Tue.Nov 29, 2022

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Government to backstop mortgages over $1 million in 2023

Housing Wire

The Federal Housing Finance Agency (FHFA) on Tuesday announced that the baseline conforming loan limit for 2023 will be $726,200, an increase of 12.21%, or $79,000, compared to 2022. . The federal government, through government sponsored enterprises Fannie Mae and Freddie Mac , for the first time ever will also back mortgage loans north of $1 million, with the new ceiling loan limit for one-unit properties in most high-cost areas at $1,089,300 — or 150% of $726,200.

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The housing market will get worse before it gets better

Sacramento Appraisal Blog

It’ll get worse before it gets better. That’s pretty much true in lots of ways in life. Going through the teenage years, recovering from injury, remodeling a kitchen… and enduring a housing downturn. Today I have a few things to share, and I hope this will be helpful (especially #3 as you look to 2023). […]. The post The housing market will get worse before it gets better first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Mortgage demand dropped last week despite a decline in rates

Housing Wire

Mortgage rates dropped last week, but it wasn’t enough to spur mortgage demand. The market composite index, a measure of mortgage loan application volume, declined 0.8% for the week ending November 25 after rising 2.2% from the previous week, according to the Mortgage Bankers Association. The index fell by a whopping 67.8% compared to the same week in 2021.

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Preparing For The Unexpected

The Appraiser Coach

I’ve been known to talk a lot about preparing for the unpredictable. A while back someone asked me a question about it. In essence their question was, “Dustin, how can. Read More.

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Study reveals alarming inequality trend for Black, Native American borrowers

Housing Wire

Mortgage fairness for Black and Native Americans is no better today than it was 30 years ago, according to a new mortgage fairness report. The report, issued by “fairness-as-a-service” solution firm FairPlay AI , was based on a study of more than 350 million mortgage applications from 1990 to 2021. The applications were obtained from public data in the Home Mortgage Disclosure Act (HDMA).

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Home Prices Continue to Decline in September

Eyes on Housing

Home prices declined for the third straight month in September as the housing market continues to cool. In September, all 20 metro areas experienced negative home price appreciation. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, fell at a seasonally adjusted annual growth rate of 8.7% in September, following a 6.4% decline in.

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Automated valuations evolve with the launch of Interactive ClearAVM

Clear Capital

Today, we’re thrilled to announce the launch of Interactive ClearAVM (automated valuation model). This enhanced version of ClearAVM is an optional add-on that will provide customized AVMs in real-time based on user-made adjustments to a property’s key characteristics and including condition. ClearAVM is an AI-based, investment-grade AVM that produces reliable, highly-accurate market value predictions and uses machine learning to deliver property valuations on more than 139 million addresse

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$1 million conforming loan limit reignites affordability debate

Housing Wire

The conforming loan limit for mortgages backed by Fannie Mae and Freddie Mac will pass the $1 million mark for the first time in 2023, reigniting a debate about the government’s role in the mortgage market and its persistent affordability challenges. Meanwhile, desperate for volume in a high-rate environment that’s pushed borrowers to the sidelines , some of the top U.S. nonbank lenders are wasting no time.

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The Rookie’s Guide to 2023 Goal Setting: How to Achieve HUGE Goals This Year

BiggerPockets

Before the most well-known real estate moguls were moguls, they were rookie investors with a dream. While it took vision to get them to where they are today, they wouldn’t be successful without […].

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RBC to purchase HSBC Bank Canada

Mortgagebroker News

The blockbuster deal is the largest ever reached between two domestic banks in this country

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Anthony Lamacchia Quoted in the Wall Street Journal

Lamacchia Realty

Anthony Lamacchia was quoted in a new article published by The Wall Street Journal. The article addresses the new mortgage limits for 2023, which were released today, and what changes these limits bring to the market. Anthony explains why these new limits are needed to reflect higher home prices to better assist buyers. To read the full article, click here , or on the picture to the right.

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Scotiabank profits fall in Q4

Mortgagebroker News

The banking giant kicked off the Big Six's final set of earnings announcements of 2022

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Is Your Home Fully Insured Against Loss or Damage?

