Wed.Mar 10, 2021

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Vacation towns, suburbs see real estate boom

Housing Wire

Roughly a year after the COVID-19 pandemic began in the United States, and more people than ever are buying residential real estate in vacation towns and suburbs, per a report from Redfin. In a study of counties that have seen the largest uptick of homebuyers – and, subsequently, home value – the top 10 are all in either vacation destinations or relatively affordable suburbs of big cities.

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Is There a Loan Conditions Adjustment?

George Dell

Appraisers have adjustments for “market conditions” and “sale conditions.” Why not “loan conditions?” There are similarities and differences. This is Part II in this series. Read Part I here Loan Conditions. Market conditions, for any particular market, price levels – trend together. So, appraisers apply ‘time’ adjustments to compensate for this change in ‘market conditions.’ […].

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Mortgage applications drop, but spring buying season looms

Housing Wire

After a slight increase in late February , mortgage applications dipped 1.3% in the week ending March 5, according to the latest report from the Mortgage Bankers Association. But experts aren’t concerned. With spring approaching – signaling the start of a busy buying season – the purchase market sported its strongest showing in four weeks, with gains in both conventional and government applications, according to Joel Kan, MBA’s associate vice president of economic and industry foreca

Mortgage 414
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Opinion of an Insider on the New Form

Appraiserblogs

An appraiser shared the following with us which was posted on one of the appraisers’ groups. There’s been a lot of mis-information about the new FNMA form posted so i thought i might clear the air a little bit. Being a software provider i’m in the loop but i can’t disclose every thing i know due to confidentiality. That being said i’m just the messenger and don’t shoot the messenger. the new form is not to put appraisers out of business. if they weren’t

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Community lenders will thrive in 2021’s purchase market

Housing Wire

In the last decade, community lenders—those credit unions, community banks, and independent mortgage banks who serve their local markets—have grown to own the market. Now, with 2021 leaning back to purchase-driven volume, they are positioned to accelerate that market dominance. Federal policies to stimulate first-time homebuyer incentives, more widespread COVID-19 vaccination and historically low interest rates combined with socioeconomic tailwinds will ensure a strong purchase market for years

Marketing 382
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8 Things You’re Doing to Drive Away Real Estate Clients

McKissock

When a real estate client defects, it might not be something you are doing to drive away real estate clients. Some people simply change their minds about selling or buying. Others feel they can find a better match with another agent. There could be any number of reasons why the client decides to look elsewhere. However, you must consider, at least a little, that something you did along the way caused the client to walk away.

Clients 94

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Are You Smiling Yet? (you will)

Working RE

“One of the best courses that I have had in 17 years!” -Amy H >> OREP E&O ????? “They are knowledgeable, professional, and understand urgency.” – Joe Thweatt Editor’s Note: Take the NEW 2021 Appraiser Fee Survey online now at WorkingRE.com/2021survey. Are You Smiling Yet? (you will) by David Brauner, Senior Broker at OREP.org Here […].

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The states with highest real estate, vehicle property taxes

Valuation Review

Each year, the average American household spends $2,471 on real estate property taxes plus another $442 for residents of the 27 states with vehicle property taxes. The personal finance website WalletHub revealed the states with the highest taxes in both categories. Read on to find out more.

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Lower Premiums on E&O: Something to Smile About

Working RE

> E&O/GL Insurance for Home Inspectors Competitive Rates, Broad Coverage, Free Risk Management, online inspection support for tough questions, discounts on education and more. Professional Coverage, Competitive Pricing Shop OREP today! >> Editor’s Note: To help you stay up-to-date and connected, OREP/Working RE has established a Coronavirus (COVID-19) Discussion and Resource Page where you […].

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AI’s diversity initiative awards scholarships

Valuation Review

The Appraisal Institute, in collaboration with Fannie Mae and the National Urban League, announced the latest group of aspiring real estate appraisers awarded scholarships through the Appraiser Diversity Initiative. Read on for more information about this program.

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5 Steps to Successful Real Estate Accounting for Investing Newbies

BiggerPockets

You don’t need to be a professional accountant to have accurate records. Any investor can practice successful real estate accounting by following these five simple steps.

