Thu.Sep 29, 2022

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FoA plans to sell retail division to Guaranteed Rate, close wholesale channel: sources

Housing Wire

Amid the most challenging mortgage market in decades, multichannel lender Finance of America (FoA) plans to sell its retail mortgage division and shut down its forward wholesale channel, multiple sources told HousingWire. . According to former top executives and business partners, FoA signed a letter of intent to sell its forward mortgage retail business to competitor Guaranteed Rate , but negotiations are still in progress and remain fluid.

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HUD Awards $5M for Repairing Low-Income Veteran’s Homes

Appraisal Buzz

The U.S. Department of Housing and Urban Development (HUD), in partnership with the U.S. Department of Veterans Affairs, today awarded $5 million in $1 million allotments to five non-profits in support of the Veterans Housing Rehabilitation and Modification Pilot Program (VHRMP). The awardees of the competitive grants were selected by HUD’s Office of Rural Housing … The post HUD Awards $5M for Repairing Low-Income Veteran’s Homes appeared first on DSNews.

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Non-QM lender Angel Oak Mortgage Solutions cuts 20% of staff

Housing Wire

Non-QM specialist Angel Oak Mortgage Solutions is the latest player in the space to cut a sizable chunk of its workforce amidst widespread market volatility. The company issued pink slips to 75 employees last week, about 20% of its workforce, citing the “current economic environment that has challenged the entire mortgage market.” “The reduction was done to ensure that the company maintains the proper staffing level required to meet current and anticipated non-QM demand,”

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HUD Offers Assistance to Victims of Hurricane Fiona

Appraisal Buzz

In an effort to assist in the recovery after Hurricane Fiona made landfall, the Department has issued a new set of waivers offering regulatory and administrative relief to homeowners impacted in Puerto Rico. The post HUD Offers Assistance to Victims of Hurricane Fiona appeared first on DSNews. The post HUD Offers Assistance to Victims of Hurricane Fiona appeared first on Appraisal Buzz.

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Pending home sales down nearly 25% from 2021 in August

Housing Wire

Pending home sales continued to drop in August, recording a 1.0% month-over-month decline that resulted in an index reading of 88.4, according to data released Wednesday by the National Association of Realtors. In July , the index fell 1.0% after recording an 8% drop in June. The Pending Home Sales Index has declined for nine out of the past 10 months.

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Pending Home Sales Numbers Continue Recent Slide

Appraisal Buzz

The Pending Home Sales Index (PHSI), which measures housing contract activity, again fell in August, the third month in a row and the ninth time it has fallen this year. In addition, three out of the four major regions in the country also reported declining numbers, as one region, the West, again posted a minor gain. … The post Pending Home Sales Numbers Continue Recent Slide appeared first on DSNews.

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More Trending

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Appraisers in the Condo

Appraisal Buzz

Today’s Buzzcast interview is with Joe Minnich. We sat down with Joe and Joan Trice, Founder of Allterra Group, LLC, to discuss how appraisers are a vital tool in appraising condominium properties. What can we learn from the recent collapse of a condo building? What can lenders take away from an appraiser’s expertise regarding a property? What does the future of appraising include for the education of this topic?

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Mortgage demand falters as rates inch past 7%

Housing Wire

Demand for mortgage loans dropped following the Fed’s decision to raise interest rates by an additional 75 basis points last week. The market composite index, a measure of mortgage loan application volume, declined 3.7% for the week ending September 23, compared to the previous week. It was also down 66% compared to the same week in 2021. The refinance index fell 11% from the previous week and was down 84% from the same week in 2021.

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Mortgage Rates Impacting Housing- September Newsletter

DW Slater Company

“Texas is neither southern nor western. Texas is Texas.” ~William Blakely. I am a 7th generation Texan on both sides of my family. I can trace my roots back to the Battle of San Jacinto and the Old Three Hundred. If you are from Texas then you get it. To those that just got here, “Welcome”!! I hope you enjoy it as much as I do! Texas really is big and very unique!

