Thu.Aug 04, 2022

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Fannie Mae to accept lender-funded down payment assistance

Housing Wire

Fannie Mae will now buy mortgage loans with lender-funded grants, including down payment assistance, closing costs or financial reserves. The change could give nonbank lenders a way to guard against redlining accusations. The government-sponsored enterprise will start accepting such loans immediately. According to Fannie Mae’s guidance , “The lender must have a documented program that provides grants for low- to moderate-income borrowers, community development, equitable housing initiative

Law 488
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Seminar Addresses Common Complaints Against Appraisers Through Case Studies

Appraisal Buzz

Disciplinary complaints are a hot topic these days with appraisers. From accusations of bias or discrimination to failure to disclose significant real property appraisal assistance, complaints against appraisers are becoming more and more common. However, there are steps you as an appraiser can take to protect yourself against becoming the subject of a lawsuit or disciplinary action.

Appraisal 195
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Rocket’s profits drop dramatically to $60M in Q2 2022

Housing Wire

Rocket Companies , the parent of America’s top mortgage lender Rocket Mortgage , reported a $60 million profit in the second quarter, down from $1 billion in profits just the previous quarter. The stunning decline in profitability suggests Rocket has much work to do as higher mortgage rates wipe out refinancing opportunities and even depress purchase sales.

Business 404
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Share of Seriously Underwater Mortgages Slips Below 3%

Appraisal Buzz

ATTOM has released its Q2 2022 U.S. Home Equity & Underwater Report, which shows that 48.1% of mortgaged residential properties in the U.S. were considered equity-rich in Q2, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50% of their estimated market values. The portion of mortgaged … The post Share of Seriously Underwater Mortgages Slips Below 3% appeared first on DSNews.

Mortgage 195
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Cheer up, at least purchase mortgage rates are now below 5%

Housing Wire

Purchase mortgage rates dropped for the third consecutive week and are now below the 5% level, reflecting a Federal Reserve monetary policy that has led to a “technical recession” in the U.S. economy. According to the latest purchase mortgage survey from Freddie Mac, the 30-year fixed-rate mortgage declined this week to average 4.99%, down from last week’s 5.30%.

Mortgage 393
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Servicers Anticipate Rise in Foreclosures

Appraisal Buzz

Mortgage servicers polled in a new report expect 23% of seriously delinquent mortgages to complete foreclosure over the next year, with pandemic backlog and regulatory intervention having the biggest impact on foreclosure volume. The post Servicers Anticipate Rise in Foreclosures appeared first on DSNews. The post Servicers Anticipate Rise in Foreclosures appeared first on Appraisal Buzz.

Appraisal 195

More Trending

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Does Home Ownership Affect Racial Wealth Disparities?

Appraisal Buzz

Home ownership is the gold standard when it comes to safe investments, and for low-income residents it can be a reliable vehicle to build generational wealth. But in terms of wealth inequality, how far does homeownership go toward closing the gap between households of color and white households? With this question in mind, Ashleigh Eldemire-Pointdexter, … The post Does Home Ownership Affect Racial Wealth Disparities?

Investing 195
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Finance of America eliminates big chunk of workforce as losses mount

Housing Wire

Finance of America posted steep losses in the second quarter and has pledged to eliminate a significant percentage of its workforce to contain the financial fallout. As with other lenders seeing huge declines in mortgage origination volume, Finance of America’s traditional mortgage business took a hit due to tumbling refinance volumes and an increase in spreads on both non-agency and agency mortgage products, which resulted in revenue reductions. .

Finance 393
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Milliman: Expected Slowdown Driving Uptick in Mortgage Risk

Appraisal Buzz

According to Milliman’s latest Mortgage Default Index (MMDI) covering the first quarter of 2022, mortgage originations continued a decline recorded over the last three quarters due to increased interest rates and a decline in originations and refinances. The index value of the MMDI rose to 2.39% for originations during the first quarter of 2022 compared … The post Milliman: Expected Slowdown Driving Uptick in Mortgage Risk appeared first on DSNews.

