Thu.Aug 11, 2022

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Mounting losses force loanDepot to amend loan agreements

Housing Wire

Mortgage lender loanDepot , based in Orange County, California, has more bad news tucked away in its latest quarterly earnings report filed with the U.S. Securities and Exchange Commission (SEC) — beyond announcing it was shutting down its wholesale division after posting a second quarter loss of $223.8 million, following on the heels of $91.3 million loss for the prior quarter.

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Pros and Cons of Selling Your Home As-Is

Cleveland Appraisal Blog

Do you fix your home up or sell it as-is? That can be a tough question to answer. There are some things to consider before making this decision. This week I welcome back guest blogger Betty White who shares some pros and cons of selling a home in its as-is condition. I hope you find her article to be helpful! For some homeowners, extensive renovations can present a challenge in terms of time and finances, particularly if you plan to move out of your home soon.

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Purchase mortgage rates are back above 5%

Housing Wire

Purchase mortgage rates continue their roller coaster ride – they moved above 5% this week, according to the latest purchase mortgage survey from Freddie Mac. The 30-year fixed-rate mortgage increased this week to average 5.22%, up from last week’s 4.99%. A year ago this time, rates averaged 2.77%. The index compiles rates reported by lenders during the past three days.

Mortgage 381
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Home Insurance Prices Up Across the Board, Rising Faster than Inflation

Appraisal Buzz

Based on a Policygenius study of 8,698 active home insurance policies quoted for renewal between May 2021 and May 2022, home insurance prices are rising at a faster rate than inflation, as costs are up nationwide since last year. According to Policygenius, insurance prices continue to climb in part due to “skyrocketing” inflation and a … The post Home Insurance Prices Up Across the Board, Rising Faster than Inflation appeared first on DSNews.

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FHFA: GSE servicers must keep fair lending data

Housing Wire

In a move the Federal Housing Finance Agency said will bolster sustainability and equity, servicers for federally backed loans will obtain and maintain fair lending data. Starting March 1, 2023, servicers will be required to maintain data on borrowers’ age, race, ethnicity, gender and preferred language. The data will stay with the loan throughout the mortgage term, regardless of whether the servicing rights change hands.

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Housing Affordability Falls to Lowest Level Since Great Recession

Eyes on Housing

Rising mortgage rates, high inflation, low existing inventory and elevated home prices contributed to housing affordability falling to its lowest point since the Great Recession in the second quarter of 2022. According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), just 42.8% of new and existing homes sold between the beginning of April and end.

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Most Metro Areas Post Double-Digit Q2 Price Gains

Appraisal Buzz

Despite market influences that are pushing up mortgage rates and slumping home sales numbers during the second quarter of 2022, most metropolitan areas still saw double-digit annual price gains compared to the previous quarter. This new information comes by way of a recent quarterly report from the National Association of Realtors (NAR) which specifically identified … The post Most Metro Areas Post Double-Digit Q2 Price Gains appeared first on DSNews.

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Credit for Builders Less Available, Costs More

Eyes on Housing

During the second quarter of 2022, credit became both tighter and more costly on loans for Acquisition, Development & Construction (AD&C) according to NAHB’s Survey on AD&C Financing. The average effective rate (based on rate of return to the lender over the assumed life of the loan taking both the contract interest rate and initial fee into account) increased substantially.

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Unexpected Lessons Learned From COVID-19 Data

Appraisal Buzz

The pandemic certainly tested the housing industry, but as Alex Kudman and Srijan Sareen of Enact Mortgage Insurance explain, the data collected provided what was needed to make the correct decisions to better serve borrowers undergoing hardships. The post Unexpected Lessons Learned From COVID-19 Data appeared first on DSNews. The post Unexpected Lessons Learned From COVID-19 Data appeared first on Appraisal Buzz.

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Buying a House Sight Unseen – What You Need To Know

D Fritz Appraisals

Online Home Buying Tips For Remote Purchasers. The real estate market has changed dramatically in recent years. Due to demand for homes being highe r than supply, buyer preferences and buying methods have had to change and more people are resorting to buying real estate online or sight unseen. When demand outweighs supply and quality homes enter the market, they often sell fast.

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Justice for Texas Appraiser? You Bet. Price Tag: $99,000

Appraiserblogs

The Texas Appraiser Licensing and Certification Board is a hot mess, but one with a malicious and callous streak. That makes it dangerous to licensees. The Unclean Hands Doctrine is a legal defense. It helps prevent petitioners who are engaged in fraud, deceit or bad faith from recovering certain damages from others. If you’re a known cattle rustler yourself, the Unclean Hands defense may keep you from recovering damages if your own cattle go missing.

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Improve Your School's Library with GoFormz

GoForrmz

Modernize your library with digital forms School libraries play an important role in overall student education. According to the American Library Association, more than 60 studies have proven that school library programs make a positive impact on students. And students who don’t speak English at home are among those who benefit the most from school libraries!

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Mary Wood Qualifies for 2022 Lamacchia Realty President’s Club

Lamacchia Realty

We are thrilled to announce that Mary Wood has qualified for the Lamacchia Realty President’s Club, with 33 sales ALREADY this year! Mary joined Lamacchia Realty earlier this year and quickly established herself as a top producer in the company. Having helped hundreds of clients throughout her 15-year career, Mary truly knows the buying and selling processes like the back of her hand, which is evident by her averaging 50-60 sales a year.

