Wed.Feb 22, 2023

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Wells Fargo conducts another round of layoffs in home lending business

Housing Wire

Wells Fargo , the largest depository mortgage lender in America, issued pink slips to employees in its home lending business on Tuesday following its decision to exit the correspondent channel. “I can’t provide any specifics but we announced in January strategic plans to create a more focused Home Lending business,” Tom Goyda, senior vice president of consumer lending communications at Wells Fargo, said in an e-mailed response.

Lending 519
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Offerpad lost $24K on every home sold in Q4 as losses hit record high

Inman

Offerpad sold more than 10,000 homes last year for the first time in company history, but posted a record $121.1 million fourth-quarter loss, according to an earnings call for the iBuyer on Wednesday.

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FHA makes 30 bps MIP cut, mortgage industry cheers

Housing Wire

The Federal Housing Administration (FHA) on Wednesday morning announced a 30 basis point reduction in the annual premium charged to mortgage borrowers. The cut, widely anticipated by the industry, will result in mortgage insurance premiums (MIP) of 55 bps for most borrowers, down from 85. In a statement released Wednesday, the White House said the MIP cut will reduce housing costs by an average of $800 for roughly 850,000 homebuyers and homeowners in 2023.

Mortgage 450
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‘Modest’ recession could put a lid on 2023 home sales: Fannie Mae

Inman

Economic downturn could put a damper on a promising start to the spring homebuying season, but set the stage for mortgage rates to ease and for home sales to rebound in 2024.

Mortgage 152
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Fannie Mae vice president on racial equity and climate in housing

Housing Wire

The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2023 HW Rising Stars are open now through Friday, February 24, 2023. Click here to nominate your organization. HousingWire’s Rising Stars award recognizes housing professionals 40 years old and younger who are making a major impact on the industry.

Finance 382
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Sotheby’s brings on LAH Real Estate for newest Alabama affiliate

Inman

LAH Real Estate Inc. was originally founded in 1992. The new affiliate brings its four offices to Sotheby's, ticking the brand's total office count in Alabama up to seven.

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Leading Seattle team departs Sotheby’s for Engel & Völkers

Inman

The three-person Nielsen Group brings a collective 25 years of industry experience and an average annual sales volume of over $50 million to Engel & Völkers.

Realty 148
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Mortgage demand falls again as mortgage rates climb closer to 7%

Housing Wire

It’s proving to be a brutal February for the mortgage industry, with mortgage demand falling for the third time in four weeks. At a time when purchase activity typically ramps up, the latest mortgage application data is showing that mortgage demand is dropping due to mortgage rates climbing back up. Mortgage applications decreased 13.3% for the week ending February 17 compared to the previous week, according to the Mortgage Bankers Association.

Mortgage 370
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Total market value for US homes drops $2.3T from June: Redfin

Inman

In its latest real estate market report on Wednesday, Redfin said the total market value for U.S. homes dropped $2.3 trillion from June to December 2022 — the largest six-month drop since the Great Recession.

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CoreLogic acquires digital mortgage platform Roostify

Housing Wire

Leading property data and analytics company CoreLogic has acquired Roostify , a digital mortgage technology provider. “By integrating Roostify’s digital mortgage technology platform with CoreLogic’s robust data, analytics and workflow solutions, clients will gain critical information about borrowers and properties at the beginning of the loan process, saving both time and money,” CoreLogic said in a statement on Wednesday.

Mortgage 381
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The secret to a happy, loyal team? It starts with accountability

Inman

Team members who are achieving their goals don’t leave. If an agent leaves because they don’t like accountability and are not achieving their goals, then love them as they go out the door, writes Leslie Guiley.

Agents 148
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RMBS market is finally catching up to last year’s big rate surge

Housing Wire

The residential mortgage-backed securities (RMBS) market took a beating in 2022, nearly stalling as the year came to an end — on the heels of interest rates jumping more than 3 percentage points over the first half of 2022. That dramatic rate volatility wreaked havoc on spreads and RMBS deal execution — and created cash-flow challenges for many lenders that rely on securitization as a liquidity outlet.

Marketing 368
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The truth about ChatGPT: What you need to know before you use it

Inman

ChatGPT has taken the world by storm, but it's not perfect (yet). Before you use it, understand how it works, the wide variety of serious pitfalls and the potential risk to your business if you fail to fact-check the responses it provides.

Business 148
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Multifamily Built-for-Rent Share Rises

Eyes on Housing

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts remained elevated during the fourth quarter of 2022. For the fourth quarter, 133,000 multifamily residences started construction. For 2022 as whole, 525,000 rental apartments started construction. The market share of rental units of multifamily construction starts increased to almost 98% as the already small condo.

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The Agency says ‘hola’ to Mallorca

Inman

The franchise marks The Agency's 50th overall and follows the brokerage's previous European launches in Amsterdam, the Netherlands and Lisbon, Portugal.