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HUD reaches agreement in discrimination dispute

Valuation Review

The U.S. Department of Housing and Urban Development has approved a conciliation agreement between JPMorgan Chase Bank and an African American woman, resolving the woman’s claim the mortgage lender, relying on an appraisal that she believed was inaccurate, valued her home at an amount lower than its actual worth because of her race. Read on for more.

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BiggerPockets Podcast 450: How Your First Time Home Buying Decision Affects Long-Term Wealth with Scott and Mindy

BiggerPockets

First-time home buyer? At some point, all of us were. How do you make sure you’re getting a great deal, how should you pay for it, and what can you […].

Buyers 69
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Commercial firm offers advice for hotel owners

Valuation Review

During the COVID-19 pandemic, some hotel owners suddenly found themselves shut out of the debt market and turned to the JLL Valuation Advisory Group for advice. JLL proceeded to help them chart their path forward. Read on for their insight given to prospective owners.

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Trouble Collecting Rent on Time? Try Flexible Rent Payments

BiggerPockets

Allowing tenants to pay rent on their schedule has tremendous benefits both for you and your tenants. Learn why and how to implement it.

Tenants 69
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SitusAMC expands with acquisition

Valuation Review

SitusAMC Holdings Corp. has acquired Street Resource Group, Inc. (SRG) and its widely used Warehouse Loan System (WLS), the company announced. The acquisition expands SitusAMC’s warehouse lending technology offering, pairing WLS with SitusAMC’s existing ProMerit system (acquired via the MBMS, Inc. acquisition in 2019). Read on to learn more.

Lending 60
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When Is The Best Time To Order A Pre-Listing Appraisal?

CM Appraisals

By Tom Horn on Mar 09, 2021

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Tech CEO: Use of third parties can be ‘detrimental’

Valuation Review

Regarding the Federal Housing Finance Agency’s consideration of implementing hybrid appraisals that enlist a third party to collect the data for a lender and certified appraiser once past the automated underwriting system, Valuation Review sought out expert analysis and opinion from Bradford Technologies President and CEO Jeff Bradford. The company executive spelled out what this can mean for the appraisal profession.

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Qualia courts proptech firms with title, escrow offering

Housing Wire

Digital closing platform Qualia announced Wednesday the release of “Qualia Scale,” a software program that allows proptech companies to attach title & escrow to their core offerings. It’s the second proptech offering created by Qualia. The first, Partner API, is used to unify title companies, real estate agents, lenders, and homebuyers throughout a single real estate and mortgage transaction.

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FHA extends flexibilities

Valuation Review

The Federal Housing Administration (FHA) recently announced extensions of a set of policy flexibilities for single-family lenders and servicers, part of its effort to maintain new mortgage originations for homebuyers and allow 203(k)-funded rehabilitation projects to continue, even throughout the COVID-19 pandemic. Read on to learn more.

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On Q joins the #ChooseToChallenge Movement

On Q Financial

On Q Financial celebrated International Women’s Day by acknowledging women’s collective efforts towards equality. Despite adversity, those who continue to #choosetochallenge have helped eliminate political, socioeconomic, and cultural gender disparities. Today, single women outnumber single men when it comes to homeownership in the United States, an impressive statistic considering that women have historically not had the right to own property.

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Fannie Mae tightens standards on investment properties

Housing Wire

Fannie Mae is tightening the underwriting criteria for second homes and investment properties, the government sponsored entity said in a letter to sellers on Wednesday. “Recent amendments to our senior preferred stock purchase agreement with Treasury impose additional risk criteria on the loans we acquire,” the GSE said in a letter. “One of those restrictions is a 7% limit on our acquisition of single-family mortgage loans secured by second home and investment properties.”

Investing 544
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Industry welcomes Marcia Fudge as HUD Secretary

Housing Wire

Marcia Fudge was confirmed by the Senate on Wednesday as Housing and Urban Development (HUD) Secretary by a vote of 64-33, making her the first Black woman to lead the government agency in more than 40 years. Fudge was first elected to Congress in 2008 and will leave her role as Representative for Ohio’s 11th congressional district to serve in the cabinet.