Tue.May 10, 2022

loanDepot reports loss of $91.3M in Q1

Housing Wire

Nonbank heavyweight loanDepot reported an unprofitable quarter largely due to a steep decline in origination volume and expense reductions that did not keep up with the rapidly changing environment.

Delegate, Delegate, Delegate!

The Appraiser Coach

I was in a group meeting recently where we were talking with small business owners and trying to help them with some of the problems they were facing. Read More.

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The current challenges to increasing the homeownership gap

Housing Wire

This article is part of our housing market economic update series. At the end of this series, you can join us on May 10 for a Housing Market Update webinar.

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Navigating Stairs with ANSI: Don’t Fall Down

Appraisal Buzz

The Fannie Mae requirement for appraisers to begin measuring single-unit properties with the ANSI Z765 standard kicked in several weeks ago, but many appraisers still have questions about the standard. One of the most common questions concerns how to handle stairs with ANSI.

Despite rising rates, Rocket delivers $1B profit in Q1

Housing Wire

Detroit-based Rocket Companies , the parent of Rocket Mortgage , generated a whopping $1 billion profit in the first quarter, up from $865 million the previous quarter. Compared to its main competitors, the lender seems to be in a comfortable place.

Attention to Detail

Appraisal Buzz

As the CFPB swings into full enforcement mode with loss mitigation underway, Meghan Jones-Rolla of Mortgage Connect discusses how the industry is handling the Bureau’s mandate of “unprepared is unacceptable.”. The post Attention to Detail appeared first on DSNews. The post Attention to Detail appeared first on Appraisal Buzz. Around The Web

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Interest Adds Up; The Effect on Mortgages

Appraisal Buzz

Mortgage rates have surpassed 5% lately, due in large part to increases to the federal interest rate by the Federal Reserve who in addition to raising the rate twice this year, is expected to have further increases for the foreseeable future. So, what does that mean for the average buyer? It means money is more expensive, … The post Interest Adds Up; The Effect on Mortgages appeared first on DSNews. The post Interest Adds Up; The Effect on Mortgages appeared first on Appraisal Buzz.

MSR offerings selling like hotcakes so far in Q2

Housing Wire

The mortgage-servicing rights (MSR) market went on a tear at the start of 2022, and that hot streak has continued into the second quarter as interest rates on 30-year fixed mortgages continue to rise — now up 2 percentage points since the start of the year and still seemingly upward bound.

Rising Rates add up to Hundreds of Thousands in Extra Interest

Appraisal Buzz

Mortgage rates have surpassed 5% lately, due in large part to increases to the federal interest rate by the Federal Reserve who in addition to raising the rate twice this year, is expected to have further increases for the foreseeable future. So, what does that mean for the average buyer? It means money is more expensive, … The post Rising Rates add up to Hundreds of Thousands in Extra Interest appeared first on theMReport.com.

Risk of mortgage fraud is on the rise in the current market

Housing Wire

Eric Hill, an Atlanta real estate agent representing a nationwide homebuilder, had a plan to help more than 100 homebuyers get mortgages. The problem: They did not qualify for the loans.

Mortgage Delinquencies Fell in February 2022, CoreLogic Finds

Appraisal Buzz

For the month of February 2022, CoreLogic ’s monthly Loan Performance Insights Report shows that 3.2% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2.5 percentage-point decrease compared to February 2021, when it was 5.7%. In February 2022, the U.S. delinquency and transition rates, and their year-over-year changes, were 1.3%, down from 1.5% in February 2021, for early-stage delinquencies.

When will housing inventory recover?

Housing Wire

This article is part of our housing market economic update series. At the end of this series, you can join us on May 10 for a Housing Market Update webinar.

Nationwide Housing Supply Prepares to Rebound?

Appraisal Buzz

According to the Realtor.com Monthly Housing Trends Report, new data suggests that the U.S. housing supply is preparing to rebound, as active listings posted the smallest year-over-year declines —down just -12.2% since December 2019. Inventory improvements were led by increases in the share of mid-sized homes, meaning more listings may be available to families looking … The post Nationwide Housing Supply Prepares to Rebound? appeared first on theMReport.com.

Now more than ever in the mortgage industry, it’s critical to know your KPIs

Housing Wire

As the first quarter unfolded, macroeconomic risks created strong headwinds for mortgage companies. The greatest concern is quickly rising mortgage rates, resulting in overall margin compression and essentially a nonexistent market for refinances.

Inventory, Softening Demand Cooling Pace of Home Sales

Appraisal Buzz

According to the Realtor.com Monthly Housing Trends Report, new data suggests that the U.S. housing supply is preparing to rebound, as active listings posted the smallest year-over-year declines —down just -12.2% since December 2019. Inventory improvements were led by increases in the share of mid-sized homes, meaning more listings may be available to families looking … The post Inventory, Softening Demand Cooling Pace of Home Sales appeared first on DSNews.

Doma lays off 15% of work force as Q1 revenue declines

Housing Wire

Despite a 40% year-over-year increase in market share to 1.4% during the first quarter of 2022, Doma Holdings was unable to produce a net profit. During the first quarter of 2022 , Doma recorded a GAAP net loss of $50.026 million, compared to a net loss of $11.8 million a year prior.

