Tue.Jan 10, 2023

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Wells Fargo closes correspondent biz, will shrink servicing portfolio

Housing Wire

Wells Fargo , the largest depository mortgage lender in America, announced Tuesday that it will officially exit the correspondent channel and also reduce its servicing portfolio, the country’s largest. . The move isn’t much of a surprise. Executives have hinted at it over the past year and Bloomberg reported in August that Wells Fargo would likely shrink or eliminate the correspondent channel.

Lending 477
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Are You Saying No to Future Business?

The Appraiser Coach

I’ve begun to notice that retirement is starting to creep up on me a little bit, and I’m starting to wonder if I’m really ready. I recently decided to get. Read More.

Business 366
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Purchase sentiment is up but affordability remains a challenge in 2023

Housing Wire

Potential homebuyers’ purchase sentiment improved slightly in December, but that still remains well below pre-pandemic highs, according to new data from Fannie Mae. Ongoing affordability challenges are expected to limit buyers from entering the market in 2023, according to Fannie Mae , which will result in continued decline in home sales in coming months.

Buyers 477
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How Many Households Are Priced Out By Higher Mortgage Rates in 2022?

Eyes on Housing

Mortgage rates have increased rapidly in 2022, as the Federal Reserve continues to fight high inflation. The U.S. weekly 30-year fixed-rate mortgage rose from a slightly more than 3% in early 2022 to more than 7% in late October and leveled off at a rate of 6.42% as of the end of 2022. Mortgage payments have increased from $1,925 on.

Mortgage 195
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Home seller concessions reach pre-pandemic levels

Housing Wire

A new Redfin report found a record 41.9% of home sellers gave concessions to homebuyers in Q4 of 2022, through money for repairs and mortgage-rate buydowns. This represents the highest increase of any three-month period since July 2020 when Redfin started tracking this data. In Q3 of 2022 and Q4 of 2021, sellers gave concessions in 30% of home sales.

Sellers 450
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Christie’s International Real Estate taps Colvin as Affiliate Services VP

Inman

In the newly established role, Anne Colvin, formerly of Luxury Presence, will manage the brand's execution of its service offerings, such as its technology, marketing, coaching and training.

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US Supreme Court denies NAR petition in pocket listing case

Inman

The nation's highest court will not be weighing in on whether the real estate trade group's Clear Cooperation Policy violates antitrust laws. The case proceeds in a lower court.

Law 152
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2023 is the year of action for the housing industry

Housing Wire

Well, here we are at the beginning of another year. For those of us in housing finance, the calendar year change really does mean something. There is a mix of hope and uncertainty as we anticipate the potential increase of post-holiday volume and the proven run up to the spring and summer buying season. However, all of the concerns from last year threaten to carry over — from the fear of recession to stubborn high home prices and the stickiness of sub 3% mortgage rates that keep future buyers fi

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Keller Williams’ goal for 2023? ‘Someone has to sell a damn house’

Inman

Keller Williams President Marc King told Inman he was confident in the brokerage's path to success in 2023 despite a few bumps on the road to becoming the "Disneyland" of real estate.

Brokerage 148
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American Pacific Mortgage hires 150 AmeriFirst Financial employees

Housing Wire

American Pacific Mortgage (APM) has scooped up roughly 150 employees from 20 AmeriFirst Financial Inc. branches since December 2022, APM confirmed. APM learned the Arizona-based lender’s branches were ceasing originations last month, which led to an opportunity to recruit branch managers, loan originators and processors to make up for the lost production this year, APM’s CEO Bill Lowman said in an interview with HousingWire on Monday.

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Revolving Debt Climbs as Credit Card Interest Rates Set New Records

Eyes on Housing

The balance of consumer credit outstanding grew 7.1% in November 2022 (seasonal adjusted annual rate) after climbing 7.4% (SAAR) in October according to the Federal Reserve’s latest G.19 Consumer Credit report. Revolving debt—which consists primarily of credit card debt—increased at a 16.9% rate, more than four times the growth of nonrevolving debt (excluding real estate) which grew 3.9% (SAAR).

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Diversify your business in 2023 with investor growth in the market

Inman

A poll of hundreds of real estate investors found that the vast majority saw business growth in 2022 and plan to continue investing in 2023. Here's what agents need to know.

Investors 148
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What is a Real Estate Appraisal?

JMV Lending

A real estate appraisal is a professional assessment of the value of a property. This assessment is typically conducted by a licensed appraiser, who will consider various factors to determine the property’s fair market value. Real estate appraisals are often used for a variety of purposes, including assessing the value of a property for sale […] The post What is a Real Estate Appraisal?

