Wed.Mar 15, 2023

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FHFA delays implementation of LLPA DTI fees

Housing Wire

Following a chorus of complaints from the mortgage industry, the Federal Housing Finance Agency (FHFA) on Wednesday announced that it would delay the implementation of a new and controversial upfront fee on Fannie Mae and Freddie Mac borrowers with higher debt-to-income ratios.

Realtors 394
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Market Value or Other Value?

George Dell

Market value, of course! Or is it? The great recession, and things like that, which come around every 12-15 years, all concur with the ‘accepted’ definition of market value, as written in the USPAP book Advisory Opinion 30.

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Fannie Mae appoints Michael Seelig to its board of directors

Housing Wire

Fannie Mae announced on Wednesday that it has appointed Michael Seelig to its board of directors, where he will serve on the audit committee.

Insurance 331
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AVMs… Garbage In, Garbage Out

Appraiserblogs

Garbage data in means garbage results out every time! It’s no secret that AVMs have been a thorn in the side of real estate appraisers since they first came out.

Training 146
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With little competition, homebuilders are feeling better

Housing Wire

Despite the volatile mortgage rate environment and overall economic uncertainty, homebuilder confidence slowly continues to rise, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) report, released Wednesday.

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Concrete Products Lead Building Materials Prices Higher

Eyes on Housing

After four consecutive declines, the producer price index (PPI) for inputs to residential construction less energy (i.e., building materials) rose 0.3% in February 2023 (not seasonally adjusted) follow a 1.1% increase in January (revised), according to the latest PPI report.

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Builder Confidence Edges Higher in March but Future Outlook Uncertain

Eyes on Housing

Although high construction costs and elevated interest rates continue to hamper housing affordability, builders expressed cautious optimism in March as a lack of existing inventory is shifting demand to the new home market.

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Mortgage lenders, borrowers react to banks closures 

Housing Wire

The Silicon Valley Bank and Signature Bank failures that occurred over the last week have caused even more uncertainty within the mortgage industry. Still, homebuyers took advantage of declining rates provoked by the turbulence and applied for home loans.

Mortgage 288
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Coldwell Banker COO: ‘Traditional hard work’ is making a comeback

Inman

Coldwell Banker Chief Operating Officer Liz Gehringer told Inman a diversity push is helping grow the company even in a slower market. She also touted the return of international buyers as the pandemic winds down.

Buyers 148
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What LOs need to know about using ChatGPT

Housing Wire

You’ve likely heard of ChatGPT and the online discussions surrounding its use. The AI-powered language tool has been sparking conversations about where and how it can be used to make work more efficient, and the mortgage business is no exception. ChatGPT was launched in November 2022 by OpenAI.

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‘How’s the neighborhood?’ 5 buyer queries ChatGPT gets really wrong

Inman

AI is useful, but it's far from perfect. Here are five common questions buyer clients ask agents, incorrect responses from ChatGPT, plus the correct response agents should use to avoid litigation. Agent Buyers Tools New Agent Select Service Technology AI bernice ross ChatGPT technology

Buyers 139
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Silicon Valley’s ‘bridge bank’ resumes mortgage originations 

Housing Wire

Silicon Valley Bank resumed mortgage originations on Tuesday via its newly established “bridge bank” — just four days after California state regulators took possession of the financial institution and appointed the Federal Deposit Insurance Company (FDIC) as receivers.

Mortgage 266
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45% of sellers offered concessions coming into 2023: Redfin

Inman

After several years of bidding wars and waived contingencies, the scales are starting to tip in homebuyers' favor, according to Redfin's latest market report published on Wednesday. During the three months ending Feb. 28, 45.5

Sellers 139
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loanDepot moved $225M out of Signature, maintains credit lines

Housing Wire

One day after Signature Bank collapsed , an affiliate of loanDepot moved $225 million of cash balances to a large money center bank, the mortgage company disclosed Wednesday morning.

Insurance 265
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EXCLUSIVE: Brown Harris Stevens partners with Cloze on CRM

Inman

Within six weeks, the companies exceeded their adoption target, largely as a result of an internal marketing campaign whereby agents who were early adopters of the program made recommendations to other agents based on experience, BHS exclusively told Inman.

Agents 139
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Fannie Mae: What could Selling Guide updates mean for appraisers?

