Thu.May 26, 2022

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Purchase mortgage rates average 5.10% continuing two-week slide

Housing Wire

Purchase mortgage rates this week averaged 5.10% continuing a decline from last week amid a housing market slowdown, according to the latest Freddie Mac PMMS. A year ago at this time, 30-year fixed rate purchase rates were at 2.95%. The government-sponsored enterprise index accounts solely for purchase mortgages reported by lenders during the past three days.

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Does Your Property Need to Be Jacked Up?

Cleveland Appraisal Blog

Does your home need to be jacked up? Perhaps a better way of asking is, does your house need a lift? Occasionally, when performing appraisal inspections/observations, I see homes that suffer from serious settlement issues. Sometimes, it’s the foundation. Other times it may be the driveway or a patio that has settled. In this post, I thought I would share some of the ways I have seen settlement problems be repaired.

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Florida-based LO accused of falsifying documents

Housing Wire

A Florida-based loan officer faces more than 30 years in federal prison if convicted on charges alleging she falsified divorce papers and child support payment information to help unqualified borrowers secure a loan, according to a Department of Justice indictment. Evelisse Hernandez is charged with four counts of bank fraud and four counts of aggravated identity theft.

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What Makes Green Home Appraisals Unique?

Appraisal Buzz

A “green” or “high performance” home refers to a residence that has less of a net impact on the environment than its traditional alternative. If you’re interested in becoming a green home appraiser , you may be wondering, “What makes these types of assignments unique?” There are many things that make green home appraisals different from typical residential appraisals.

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Freddie Mac automates pre-closing income verification

Housing Wire

Freddie Mac will now automatically verify borrower employment 10 days ahead of closing, which it says is more efficient than obtaining that information through oral or written verification. The option will be available starting June 1. To verify the borrower’s employment, Freddie Mac’s asset and income modeler will draw data from bank accounts for direct deposit, with the borrower’s approval, or from payroll data provided by third-party service providers.

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Pending Home Sales Decrease Nearly 4 Percent in April 2022

Appraisal Buzz

Pending home sales slipped in April, as contract activity decreased for the sixth consecutive month, the National Association of Realtors reports. Only the Midwest region saw signings increase month-over-month, while the other three major regions reported declines. Each of the four regions registered a drop in year-over-year contract activity. The Pending Home Sales Index (PHSI) slid 3.9% to 99.3 in April.

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More Trending

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CFPB Opens New Office to Spur Competition and Innovation

Appraisal Buzz

The Consumer Finance Protection Bureau (CFPB) announced the creation of a new office, thus forth called “the Office of Competition and Innovation,” to “spur innovation in financial services by promoting competition and stumbling blocks for new market entrants.” The creation of the new office coincides with the closure of the Office of Innovation, which focused … The post CFPB Opens New Office to Spur Competition and Innovation appeared first on DSNews.

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How top originators can build and retain borrower relationships

Housing Wire

In the midst of a competitive purchase market, it’s more important than ever to foster existing borrower relationships. In light of this, HW Media CEO Clayton Collins spoke with Steve Reich, COO at Finance of America Mortgage, to learn more about tactics top originators are using to build and retain relationships with borrowers. . With the current housing inventory crunch and rising rates slowing refi volume, lenders are finding themselves in a much different position than this time last year.

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New FHFA Rule Brings Greater Transparency to GSEs

Appraisal Buzz

Introduction of new Final Rule will introduce public disclosure requirements to the Enterprise Regulatory Capital Framework, and foster risk management practices. The post New FHFA Rule Brings Greater Transparency to GSEs appeared first on DSNews. The post New FHFA Rule Brings Greater Transparency to GSEs appeared first on Appraisal Buzz.

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Opinion: A more balanced approach to manufactured home energy efficiency?

Housing Wire

The Manufactured Housing Institute (MHI) appreciates that the Biden administration has created a White House Task Force on Manufactured Housing. We also commend the administration for the White House initiative announced a week ago Monday to “Ease the Burden of Housing Costs,” which a Housing Wire article noted is designed to reduce regulatory hurdles.

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Enhancements Announced for Ginnie Mae’s Digital Collateral Program and eGuide

Appraisal Buzz

Program augmentations will bring efficiency to the mortgage process, and improve access for borrowers who are not well served by the traditional lending approach. The post Enhancements Announced for Ginnie Mae’s Digital Collateral Program and eGuide appeared first on DSNews. The post Enhancements Announced for Ginnie Mae’s Digital Collateral Program and eGuide appeared first on Appraisal Buzz.

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Condo Construction Market Showing Gains?

Eyes on Housing

According to NAHB analysis of quarterly Census data, the count of multifamily, for-sale housing starts increased during the first quarter of 2022. At 11,000 units started, this was the best quarter for condo construction since the third quarter of 2008. As a result, the market share of rental units of multifamily construction starts decreased to 91% during the first quarter.

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FHFA Commits to Green Initiatives

Appraisal Buzz

By announcing membership in Network of Central Banks and Supervisors for Greening the Financial System, the FHFA affirms its commitment to progress toward addressing the impact of climate change. The post FHFA Commits to Green Initiatives appeared first on DSNews. The post FHFA Commits to Green Initiatives appeared first on Appraisal Buzz.

