Mon.Jun 17, 2024

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Boomers struggled more than millennials to buy their first homes: Realtor.com

Housing Wire

From rising home prices to rising mortgage rates and inflation , the millennial generation hasn’t had it easy when it comes to homeownership. But new data from Realtor.com shows that millennials aren’t overly burdened in comparison to previous generations. The analysis of historic home prices, income levels and mortgage rates found that baby boomers — Americans between the ages of 60 and 78 this year — “arguably faced the toughest housing market ever for first-time buyers.“ In 1980, when boomers

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Homes Sitting on Market Longer as High Prices Curtail Demand

Appraisal Buzz

According to new Redfin research , more than three in five—an estimated 61.9%—of homes on the market in May had been listed for at least 30 days without selling. That’s up from 60% a year ago and around 50% two years ago. Since March, when new listings increased but buyer demand remained sluggish, the share of properties on the market for at least one month has increased year-over-year, as it has since mortgage rates began climbing in 2022.

Marketing 431
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Exploring the impact of housing on wellbeing

Housing Wire

The importance of housing as a social driver of health cannot be overstated, yet the intricate pathways connecting housing conditions to health outcomes remain inadequately understood. This knowledge gap is particularly impactful for low-income families who face unique challenges in establishing a sense of home. My experience as a pediatrician at WakeMed has shown me firsthand how critical stable, and quality housing is to the health and well-being of children and their families.

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Nominate Outstanding Women – Women In Housing Leadership Awards

Appraisal Buzz

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Business 418
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Wells Fargo extends $5,000 closing cost credit

Housing Wire

Wells Fargo ’s program that provides up to $5,000 in closing costs for low- and moderate-income families to purchase a home has been extended to an additional 16 metro areas, the bank announced on Monday. The credit is available for borrowers with combined incomes of up to 80% of their area’s median income who are seeking to purchase a home as a primary residence.

Lending 468
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The Most Affordable—and Most Expensive—Places to Live

Appraisal Buzz

A new report called the “Cost of Bills Index (COBI),” published by doxo, a web and mobile bill-pay service, is based on doxo’s nationwide bill payment statistics for the most common household bill categories which provides a standard comparison index for the most fundamental expenses that comprise the cost of living. By leveraging doxo’s unique aggregate findings along with anonymized bill pay data, the COBI is a new feature of doxoINSIGHTS which provides a comprehensive look into the bill pay

Insurance 395

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Navigating the NAR Settlement: An Unprecedented Opportunity for Appraisers

Appraisal Buzz

The recent settlement by the National Association of Realtors (NAR) has sent ripples through the real estate industry, leaving many agents reeling. As the dust begins to settle on this $418 million agreement, it is crucial for appraisers to recognize the vast opportunities now available to them. Understanding the Settlement The lawsuit that prompted this settlement was initiated by seller who felt they were unfairly treated in the real estate commission process.

Appraisal 370
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Realtor.com announces update to buyer’s agency ad campaign

Housing Wire

Realtor.com is extending the reach of its buyer representation advertising campaign, according to an announcement on Monday. As part of this goal, it is launching a “new initiative promoting the benefits of buyer’s agents for individuals in historically underserved and underrepresented communities, including BIPOC, AANHPI, Hispanic, LGBTQ+, first-time, Veteran, and lower-income buyers.

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Measuring the Impact of VA Loans

Appraisal Buzz

Celebrating its 80th anniversary on June 22 as part of the original GI Bill, the VA loan program has contributed $3.9 trillion to the U.S. economy, and VA loans rank as the top benefit veterans and military members receive for serving their country, according to a new survey from Veterans United Home Loans. For the survey , Veterans United surveyed 500 veterans and servicemembers to get their insights on the VA loan.

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HUD issues $10M in counseling grants to ‘combat homeownership gap’

Housing Wire

The U.S. Department of Housing and Urban Development (HUD) announced Monday the availability of $10 million in new grants to be distributed to 23 HUD-approved counseling agencies nationwide, which will help the department boost homeownership rates within historically underserved communities. Announced Monday morning in Harrisburg, Pennsylvania, by Federal Housing Administration (FHA) Commissioner Julia Gordon , the funds “will support activities by these agencies to prepare and equip prospective

Design 441
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Editorial Advisory Board Insights: Michael Keaton of Onity Group 

Appraisal Buzz

This piece originally appeared in the June 2024 edition of MortgagePoint magazine, online now. Members of MortgagePoint’s Editorial Advisory Board share their insights into the trends and challenges shaping the industry landscape this month. Michael Keaton is the SVP, Default Subservicing, for Ocwen Financial (now known as Onity Group). Keaton joined Onity’s Business Development Team in late 2022 to help grow the special servicing business.

