Fri.Mar 17, 2023

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Average IMB lost $2,812 per origination in Q4 

Housing Wire

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks spilled red ink in the fourth quarter of 2022 amid a jump in mortgage rates. These companies reported a net loss of $2,812 on each loan originated from October to December, an increase of more than four times the average per-loan loss of $624 in the third quarter, according to the Mortgage Bankers Association (MBA). “For the third consecutive quarter, the average pre-tax net production income was in the red, rea

Valuation 373
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Brokerage Beat: News from The Agency, ERA, Side, Christie's, LeadingRE and E&V

Real Estate News

The Agency adds a new Canada office, ERA grows in Aspen, Side partners with two NorCal firms, Christie's team closes $47M sale, and more news.

Brokerage 216
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Sterling Bancorp will plead guilty in securities fraud case

Housing Wire

The U.S. Department of Justice ( DOJ ) announced this week that it has secured a commitment from Southfield, Michigan-based Sterling Bancorp, Inc. to plead guilty for filing false securities statements in a $69 million securities fraud case that stems from its 2017 initial public offering ( IPO ) and its annual filings in 2018 and 2019. The violations of law were directly related to mortgage loans originated by the company, which were “rife with fraud” and used to “pad its bottom line” in a mann

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Market Moods: Price cuts are rare when a home is priced right

Real Estate News

It might seem like sellers are slashing prices, desperate for a sale. But while price cuts are up, agents say they're still the exception.

Sellers 218
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Mortgage AI firm Candor conducts layoffs

Housing Wire

Candor Technology Inc. , a mortgage artificial intelligence firm focused on automated mortgage underwriting decisions, has conducted layoffs as lenders rush to cut costs. “Candor is executing a change in strategy to address the ever-changing mortgage market and to pivot along with client operations,” Tom Showalter, CEO of Candor , said in an e-mailed response.

Mortgage 324
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NAHB 2023 “Priced Out” Estimates – State and Local Estimates

Eyes on Housing

NAHB recently released its 2023 priced out estimates, showing how higher prices and interest rates affect housing affordability. The new estimates show that 96.5 million households are already not able to afford a median priced new home in 2023 due to the fact that their incomes are insufficient to qualify for the required mortgage under standard underwriting criteria.

Mortgage 195

More Trending

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We Need a Lobbyist

Appraiserblogs

Who is going to organize raising the funds and hiring the lobbyist? We are woefully behind the curve here. Myself and many others were organized in the early 1990s and managed to protect the appraisers’ interests for the most part at that time. Here in 2023, there does not appear to be any meaningful response other than the same old anecdotal war stories we pass along among ourselves.

Training 116
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‘All strapped in’: Luxury clients face whiplash as banking fallout unfolds

Inman

The sudden change in the global banking landscape has left luxury real estate clients hanging out "in the parking lot," Kofi Nartey said, as they wait to see where the remaining chips will fall.

Clients 142
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How to Become a Supervisory Appraiser

McKissock

As an experienced appraiser, there are many reasons you may decide to take on a trainee. You might be looking to grow your business, delegate tasks (e.g., property inspections), or prepare for retirement. Whatever the reason, supervisors play an essential role in the training and development of future appraisers. Are you ready to take on the responsibility — and enjoy the potential benefits — of adding a trainee to your team?

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That’s such a turnoff! 7 major marketing mistakes agents make

Inman

Marketing that repulses the intended audience is much worse than marketing with no redeeming qualities, writes Laura Viñalet. Your marketing should be strategic, purposeful and professional. Here are seven major marketing turnoffs that you should avoid.

Marketing 135
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What is the Difference Between Assessed Value and Market Value?

Lamacchia Realty

WHAT IS THE DIFFERENCE BETWEEN ASSESSED VALUE AND MARKET VALUE? Two terms that often come up when buying or selling property are assessed value and market value. While these terms may seem similar, they actually represent two different values that can affect the pricing of a property. Understanding the difference between these two values can help you make informed decisions when it comes to buying or selling a property Assessed Value Assessed value is a value that is assigned to a property by th

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Even after layoffs, 3 in 4 mortgage lenders lost money in Q4 2022

Inman

Lenders lost $2,812 per loan as business dropped off faster than they could trim expenses and production costs hit a record-high $12,450 per loan, a Mortgage Bankers Association survey found.