Will Springer Realtor

How do you know if your home has enough insurance coverage? The quick answer is that you are probably underinsured – and homeowners usually receive the bad news after submitting a claim. About six in 10 homeowners are insufficiently insured, according to CoreLogic, a property data research firm. That’s roughly 51M homeowners currently underinsured, and CoreLogic estimates homes are insured at about 73% of the actual property value.

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Two major fintechs announce connectivity initiatives

Mortgagebroker News

Newton Connectivity Systems and Axiom Innovations complete two major projects

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Is Buying a Short Term Rental in Philadelphia a Smart Investment for 2023?

Mashvisor

Investing in a short term rental in Philadelphia has always been a smart move. Will this trend continue into 2023? Let’s figure it out together.

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Mortgage industry mourns the passing of Ed Karthaus

Mortgagebroker News

'His passion for helping customers, broker partners and our line-up was unmatched,' company says

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Airbnb Short Term Rentals vs Monthly Rentals: What Real Estate Investors Need to Know

Mashvisor

Is investing in an Airbnb short term rental still a good investment strategy, or is it a better idea to invest in a monthly rental instead?

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Technology in the mortgage space: What's next?

Mortgagebroker News

Leading tech execs on how solutions will continue to transform the mortgage market

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How to Research an Airbnb Market and Quickly Find a Good Place to Buy Rental Property

Mashvisor

One of the best things you can do as a short term rental property owner is know how to research Airbnb market in your location of choice.

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Exec on how speedy work is core to success

Mortgagebroker News

"Strong, reliable turnaround times are critical to success and [the] ability to deliver on commitments to clients"

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The war for top talent and why LOs move shops

Housing Wire

Given the market contraction and numerous layoffs in the industry, it may be surprising to think that loan officer recruitment and retention could be a focus for some lenders and independent mortgage banks right now. But due to the reduction of volume , it’s extremely important for lenders and IMBs to be able to replace that lost volume – and the quickest way to do so is to bring money in through revenue.

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Bank of Canada announces its first ever loss

Mortgagebroker News

The institution has just released its Q3 results

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The Holidays: Should You Pull Your Home Off The Market?

San Jose Real Estate

How to sell your Silicon Valley home during the holiday season.

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Ontario passes More Homes Built Faster Act

Mortgagebroker News

New bill to focus on accelerating housing development

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NAMB launches roadshow with Freddie Mac and Rocket

Housing Wire

The National Association of Mortgage Brokers (NAMB) announced a series of roadshows in partnership with Freddie Mac and Rocket Pro TPO, starting Dec. 8 in St. Louis, Missouri. The events will feature speakers focused on professional development for loan originators to grow their business and what is likely to happen in the next Congress that could impact the mortgage industry in 2023, according to a statement from NAMB.

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What would it take to solve Canada's ongoing housing affordability crisis?

Mortgagebroker News

CMHC outlines possibilities in its new report

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How Customer Feedback Improves SaaS Platforms

GoForrmz

Customer feedback is the driving force behind the success of SaaS platforms SaaS continues to be an evolving and ever-growing space with new startups and competitors joining the market every year. With goals and aspirations to be the best SaaS platform, every SaaS company looks to provide the best product for their customers in a highly competitive market – which can be difficult with the continuously growing marketplace.

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First Time Homebuyer Loans

PennyMac

Buying your first home can be a very exciting time. You’re finally going to have your own space, and you’re ready to start a new chapter in your life as a homeowner. However, purchasing a property can be quite the process. We’ll walk you through the loan qualification requirements, various first-time homebuyer programs, and loan options available. How Do I Get a First Time Homebuyer Loan?

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2023 Loan Limits Increase by $79,000

Lamacchia Realty

2023 Loan Limits Increase by $79,000. FHFA announced today that the conforming loan limits (CLLs) will rise by $79,000 from $647,200 in 2022 to $726,200 in 2023 for single-family/one-unit properties. These higher limits are propelled by average prices for homes which have increased by over 12% in 2022 due to high demand and limited supply. High-cost areas, where 115% of the median home value is higher than the loan limit, will rise to $1,089,300- the first time ever that the limit has exceeded

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Investing In Affordable Housing - Part 3 - Tenant Relations

Eppraisal

In parts one and two of this series on affordable housing, we discovered that landlords could create a lucrative business when opening units up to low-income tenants. We further explored what sort of accountability those property owners assumed with the local housing authority. A third element of this arrangement relates to those individuals and families that qualify for tenancy in such units.

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