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Offrs Review: Pros & cons, features, pricing, and alternatives

Housing Wire

Want more listings this year? Offrs is a predictive analytics tool that generates listing leads for real estate agents. For over 10 years, they’ve been leveraging big data using a patented artificial intelligence (AI) algorithm that sifts through more than 250 data points to determine which homes and homeowners in your zip code are likely to sell their property in the next 12 months.

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3 regions top the list of markets most at risk for a slowdown

Real Estate News

ATTOM researchers found that counties around Chicago and NYC, as well as several in inland California, would be the most vulnerable in a housing downturn.

Marketing 271
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loanDepot promotes Viviana Abarca to lead mortgage lending operations

Housing Wire

loanDepot has promoted Viviana Abarca, who has worked for the mortgage lender for the past 11 years, to managing director of mortgage lending operations. Abarca will report directly to president and CEO Frank Martell , the company announced on Monday. Abarca will lead loanDepot’s loan processing, underwriting and closing operations, which in the first quarter of 2024 were responsible for closing $4.6 billion in mortgages, down from $5.3 billion in the previous quarter.

Lending 430
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Mortgage Servicers Can Beat FHA Deadline for Payment Supplement Agreement Using WaterfallCalc

Appraisal Buzz

WaterfallCalc , a provider of expert guidance and loss mitigation technology for mortgage servicers, has released the FHA Payment Supplement Agreement documentation and automated claim process ahead of the January 2025 deadline imposed by the U.S. Department of Housing and Urban Development. The PSA program is a new loss mitigation requirement designed to help struggling FHA borrowers by combining a partial FHA claim to bring loans current with a monthly principal reduction to decrease monthly p

Mortgage 195
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Ginnie Mae seeks venue change in Texas Capital Bank reverse mortgage dispute

Housing Wire

Attorneys representing Ginnie Mae and the U.S. Department of Housing and Urban Development (HUD) submitted a motion to change the court venue where a case with Texas Capital Bank (TCB) is taking place, arguing that a contract clause has been violated by TCB’s choice to file the case in Amarillo, Texas, as opposed to Dallas. This is according to court filings reviewed by HousingWire ’s Reverse Mortgage Daily (RMD).

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Connexions Enhances its Appraisal Management Software to Support AMCs

Appraisal Buzz

Appraisal management software provider Connexions has introduced tailored payment processing and accounting solutions to streamline invoicing and financial operations. This includes managing appraiser W9s and 1099s, facilitating seamless transactions, and a new Quote feature for soliciting multiple quotes from appraisers to find the quickest and most economical options, the company says in a release.

Appraisal 195
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After retirement, reverse mortgage pro goes from LO to customer

Housing Wire

After first entering the housing business to sell real estate , Jim Cullen transitioned into the mortgage industry in 1997. It would be a few more years before he made the jump into the reverse lending space, but once he did, he found a business that he connected with until his retirement this year. After most recently serving at University Bank from his home in Wisconsin , Cullen is on the cusp of a new transition — from reverse mortgage originator to reverse mortgage customer, having secured a

Mortgage 448
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New American Funding Launches NAF Black Impact

Appraisal Buzz

New American Funding , a national mortgage lender, has launched NAF Black Impact, formerly known as NAF Dream, a program that empowers and supports the Black community in its pursuit of homeownership. NAF Dream launched in 2016, focusing on loan officer recruitment, education, and efforts to expand Black homeownership. Acknowledging the ongoing success of the program, NAF is renaming the program NAF Black Impact to signify the company’s commitment to taking direct, action-oriented steps to addre

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Zillow reaches settlement agreement with MLS defendants in antitrust suit

Housing Wire

Plaintiffs Zillow Group and ShowingTime have reached a settlement agreement with defendants Arizona Regional MLS (ARMLS) and Wisconsin -based Metro MLS in Zillow’s antitrust suit against the multiple listing services. The court was notified of the settlement in a filing on Thursday, but the final terms of the settlement agreement have yet to be announced.

