Mon.May 13, 2024

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Rently CEO Merrick Lackner: The future of renting and property management

Housing Wire

Zeb Lowe: How do you feel about the manner companies in this industry are approaching technology in today’s market? Merrick Lackner: It’s no secret that companies are looking to reduce operating expenses, and automation plays an integral role in accomplishing that. The danger of automation-first thinking is it often comes at the cost of the relationship with the customer.

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Geographic “Data” Competency?

Appraisal Buzz

I recall receiving MLS books once a month and being thrilled that a whole new population of sales were available to be considered within the pages of each book. By the time I got the new book, the sales were already a bit dated, and since they were only closed sales – they had actually sold a few weeks to months prior. Each month there was a new book, but every 6 months, there was a combined book with the last 6 months of sales in one bound and printed book.

Appraisal 347
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FSOC recommends more regulation and liquidity for nonbank servicers

Housing Wire

A recently published report by the Financial Stability Oversight Council (FSOC) identified vulnerabilities at nonbank mortgage servicers that pose risks to financial stability. It recommended increased regulation and initiatives to improve these companies’ liquidity during moments of stress, but mortgage trade groups have different reactions to the proposals.

Finance 456
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3 top takeaways from NAR’s legislative meetings

Real Estate News

Membership numbers defied expectations, while member dues and leadership announcements paint a picture of an association focused on stability.

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Peak homebuying season is clouded by mixed signals

Housing Wire

As the U.S. hits peak homebuying season, the signals across the country are mixed at best as some markets are accelerating while others are slowing quickly. Inventory continues to build at the national level, something that’s happening most rapidly in the South. Home sales continue to run just a little ahead of last year’s pace, but with mortgage rates in the 7s, there are a ton of potential homebuyers sitting on the sidelines.

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Optimal Blue: Mortgage Rate Lock Volume Increased 8.7 Percent in April

Appraisal Buzz

Mortgage rate lock volume increased 8.7% in April compared with March and was up 5% compared with April 2022, according to Optimal Blue’s Originations Market Monitor. It was the first annual gain since the Fed rate hikes began two years ago, in March 2022. The jump in April was mainly driven by an 11.0% month-over-month increase in purchase lock volume.

Mortgage 195

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Floify Taps Jason Mapes as Head of Sales

Appraisal Buzz

Jason Mapes has joined Floify , which offers a point-of-sale (POS) solution for mortgage lenders, as head of sales. Mapes has 23 years of experience in the mortgage industry. He previously served as director of sales for nCino’s Mortgage Suite. He has also held roles with Ellie Mae (now ICE Mortgage Technology), Unify and Lenders One. His deep understanding of the mortgage technology ecosystem and relationships with mortgage industry professionals will be instrumental in expanding Floify’s marke

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Second-home mortgage market slumped in 2023: Redfin

Housing Wire

In 2023, home purchases slowed across the board due to low levels of inventory, high mortgage rates and soaring home prices. Simultaneously, the appetite for second homes also diminished substantially. Nationwide, 90,772 mortgages for second homes were originated in 2023, down 40% from a year earlier and down 65% from the height of the post-pandemic housing boom in 2021, according to a new report from Redfin.

Mortgage 421
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LoanLogics Endows LoanBeam With Broader Array of Income Calculation Tools

Appraisal Buzz

Loan quality technology provider LoanLogics has expanded its LoanBeam income calculation product with a broader array of income calculation tools for the same per-application costs. The enhancements will enable lenders to efficiently process income documents related to wage earners in the same service they use to process self-employed borrowers, the firm says in a release.

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Where real estate agents can find listings today

Housing Wire

Inventory is still low and that’s exactly why it’s important to target the sellers who are more likely to move. This increases your chance of listing opportunities. I suggest finding at least one new opportunity from the list shared below. Perfect your process. Then choose another! To find the listings right now you need to find the sellers that have to move.

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Panorama Mortgage Group Rolls Out 1 Percent Down Payment Loan Program

Appraisal Buzz

Panorama Mortgage Group has rolled out a new loan program that breaks down the barriers for first-generation, first-time homebuyers with a 1% down payment and 2% grant down payment assistance. This new product – the 1st Generation Homebuyer (1st Gen) loan program – is designed to break down barriers to homeownership for minority and underserved borrowers, the company says in a release.

