Fri.May 17, 2024

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Chase Home Lending increases its closing guarantee

Housing Wire

Chase Home Lending , the consumer and commercial banking arm of JPMorgan Chase & Co. , has raised its closing guarantee from $5,000 to $20,000 until July 27, 2024, the bank announced on Thursday. The guarantee means that the bank promises an on-time closing on or before the contract closing date, or it will pay the homebuyer $20,000. This grant can be used to discount underwriting fees paid at closing, or to reduce the interest rate and down payment.

Lending 446
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Planning for a Home Renovation: A Guide

Cleveland Appraisal Blog

Hello, dear readers! Thank you for being here! Many homeowners have decided not to sell their homes but to renovate them instead. If you find yourself in this situation, this article will provide you with a guide that may be helpful to you. This week, I invite back a guest blogger, Tina Martin. I hope you enjoy her article! Planning for a Home Renovation: A Guide When it comes time to renovate your home, there are a few things you should know.

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Why is real estate tech a hot topic?

Housing Wire

At “ The Gathering ” this year, every room seemed to share a certain buzz. Conversations across panels, roundtables, announcements, and everywhere in between seemed to trend toward the same general topic: How do we make the most of a market that continues to offer as many challenges as it does chances? Expectations for real estate professionals are higher than ever—along with mortgage interest rates , the length of time that listings spend on the market, and the percentage of listings off-mark

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Keller Williams cancels plan to cut profit share for ex-agents

Real Estate News

President and CEO Mark Willis called the move “unprecedented," and said the vote by the company’s agent-led IALC passed by an “overwhelming majority.

Agents 293
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East Coast, Midwest cities dominate 2024 best places for veterans to live

Housing Wire

The East Coast and Midwest stand out as prime locations for veterans and current military service members, according to the 2024 Best Cities for Veterans to Live list compiled by Veterans United Home Loans. Tampa emerged as the top metro area for veterans. It was followed by Rochester, Minnesota; Wichita Falls, Texas; Fargo, North Dakota; Virginia Beach, Virginia; Watertown, New York; Charleston, South Carolina; Medford, Oregon; Altoona, Pennsylvania; and Sioux Falls, South Dakota.

Mortgage 439
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eXp CEO: ‘Treat your buyers like you treat your sellers’

Real Estate News

Company leaders hosted a livestream to discuss NAR settlement outcomes, including buyer agreements and how to talk to sellers about buy-side compensation.

Sellers 259

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Asurity Technologies Taps Brad Vasto as SVP, Sales

Appraisal Buzz

Brad Vasto has joined Asurity Technologies, which offers consumer lending compliance software and advisory services, as senior vice president – sales. Vasto has more than 30 years of experience in meeting the needs of the mortgage, banking, and financial services industries. Prior to joining Asurity, he spent 19 years at Black Knight and its predecessor companies as managing director of business development.

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Keller Williams rescinds changes to its profit-sharing program

Housing Wire

Keller Williams ’ International Association Leadership Council (IALC) has rescinded the recent changes to its profit-sharing program, according to an announcement on Friday. The changes were first announced in August 2023 during KW’s Mega Agent Camp event. Under the changes, the company cut profit-share distribution for vested “former” KW agents — those who joined the company before April 1, 2020, and left for another brokerage — from 100% to 5%.

Brokerage 427
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Mortgage Advisory Firms STRATMOR Group and Teraverde Have Merged 

Appraisal Buzz

STRATMOR Group and Teraverde have merged to create a powerhouse mortgage advisory firm poised to serve clients across entire mortgage banking spectrum. Both firms will operate under the STRATMOR brand in the near future. The new firm combines each company’s respective programs, technology, and subject-matter expertise to deliver superior advisory solutions to now serve the entire mortgage banking spectrum.

