Thu.Jun 30, 2022

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After implosion, FGMC files for bankruptcy

Housing Wire

Less than a week after laying off hundreds of workers and refusing new mortgage applications, First Guaranty Mortgage Corp. (FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection late Wednesday. . “While we have made considerable efforts to address our ongoing financial challenges related to the state of the mortgage market, we ultimately must do what is best for our borrowers and consumers,” Aaron Samples, chief executive officer of FGMC, said in a

Lending 545
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Total Issuance Under MPF Program Surpasses $3B in MBS

Appraisal Buzz

The Government National Mortgage Association (Ginnie Mae) and the Federal Home Loan Bank of Chicago announced today that total issuance under the Mortgage Partnership Finance® Program (MPF®) recently surpassed $3 billion in mortgage-backed securities (MBS). The MPF Government MBS product resulted from a partnership forged by the Federal Home Loan Bank of Chicago and Ginnie … The post Total Issuance Under MPF Program Surpasses $3B in MBS appeared first on DSNews.

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HW+ Member Spotlight: Budge Huskey

Housing Wire

This week’s HW+ member spotlight features Budge Huskey, president and CEO at Premier Sotheby’s International Realty. He also serves as vice chairman of Peerage Realty Partners and has previously held executive roles at Coldwell Banker Real Estate. Below, Huskey answers questions about the housing industry: HousingWire: What is your current favorite HW+ article and why?

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Mortgage Loan Application Volume Continues Slow Increase

Appraisal Buzz

Mortgage Bankers Association ’s (MBA) latest Weekly Mortgage Applications Survey shows mortgage applications increased 0.7% on a seasonally adjusted basis from one week earlier, according to data for the week ending June 24, 2022. On an unadjusted basis, the Market Composite Index decreased 20% compared with the previous week. This week’s results include an adjustment for the observance of the Juneteenth holiday.

Mortgage 195
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Purchase mortgage rates drop, ending 2-week climb 

Housing Wire

Purchase mortgage rates this week dropped 11 basis points to 5.70% , according to the latest Freddie Mac PMMS Index , ending a two-week climb following the Federal Reserve ’s rate hike earlier this month. A year ago at this time, 30-year fixed rate purchase rates were at 2.98%. The PMMS, a government-sponsored enterprise index, accounts solely for purchase mortgages reported by lenders during the past three days.

Mortgage 370
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Freddie Mac Observes Mortgage Rate Decline Due to High Inflation, Economic Downturn

Appraisal Buzz

Freddie Mac ’s latest Primary Mortgage Market Survey (PMMS) results shows the 30-year fixed-rate mortgage averaged 5.70% with an average 0.9 point as of June 30, 2022, down from last week when it averaged 5.81%. A year ago at this time, the 30-year FRM averaged 2.98%. “The rapid rise in mortgage rates has finally paused, largely due to the countervailing forces of high inflation and the increasing possibility of an economic recession,” says Sam Khater, The post Freddie Mac Observes Mortgage Rate

Mortgage 195

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Rep. Waters Pushes Further Prevention of Appraisal Discrimination

Appraisal Buzz

Chairwoman of the House Financial Services Committee reaches out to PAVE Co-Chairs seeking action plan and timeline implementation of each action. The post Rep. Waters Pushes Further Prevention of Appraisal Discrimination appeared first on DSNews. The post Rep. Waters Pushes Further Prevention of Appraisal Discrimination appeared first on Appraisal Buzz.

Appraisal 195
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FGMC owes Customers Bank $25M, bankruptcy filing shows

Housing Wire

First Guaranty Mortgage Corp. (FGMC) and its holding company, Maverick II Holdings LLC, filed for Chapter 11 bankruptcy protection Thursday, June 30, leaving one of the country’s major warehouse lenders as its largest unsecured creditor, according to court filings. Pennsylvania-based Customers Bank , which has warehouse lending operations located in Hamilton, New Jersey, is listed as the largest unsecured creditor in the FGMC Chapter 11 case — with a claim of $25 million, court pleadings show.

