Housing Wire
MAY 8, 2024
Home prices trended up in almost all U.S. metro areas during the first quarter of 2024. Out of 221 metro markets analyzed, 205 (93%) posted yearly home price gains in Q1 2024, while 30% experienced double-digit price gains during the same period — up from 15% in the fourth quarter of 2023 — according to the National Association of Realtors ’ (NAR) newest quarterly report.
Appraisal Buzz
MAY 8, 2024
On today’s episode of the Appraisal Buzzcast, host Hal Humphreys speaks with Jason Feifer, Editor in Chief of Entrepreneur Magazine and our keynote Speaker this year at Valuation Expo. He is also the bestselling author of Build for Tomorrow: An Action Plan for Embracing Change, Adapting Fast, and Future-Proofing Your Career. The valuation space is going through a lot of change right now, through technology as well as other factors.
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Housing Wire
MAY 8, 2024
Housing credit channels directly impact housing inventory channels. What does that mean? Home prices escalated out of control after 2020 and when we look at why that happened, we can see that housing credit mattered more to inventory data than most people realize. Let’s see how this has played out in different stages of the economy. On March 18, 2020, purchase application data broke out to pre-cycle highs in demand.
Appraisal Buzz
MAY 8, 2024
Roughly 79% of U.S. consumers say now is a bad time to buy a home, according to Fannie Mae’s Home Purchase Sentiment Index (HPSI) report for April. The survey results are relatively unchanged compared with March, which could be a sign that negative sentiment is plateauing as consumers continue to adjust to the higher interest rate and home price environment.
Housing Wire
MAY 8, 2024
As the August implementation deadline for the business practice changes outlined in the National Association of Realtors’ (NAR) commission lawsuit settlement agreement approaches, the window of time is shrinking for the U.S. Department of Veterans Affairs (VA) to revise its policies governing the fees that veterans cannot currently pay when using their VA loan benefit.
Real Estate News
MAY 8, 2024
Anywhere, RE/MAX and KW deals at risk after new documents reveal a plan to include immunity from buy-side lawsuits, plaintiffs in the Batton case allege.
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Appraisal Buzz
MAY 8, 2024
Paul Walker has been appointed chief financial officer at Planet Home Lending , a national mortgage lender, servicer, and asset manager. Before joining Planet Financial Group, Walker was chief financial officer at Mortgage Assets Management, LLC, and Supreme Lending, leading key fiscal and strategic planning initiatives. He has also held significant positions in public accounting and SEC reporting including senior vice president of enterprise accounting at Finance of America, senior vice presid
Housing Wire
MAY 8, 2024
Fannie Mae announced on Wednesday the availability of a new web-based option for its income calculator tool, which is designed to “help mortgage professionals serve the growing number of mortgage applicants in the U.S. who are self-employed and don’t have traditional sources of income,” according to the government-sponsored enterprise (GSE). The new option for the tool is available at no additional cost and can be accessed via the company’s website.
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. Potential homebuyers appear to be adapting to the 7% interest rate, viewing it as a new normal.
Housing Wire
MAY 8, 2024
Top-five U.S. mortgage lender Newrez , owned by asset manager Rithm Capital , is imposing a round of layoffs to its workforce following the acquisitions of Computershare Mortgage Services and its affiliate Specialized Loan Servicing (SLS). On May 2, Newrez sent Worker Adjustment and Retraining Notification Act (WARN) notices to state authorities in Florida and Colorado, confirming that 123 employees are expected to be separated from employment beginning July 1, 2024.
George Dell
MAY 8, 2024
A better ROV! Please reconsider the direction of your boat. Try this this bigger oar. And use it only on the right side of the boat. Appraisers have long been asked to “reconsider” their opinion. Now we have a more official “standardized process” which affects appraisers, lenders, AMCs, GSEs, and of course, the borrower. This […] The post Row Row ROV?
Housing Wire
MAY 8, 2024
The plaintiffs in the Batton 1 homebuyer commission lawsuit are making a last-minute effort to prevent the court from granting final approval to the commission lawsuit settlement agreements reached by Anywhere , Keller Williams and RE/MAX on Thursday. The Batton plaintiffs filed a motion for a temporary restraining order and preliminary injunction on Wednesday in Chicago’s U.S.
Real Estate News
MAY 8, 2024
While revenue improved 10%, the company reported steep losses — but CEO Robert Reffkin was more focused on the future of buyer agents during the earnings call.
Housing Wire
MAY 8, 2024
Robert Reffkin is confident that Compass and its agents have what it takes to continue growing and succeeding in the changing real estate environment. “In down markets, the best agents and the best brokerages gain market share,” Reffkin, the CEO of Compass, told investors and analysts during his firms first-quarter 2024 earnings call on Wednesday evening.
Real Estate News
MAY 8, 2024
Buy-side plaintiffs who claim the Anywhere, RE/MAX and KW deals go too far will still get their chance to make that argument in court May 9.
Housing Wire
MAY 8, 2024
Because of an apparent error made by staff at ICE Mortgage Technology ‘s Surefire customer relationship management (CRM) platform, more than 600,000 emails and texts were sent without permission to real estate agents, business partners and past clients of loan officers around the country. These messages, part of Surefire’s weekly “Markets in a Minute” deployment, mistakenly contained a New Jersey-based LO’s marketing materials and contact information (including NMLS
Real Estate News
MAY 8, 2024
In a conversation with Real Estate News, Realtor.com CEO Damian Eales discussed NAR, the benefits of major rule changes and the role of home search sites.
