Thu.Nov 17, 2022

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Mortgage rates collapsed by 47 basis points. Is this a turning point?

Housing Wire

Some lenders have experienced a spike in borrowers’ demand for mortgage loans following last week’s rate collapse due to softer inflation data. However, according to executives and loan officers, it’s too early to say that this marks a turning point in the shrinking mortgage market. To illustrate how fast mortgage rates have declined, the 30-year fixed rate decreased this week to an average of 6.61%, down from last week’s 7.08%, according to the latest purchase mortgage survey

Mortgage 393
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Multifamily Developer Confidence Declines Significantly in the Third Quarter

Eyes on Housing

Confidence in the market for new multifamily housing declined significantly in the third quarter of 2022, according to results from the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) decreased 10 points to 32 compared to the previous quarter while the Multifamily Occupancy.

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Ginnie Mae rule is the ‘elephant in the room’ for the MSR market 

Housing Wire

Mortgage industry executives are echoing the sentiment that Ginnie Mae’s risk-based capital requirement is currently the main concern for companies holding mortgage servicing rights (MSR). According to industry leaders, the rule can force a sell-off wave, reduce values and put some lenders and services in a difficult spot. “That’s the ‘elephant in the room’ right now.

Marketing 413
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Proof that Building Codes Work? Punta Gorda

Empire Appraisal Group

Dr. Ewan Photography, Getty Images. Source: Proof that Building Codes Work? Punta Gorda | Florida Realtors. Proof that Building Codes Work? Punta Gorda. Hurricane Ian slammed Punta Gorda, but a local contractor says, “Everything with a 2007 (building) code and beyond pretty much was fine.”. PUNTA GORDA, Fla. – Punta Gorda was hit hard by Hurricane Ian.

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Waterstone Mortgage hires new digital marketing director

Housing Wire

Wisconsin-based mortgage lender Waterstone Mortgage Corporation appointed Chik Quintans its new director of digital marketing, the company announced Thursday. In his new role, Quintans will oversee the digital marketing strategy to advance Waterstone Mortgage’s online presence through social media campaigns and content creation, in collaboration with graphic designers and communications specialists.

Mortgage 370
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You Won’t Believe It. Inflation Finally Peaked—Here’s The Proof

BiggerPockets

Earlier in November, new Consumer Price Index (CPI) data was released, revealing that inflation had dropped on a year-over-year basis from 8.2% in September to 7.7% in October. This is welcomed news. […].

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5 Ways to Win During a Down Housing Market

BiggerPockets

Knowing how to invest during a recession is what separates the good from the great investors. Most veteran real estate investors know that during downtimes, the lucky landlords get swept […].

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Carrington to pay $5.25M to CFPB for improper forbearance practices

Housing Wire

After two years of negotiations, California-based Carrington Mortgage Services has agreed to pay a $5.25 million penalty to the Consumer Financial Protection Bureau (CFPB) for ‘improper practices’ related to forbearance plans provided for homeowners during the Covid-19 pandemic, the parties announced on Thursday. “Carrington Mortgage unlawfully withheld legally mandated pandemic protections, wrongly imposed fees, and reported false information to credit reporting companies,R

Legal 368
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StatCan: Mortgage interest costs on a sharp upward trend

Mortgagebroker News

Canadian households are seeing mounting mortgage costs, property taxes, and other housing charges

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MCT launches co-issue loan sales marketplace

Housing Wire

Mortgage hedge advisory and secondary marketing software firm Mortgage Capital Trading, Inc. released a new marketplace for co-issue loan sales this week. Co-issue loan sales, also known as flow-based mortgage servicing rights sales, are three-way transactions involving the sale of loans to one of the agencies, with a simultaneous sale of the MSRs to a separate third party.

Investors 353
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Senior manager on why aiding clients ultimately aids the lender

Mortgagebroker News

"We want to work with the broker to make sure that we are putting the client in the best financial situation"

Clients 68
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Opinion: Why it’s time to cut mortgage fees

Housing Wire

FHA ’s Tuesday release of its MMIF Report showing that FHA continues to build its capital reserve ratio to 11.1% will no doubt add fuel to the public debate about whether FHA should cut premiums for the borrowers it serves. This debate comes at a time when mortgage rates have doubled since the beginning of the year, from around 3.5% to around 7%, giving new urgency to the need to keep mortgage fees down on all federal agency mortgage programs — not just FHA but also VA , Fannie Mae and Freddie M

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Poll: What is the priority for Canadian millennials?