Finance 370
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Inventory Makes a Recovery in June

Appraisal Buzz

Those experiencing woes due to the lack of available inventory may see relief on the horizon as early June numbers show that for-sale homes available to buyers climbed 18.7%—the fastest yearly pace of all time—according to Realtor.com’s Monthly Housing Trends Report. A key demographic driving June’s jump in active listings were new sellers, who entered … The post Inventory Makes a Recovery in June appeared first on DSNews.

Inventory 195
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Title industry prepares for changing market conditions

Housing Wire

As mortgage rates rise and home price appreciation continues , employees in the housing industry are hard at work preparing for shifting market conditions. Rising mortgage rates have affected the entire industry, including in the title insurance sphere, with refinance volumes dropping nearly 60% for some companies during the first quarter of 2022 — and things are only expected to get worse when we get the Q2 numbers, as interest rates are now at the highest level in years.

Marketing 370
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State-Level GDP in the First Quarter of 2022

Eyes on Housing

Real gross domestic product (GDP) decreased in 46 states and the District of Columbia in the first quarter of 2022. New Hampshire, Vermont, Massachusetts, and Michigan saw modest GDP growth. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP ranged from 1.2 percent increase in New Hampshire to 9.7 percent decline in Wyoming.

Marketing 158
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2 senior HUD officials to leave department

Housing Wire

Two senior officials at the Department of Housing and Urban Development (HUD) will resign at the end of the week, according to correspondence reviewed by HousingWire. Both Peggy Bailey, senior advisor on rental assistance at HUD, and Meaghan Lynch, press secretary at HUD, announced Thursday they would be leaving the department. It wasn’t immediately clear why the women chose to resign.

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[National Safety Month] Best Practices For Improving Manufacturing Safety Procedures

GoForrmz

Discover how to approach, recognize, and prioritize employee safety in the most high-risk industry. Blue-collar workers are exposed to the most high-risk environments – especially the manufacturing industry. Those in this industry face real potential dangers every day as they earn their livings. In fact, the CDC estimates that 13,455,000 workers in manufacturing industries are at risk for fatal and nonfatal injuries every year.

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How mortgage lenders are qualifying the value of fintech solutions

Housing Wire

An increasingly digitized world has given way to new solutions that are making business easier for everyone, mortgage lenders included. HousingWire recently spoke with Sue Woodard, senior advisor to Total Expert , about the ways lenders can measure the effectiveness of their fintech solutions and what they can do to keep pace with the digital mortgage revolution.

Mortgage 370
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Should You Accept Crypto Payments When Selling or Renting Out Your Property?

Mashvisor

As the use of cryptocurrency gains popularity, is it time to start accepting crypto payments when you sell or rent out your investment property? Table of Contents What Is Cryptocurrency?

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Champions Funding’s non-QM solutions empowerbrokers to service borrowers’ unique needs

Housing Wire

Facing a housing market in transition, mortgage lenders are striving to provide funding access to a growing population of non-traditional borrowers. As these borrowers begin to comprise a significant part of overall housing demand, brokers and LOs want to partner with wholesale lenders who understand how to serve this emerging customer base. With demand for alternative lending expected to increase, Champions Funding empowers their broker partners to service diverse borrower needs by providing so

Lending 370
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The 10 Best Real Estate Websites for Investors in 2022

Mashvisor

Newbie and first-time investors will get a lot by knowing the best real estate websites to visit online. Table of Contents What Is a Real Estate Website?

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Flagstar Bank offers brokers direct access to seasoned specialty lending experts and powerful tech solutions

Housing Wire

The housing market has undergone a significant transformation over the past two years. While a booming market kept brokers busy in 2021, the 2022 housing market has been underscored by rising interest rates, inflation and geopolitical turbulence. In response, many brokers are relying on extra support, and Flagstar Bank offers exactly that. With 35 years of experience in the mortgage business, Flagstar has reputation for successfully navigating the ebb and flow of an ever-changing housing market.

Lending 370
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Finance Friday: How to Get to Early Retirement Even Faster

BiggerPockets

Those searching how to retire early usually come away with one conclusion—you have to make much, much more money. Most financial independence pursuers think that a large salary or enormous […].

Finance 57
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Wholesale Lenders Special Report

Housing Wire

Refinance volume was projected to fall after last year’s record-breaking boom, and this year’s rising mortgage rates have further pronounced the downward trend in volume. In light of this, brokers are compelled to find new areas of opportunity, such as expanding their product offerings. When venturing into the world of non-QM and other specialty lending options, it’s important to partner with experts in the field who can provide reliable training, support and solutions.

