Wed.Jul 13, 2022

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Mortgage application volume dips 1.7% led by decline in purchase mortgages

Housing Wire

Demand for mortgages declined for the second consecutive week, led by a dip in purchase mortgage applications — despite rates on a downward trend. The market composite index, a measure of mortgage loan application volume, decreased 1.7% for the week ending July 8, according to the Mortgage Bankers Association (MBA). The refinance index rose 2% from a week earlier and the purchase index dropped 4%.

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MBA: Mortgage Applications Decline for Second Straight Week

Appraisal Buzz

Mortgage applications has decreased 1.7% on a seasonally adjusted basis from one week earlier, according to Market Composite Index data from the Mortgage Bankers Association ’s (MBA) Weekly Mortgage Applications Survey for the week ending July 8, 2022. On an unadjusted basis, the index decreased 13% compared with the previous week. This week’s results include an adjustment for the observance of Independence Day.

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Inflation hits highest level in 40 years as housing market sputters

Housing Wire

Driven by surging prices in gasoline, shelter and food, inflation in the U.S. hit 9.1% in June, the highest level in 40 years, the Bureau of Labor Statistics reported Wednesday. The news raises the specter that the Federal Reserve will raise the benchmark rate by 75 or even 100 basis points at its upcoming July meeting. In June, the Consumer Price Index (CPI) reached 1.3% seasonally adjusted, up from 1% in May.

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Why Would a Branch Move in Today’s Challenging Market?

Appraisal Buzz

BLOG VIEW: Rising mortgage interest rates and rapidly rising home prices have created two massive hurdles for mortgage industry players to overcome in the year ahead. With the Mortgage Bankers Association predicting originations will decline nearly 40% from 2021 , what factors would entice a branch manager to move in today’s market? What follows are six main issues branch leaders are facing as they consider whether to stay or seek out a partnership with a.

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Opinion: Will lower lumber prices offset rising rates?

Housing Wire

High lumber prices are often blamed for high home prices. I recently saw a $60k home price reduction offered by a builder because “lumber prices have fallen…we are passing that savings to you.” That just doesn’t add up. In a blog post from January 4 , the National Association of Home Builders said that the 167% rise from last summer’s low lumber prices to over $1,000 per thousand board feet (mbf) added only about $18,600 to the cost of a home.

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Radian Debuts Division Focused on Alternative Funding Sources for Lenders

Appraisal Buzz

Radian Group Inc. has launched Radian Mortgage Capital LLC (RMC), a mortgage conduit formed to provide residential mortgage lenders with an additional secondary-market option for high-quality loans and to provide mortgage investors with a sponsor. RMC expands the company’s capabilities to participate in the mortgage market to aggregate, manage and distribute residential mortgage credit risk.

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More Trending

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Homebuyers Face Competitive Market as Supply Outweighs Demand

Appraisal Buzz

HouseCanary, Inc. released its latest Market Pulse report covering 22 listing-derived metrics, and comparing data between June 2021 and June 2022. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform. “In June, we continued to see signs of cooling in the housing market as price growth began to slow for … The post Homebuyers Face Competitive Market as Supply Outweighs Demand appeared first on DSNews.

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PLS deals backed by jumbo loans plummeted in June

Housing Wire

June was a rough month for jumbo-mortgage securitizations, with only two private-label offerings brought to market valued at roughly $821 million. The two jumbo-loan deals that did make it out of the gate last month were issued by Rocket Mortgage and J.P. Morgan Chase via the Rocket Mortgage Trust and J.P. Morgan Mortgage Trust conduits. The Rocket prime jumbo deal was backed by mortgages valued at $337.9 million and the J.P.

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HUD Makes $10.4M Available to Veterans to Rehab Aging Homes

Appraisal Buzz

The Secretaries of the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) Marcia L. Fudge and Denis McDonough have made a joint announcement about the availability of $10.4 million of new money made available directly to veterans administered through the Veterans Housing Rehabilitation and Modification Pilot Program … The post HUD Makes $10.4M Available to Veterans to Rehab Aging Homes appeared first on DSNews.