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Q&A with Valcre user: Michael Burdett of For What It’s Worth Appraisals

Valcre

For What It’s Worth Appraisals is a South Carolina-based firm with a proven track record in the residential space with 4,000 such appraisals in 2021. At the end of last year, they made the plunge into the commercial sector by adding commercially-focused Michael Burdett and Valcre to their arsenal. Learn how Valcre is helping Michael and his team expand and penetrate the commercial market.

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5 Orlando Housing Market Predictions for 2023

Mashvisor

Wondering about Orlando housing market predictions for next year? Let’s look at some facts in this article and see what we can expect.

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10 Units in 3 Years and Giving Back While Getting Ahead

BiggerPockets

Reaching financial freedom doesn’t mean grinding away for decades to finally retire. It may only take a couple of deals for you to create enough traction to quit your W2 […].

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Median US Home Prices Up 46% Since Start of Pandemic

Mashvisor

Housing affordability is slipping through the cracks as median US home prices have gone up 46% since the pandemic started.

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Are You Getting Less Bookings For Your Short-Term Rentals? Here Are 3 Ways to Get More

BiggerPockets

Over the last 4-5 months, there has been a shift in short-term rental bookings. Some are attributing the dip in bookings to Airbnb’s redesign of its website. Others are blaming […].

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Marathon Mortgage CEO on the value of dealing directly with brokers

Mortgagebroker News

Executive on the qualities that make the broker channel a strong asset for the company

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 MAXEX seeks to capitalize on expanding non-QM market

Housing Wire

MAXEX , a major mortgage trading and aggregating platform, has unveiled a series of new programs designed to serve originators and loan buyers in the growing non-QM lending market. The increasing demand for non-QM loans (more broadly defined as nonprime) has run up against market volatility, as mortgage rates have doubled since late last year. That has left “originators scrambling for liquidity in this growing market segment,” MAXEX’s announcement of the new non-QM initiative states.

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Community Trust hits the mark with turnaround times

Mortgagebroker News

Brokers on Lenders results show willingness to listen and take action, says Lisa Abbatangelo

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Markets Considered Overvalued Increasing as Mortgage Rates Rise

Appraisal Buzz

First American Financial Corporation, a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, today released the July 2022 First American Real House Price Index (RHPI). The RHPI measures the price changes of single-family properties throughout the U.S. adjusted for the impact of income … The post Markets Considered Overvalued Increasing as Mortgage Rates Rise appeared first on DSNews.

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Fixed vs. variable: What's in store for the rest of 2022?

Mortgagebroker News

Expect further increases and a shift in preferences, says executive

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New Homes Built with Private Wells and Individual Septic Systems in 2021

Eyes on Housing

According to NAHB Economics analysis of the Survey of Construction (SOC) data, almost 9% of new single-family homes started in 2021 are served by individual wells and 16% have private septic systems. These shares, however, vary widely across the nine Census divisions with the corresponding shares reaching 36% and 44% in New England – the highest occurrence rates in the.

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Revealed – how much Canada home prices will fall this year

Mortgagebroker News

The market cooldown is set to continue

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Haverhill, MA Home Price Growth Slows; Inventory Remains Tight

Buys Brokers Only LLC

Despite a modest increase in the median price of single-family homes in Haverhill, Massachusetts, in August, home price growth slowed significantly compared to earlier in the year, sales dropped double-digits, but supply remained scarce.

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August 2022 South Florida Housing Report

Lamacchia Realty

The Lamacchia Realty South Florida Housing Report presents overall home sale statistics and highlights the average sale prices for single families, condominiums/townhomes in Broward County, Miami-Dade County, and Palm Beach County for August 2022 compared to August 2021. It also looks at other metrics like New Listings and New Pending Sales as they are often the best indicators for predicting future trends in the market.

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Opinion: Forgiving student loan debt boosts homeownership

Housing Wire

Last month, President Joe Biden announced the federal government would forgive hundreds of billions of dollars of student loans. I believe this initiative is one of the most consequential administrative actions for housing in a generation. It could make homeownership accessible for millions of new homebuyers. The student loan debt forgiveness decision has provoked a broad range of reactions.

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