Mortgage 195
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Redfin’s agent payment plan expands to 25 new markets

Housing Wire

Redfin is expanding its Redfin Next agent payment plan into 25 new markets starting in August 2024. In an announcement on Friday, Redfin said that the payment plan would be rolling out Aug. 11 in the following markets: Austin; Boise, Idaho; coastal North Carolina; Columbus, Ohio; Denver; Fort Myers, Florida; Grand Rapids, Michigan; Indianapolis; Inland Empire, California; Kansas City, Missouri; Memphis; Minneapolis; Nashville; New Mexico; Palm Springs, California; Portland, Oregon; Raleigh; Sacr

Agents 426
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Redfin: New and Active Listings Increased in April as Home Prices Continued to Rise

Appraisal Buzz

The median U.S. home sale price increased 6.2% year over year in April to $433,558 — the highest level on record, according to Redfin. Today’s housing market is much slower than it was during the pandemic home buying boom, but prices continue climbing due to low inventory. New listings increased 1.7% month over month in April and were up 10.8% year over year.

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Planning for retirement: Essential strategies for real estate agents

Housing Wire

As a real estate agent , you’re in the business of helping people plan for their future — whether it’s helping prospective buyers find their forever home, starter house , or next investment property. But when it comes to planning for your future, it’s important to start early. Saving for retirement is crucial so you can lead the life you envision after you’ve sold your last home.

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LoanCare Hires David Vida as EVP, Chief Revenue Officer 

Appraisal Buzz

Mortgage industry veteran David Vida has joined subservicer LoanCare as executive vice president, chief revenue officer. Vida is a seasoned leader with a robust background in residential mortgage servicing and originations-related services. He has over 30 years of experience and most recently served as chief operating officer at Weston Portfolio Group.

Clients 195
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FHA amends identifier requirement for lenders, other entities seeking government business

Housing Wire

The Federal Housing Administration (FHA) this week published a mortgagee letter (ML) amending a 2022 requirement for mortgage lenders, and anyone seeking to do business with FHA, to obtain a Unique Entity Identifier (UEI) in order to be eligible for such business. In ML 2024-09, the agency’s UEI policy for FHA-approved lenders has been updated to streamline reporting requirements from a policy established in the summer of 2022 and implemented by the end of that year.

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Report: Lower mortgage rates key to improving affordability

Real Estate News

An NAR/Realtor.com study on the effects of rate reductions and price cuts found that a 1% mortgage rate decline could put a noticeable dent in monthly payments.

Mortgage 221
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Former HUD Secretary Marcia Fudge becomes a partner at law firm Taft

Housing Wire

About two months after resigning as the 18th secretary of the U.S. Department of Housing and Urban Development (HUD), Marcia Fudge has joined law firm Taft as a partner and chair of public policy, the company announced this week. Fudge will “dedicate a portion of her time to the firm’s ongoing efforts to combat the harmful effects of forever chemicals” and bolster the firm’s relationships with “governmental and corporate leaders both in her home state of Ohio and across the United States,” the l

Law 418
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Tech Bytes: News from Zillow, TrustFunds, Planitar, Revive

Real Estate News

Zillow launches BuyAbility tool; Bright MLS teaming up with TrustFunds; Planitar adds interactive Lead Magnet to 3D tours; Revive shows value of renovation.

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Mortgage advisory firms Stratmor Group, Teraverde merge

Housing Wire

Mortgage advisory firm Stratmor Group has merged with Teraverde , a mortgage advisory firm and technology solutions provider, in a deal that the companies say will allow them to expand the markets they serve and the depth of services provided. The terms of the deal were not disclosed. Both firms will operate under the Stratmor brand , the companies said in a statement on Friday.

Mortgage 417
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7 reasons great real estate agents will always be needed

Inman

Now is the time to expand your skill set, broaden your knowledge and provide value at a higher level than you’ve ever provided, Jimmy Burgess writes, so that you won't just survive, you'll thrive.

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Jonathan Scarpati joins NRMLA board of directors

Housing Wire

The National Reverse Mortgage Lenders Association (NRMLA) this week announced that Jonathan Scarpati, senior vice president of wholesale production at Finance of America (FOA), has joined its board of directors for the remainder of the 2024 term. Scarpati is a 20-year reverse mortgage industry veteran, having joined Senior Lending Network in 2003 as vice president of sales for the company’s wholesale and lead distribution divisions.