Seriously Delinquent Borrowers Still Struggling to Recover

Appraisal Buzz

According to CoreLogic, the nation’s delinquency rate in the U.S. in February 2022 hit its lowest recorded point since at least January 1999, as found in its monthly Loan Performance Insights Report. In February of this year, some 3.2% of all mortgages in the country were in some stage of delinquency, as defined as being … The post Seriously Delinquent Borrowers Still Struggling to Recover appeared first on DSNews.

Banks Report Weaker Demand for Home Loans

Eyes on Housing

In the first quarter of 2022, the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices showed a significant net share of banks reporting more relaxed lending standards and weaker demand for most categories of residential real estate (RRE) loans.

Renovation: A Path to Fair Lending 

Appraisal Buzz

Think the Community Reinvestment Act’s (CRA’s) focus on measuring how many loans are made to underserved, largely low- and moderate-income communities does not apply to nonbanks? Think again. While that’s true of the federal law, at least three states have passed CRA-like laws that apply to nonbanks, and the Mortgage Bankers Association (MBA) predicts more states could follow suit. New York recently became the third state to expand CRA mandates – Massachusetts and Illinois.

Annual Permits Per Capita: 2001-2021

Eyes on Housing

Population growth in the United States amounted to just 0.12% in 2021 (between July 2020 and July 2021), the slowest rate on record dating back to 1900.

Strong Job Gains in April, Unemployment Rate Flat at 3.6 Percent

Appraisal Buzz

The U.S. economy added 428,000 jobs in April, exceeding expectations, while the unemployment rate remained flat at 3.6%, according to the U.S. Bureau of Labor Statistics. Most of the job growth was in leisure and hospitality (78,000), manufacturing (55,000), and transportation and warehousing (52,000). These have been the fastest growing segments for over a year now. Job growth continued in food services and drinking places (44,000) and accommodation (22,000) during April. Still, employment in.

Avoiding Fraudsters When Buying and Selling a Home

Will Springer Realtor

Hacking. Phishing. Wire fraud. These are all ways people attempt to undermine real estate deals as consumers move more and more online to complete transactions – and the chances of being entangled in a cyber scam have increased along the way.

Fannie Mae’s Latest Reperforming Loan Sale Transaction Includes 7,500 Loans

Appraisal Buzz

The results of Fannie Mae ’s 25th reperforming loan sale transaction included the sale of approximately 7,500 loans totaling $1.47 billion in unpaid principal balance (UPB), divided into three pools. The winning bidders of the three pools for the transaction were Pacific Investment Management Co. LLC (PIMCO) for Pools 1 and 2, and MCLP Asset Company Inc. Goldman Sachs) for Pool 3, each awarded individually. The transaction is expected to close on June 17, 2022.

ProTip: Use Image Fields to Document Job Site Hazards

GoForrmz

Take the hassle out of job site hazard documentation by adding an Image field to your forms Nobody wants to think about the realities of on-site work hazards, but failure to properly document them can cause even more headaches.

April Figures Show a 3.2 Percent Drop in Mortgage Credit Availability, MBA Reports

Appraisal Buzz

Mortgage credit availability decreased in April according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) that analyzes data from ICE Mortgage Technology. The MCAI fell by 3.2% to 121.1 in April. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012. The Conventional MCAI increased 0.7%, while.

ProTip: Show Or Hide Fields Based On Form Ownership

GoForrmz

Leverage Calculations with Dynamic Field Properties to make specific fields Hidden/Visible and easily guide user data entry Did you know that Automatic Calculations can do more than just populate numbers?

Delegate, Delegate, Delegate!

Appraisal Buzz

I was in a group meeting recently where we were talking with small business owners and trying to help them with some of the problems they were facing. One … Read More. The post Delegate, Delegate, Delegate! appeared first on Appraisal Buzz. Around The Web

Lumber prices – what's happening now?

Mortgagebroker News

What led to the sudden fall

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Game of Homes

Appraisal Buzz

As the quest for the American Dream continues, homebuyer competition intensifies amidst rising rates, record high prices, and insufficient inventory. The post Game of Homes appeared first on theMReport.com. The post Game of Homes appeared first on Appraisal Buzz. Around The Web

When is alt-lending the right solution for clients?

Mortgagebroker News

Being able to identify common scenarios is a key skill for brokers

New Western Adds Google/eBay Vet as CFO

Appraisal Buzz

With more than 25 years of experience, Dipak Joshi joins distressed residential investment properties provider to govern financial matters and expansion goals. The post New Western Adds Google/eBay Vet as CFO appeared first on DSNews. The post New Western Adds Google/eBay Vet as CFO appeared first on Appraisal Buzz. Around The Web

Out-of-province buyers turn to Calgary market for less

Mortgagebroker News

"It's something I haven't really experienced in my nine years in real estate

Hugh Blevins to Lead Planet Home Lending’s New Texas Office

Appraisal Buzz

Planet Home opens its seventh Texas location in San Antonio, to be led by 15-year industry vet Hugh Blevins and his team. The post Hugh Blevins to Lead Planet Home Lending’s New Texas Office appeared first on theMReport.com. The post Hugh Blevins to Lead Planet Home Lending’s New Texas Office appeared first on Appraisal Buzz. Around The Web

Canadians worried over possible recession despite BoC reassurances

Mortgagebroker News

Pollster said the country is "being hammered with risk after risk after risk

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