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Will Springer Realtor

Fall in love with this beautiful 3-bedroom home in a quiet corner of Snoqualmie Ridge. Comfortable living room with gas fireplace. Kitchen and adjoining walk-in pantry offer plenty of storage. Generous main bedroom with walk-in closet and private bath. Open bonus room provides flexibility – TV room, yoga/gym. Fully fenced backyard with deck for your summer parties.

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Current Mortgage Rates on a Wild Ride, Now Up at Least 0.12% vs. Last Week

Mashvisor

After going below 5% last week, current mortgage rates are up again this week. It seems we’re in for a roller coaster ride for the next few weeks.

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Common Real Estate Appraisal Myths

East Coast Appraisal

If you wish to buy or sell a home, you have most probably come across the term real estate appraisal — the process of estimating the value of a property. ?. But in addition, you may have heard some misconceptions about appraisals. And while many of these myths are based on snippets of truths, the information is ultimately false. Find out the top real estate appraisal myths.

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What July’s Job Report Says About the Economy’s Health

BiggerPockets

Earlier in August, it was reported that 528,000 jobs were created in July after expectations were around 230,000 jobs. Overall, it was a seemingly better jobs report than expected. However, it’s hard […].

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"Our jobs need to become boring again"

Mortgagebroker News

Time for agents and brokers to get back to basics after an unsustainable two years, says agent

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Finance Friday: Still Feeling “Money Anxious” After Hitting FI

BiggerPockets

The path to financial freedom is different for everyone. Some invest in stocks, others flip houses, but one couple breeds rats, trains horses, and buys rentals in cash. Before you […].

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Market share of fixed-rate mortgages on the rise

Mortgagebroker News

However, holders of these mortgages should be aware of various near-future risks, observers say

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How Work-From-Home “Hotspots” Drove the Housing Market Even Higher

BiggerPockets

What do work-from-home employees and the housing market have to do with each other? Surprisingly, a lot. At the start of 2020, as the first lockdowns were rolling in, many […].

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Cissy Yang to Join Fannie Mae as Chief Audit Executive

Appraisal Buzz

Twenty-five-plus-year audit executive to join GSE to monitor key risks assessments, and replace the retiring J. Douglas Watt, Fannie Mae’s current SVP and Chief Audit Executive. The post Cissy Yang to Join Fannie Mae as Chief Audit Executive appeared first on DSNews. The post Cissy Yang to Join Fannie Mae as Chief Audit Executive appeared first on Appraisal Buzz.

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What do falling bond yields mean for fixed rates?

Mortgagebroker News

Canada's five-year government bond nosedived in July

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Real Estate Real Fast EP1 (with Romney Navarro, hard money lender expert and CEO of Streamline Funding)

Listing Spark

powered by Sounder. Episode overview. If you’re looking to do some serious real estate investing, you might be interested in using a hard money lender. While most homeowners go with conventional financing, a hard money lender can be more useful for buying and selling properties. For those that haven’t been a real estate investor before, hard money lending may be confusing.

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Sunnyvale real estate market trends & statistics

San Jose Real Estate

Sunnyvale real estate market trends & statistics.

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Consumer education on private mortgages is a must - expert

Mortgagebroker News

"There's a lot more people coming into the space"

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Redwood Trust, Angel Oak Mortgage awash in red ink in Q2

Housing Wire

Redwood Trust Inc. , a real estate investment trust (REIT) based in Mill Valley California that has residential operations focused on nonagency jumbo loans, recently reported a second-quarter 2022 net loss of $100 million, after recording a net gain of $31 million in the prior quarter. Likewise, Atlanta-based A ngel Oak Mortgage Inc. , a real estate investment trust focused on nonqualified mortgages, or non-QM, recently announced that it was struggling with red ink — recording a net loss of $52

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DLC releases half-year financial results

Mortgagebroker News

Find out how the group fared in this turbulent marketplace…

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Homepoint takes $44M loss in Q2 amid price war

Housing Wire

Home Point Capital , the parent company of wholesale lender Homepoint , took a loss in the second quarter of 2022, even after reducing costs and selling mortgage servicing rights. The company reported reduced volume and lower margins caused by surging rates and an aggressive pricing strategy from its rival United Wholesale Mortgage (UWM). Homepoint, however, said it will not engage in a price war. “Our bias right now is towards more margins and less volume – that said, obviously, the volum

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CAPREIT highlights performance for the first half of 2022

Mortgagebroker News

The firm says its financial position remains robust

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Over 50% of Americans Irked by Neighbors

Empire Appraisal Group

Over 50% of Americans Irked by Neighbors. Source: Over 50% of Americans Irked by Neighbors | Florida Realtors. Survey: 1 in 3 (35%) is annoyed once per month, and 53% get bothered at least multiple times each year. Top complaint? Noise from dogs, babies, TVs, etc. NEW YORK – Extra time spent at home during the pandemic may have created too much togetherness for some neighbors.