Finance 411
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VantageScore Releases New Credit-Scoring Model, VantageScore 4plus

Appraisal Buzz

VantageScore has released the newest version of its credit-scoring model, VantageScore 4plus. The new version combines the power of alternative open banking data with traditional credit data to give lenders a substantial predictive lift of up to 10% compared to the industry leading VantageScore 4.0 credit score, which itself has up to an 8% lift over conventional scoring models.

Lending 195
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State Level Employment Situation: April 2024

Eyes on Housing

Nonfarm payroll employment increased in 38 states and the District of Columbia in April compared to the previous month, while 11 states saw a decrease. Alaska reported no change during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 175,000 in April, following a gain of 315,000 jobs.

Marketing 180
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Keller Williams retreats on profit sharing cuts for defecting agents

Inman

The cuts, initially approved last summer, were set to go into effect this July. But as of this spring, Keller Williams was facing multiple class action lawsuits over the changes.

Agents 165
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Slowing Multifamily Building Market Holds Elevated Built-for-Rent Share

Eyes on Housing

According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts declined significantly during the first quarter of 2024. For the quarter, 80,000 multifamily residences started construction. Of this total, 75,000 were built-for-rent. This marks a notable 39% decline from the first quarter of 2023 for the multifamily built-for-rent category.

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7 reasons great real estate agents will always be needed

Inman

Now is the time to expand your skill set, broaden your knowledge and provide value at a higher level than you’ve ever provided, Jimmy Burgess writes, so that you won't just survive, you'll thrive.

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We’re in a Home Construction Golden Age—Here’s How Investors Would Benefit From Building

BiggerPockets

This may be the best time ever to invest in new construction. We'll explain why the demand for homebuilding could mean big bucks for investors.

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Redfin expands new compensation plan to agents in 25 more markets

Inman

With the expansion, Redfin Next is now available to agents in 36 markets nationwide, according to an announcement Friday. Redfin execs said the plan has "proven to be even better" than expected.

Agents 161
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Lamacchia Realty Named a 2024 Fast 50 Company by Boston Business Journal

Lamacchia Realty

The Boston Business Journal has officially named Lamacchia Realty to its exclusive Fast 50 list , representing Massachusetts’s 50 fastest-growing private companies. Every year, the Fast 50 companies are chosen and ranked based on revenue growth from the past four years; this year was 2020-2023. Boston Business Journal’s research department then analyzes those numbers methodically.

Realty 74
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UWM expands program that dispenses with title insurance

Inman

Nation's largest mortgage lender says brokers "will no longer need to work with a title company or settlement agent for title work, balancing fees, scheduling closing or any related communication.

Insurance 160
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Tools To Support Appraisal Adjustments

Appraisal Today

What Tools Do You Use to Support Your Appraisal Adjustments? By McKissock As part of our monthly survey series, we asked our community of real estate appraisers, “What tool(s) do you use to support your appraisal adjustments?” Respondents were allowed to make multiple selections and write in their own answers as well. Popular tools include Synapse by Spark, Solomon Adjustment Calculator, and Redstone by Bradford Technologies.

Tools 66
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What are you supposed to tell your clients now? The Download

Inman

In the face of so much rapid change and an often-frustrating lack of clarity from The Powers That Be, what the heck are you supposed to tell your buyers and sellers now?

Clients 153
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Forget Supply and Demand: Only One Major Market is Seeing Housing Prices Decline Right Now

BiggerPockets

We examine housing market indicators to explain why prices are not decreasing in more metros as demand drops and rates continue to rise.

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Even sweeter. Honey Homes draws $9.25M with latest funding round

Inman

Era Ventures, led by Clelia Peters, was the lead investor in the round, its second since October, according to an announcement Thursday. Khosla Ventures and Pear VC also contributed to the round.

Investors 148
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5 Ways to Capitalize on Public Investments in Tax Increment Financing (TIF) Districts

BiggerPockets

These smart TIF district strategies make the most of infrastructure improvements and community investments while increasing your profitability.