Fri.Jan 08, 2021

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Closing costs: Here’s how much money you really need to buy a house

Housing Wire

Are you considering purchasing a home for the first time? Then you’re probably already saving money for your down payment. But what about all the other costs needed to complete the transaction? Understanding what expenses are required at closing to buy a house will help you budget and save more effectively. In this article, we break down exactly what closing costs are so you’re prepared when you start shopping for a home: What are closing costs?

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New Podcast! Owensboro Real Estate Update

Riverfront Appraisals

Have you ever wondered what’s going on in your neighborhood’s real estate market? The Riverfront Appraisals team is excited to introduce to you a new podcast we’re launching this year, the Owensboro Real Estate Update! This will be a weekly podcast bringing the latest news and information about our local real estate market directly to […]. The post New Podcast!

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Will there be a housing supply shortage in 2021?

Housing Wire

This is the fifth installment of our economist Q&A series, as we work to answer the top 2021 housing market questions for our HW+ members. Every Tuesday in December, HousingWire interviewed a top economist in the HW+ Slack channel. In each Q&A, we attempt to bring clarity to the top questions around housing supply shortages in 2021, the future of foreclosures and the future generation of homebuyers.

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Tidewater Initiative: What VA Appraisers Need to Know

McKissock

The VA has a unique set of protocols, known as the Tidewater Initiative, that a VA appraiser must follow when he or she expects the appraised value of a property is going to be lower than its contract price. This program, often known simply as “Tidewater,” initiated in—you guessed it—the Tidewater area of Virginia (i.e., the Norfolk, Chesapeake, Portsmouth, and Virginia Beach areas).

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MISMO to prioritize eMortgages in 2021

Housing Wire

This year, eClosings surged as remote online notarization became more popular and consumers looked for alternative ways to close on a home. Moving forward, the Mortgage Industry Standards Maintenance Organization , a not-for-profit subsidiary of the Mortgage Bankers Association , will continue to focus on digital closings. Over the final months of 2020, MISMO saw the number of companies with its RON certificate double to a total of eight companies.

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Tidewater Initiative: What VA Appraisers Need to Know

McKissock

The VA has a unique set of protocols, known as the Tidewater Initiative, that a VA appraiser must follow when he or she expects the appraised value of a property is going to be lower than its contract price. This program, often known simply as “Tidewater,” initiated in—you guessed it—the Tidewater area of Virginia (i.e., the Norfolk, Chesapeake, Portsmouth, and Virginia Beach areas).

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2021 means new challenges for mortgage lending

Housing Wire

For many of us, the start of a new year is usually synonymous with a renewed sense of professional self, focusing on new goals, new prospects for the year and, of course, the excitement for the upcoming spring real estate market. As we think about coming out of this first month of the year, we’ve quickly realized this year is going to be anything but planned or what we in the mortgage lending industry are used to.

Lending 442
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Homepoint files for IPO

Housing Wire

Correspondent and wholesale lender Homepoint is the latest mortgage company to aim for an IPO. The Ann Arbor, Michigan-based lender filed an S-1 with the Securities and Exchanges Commission on Friday afternoon. The company indicated in the S-1 that its price offering was $100 million, generally a placeholder for a larger offering. The company is expected to go public in the first quarter, sources told HousingWire.

Retail 404
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New year sees 2.74 million loans in forbearance

Housing Wire

After three consecutive weeks of increases , the number of mortgage loans in active forbearance fell by 92,000 the first week of 2021, according to a Friday report from Black Knight. This was a 3% drop and the greatest week-over-week decline since early November, largely driven by quarterly forbearance plans reaching their expiration. Black Knight now estimates 5.2% of all mortgages, and 2.74 million homeowners, are in some form of forbearance – accounting for $547 billion in unpaid principle.

Mortgage 393
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LendWize acquires broker software platform ARIVE

Housing Wire

Months after taking over management of broker LOS platform ARIVE , mortgage software startup LendWize has finalized a deal to take complete ownership of the origination platform. LendWize took over management of the platform in early 2020 and integrated ARIVE’s software into its own technology stack. It launched a revised version of the ARIVE platform in June, featuring electronic lender integrations and improved tools.

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The mortgage industry should build ATR rule governance

Housing Wire

It seems simple enough on its face: when a lender makes a home loan, the lender must determine, document, and verify that the prospective borrower has the ability to repay their full loan. Over a decade after passage of the so-called “Ability-to-Repay” (ATR) rule – which required oversight of just this by the Consumer Financial Protection Bureau – many now see that effectively regulating how to determine, document, and verify a borrower’s ability to repay while also not restricting credit availa

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Fed bond purchases to keep pace through end of 2021

Housing Wire

The Federal Reserve made another bid for economic stability on Friday after Vice Chairman Richard Clarida said he expects the central bank to maintain the pace of its bond purchases through 2021. “My economic outlook is consistent with us keeping the current pace of purchases throughout the rest of this year,” Clarida said to the Council of Foreign Relations on Friday, CNBC reported.

Mortgage 433
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People movers: Mid America, TMC, Framework and Sagent

Housing Wire

To start off this week’s people movers, Mid America Mortgage promoted Jemma Pachiano to chief operating officer. Pachiano joined the company in 2011 as national support and training director where she led communication between the company’s executive team, operations team and branches. In her new position, she is responsible for implementing more efficient processes, products and systems in order to fuel Mid America’s growth.

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