Law 439
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LoanDepot Promotes Viviana Abarca to Managing Director of Mortgage Lending Operations

Appraisal Buzz

Viviana Abarca has been promoted to managing director of mortgage lending operations at loanDepot. Abarca will report directly to loanDepot president and CEO Frank Martell and will join the company’s executive committee. She will be based in loanDepot’s Phoenix-area operations hub. Abarca is a seasoned mortgage professional who, over the past 11 years, has held a series of leadership positions with increasing responsibility at loanDepot.

Lending 195
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Former G-Rate employees allege toxic work environment: Chicago Tribune

Housing Wire

Dozens of former employees at Guaranteed Rate say the mortgage lender has fostered a toxic work environment — including verbal abuse, misogyny and bullying — amid the laser focus of its founder and CEO, Victor Ciardelli, on making money and growing the business, according to a report published Saturday by the Chicago Tribune. According to the report, the accusations included Ciardelli, who is described as a “boss who was quick to berate, swear at and demean employees,” mainly when rising interes

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Adfitech Rebrands as Mortgage Connect Risk Solutions

Appraisal Buzz

To reflect its place under the umbrella of its parent company, Adfitech, a provider of quality control and risk management services for the mortgage industry, has rebranded as Mortgage Connect Risk Solutions. Adfitech was acquired by Mortgage Connect – a national mortgage services provider for the nation’s largest financial institutions, investors, and servicers – in 2022.

Mortgage 195
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DOJ pushes back on NAR’s rehearing request

Real Estate News

The agency wants to reopen its antitrust investigation into the association, and on June 17 said NAR’s attempt to block that move is not justified.

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Artificial intelligence is the all-in-1 tool real estate desperately needs

Inman

Using artificial intelligence, the latest technology represents an opportunity for the real estate industry to rebrand itself at a time when solutions are sorely needed, writes Inman founder Brad Inman.

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It’s time for brokerages, MLSs to settle — or face liability

Real Estate News

June 18 is the deadline for those not covered by the NAR settlement to opt in and pay damages, or risk further litigation in the commissions cases.

Brokerage 238
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Andy Florance talks Homes.com, the fallacy of ‘pure buyer agency’

Inman

CoStar Group founder and CEO Andy Florance shares the next chapter of Homes.com's $1 billion marketing push and the fallacy of "pure buyer agency" as portals recalibrate their strategies amid a coming commission crunch.

Buyers 171
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Tech Bytes: News from Opendoor, Real, Lundy, RealReports

Real Estate News

Opendoor unveils industry-first partnership with My State MLS; Real Brokerage launches curated tools; SWMLS partners with RealReports; CRMLS adds Lundy.

Brokerage 206
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My No. 1 secret for effective listing conversations without rote scripts

Inman

If scripts feel inauthentic and too "salesy" for your communication style, coach Darryl Davis offers a shortcut to connection and understanding that you can put into practice today.

Sellers 156
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Can REX make a comeback?

Real Estate News

The low-fee brokerage continues to pursue antitrust claims against Zillow as it looks for a chance to start again.

Brokerage 200
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Millions lost to title fraud in 2023: Onchain solutions curb the issue

Inman

In an era where almost everything can be purchased online with just a few clicks, is it possible to buy high-value assets like antique cars and real estate online? The short answer is, "Yes.

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Top 6 Reasons Why Mobile Forms for Construction Are Changing the Industry

GoForrmz

Originally published on December 29, 2015. Construction businesses of all sizes are embracing digital transformation GoFormz mobile and online forms offer a whole new world of possibilities for construction teams. From streamlining communications between job sites and the office to better management of project details, digital forms might be the missing link for your team.

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8 strategies to help entrepreneurs navigate uncertain times

Inman

The only thing certain is change, especially for real estate professionals. Dr. Jeff Richmond shares what it takes to keep stillness and shift your mindset from fear to opportunity.

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Gov’t-Indulged Middlemen Are Wrong RX for Battered Borrowers, The Infirm

Appraiserblogs

The U.S. government impoverishes homebuyers as it does the chronically ill – by promoting the use of middlemen who prey upon them. A cadre of such middlemen was created decades ago as a firewall between Big Pharma, the insurance companies and the pharmacy chains. Called “pharmacy benefit managers,” they were to negotiate drug prices, streamline distribution and manage lists of prescription drugs covered by insurance plans.

Insurance 138