to continue climbing

Valuation Review

Veros Real Estate Solutions released its Q2 2021 VeroFORECASTSM data that anticipates home prices will continue to appreciate during the next 12 months. This reflects the 100 most-populated markets at a rate consistent with its previous update one quarter ago. Read on to learn more.

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Purchase and Refi Apps Bounce Back

Appraisal Buzz

After a few weeks of declines, mortgage application volume took a giant step forward, as rates continue to dip below the 3% mark. The post Purchase and Refi Apps Bounce Back appeared first on theMReport.com. The post Purchase and Refi Apps Bounce Back appeared first on Appraisal Buzz.

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BiggerPockets Podcast 486: The Key to Scaling that Most Real Estate Investors Miss Out On (+New Podcast!) w/ Liz Faircloth & Andresa Guidelli

BiggerPockets

It’s understandable why so many real estate investors don’t want to partner up. I mean, who wants to split half of a rent check with someone else? This can seem […].

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Lamacchia Realty Announces Top Agents for the Mid-Year 2021

Lamacchia Realty

Lamacchia Realty, Inc. has released their “Top Producing Agents,” for Mid-Year 2021! This program recognizes Lamacchia Realty agents with the Top 10 agents by company and Top 3 or 5 agents by office with the highest transaction numbers or sales for the first six months of the year! Mid-Year 2021 Winners of the Top 10 for the Company are: Joselin Malkhasian is a Realtor working with both Buyers and Sellers in the Greater Boston Area.

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Newbie Investors: You Won’t Succeed If You’re Scared to Ask Questions

BiggerPockets

Those who are afraid to ask questions miss a great opportunity to learn. You may be asking, “OK, what does this have to do with investing?” The answer is: A lot.

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Bank of Canada makes latest rate announcement

Mortgagebroker News

The eagerly awaited statement was also accompanied by the release of the Bank’s quarterly Monetary Policy Report

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What To Consider When Using A Mortgage Refinance To Pay Off Debt

Quicken Loans

If you’re feeling overwhelmed by debt, you’re not alone. Many Americans are dealing with major credit card debt on top of mortgages, student loans, car loans and medical bills. With some of the highest interest rates of any debt, credit card debt is one of the worst to carry. In fact, consumers pay double or even triple the interest rates on credit cards than they do on most auto loans, student loans and home loans.

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Royal LePage: Surge in household formation imminent

Mortgagebroker News

Accelerated demand is likely to sustain the Canadian housing market through much of 2022

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How to Invest in Short Term Housing as a Beginner

Mashvisor

Owning an Airbnb can be a great way to make money in real estate.

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How is Ontario’s affordability situation affecting its young talent?

Mortgagebroker News

Recent poll by the Ontario Real Estate Association has uncovered several alarming trends

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Experts: The New York City Real Estate Market is Set for a Strong Comeback

Mashvisor

The past twelve months have tested the resolve of the US real estate market.