Training 370
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What It Takes To Build an Out-of-State Real Estate Portfolio and Earn Enough to Quit Your Job

BiggerPockets

Sarah Weaver lives with intention, reacts with flexibility, and practices patience. It’s how she managed to acquire 15 units and travel the world as a digital nomad. It’s why agents […].

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United Wholesale Mortgage’s program Boost helps independent mortgage brokers connect with borrowers

Housing Wire

Intuitive technologies developed and built by experts in both mortgages and technology can drive efficiency, reliability and profitability when paired with exceptional customer service. To further catapult wholesale channel growth, United Wholesale Mortgage (UWM) remains committed to developing proprietary technology and amplifying state-of-the-art training programs for mortgage brokers across the country.

Mortgage 370
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Poll: Many Canadians do not understand the effects of rising interest rates

Mortgagebroker News

Consumer purchasing power and overall affordability are at risk in the current environment

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HousingWire Magazine: July 2022

Housing Wire

Brena Nath, Director of HW+ and Events. Last September, I ran into Dalila Ramos, who now is founder of Love and Tacos Media , but at the time, she served as vice president of diversity and growth at Equity Prime Mortgage. I was getting ready to lead a panel on minority homeownership for our own conference — HousingWire Annual — and was asking leaders in minority homeownership for their input on the topic.

Brokerage 369
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BC broker-owner talks DLC Origin purchase

Mortgagebroker News

The deal will reportedly see the company fund about $1.

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‘Hooked on data’: Clear Capital’s chief data scientist | Clear Capital in the News

Clear Capital

Story by Mark Hollmer. Data first came alive for Erik Allen while he was a Ph.D. student at the Massachusetts Institute of Technology, focused on numerical modeling and simulation during the early 2000s. While there, he and some friends wrote a model that predicted the outcome of baseball games, using data they scraped from the web. The model led to a major spike in game betting wins, but more than that, it grabbed Allen’s attention and never let go.

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RBC: Immigration surge in the offing

Mortgagebroker News

This trend could spur further growth in the Canadian housing market

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Price Gains Outpace Wage Growth in Nearly 90% of Markets

Appraisal Buzz

ATTOM has released its Q2 2022 U.S. Home Affordability Report, showing that median-priced single-family homes and condos are less affordable in Q2 of 2022 compared to historical averages in 97 percent of counties across the nation with enough data to analyze. That was up from 69% of counties that were historically less affordable in Q2 … The post Price Gains Outpace Wage Growth in Nearly 90% of Markets appeared first on DSNews.

Marketing 221
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Survey: Nearly three in 10 Canadians drew on HELOCs

Mortgagebroker News

However, the majority borrowed less than $50,000

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Who Remembers How to List a Home for Sale?

Hank Miller Team

The last two years have been a blur, so much so that "pre-covid" might be considered prehistoric. A meteor ended the run last time, killer inflation is ending the run this time. The Fed has to get control of this rudderless economy and the withdrawals from handouts and the free spending are here. The insane advantage enjoyed by home sellers over the last few years is ending, time for sellers to remember how to list a home for sale.

Sellers 52
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Alta West executive on what market to keep an eye on

Mortgagebroker News

"The economy [is] starting to pick up"

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ClearCast Podcast E28 — Local Logic Co-Founder & CEO Vincent-Charles Hodder

Clear Capital

Follow ClearCast on LinkedIn , Twitter , Facebook , and Instagram. EPISODE SUMMARY. In this month’s episode of ClearCast, your hosts Kenon and Jeff discuss recent innovation in cash offers programs and the booming single-family rental sector. Then, they sit down with Vincent-Charles Hodder , Co-Founder & CEO of Local Logic , to explore how Local Logic’s smart regional data is helping transform cities.

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Medford, MA Median Single-family Home Prices Up, Sales Down

Buys Brokers Only LLC

Home sales dipped, the median house price increased, and the number of homes on the market rose slightly in May in Medford, Massachusetts, according to data compiled by the Massachusetts Association of Realtors (MAR).