Mortgage 195
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Veros acquires appraisal management company Valligent

Housing Wire

The parent company of appraisal software firm Veros Real Estate Solutions has acquired California-based appraisal management company Valligent Technologies. Valligent, founded in 2003 and led by Jeremy McCarty and Jeff Wickham, provides traditional, desktop and hybrid appraisal services to lenders, credit unions and others. Its bend toward digital valuation services comes during a time of growing acceptance by Fannie Mae , Freddie Mac and the VA to use desktop appraisals and hybrid appraisals.

Appraisal 404
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High Home Prices Is Main Reason Active Buyers Can’t Seal the Deal

Eyes on Housing

An earlier post revealed that 63% of buyers who were actively engaged in the process of finding a home in the 2nd quarter of 2022 have spent 3+ months searching for a home without success. The most common reason these long-term searchers cite for not having bought by now is their inability to find an affordable home (43%). In second.

Buyers 167
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Black Knight reports slowing organic growth

Housing Wire

Ahead of a potential merger with rival Intercontinental Exchange Inc. , mortgage tech giant Black Knight reported slimmer profits in the second quarter and slowing organic growth. The company’s profit dropped nearly 90% from the previous quarter’s $364.6 million due to a gain on the investment in credit report services company Dun & Bradstreet Holdings , according to the earnings report released Thursday.

Clients 381
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5 Ways Digital Forms Support Extracurriculars

GoForrmz

Provide extracurriculars without the extra paperwork Most high schools offer lots of extracurricular activities–like music, robotics, sports, and mathletics! These activities allow students to learn valuable lessons and develop their individual passions. Even recent research has shown extracurricular participation decreases the likelihood of dropping out!

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Freedom Mortgage agrees to sell RoundPoint Mortgage Servicing 

Housing Wire

Two years after acquiring RoundPoint Mortgage Servicing , Freedom Mortgage Corp. has inked a deal to sell the nonbank mortgage servicer to Matrix Financial Services Corp. , another leading mortgage servicer and a wholly owned subsidiary of real estate investment trust Two Harbors Investment Corp. The acquisition is an all-stock deal, with Matrix agreeing to pay a preliminary price equal to the tangible net book value of RoundPoint, plus a $10.5 million premium.

Mortgage 380
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Housing Share of GDP Edges Lower in the Second Quarter of 2022

Eyes on Housing

Housing’s share of the economy edged lower at the end of the first half of 2022. For the second quarter of 2022, overall GDP declined at a 0.9% annual rate, following a 1.6% decrease in the first quarter. Housing’s share of GDP decreased to 16.6%, slightly below the first quarter share of 16.7%. In the second quarter, the more cyclical home.

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Ocwen earnings down amid higher rates, spreads

Housing Wire

Florida-based mortgage servicing company Ocwen Financial — the parent company of entities including PHH Mortgage Corp. and Liberty Reverse Mortgage — recorded a pre-tax loss of $26 million in Q2 2022 compared to income of $6 million one year prior. The company attributes those losses to higher mortgage interest rates and spreads as well as asset sales, according to a company earnings presentation Thursday.

Business 368
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USPAP Third Exposure Draft

Appraiserblogs

…the Ethics Rule has been expanded with a new highly detailed Nondiscrimination section, which also affects the Competency Rule. Folks, the Appraisal Foundation’s Appraisal Standards Board released the THIRD Exposure Draft to USPAP on July 26, 2022. To be honest, I didn’t know there have been two previous Exposure Drafts. I would encourage you to download and print this Draft here.

Appraisal 123
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Seminar Addresses Common Complaints Against Appraisers Through Case Studies

McKissock

Disciplinary complaints are a hot topic these days with appraisers. From accusations of bias or discrimination to failure to disclose significant real property appraisal assistance, complaints against appraisers are becoming more and more common. However, there are steps you as an appraiser can take to protect yourself against becoming the subject of a lawsuit or disciplinary action.