Housing Wire
MAY 8, 2024
A former top executive at Better.com has voluntarily dismissed with prejudice a lawsuit filed about two years ago against the company and its leadership, including founder Vishal Garg , that accuses the defendants of violating labor and securities laws when pursuing the firm’s goal to go public. Attorneys for Sarah Pierce — Better’s former executive vice president for customer experience, sales and operations — and the defendants sent a stipulation of voluntary dismissal with pre
Appraisal Buzz
MAY 8, 2024
ACES Quality Management is partnering with Infrrd to provide AI-powered intelligent mortgage document processing to clients. When used in conjunction with ACES Quality Management & Control software, Infrrd’s technology helps lenders improve the efficiency of their quality control (QC) reviews by indexing, categorizing and reviewing the accuracy of loan file documents prior to review.
Housing Wire
MAY 8, 2024
The Federal Home Loan Bank (FHLBank) of San Francisco , one of the 11 regionally based, wholesale suppliers of lendable funds to financial institutions, announced on Wednesday that it has appointed former Ginnie Mae President Alanna McCargo to serve as its new CEO effective June 10. McCargo was the first Senate-confirmed president of Ginnie Mae since the resignation of her predecessor, Ted Tozer, who vacated the position just before the start of the Trump administration in early 2017.
Inman
MAY 8, 2024
The plaintiffs in a suit known as Batton 1 have filed for a temporary restraining order preventing the final approval of the Keller Williams, Anywhere and RE/MAX settlements.
Housing Wire
MAY 8, 2024
Personalized marketing is on the rise in just about every sector. In our hyperconnected times, consumers have more choices than ever, and brands have to get creative if they want to stand out in an oversaturated landscape. In the highly competitive world of real estate , it’s no different. Firms are seeking ways to foster deeper, more meaningful connections with clients, which is where personalized marketing comes in.
Inman
MAY 8, 2024
At the Realtors Legislative Meetings earlier this week, MLS executives were told they would be responsible for making sure real estate agents and brokers follow the new commission rules.
Housing Wire
MAY 8, 2024
A court has denied the Batton 1 plaintiffs’ last-minute attempt to block Thursday’s final approval hearing for the commission lawsuit settlement agreements from occurring. Earlier on Wednesday, the homebuyer plaintiffs in the Batton 1 commission lawsuit, filed in Chicago in January 2021, filed a motion for a temporary restraining order and preliminary injunction.
Inman
MAY 8, 2024
Although it may seem righteous to dismantle the institution that NAR has built, brokerage founder Sean Frank writes, the collapse of NAR would equate to the collapse of the modern real estate market as we know it.
Housing Wire
MAY 8, 2024
Nonbank lender Panorama Mortgage Group (PMG) launched a new program that allows first-time homebuyers to take out a loan with a 1% down payment , the company announced on Wednesday. The new offering, known as the 1st Generation Homebuyer program, also includes a 2% grant to reach the conventional down payment minimum of 3%. “We believe in dismantling barriers to homeownership and fostering financial empowerment,“ Jason Madiedo, president and CEO of Panorama Mortgage Group, said in a statement.
Inman
MAY 8, 2024
Some borrwers were quick to spring into action, with applications for purchase loans rising by a seasonally adjusted 2 percent and requests to refinance up 5 percent week over week.
Housing Wire
MAY 8, 2024
Ellington Financial , the parent company of top-five reverse mortgage lender and servicer Longbridge Financial , reported that its reverse mortgage segment’s adjusted distributable earnings were lower in the first quarter of 2024 than they were in the previous quarter. Projections of loan originations and submissions, however, are tracking higher thus far in the second quarter and the company expects that Longbridge will soon return to positive contributions.
Inman
MAY 8, 2024
Plaintiffs in the commission suit known as Batton 1 had requested a temporary restraining order Wednesday to prevent final approval of the Keller Williams, Anywhere and RE/MAX settlements.
Eyes on Housing
MAY 8, 2024
Per the Mortgage Bankers Association’s (MBA) survey through the week ending May 3rd, total mortgage activity increased 2.6% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate fell 11 basis points to 7.18%. The 30-year FRM has risen 17 basis points over the past month as rates remained at around seven percent.
Inman
MAY 8, 2024
Mortgage tech and cloud banking software provider says it's debt free and on faster track to profitability, thanks to $150 million cash injection from Haveli Investments.
Eyes on Housing
MAY 8, 2024
According to the latest press release from Freddie Mac, the average rate on a 30-year fixed-rate mortgage has now risen to approximately 7.25%. As the data posted on NAHB’s priced-out web page shows, at this rate only about 27.5 million (out of a total of 134.7 million) U.S. households could afford to buy a median-priced.
Inman
MAY 8, 2024
The real estate brokerage also managed to trim losses and achieved positive free cash flow for the first time ever in a first quarter, according to an earnings call Wednesday.
BiggerPockets
MAY 8, 2024
A group of former officials and other allies of Former President Donald Trump has drafted a document outlining suggested policy changes that would impact the authority and independence of the Federal Reserve.
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