Valuation Review

Fannie Mae recently released its Selling Guide Announcement SEL-2023-02 with significant updates for appraisers. fanniemae #appraisalmodernization

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How bad is it? The worst website mistakes (and how to avoid them)

Inman

From outdated designs to lackluster content, these errors can significantly impact your business. But with some insight on how bad each mistake really is, you can avoid the worst ones and create a website that's an asset for your business.

Design 131
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More market prognostications

Valuation Review

Cignature Realty CEO Lazer Sternhell concludes his thoughts on multifamily housing. cignaturerealty #investing

Realty 78
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8 critical traits that separate great real estate leaders from the rest

Inman

Leadership is not an inherent quality; it can be learned and constantly improved, according to PLACE's Ben Kinney and Brian Gubernick. Team leader Carl Medford outlines the eight qualities they've identified as leadership game-changers.

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10 Opportunities and Strategies to Maximize Your Real Estate Investment Potential

Mashvisor

Maximizing the earning potential of your real estate investment requires you to be knowledgeable about specific strategies and opportunities.

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‘Just a freakish bit of data’: Sticker shock imperils spring home demand

Inman

Economists revealed to Intel how mortgage rates and inflation will bring the spring homebuying market back toward historical norms and become the new sales benchmark for years to come.

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Big Purple Dot hires product officer

Valuation Review

Big Purple Dot hired a new chief product officer. bigpurpledot #technologyplatform #companyhire

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Builder confidence inches up as developers brace for lending anxiety

Inman

Builder confidence rose 2 points in the latest National Association of Home Builders' Housing Market Index, but economists fear lending challenges in the wake of bank failures this month.

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Road Home Program repayment obligations released for Louisiana

Valuation Review

The U.S. Department of Housing and Urban Development reach Road Home Program agreement. repaymentobligations #louisianna #HUD

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Long & Foster taps new CEO, president following resignations

Inman

The announcement follows the resignations of former Long & Foster Companies President and CEO Jeff Detwiler and former Long & Foster Real Estate President Boomer Foster, which were made public at the beginning of this week.

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Survey reveals who pays the most taxes

Valuation Review

Each year, the average American household spends $2,690 on real-estate property taxes. wallethub #vehicletax #residentialtax

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Pulse: What’s the biggest marketing mistake agents make?

Inman

As Marketing and Branding Month keeps on truckin', we want you to weigh in on the biggest marketing mistake agents make. Agent Marketing Marketing & Branding Month Pulse Service Theme Months pulse theme-month-202303

Agents 121
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CoreLogic: SFRI growth dropped by almost half in December

Valuation Review

CoreLogic recently released its latest Single-Family Rent Index (SFRI) results for December. corelogic #SFRI

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‘Do I need to disclose?’ Even more queries ChatGPT can’t answer

Inman

ChatGPT can be a useful tool, but it spits out a lot of bad advice, writes Bernice Ross. In Part Two of the series, find out what seller information the AI gets wrong. Agent Columns Listings New Agent Select Service Technology bernice ross ChatGPT disclosure listing agent sellers

Tools 117
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Transaction volume to increase from strong medical office fundamentals

Valuation Review

JLL’s Valuation Advisory group recently released its inaugural Healthcare Investor Survey and Trends Outlook. jll #healthcaresector #2023outlook

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7 out-of-the-box client appreciation ideas

Inman

Want to take your client relationships to the next level and have some fun while doing it? Trainer Darryl Davis suggests client appreciation parties — with a twist.

Clients 116
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Is Rental Property in Florida a Good Investment?

Lamacchia Realty

IS RENTAL PROPERTY IN FLORIDA A GOOD INVESTMENT? The real estate market in Florida is very dynamic, with thousands of sales made daily. With its warm weather, friendly people, and gorgeous coastline, Florida is a dream state for many.

Realty 47
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LoanDepot says it has ‘full access’ to $600M Signature Bank credit lines

Inman

The struggling mortgage lender assures investors that it has moved $225 million in cash that it held at Signature Bridge Bank to another institution. Mortgage Regulations Select loanDepot Signature Bank Silicon Valley Bank Tim Mayopolous

Investors 111
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Starting Independent Senior Living – Everything You Need to Know

Cleveland Appraisal Blog

Hello dear readers! I hope you are all doing as well. This week, I welcome a new guest blogger, Evelyn Grier, who specializes in writing articles on healthcare, senior care, and digital marketing. In the following article, she shares some things to keep in mind regarding senior living.