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. The upfront pricing fee on DTI ratios of 40% or more – part of a larger series of changes to the Enterprises’ pricing grids – was slated to go into effect on May 1, 2023. “FHFA has decided to delay the effecti

Realtors 393
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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. In short, the definition requires: Most probable price Competitive and open market Prudent and knowledgeable consumers No […] The post Market Value or Other Value?

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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. Seelig’s mandate is to “help Fannie Mae fulfill its mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America,” according to a statement from the government-sponsored enterprise (GSE).

Valuation 393
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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. Price growth of goods inputs to residential construction, including energy, gained 0.4% over the month.

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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. Meanwhile, mortgage lenders are still trying to calm down their investors and business partners.

Mortgage 370
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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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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. Despite all their bells and whistles, these automated valuation models still rely on inaccurate public records and often come up with wildly inaccurate home values. Unfortunately, some consumers don’t realize this until it’s too late – when reality comes crashing down from a local real estate professional after they’ve already gotten t

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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. The tool has been trained on millions of pages of writing dating from 2021 and earlier across the internet.

Tools 369
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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.

Buyers 148
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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. With the transfer, the lender said all cash and cash equivalents are now distributed across large money center banks, according to an 8k filing with the Securities and Exchange Commission (SEC).

Insurance 369
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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 percent of homesellers offered to cover repairs, closing costs and mortgage rate buy-downs alongside other concessions. That's a 14.4 percent increase from last year and the highest concession rate since June 2020.

Sellers 148
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More market prognostications

Valuation Review

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

Realty 78
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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 148
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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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‘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.

Sellers 148
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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.

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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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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.

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Opendoor and Zillow expand partnership into 3 new markets

Inman

The firms said they would expand into Houston, Phoenix and Dallas. The expansion follows the group’s February announcement that they would offer their joint service in Atlanta and Raleigh.

Marketing 147
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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. I hope you enjoy her article and find some things that will benefit you and your loved ones!

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Zillow adds new mapping software to show renters apartment views

Inman

Zillow said its partnership with Engrain will give renters the ability to see what floor their potential dwelling is on, as well as the view outside and within the building.

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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.

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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.

Lending 147
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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.

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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 147
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BMO reports slight decline in household debt-to-income ratio

Mortgagebroker News

The BoC's rate increases have led to a significant deceleration in mortgage loan growth

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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 147
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SVB collapse: Experts weigh in on risks to Canadian banks

Mortgagebroker News

State-chartered bank's failure was the largest in the US since the 2008 financial crisis

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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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From $500 to 40 Rental Units After Going Broke in The Last Crash

BiggerPockets

Eric Quinn turned $500 into over forty rental properties without rich relatives, a winning lottery ticket, or a magic genie.

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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.

Mortgage 145
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Canada home sales increase in February

Mortgagebroker News

National sales were up despite continuing supply challenges

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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.

Investors 147
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Big Purple Dot hires product officer

Valuation Review

Big Purple Dot hired a new chief product officer.

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