Mortgage 134
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The Current State of The Homebuilding Industry

Eppraisal

The last few years took a toll on many sectors of the U.S. economy, home building prominent among them. From COVID-19 interventions to supply chain disruptions to record inflation, the hits kept coming against a real estate market that was already experiencing diminished inventories and a growing pool of buyers. Some of the adverse economic factors have since abated -- at least somewhat -- so early 2023 might be the right time to take a fresh look at prospective demand for newly constructed home

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QUIZ: Test your real estate marketing IQ

Inman

Are you a real estate know-it-all? Just a big trivia buff? Take Inman's real estate marketing quiz. Test your knowledge to see if you're on the right track or if you need to study up.

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Valcre achieves major milestone with SOC 2

Valcre

Independent audit confirms Valcre’s best-in-industry security standards with SOC 2 certification

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Real Matters hires new chief financial officer as revenue dwindles

Inman

Executives with the Canadian real estate tech company said its U.S. expansion plan and ambitious goals to grow its appraisal and title insurance market share are still in place.

Insurance 127
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Could Banking Failures Actually Mean Good News For Multifamily Investors?

BiggerPockets

I know what you’re thinking. This guy is trying to stretch the SVB headlines into a multifamily real estate investing story. It must be clickbait. I get it.

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Real estate industry reacts to the SVB meltdown: The Real Word

Inman

This week, Byron Lazine and Nicole White discuss Brad Inman's view on the Silicon Valley Bank collapse, Plunk's impact on the real estate industry and Elon Musk's future Texas fiefdom.

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Rookie Reply: Airbnb Arbitrage, Turnkey Rentals, and When to Use a HELOC

BiggerPockets

Don’t have enough capital to own property? Enter Airbnb arbitrage, the popular investment strategy that allows you to rent out someone else’s property for a profit.

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How that ‘Distracted Boyfriend’ meme could end up costing you

Inman

Sharing the latest funny photo is an almost irresistible impulse. However, if it crosses the line into marketing, you could be setting yourself up for financial consequences.

Marketing 123
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Finding success as a young immigrant in Canada's mortgage industry

Mortgagebroker News

Having relocated to Canada from Iran, a new agent making waves tells CMP her story

Agents 69
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The 5 best outdoor smart-tech home upgrades

Inman

The days are getting longer, and many of us are looking forward to spending more time outside. Here are five favorite smart outdoor updates.

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Canadian Mortgage App, BluMortgage announce systems integration

Mortgagebroker News

Partnership aims to ensure greater efficiency in the mortgage process for brokers and lenders alike

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Mauricio Umansky’s 6 tips for helping new agents navigate a shift

Inman

It’s not always possible to predict how the world — and therefore the market — will shift. What we can do is teach new agents how to navigate the changing tides.

Agents 115
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RBC: Canadians' debt servicing woes might worsen

Mortgagebroker News

Banking giant warns of the delayed impact of higher interest rates

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Zillow CEO Rich Barton: ‘The real pain is probably coming’

Inman

Zillow — which held $3.4 billion in cash and investments at the end of 2022 — is well prepared to weather any storm, including the banking fallout, Barton said in a new interview on Thursday.

Investing 114
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Report: BC commercial market had a roaring 2022

Mortgagebroker News

Avison Young highlights region's sustained commercial sector strength

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SVB, CB, DOJ: Inman’s Top 5 stories of the week March 10-16, 2023

Inman

Catch up on the most-read stories of the week, as determined by Inman readers. Here's Inman Top 5 for March 10-16, 2023.

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What factors will influence the BoC rate down the line?

Mortgagebroker News

CIBC outlines possibilities for the latter part of the year

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New mortgage fee won’t debut until after spring homebuying season

Inman

Industry groups continue to object to a new Fannie and Freddie fee aimed at some riskier borrowers as a burden on lenders and consumers.

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Can You Get a Good Cash on Cash Return in the San Francisco Real Estate Market? This Calculator App Has the Answer

Mashvisor

Is the San Francisco market too overvalued to make a good return on investment? Check it in Mashvisor’s cash on cash return calculator app.

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Mom-and-pop landlords stepping in as ‘mega-investors’ retreat from single-family market

Housing Wire

Single-family home purchase demand by investors remained steady in the fourth quarter of 2022, despite a dip in iBuying and larger investor demand, according to a report released this month by CoreLogic. The share of investor purchases of single-family homes fell to 21% in June of 2022, but rebounded to 26% in September and has remained stable since that point, according to CoreLogic economist Thomas Malone.

Investors 392
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For homeowners, joy can trump ROI when choosing outdoor projects

Real Estate News

In a new report, the outdoor projects that rank highest on the "joy scale" tend to have lower recovery costs, suggesting that ROI isn't always a top concern.

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