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June: Market Update for Housing Marketers

Housing Wire

June was a volatile month for mortgage rates and for lenders having to adapt quickly to changing conditions. Some of our top stories covered layoffs as lenders try to match staffing needs with volume. Other top stories looked to make sense of the new environment, including: · How mortgage lenders are navigating life at 6%. · Housing starts data raises 5th recession red flag. · CFPB to review QM rule.

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Valuing Short-Term Rentals

Appraisal Buzz

Today’s Buzzcast interview is with Julie Friess, Lead Appraiser of Sedona Appraisal Research Associates LLC. We sat down with Julie and Joan Trice, Founder of Allterra Group, LLC, to discuss her Appraiser Trainee Camp and the short-term rentals impacting the market. What is Appraisal Camp-Sedona? What can appraisers learn when it comes to short-term and long-term rentals?

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United Wholesale Mortgage mourns death of 55-year-old CFO Timothy Forrester

Housing Wire

Timothy J. Forrester, chief financial officer at wholesale lender United Wholesale Mortgage (UWM), died Sunday, following a cancer diagnosis and monthslong illness. He was 55. Forrester, of Bloomfield Hills, Michigan, died “following a valiant battle against cancer,” according to an online obituary by the A.J. Desmond & Sons Funeral Home. “He died surrounded by the love of family and friends across the world.” Timothy Forrester.

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Asteroom Announces First of its Kind Data Capture Solution for Freddie Mac ACE+ PDR

Appraisal Buzz

Launching a national network for property condition reports, 3D tour technology brings lightning turnaround, industry-leading accuracy and a better borrower experience to property data collection. San Francisco, CA–Asteroom Inc. today announced it will launch in August a nationwide service to capture property dimension and condition reports for Freddie Mac’s ACE+PDR offering which starts July 17th, 2022.

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Michael Bright: Where residential mortgage-backed securities can take sustainable investing

Housing Wire

ESG investing — that is “environmental, social and governance” money management — goes by many monikers. Some call it “sustainable investing,” others “impact investing.” The United Nations, which coined the term two decades ago in the wake of the Enron and Exxon Valdez scandals, sometimes refers to it as “inclusive investing.” All these phrases imply that capitalism can consider factors outside of quarterly earnings when making investment decisions.

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Part 3: Fixing an Appraiser Excess?

George Dell

How do Standards effect the excess of appraisers? The excess of appraisers is cyclical. It persists by the five forces of friction: practices, standards education, regulation, and client expectation. In this blog issue, we consider the second friction (appraisal standards). Together and separately these prevent improvements in valuation, including additional services of risk measurement, forecasting, […].

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Meeting Candidates Where They Are

Appraisal Buzz

Dr. Paul Miceli of Enact explains how partnerships, education, and proactive outreach can make a difference—both for your company, as well as the broader mortgage industry. The post Meeting Candidates Where They Are appeared first on DSNews. The post Meeting Candidates Where They Are appeared first on Appraisal Buzz.

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June Inflation Reading the Highest since 1981

Eyes on Housing

Consumer prices reached a new 40-year high in June as shelter, energy and food prices continued to surge at the fastest pace in decades. This marked the fourth straight month for inflation above an 8% rate and was the largest year-over-year gain since November 1981. Both energy and shelter index recorded their largest annual gains since April 1980 and February.

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Misconceptions Keep Potential Homeowners Out of the Market

Appraisal Buzz

Owning a home is a cornerstone of the American Dream, but prospective first-time buyers must overcome numerous obstacles to achieve that goal. But a recent survey by LendingTree found that it is not just obstacles people have to overcome, but misconceptions too. The largest result found by the study was that the majority of respondents … The post Misconceptions Keep Potential Homeowners Out of the Market appeared first on DSNews.