Mortgagebroker News

As many as seven in 10 Canadian millennials are not currently saving enough for retirement, survey says

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Everything you need to know about current rates and loan products (with Justin Hrabovsky, top 1% mortgage lender) – Real Estate Real Fast EP7

Listing Spark

Episode overview. Many buyers are exiting the market because of higher rates. But is that the right decision in the current market? Despite rising rates, there are a lot of advantages that are coming into the market for buyers. Sellers are also willing to offer concessions. So if you’re a buyer, how do you buy in the current market? What mortgage options should you be looking out for?

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Soft story construction

San Jose Real Estate

Soft story construction may be a concern for anyone living in earthquake country. After the Loma Prieta and Northridge temblors, some apartments, condos, and another buildings got pancaked due to lack of structural strength on the first floor. What is it? What is soft story construction? This type of building is when the ground floor […].

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Canadian inflation latest – figures revealed

Mortgagebroker News

Monthly gain was similar to levels seen in September

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Where to Find Airbnb Rental Statistics by City

Mashvisor

Buying a profitable short term rental requires using reliable and comprehensive Airbnb rental statistics by city. So, where do you find them?

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Builders apply the brakes amid canceled contracts

Housing Wire

The best way to fight inflation is to add more supply, and when I look at the housing completion data for the past two years, it just makes me want to puke. In previous expansions, builders’ housing completion data would move in line with housing starts and permits. However, for the first time in recent modern-day history — due to supply chain issues and other factors — housing completion data has lagged behind housing permits and starts.

Contracts 545
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How to Keep Your Remote Team Feeling Connected

GoForrmz

Keep your team feeling connected, no matter how far the distance Remote work, telecommuting, and hybrid offices — the way we work is swiftly changing. Remote workers currently account for 26% of the U.S. workforce , which is four times what it was in 2018, and it appears to be a trend that will continue to rise. Whether it’s due to increased productivity, better availability of qualified applicants, or better quality of life, remote work isn’t going anywhere anytime soon.

Tools 78
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Adverse market fee fueled g-fee profitability in 2021

Housing Wire

Fannie Mae and Freddie Mac purchased a record $2.52 trillion in single-family loans in 2021, with the average guarantee fee — expected to cover credit losses, administrative costs and cost of capital — rising 2 basis points from the prior year to 56 bps. That uptick is largely thanks to the controversial 50 bps “adverse market fee” applied starting in late 2020, which originators railed against and was ultimately discontinued in July 2021.

Marketing 382
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Frank Advice on What to Do When a Real Estate Investment Goes Wrong

BiggerPockets

You’re one bad real estate investment away from being cash flow-poor and debt-rich. That’s right, not every investment property works out, and when leveraged the wrong way, a single property […].

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Finding growth opportunities in the non-QM space in 2023

Housing Wire

Between the shift towards self-employment and the number of Millennials entering the housing market, the market for non-QM is poised for substantial growth in the year to come. HousingWire recently spoke with John Keratsis, president and CEO of Deephaven Mortgage, about what lenders should be doing to capitalize on the boom in non-QM lending and why our preconceived notions about non-QM could be all wrong.

Lending 367
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Single-Family Housing Contraction Continues in October

Eyes on Housing

Elevated mortgage rates, high construction costs for concrete and other building materials, and weakening demand stemming from deteriorating affordability conditions continue to act as a drag on single-family housing production. Overall housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units in October, according to data from the U.S.

Contracts 172
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Housing starts continued to slide in October amid ongoing challenges

Housing Wire

The number of new housing units started in October continued to decline, a reflection of the continued downward spiral in homebuilder sentiment , dropping 4.2% from September to a seasonally adjusted annual rate of 1.425 million, according to a report released Thursday by U.S. Census Bureau and the U.S. Department of Housing and Urban Development. October’s annual housing start rate was down 8.8% on a year over year basis, according to the report.

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Flat Readings for Single-Family Built-for-Rent

Eyes on Housing

Single-family built-for-rent construction leveled off during the third quarter of 2022 as the overall housing market slowed. This occurred after an exceptionally strong second quarter for rental housing production. According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were approximately 16,000 single-family built-for-rent (SFBFR) starts during the third quarter of 2022.

Design 182