Brokerage 148
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Using Equity To Buy A Second Home

D Fritz Appraisals

How to Use Home Equity to Buy Another House Are you dreaming of owning a second home? Using equity to buy a second home can make your dream a reality. Taking equity out of your home to buy another house can be a financially advantageous option, as it allows homeowners to tap into the built-up value of their primary residence without worrying about saving up for a second mortgage.

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The truth about ChatGPT: What you need to know before you use it

Inman

ChatGPT has taken the world by storm, but it's not perfect (yet). Before you use it, understand how it works, the wide variety of serious pitfalls and the potential risk to your business if you fail to fact-check the responses it provides.

Business 148
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FAQ #8:  What Happens When the Appraisal Comes Back Under Contract Price?

Riverfront Appraisals

While this is indeed one of the most frequently asked questions we get – especially from homeowners – it’s not a new topic to our blog. I’ve written about it a few times over the years, but since the question keeps popping up, I’ll keep writing about it! As I’ve written about this topic […] The post FAQ #8: What Happens When the Appraisal Comes Back Under Contract Price?

Contracts 110
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Matterport Q4 revenue grows to $41.1M in test of value in a downturn

Inman

Matterport earned $136.1 million in 2022, which wasn't enough to offset $26.5 million in losses for the final three months of 2022 and $116.6 million for the year, according to the company's latest earnings release on Wednesday. That was more than double the $46.9 million in losses Matterport reported in 2021.

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CEO discusses ‘slowdown’ in commercial real estate appraising

Valuation Review

The status of commercial real estate appraising is examined. #Valcre #commercialspacein2023 #appraisers.

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Homebuyer demand cools to lowest level since 1995 as rates rebound

Inman

An MBA survey shows demand for purchase loans is down 18 percent week over week and 41 percent from a year ago as mortgage rates rise for the second week in a row.

Mortgage 148
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Best Neighborhoods In Sugar Land Texas

Houston Properties

One of Houston’s Best Suburbs, Sugar Land is also among the fastest-growing cities in Texas thanks to its re-developed commercial districts and master-planned communities.

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Good vs. bad leadership (and how to tell the difference)

Inman

Good leadership is about inspiring and motivating followers to get the job done, whatever the job may be. It considers more than just the metrics of productivity for success and adds the welfare of the organization and its people to the list of objectives.

Agents 148
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5 Home Investment Themes Every Homebuyer Must Know by Heart

Houston Properties

Take note of this guide that will make you see what properties will give you and your family realizable long-term wealth from the moment you invest in a real estate property in Houston.

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Inside Zillow’s far-reaching bid to jolt its mortgage business

Inman

Even after ending its iBuyer program, Zillow remains bullish on mortgage. But first it has to totally reimagine its website, analysts and executives tell Intel. What could possibly go wrong?

Business 148
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Department of Housing and Urban Development Announces FHA Insurance Premium Reduction

Lamacchia Realty

The Department of Housing and Urban Development announced the reduction of the FHA Mortgage Insurance Premium (MIP) today. The reduction of 30 basis points makes it less expensive for a borrower to own a home. The down payment hasn’t changed but the cost of the monthly mortgage insurance has decreased putting more money back in the homeowners’ pockets, making homeownership more affordable.

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Tell us about the worst interaction you’ve had with a leader: Pulse

Inman

As we wrap up Leadership Month, we want to know about the worst leader you've ever had. How did you handle their toxic traits?

Agents 148
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DCAD system restored

Valuation Review

The Dallas Central Appraisal District gives website hacking update.

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‘It’s gonna be an interesting spring’: Buyers, sellers seize on hot market

Inman

Buyers are navigating a stable housing market and making well-informed offers while sellers are leaning into a low-inventory environment, according to new data and agents who spoke to Inman.

Sellers 114
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Small-Cap CRE equity market value showing slight yearly gains, CEO says

Valuation Review

The dollar value for commercial real estate caps show a rise.

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CoreLogic snaps up mortgage technology provider Roostify

Inman

The deal is touted as a way to give mortgage lenders critical information about borrowers and properties at the beginning of the loan process.

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2023 Bidding Wars – How to Strike and Win

Lamacchia Realty

2022 started with low inventory and high competition as predicted , but by April rates began their ascent and the market began its shift. Since then, as rates and inflation have continued to influence consumer sentiment and spending, inventory has remained low as sellers hesitate to dive into the market. This stalemate has maintained low inventory and competition among buyers for what is available on the market.

Buyers 41
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Point’s Eddie Lim on the ‘vintage’ days ahead for proptech investors

Inman

Investors eye 2023 and 2024 as prime opportunities amid a market still finding its footing, Point co-founder Eddie Lim tells Intel.

Investors 147
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From Losing EVERYTHING in the Last Crash to $9,000,000 Income in 9 Years

BiggerPockets

The last housing crash wasn’t a good time for most Americans. And for Brent Daniels, it was the worst time of his life.