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Blend cuts nearly 30% of workforce in blistering 4th round of layoffs

Inman

Blend also announced the resignations of President Timothy Mayopoulos, Head of Finance Marc Greenberg and Head of Legal Crystal Summer amid a round of cuts impacting about 340 workers.

Legal 156
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How Much Does It Cost To Build A House In 2023?

BiggerPockets

Sometimes it’s hard to find the perfect house in the perfect location at the right price, so you just have to build one from scratch. But how much does it cost […].

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Anywhere lays off more workers, announces end of RealSure iBuyer

Inman

The company has slashed its workforce by 11 percent since last June, according to U.S. Securities and Exchange Commission filings. The moves come following months of housing market declines.

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Important Things to Know About Real Estate Appraisal and Estate Planning

East Coast Appraisal

Estate planning is critical to secure your loved one's financial future after you are gone. With an estate plan, you can manage the distribution of your assets and finances and mitigate taxes. A huge part of estate planning is knowing the value of the assets you're planning to leave behind. That's where real estate appraisal comes in. A professional real estate appraiser can accurately assess and estimate the market value of your property, which is essential for an effective estate plan.

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Demand for apartments turns negative for first time since 2009

Inman

A slowdown in new leases paired with higher inventory is expected to hike vacancies and put pressure on rents. "The balance of power in the rental market is rapidly shifting to renters.".

Inventory 152
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Franchises 101: How to Find, Fund, and Profit from Owning a Franchise

BiggerPockets

Want to buy a business? If so, you’ll need franchises explained. At first, franchises seem like something only for fast food, gas stations, or hotel chains. But, in reality, a […].

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This is where it takes the longest amount of time to save up for a home

Inman

In Glendale, California, a homebuyer with a median household income for the area can expect to save for 15.1 grueling years, compared to counterparts in Detroit, who will save for just 2.6 years.

Agents 148
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Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls

BiggerPockets

Becoming a real estate investor isn’t complex. Find a property, buy the property, and rent it out. While this formula may be easy to write down, putting it into practice […].

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Defy Mortgage launches as new player in non-QM lending

Inman

Nashville, Tennessee-based lender to serve entrepreneurs and gig workers nationwide is accepting alternative forms of income and assets including cryptocurrency.

Lending 151
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2023 to see weakest home sales levels for 22 years: TD

Mortgagebroker News

"Even if activity does bottom in the next few months, sales levels should remain depressed"

69
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5 technology trends from CES you should stop worrying about

Inman

Is the future coming at you fast? Tech expert Brandon Doyle reviews technology "breakthroughs" that you don't need to stress over.

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Commercial market: What's in store for 2023?

Mortgagebroker News

Brokers need to focus on some key trends, says commercial veteran – and communication will be essential

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Cordless Media ads on MLSs will provide real-time mortgage rates

Inman

Ad marketplace is the first to implement Optimal Blue's new lead-quoting application programming interface, allowing ads to display rates from multiple lenders.

Mortgage 151
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Montreal home sales have halved – so what's with its home prices?

Mortgagebroker News

Sellers are right to stay firm on home prices amid soaring rates, experts say

Sellers 69
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Show your agents love — and build their businesses

Inman

If you want your team to come out of winter ready for the spring market, you need to create a support system that fosters momentum, writes trainer Rachael Hite. Help your team and show them appreciation with tools that capture business, not just empty words of encouragement.

Business 146
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Where does opportunity lie in Canada's housing market?

Mortgagebroker News

Falling sales and prices have gripped the market in recent months

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Tell us about your biggest win in 2022: Pulse

Inman

Come on, brag a little. Don't be shy. Tell us all about your biggest win of 2022, and let us celebrate your success with you.

Agents 152
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Will Springer Realtor - Untitled Article

Will Springer Realtor

What else is happening in and around your Seattle? Remodeling Expo, Jan. 20-22 Many homeowners are staying put, enjoying their sub-4% mortgage interest rates, but it hasn’t stopped them from investing in their home. Looking for inspiration on your next project? Visit the Northwest Remodeling Expo at Seattle Convention Center (705 Pike St., Hall 4E) to hear speakers, visit with vendors and learn from the experts.

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Lesson Learned: Take time for you

Inman

Find out how this luxury agent developed his high-flying real estate career without ever losing sight of his passions and interests.

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Finding an Agent: 5 Key Questions to Ask a Prospective Buyer's Agent While Conducting Interviews

Eppraisal

Buying a home is one of the most important financial and emotional transactions you will ever make. It is imperative to find a buyer's agent who will work hard for you, understanding both your desires and financial realities in securing the ideal home. It is highly recommended to interview several real estate agents before you hire your "buyer's agent" While interviewing agents, there are five key questions to ask. 1.

Agents 36
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LendHub's new app could save brokers, buyers time and money

Mortgagebroker News

"LendHub was born out of a need for speed"

Buyers 69