Wed.Apr 26, 2023

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DataDigest: Correcting the LLPA false claims

Housing Wire

Your social media feed right now is probably abuzz with claims that the FHFA’s new loan level pricing adjustments (LLPAs) on conventional mortgages favor buyers with bad credit over buyers with great credit. “A 620 FICO score gets a 1.75% fee discount and a 740 FICO score pays a 1% fee” reads one screenshot from a Fox News segment making the rounds on social.

Buyers 393
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Benefits Of Using a Realtor to Buy Land In 2023

Cleveland Appraisal Blog

Hello friends! With a shortage of housing inventory persisting, some are resorting to building their own home. But to do so, you need land. This week, I welcome back guest blogger, Ashley Rodriguez with bins4less , who wrote this article for the Cleveland Appraisal Blog. I hope you enjoy it! Buying land can be a complicated and sometimes tiring process for an individual to take on all by themselves.

Realtors 272
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Desperate for deals, mortgage pros get creative

Housing Wire

With few homeowners willing to give up their low mortgage rates, Mike Roberts has shifted his focus to targeting first-time homebuyers. He’s been watching the spring homebuying season slowly pick up and buying leads through Zillow and Realtor.com. It’s a lot of work, and there’s no guarantee that they will pay off. “A first-time homebuyer requires a tremendous amount of nurturing,” said Roberts, the president and founder of City Creek Mortgage.

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Regulation Innovation Stagnation?

George Dell

Current efforts in the regulation of appraisal quality and fairness are fettered by obsolete appraisal methods. Traditional appraisal methods were designed to tackle sparse, subjective, non-electronic data. These vintage practices enable bias, hinder diversity initiatives, and conceal risk quantification. We have written about the “Five Frictions” hindering improvement in regulated appraisal valuation.

Valuation 195
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FHFA Director Thompson speaks out to correct LLPA misinformation

Housing Wire

Federal Housing Finance Agency (FHFA) Director Sandra Thompson issued a statement Tuesday to correct the misinformation that’s spread about the agency’s loan-level pricing adjustments to conventional mortgages. On TikTok and other social media platforms, misstatements circulated last week that the regulator of Fannie Mae and Freddie Mac had made mortgage fees cheaper for low-credit borrowers than good-credit borrowers, among other claims. “Higher-credit-score borrowers are not

Mortgage 382
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Share of FHA-Backed New Home Sales Climbs in Q1 2023

Eyes on Housing

NAHB analysis of the most recent Quarterly Sales by Price and Financing report published by the U.S. Census Bureau reveals that the share of new home sales backed by FHA loans jumped from 8.4% to 11.7% in the first quarter of 2023. It is the largest share since 2007 but remains 30% lower than the post-Great Recession average. Conventional loans financed.

Finance 167

More Trending

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Former Douglas Elliman agent launches Miami luxury brokerage

Inman

Filippo Incorvaia served with Douglas Elliman for eight years before launching his new brokerage, FI Real Estate, with the aim of making transactions seamless for clients, he exclusively told Inman.

Brokerage 148
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Mr. Cooper’s origination segment is back to profitability  

Housing Wire

Mr. Cooper Group ‘s profits strongly increased in the first quarter of 2023, as forecasted by its executives. The servicing portfolio again propelled the quarterly performance, but this time, the origination segment also contributed to the results by returning to profitability. The company reported on Wednesday that it delivered $37 million in net income from January to March, compared to $1 million in the fourth quarter.

Contracts 382
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Have a plan, bring a buddy: How agents door-knock today

Inman

You told us it works and that you need to be safe while doing it. Here is what our readers (and the data) have to say about door-knocking for listings and new business.

Agents 156
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Lenders’ homeowner hardship care during pandemic shapes permanent policy

Housing Wire

On March 29, the Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac would enhance their COVID-19 pandemic-era deferral policies which allowed homeowners experiencing hardship to defer up to six months of mortgage payments to be settled at the end of the loan. Since the pandemic began, the FHFA has enabled lenders to complete more than 1 million payment deferrals, with roughly one-third of all homeowners exiting forbearance via payment deferrals since 2020.

Insurance 381
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Popularity of New Homes Stalls

Eyes on Housing

Interest for new home construction was essentially unchanged between the final quarter of 2022 and the first quarter of 2023, as the share of prospective buyers looking to buy a newly built home barely edged from 20% to 21%. Meanwhile, the share interested in existing homes dropped from 39% to 37% during this period, while the share with no particular.

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FinCEN expands GTOs of all-cash home sales again

Housing Wire

The Financial Crimes Enforcement Network ( FinCEN ), a bureau within the U.S. Treasury Department, announced on Monday that it will again be expanding its Geographic Targeting Orders (GTOs). The new requirements go into effect on May 24, 2023 and are effective through October 21, 2023. The GTOs require title companies to identify the people behind shell companies used in all-cash purchases of residential real estate.