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A Push to Artificially Raise Property Values

Appraiserblogs

Now the effort is AGAIN to have ‘us’ artificially raise property values. But the push this times seems to be “only for certain people. A new press release from Class Valuation, one of the largest US based AMCs, scampered across my office threshold on 5/17/22. You can read it here in this link: Class Valuation Appoints EVP Of Valuation Modernization – NMP But if you don’t want to muddle your brain cells very much, here are the highlights: A new CV Executive Vice President has been hired to “focus

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Homeowners Insurance Premiums Rise In 30 States

Appraisal Buzz

As inflation grips the country, the price of everything has been going up and home insurance is no exception. According to QuoteWizard, an online insurance marketplace and subsidiary of LendingTree, rates have increased at least 34% in some areas of the country as revealed in their new State of Home Insurance Report. In order to … The post Homeowners Insurance Premiums Rise In 30 States appeared first on DSNews.

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What Makes Green Home Appraisals Unique?

McKissock

A “green” or “high performance” home refers to a residence that has less of a net impact on the environment than its traditional alternative. If you’re interested in becoming a green home appraiser , you may be wondering, “What makes these types of assignments unique?” There are many things that make green home appraisals different from typical residential appraisals.

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Mortgage Rates Decrease by 0.15 Percent Over Last Week

Appraisal Buzz

Freddie Mac ’s results of its Primary Mortgage Market Survey (PMMS) shows that the 30-year fixed-rate mortgage (FRM) averaged 5.10% with an average 0.9 point as of May 26, 2022, down from last week when it averaged 5.25%. A year ago at this time, the 30-year FRM averaged 2.95%. “Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing,” says Sam Khater, Freddie Mac’s chief economist.

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When Will Housing Prices Drop? Should You Wait Before Investing?

Mashvisor

One of the key factors in real estate investing is purchasing a listing for a reasonable price. So, when will housing prices drop?

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More and More Homeowners Are Choosing to Stay Put

Appraisal Buzz

As the average tenure length for Americans remaining in their home now exceeding 10.5 years, rising mortgage rates will continue to discourage existing homeowners from selling their homes and further curb migration. The post More and More Homeowners Are Choosing to Stay Put appeared first on DSNews. The post More and More Homeowners Are Choosing to Stay Put appeared first on Appraisal Buzz.

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Finance Friday: The Fastest Way to Pay Off $300k in Student Debt

BiggerPockets

It’s a strange time for student debt. On one hand, many college graduates are electing not to pay their student loans while they sit in forbearance. On the other, some […].

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Sean O’Neil Appointed Executive VP, CFO of Ocwen Financial

Appraisal Buzz

“Ocwen” or the “Company”, announced the appointment of Sean O’Neil as Executive VP and CFO, effective June 13, 2022. O’Neil brings significant financial leadership experience Ocwen in the mortgage sector, and will be responsible for leading the Company’s global finance organization. He joins Ocwen from Bayview Asset Management, LLC, where he served as the company’s … The post Sean O’Neil Appointed Executive VP, CFO of Ocwen Financial appeared first on DSNews.

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Want to Start Investing But Unsure About the Economy? Start Wholesaling

BiggerPockets

Back in 2002, I made my first deal as a real estate wholesaler. I was literally walking the streets looking for a deal when I came across a tired landlord […].

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It’s Official: Sandra L. ?Thompson Confirmed by Senate As FHFA Director

Appraisal Buzz

Sandra L. ?Thompson has been officially confirmed by the U.S. Senate as the next director of the Federal Housing Finance Agency (FHFA). Since June 23, 2021, she has been serving as acting director following an appointment by the White House. “I congratulate Director Sandra L. Thompson, who will be the first Black woman to serve as FHFA Director,” states Congresswoman Maxine Waters (D-CA), chairwoman of the House Committee on Financial Services.

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How heavily are rate hikes weighing on home-buying activity?

Mortgagebroker News

"We can see now that many home buyers have started to put their searches on hold as rates have been increasing"

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Guadalupe Oak Grove Park in Almaden Valley

San Jose Real Estate

Recently we visited the Guadalupe Oak Grove Park in Almaden Valley. As the bird flies, it’s less than 2 miles from our home, but somehow we hadn’t been there before. We loved it and I thought our readers might enjoy seeing some images and learning more about this cool pocket of nature in suburbia. There […].

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Canada house prices: How far could they fall?

Mortgagebroker News

Sales and price growth have slowed in the housing market in recent weeks

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Purchase apps are at 2009 level: where’s the inventory?

Housing Wire

It’s an excellent time to discuss housing inventory. The housing market shifted in March of this year. As the 10-year yield broke above 1.94% and mortgage rates rose, we saw the impact on housing data. Since the summer of 2020, this has been my main talking point on what can cool down housing ; it’s a 10-year yield above 1.94% , meaning rates above 4%.

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Former BoC head: Economic deceleration in the cards for Canada

Mortgagebroker News

"Technical stagflation" might give the Canadian economy some much-needed elbow room

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Mixed-Use Property: Is It Worth It for Appraisers?

Valcre

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CIBC profits fall in second quarter

Mortgagebroker News

The bank's Q2 earnings came in lower than analysts had expected

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Who Are the Top Mashvisor Competitors and How Do They Compare?

Mashvisor

Interested in what Mashvisor competitors look like? Let’s take a quick break from market insights and take a look at the tools we use.

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TD announces Q2 results

Mortgagebroker News

The banking giant became the latest of Canada’s Big Six to post its second-quarter earnings

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April 2022 South Florida Housing Report

Lamacchia Realty

The Lamacchia Realty South Florida Housing Report presents overall home sale statistics and highlights the average sale prices for single families, condominiums/townhomes in Broward County, Miami-Dade County, and Palm Beach County for April 2022 compared to April 2021. It also looks at other metrics like New Listings and New Pending Sales as they are often the best indicators for predicting future trends in the market The inventory crisis last year caused demand to spike higher than ever by fall

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CMP Women of Influence 2022: Entries now open

Mortgagebroker News

It's time to recognize the mortgage industry's trailblazing women