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ProTip: Auto-Fill Form Fields with Database Information

GoForrmz

Auto-fill your digital forms in just a few clicks Tired of filling out the same information for every form? With GoFormz’s digital forms , you can automatically populate multiple fields at once! The Database field can instantly populate any and all Text fields with a few simple clicks. For example, choosing a customer’s name from a Database field can automatically fill in the customer’s phone number, address, email, and more!

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The High Cost of Bad Customer Service in Real Estate

McKissock

Just as dark is the absence of light, and cold is the absence of heat, bad customer service in real estate is the lack of something extra. Real estate agents seldom commit blatant errors in their customer service delivery. Rather, their mistakes are of omission : neglecting to provide the little extras, to follow up, to be mindful. Building a real estate operation is all about relationships—and referrals.

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Mortgage Delinquencies Are on the Rise According to Banks

Mashvisor

In the first quarter of 2022, mortgage delinquencies went up, according to an Office of the Comptroller of Currency (OCC) survey of several banks.

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Starting an Appraisal Business the Right Way

Valcre

The COVID-19 pandemic has caused a substantial impact on many lives and businesses, but it also poses several opportunities. A forecast of real estate industry revenues notes that the necessity of shelter, combined with low-interest rates, is enticing more people with stable finances to purchase homes. So if you’re interested in starting your own real estate appraisal business, now is a good time to do it.

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Why You Should Set Up Recurring Rent Payments to Increase Income

BiggerPockets

Most landlords and rental property owners say that collecting rent is their biggest pain point. A missed rent payment can disrupt your cash flow and even make you miss crucial […].

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How to Fix Credit Scores: 4 Steps to Repairing a Bad Credit Score | Total Mortgage Blog

Total Motgage

When it comes time to reach a major financial milestone like buying a home, the negative information on your credit report could interfere with your dreams. Fortunately, there are steps you can take to improve a poor credit score and work towards homeownership.

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How an “Average Joe” Can Build a Multimillion Dollar Rental Portfolio

BiggerPockets

Building a rental property empire isn’t easy. Whether you dream of owning five, ten, or two hundred rental units, there is a way to get there—you just need to know […].

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Analysis: Canadian household debt a serious impediment to economic growth

Mortgagebroker News

Current trends are likely to further eat into consumer purchasing power, market observers say

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What is Compound Interest on a Loan? | Total Mortgage Blog

Total Motgage

In this article, you will learn what compound interest is, how compound interest works, and what the benefits and drawbacks of compound interest are.

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Bank of Canada announces huge rate hike

Mortgagebroker News

The central bank's rate increase is even higher than had been widely anticipated

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5 Useful Tips for Buying a House After Divorce | Total Mortgage Blog

Total Motgage

Before you start mortgage shopping, here’s what you can expect to face if you’re buying a house after divorce.

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Halifax market ticks along throughout nationwide cooldown

Mortgagebroker News

The city became a popular option for out-of-province buyers during the pandemic

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Woodside of Almaden Neighborhood, San Jose

San Jose Real Estate

The scenic Woodside of Almaden neighborhood in San Jose offers tree-lined streets with sidewalks, proximity to the Los Alamitos Creek Trail, views of the Santa Teresa Foothills and the coastal range, and top notch public schools to boot. Many Silicon Valley home buyers appreciate the quiet, the community involvement, and activities that take place in […].

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Report: Vancouver industrial segment to see moderation

Mortgagebroker News

However, fundamental drivers of market strength will remain in play for the foreseeable future

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Anthony Lamacchia Featured on Bloomberg Baystate Business Podcast

Lamacchia Realty

Anthony Lamacchia was featured on the Bloomberg Baystate Business podcast with Tom Moroney, Joe Shortsleeve, and Kim Carrigan. He discussed the current market including home sales, prices, mortgage rates, how to navigate the market if you’re a buyer or seller, and so much more. Listen to Anthony’s piece starting at 55:21 here or by clicking on the picture!

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Filogix and Newton-Velocity announce three-month extension of access contracts

Mortgagebroker News

Velocity clients will have continued access to the direct "lender pipes" offered by Filogix