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Sotheby’s unveils new brand ad campaign for post-pandemic era

Inman

"Nothing Compares to What's Next," developed with global experience design agency Huge, builds on the firm's 2021 campaign, positioning clients for a hopeful new chapter in their lives working with a Sotheby's agent.

Design 148
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STG Mortgage implements OptifiNow’s TPO CRM solution

Housing Wire

STG Mortgage has successfully implemented OptifiNow ‘s TPO CRM solution, according to a press release from the software provider. STG Mortgage, based in Orange County, California, said it opted for OptifiNow’s TPO because it provided an out-of-the-box solution for the company’s wholesale division that was seamlessly integrated with its loan origination system (LOS).

Mortgage 284
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Lindsay Barton Barrett and Maggie Leigh Marshall team up at Elliman

Inman

With Barton Barrett and Leigh Marshall at the helm, the team will work to expand its footprint throughout Manhattan, into North Brooklyn and across the new development market.

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Get the Dirt on Ohio Farms for Sale: How Soil Factors In

The Robert Weiler Company

Any commercial real estate purchase is tough to make, but this especially rings true when deciding to buy Ohio farms for sale – requiring the buyer to decide after weighing many pros and cons. Farmland is valuable, so if you make the right decision, you may have gotten yourself a quality investment. But if you don’t consider all advantages and disadvantages, you may have bought yourself a headache.

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‘Get a lawyer to look at it’: Mike DelPrete on incentive split pitfalls

Inman

Some real estate agents are earning tons in extra splits from their brokerages, the real estate advisor told Intel. Everything seems great — until they're told to pay it back in full.

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Peru MeetUp April 2023

Valcre

Valcre's CEO Lucas Rotter and VP Client Success Brandon Owen recently took a trip to Lima, Peru, to visit with the Valcre Assist and customer support teams to upskill and build team morale. The focus was on giving the Valcre Assist team a greater understanding of how to better assist Valcre’s users and make life easier and more efficient for commercial real estate appraisers.

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Homebuyer demand for purchase mortgages up despite higher rates

Inman

Mortgage rates are expected to ease as markets anticipate Federal Reserve policymakers will raise rates just one more time this year and then reverse course.

Mortgage 152
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SingleSource VP expresses his views on Fannie Mae’s value acceptance

Valuation Review

Company exec shares insight on Fannie Mae modernization announcement.

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Fannie and Freddie’s fees going up Monday despite lender objections

Inman

The Federal Housing Finance Agency says risk-based fee increases are aimed at ensuring the mortgage giants' safety and soundness, not to subsidize fee waivers for buyers of limited means.

Finance 148
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How to Get a Commercial Loan for Rental Property in 5 Steps

Mashvisor

Is it okay to use a commercial loan to buy a rental property? Find out more about how to get a commercial loan for rental property below.

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Tell us your top real estate negotiation tip: Pulse

Inman

Whether it's what we say, how we shake hands or even the color of a scarf or necktie, there are a host of things that can impact your negotiations. That's why (as we wrap up Back to Basics Month), we want you to tell us your top negotiation tip.

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MBA files brief outlining third-party appraiser responsibilities

Valuation Review

The Mortgage Bankers Association files amicus brief regarding independent, third-party appraisers.

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What the latest Fed survey data tells us about consumer psyches

Inman

Take a look at the latest SCE Housing Survey which offers a detailed look at consumers’ psyche in regard to the housing market.

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Avison Young's Toppazzini talks priorities after making history in new role

Mortgagebroker News

Executive becomes the first woman to hold the company’s managing director role at market level in Canada

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Negotiating? 10 more words to put on your don’t-say list

Inman

The wrong word can derail your negotiating position and undermine your best efforts. Here's what not to say now.

Agents 148
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Which banks are currently offering the First Home Savings Account?

Mortgagebroker News

The tax-free federally sponsored account is only available from two of the Big Six banks at present

69
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Neil Gorsuch latest Supreme Court Justice to face real estate scrutiny

Inman

Weeks after Justice Clarence Thomas came under fire for real estate dealings with Texas-based developer Harlan Crow, Gorsuch is facing scrutiny over failure to disclose the identify of a buyer.

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COVID-19 forbearance, HECM extension policies extended

Valuation Review

The FHA extended COVID-19 forbearances and home equity conversion mortgages.

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Mortgage insurers wary of growth in the share of loans with 100%+ LTV ratios

Mortgagebroker News

This is despite borrowing recently decelerating to its slowest pace since the beginning of the pandemic

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Diversifying skills to include commercial analyses

Valuation Review

Valcre executive discusses commercial appraisal diversification.

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The Top 5 Ways You Can Invest As A Group

BiggerPockets

It's hard to invest by yourself. It's a lot easier with others. Here are the best ways you can invest in a group.

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What's Behind Falling Home Sales in Massachusetts?

Buys Brokers Only LLC

Given the headlines in the media about falling Massachusetts home sales, prospective home buyers might get the impression it's now a buyer's real estate market in the spring of 2023. It's not.