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Lamacchia Realty Received the 2022 South Shore Magazine Star of Excellence Award

Lamacchia Realty

Lamacchia Realty received the 2022 South Shore Magazine Star of Excellence award for showing overall excellence in service every day of the year! The award is given to businesses on the South Shore who have shown they provide the highest level of service to their clients every day – the ‘best of the best’! . The post Lamacchia Realty Received the 2022 South Shore Magazine Star of Excellence Award appeared first on Lamacchia Realty.

Realty 67
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Top 5 Websites to Analyze Investment Property

Mashvisor

We have managed to put together this selection of the top five websites to analyze investment property. Have you considered these platforms?

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What Does a Flip Home Look Like Before the Flip?

Hank Miller Team

The Atlanta area consistently ranks as one of the very top markets for home flippers. The term "flipping" has a ridiculously broad definition, it ranges from changing the locks and selling it to completely a full remodel and selling it. The TV shows can't fully develop all of the headaches; in 22 minutes they need to wrap things up with smiling faces.

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Home Sales Slow Down Amidst 0.75% Fed Rate Hike

Mashvisor

What most of us have been anticipating is finally here. Home sales are slowing down after months of strong housing demand and price hikes.

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Finance Friday: Why Even Millionaires Still Have to Budget

BiggerPockets

What is a millionaire? By definition, someone who has a million dollars or more in net worth. But what do you think of when we say “millionaire”? Are you picturing sports cars, expensive […].

Finance 60
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30 BREATHTAKING HOUSTON PHOTOS (YOU PROBABLY HAVEN’T SEEN)

Houston Properties

Houston, Texas in pictures. The best selection of city and suburb views.

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2022 Recession Recap: Falling GDP, High Inflation, & More Uncertainty Ahead

BiggerPockets

The US economy has seen a couple of recessions over the past two decades. The most brutal one being the great recession, which remains an anomalous event. Fast forward twelve […].

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Vancouver market decelerates amid outsized rate hikes

Mortgagebroker News

The region's July housing activity was significantly slower than the 10-year average

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Meet One Of The Top 25 Residential Realtors In Houston

Houston Properties

Paige Martin named “One Of The Top 25 Residential Realtors In Houston” by The Houston Business Journal

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Business (for Self) is booming

Mortgagebroker News

Community Trust's BFS program revs up as business owners adjust to hybrid operations

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Unpacking the top housing regulations to watch at HW Annual on Oct. 4

Housing Wire

The current administration has been in office for over a year and a half, and with that tenure, a lot of the new housing officials have had time to create and announce their core initiatives. To help bring you the latest regulatory and government updates that you need to be aware of, we’re excited to include the Regulatory Super Session at HousingWire Annual on Oct. 4.

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How big a role are fintechs playing in the mortgage market?

Mortgagebroker News

A recent CMHC report highlighted the increasing digitization of the mortgage process

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Appraisal Comparable Guidelines – What Do Appraisers Look For in Comps?

Realvals

One of the most essential parts of any appraisal is the comparable properties that the appraiser chooses for the Sales Comparison Approach. These “comps” are used to determine the value of your property, so choosing the wrong ones can have a positive or negative effect. This article will go into detail about the appraisal comparable guidelines used by appraisers and the exact characteristics that appraisers look for in comps.

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Commercial sector: Veteran shares what brokers need to focus on

Mortgagebroker News

CEO on how brokers should be advising clients in the commercial space

Clients 69
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In Some Fla. Markets, Home Prices Exceed Incomes

Empire Appraisal Group

In Some Fla. Markets, Home Prices Exceed Incomes. By Catie Wegman. Source: In Some Fla. Markets, Home Prices Exceed Incomes | Florida Realtors. Moody’s Analytics considers some Fla. metros “overvalued” because it says the average local resident can’t afford to buy a local median-priced home. PORT ST. LUCIE, Fla. – Housing costs have skyrocketed across Florida, as out-of-towners flock to the Sunshine State in search of bigger houses, more outdoor recreation and a better quality of life amid the

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Toronto home sales continue to plummet

Mortgagebroker News

One of the country's hottest markets is experiencing a protracted slowdown