Mortgage 195
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Trade groups express concern to FHFA over historic credit data

Housing Wire

A coalition of trade organizations — including the American Bankers Association (ABA), the Housing Policy Council (HPC), the Independent Community Bankers of America (ICBA), the Mortgage Bankers Association (MBA) and U.S. Mortgage Insurers — sent a letter on Monday to the Federal Housing Finance Agency (FHFA) to express concerns about the FHFA’s intent to publish the VantageScore 4.0 historical dataset.

Legal 404
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Owners of Marilyn Monroe house sue LA over demolition

Inman

The lawsuit filed last week alleges that the city of LA took part in "backroom machinations" in order to landmark a house that does not meet criteria for status as a historic cultural monument to "arrange the desired outcome.

Design 193
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Social Security Administration updates SSI program to expand access

Housing Wire

The Social Security Administration (SSA) late last week announced that it is making changes to the Supplemental Security Income (SSI) benefit program. Notably, it is expanding the definition of a “public assistance household” to those receiving Supplemental Nutrition Assistance Program (SNAP) payments and to households “where not all members receive public assistance,” according to the SSA.

Insurance 403
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Demand for vacation homes plummeted in 2023

Inman

United States homebuyers took out 90,772 mortgages for second homes in 2023 — 40 percent fewer than they did in 2022.

Mortgage 193
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Mother Lode acquires Wisconsin Title Service Co.

Housing Wire

Title firm Mother Lode Holding Co. , a subsidiary of big four firm First American Financial , announced Monday that it has acquired Wisconsin Title Service Co. Inc. The terms of the deal were not disclosed. According to Mother Lode Holding Co., the acquisition includes Wisconsin Title Service Co.’s sister company, Wisconsin Title Closing Service Inc., as well as its title plants in Milwaukee, Waukesha, Walworth and Washington counties.

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Affordability Pyramid Shows 64.8 Million Households Cannot Buy a $250,000 Home

Eyes on Housing

As described in a previous post, NAHB recently released its 2024 Priced-Out Estimates showing 103.5 million households are not able to afford a median priced new home and an additional 106,031 households would be priced out if the price goes up by $1,000. This post focuses on the related U.S. housing affordability pyramid, showing how.

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Top Tennessee brokerage merges with Compass

Housing Wire

Compass is continuing to expand its presence in the Southeast, announcing Monday that Tennessee -based Parks Real Estate has merged with the firm This is Compass’ second major merger and acquisition deal in the second quarter of 2024. In April, the Robert Reffkin -helmed firm announced that it had acquired Gulf Coast-based Latter & Blum. Parks Real Estate includes the Pilkerton Realtors brand and is led by CEO Hunter Connelly.

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Your essential marketing toolkit for a post-NAR settlement landscape

Inman

Ready to transform the way you communicate your value to clients? Marketing expert Marci James helps you reshape the agent-client relationship by prioritizing clear communication and exceptional results.

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EasyKnock acquires home equity investment company HomePace

Housing Wire

Residential sale-leaseback platform EasyKnock has acquired the assets of home equity investment firm HomePace , the company exclusively told HousingWire on Monday. Goodwin Procter , a global law firm, acted as legal adviser for the deal, but further terms were not disclosed. HomePace, founded in 2020, specializes in helping homeowners access their equity through home equity agreements.

Investing 385
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Meet a high-touch underdog taking on the search portal Goliaths

Inman

Movoto may be a familiar name, but under OJO's ownership the brand is quietly embarking on a David-and-Goliath struggle for a place in the portal pantheon.

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Former Norcom reverse mortgage team moving to Supreme Lending

Housing Wire

The former reverse mortgage team from Norcom Mortgage in Avon, Connecticut — which elected not to move to CMG Financial following its acquisition of Norcom last month — has selected Texas-based Supreme Lending as its new home, with John Luddy serving as SVP of reverse lending. After engaging in conversations with multiple lenders following the news of the team’s departure from Norcom/CMG, Luddy credits Supreme’s Candice McNaught — the lender’s senior vice president of national sales — as the key

Lending 372
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Why luxury leads in today’s market

Inman

As the demand for ultra-luxury properties persists, learn how agents can rise to the challenge and secure the most coveted listings in today's competitive market.

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Guaranteed Rate expands its Community Engagement Initiative

Housing Wire

Chicago -based mortgage lender Guaranteed Rate rolled out the second wave of its Community Engagement Initiative, the company announced on Monday. Launched in 2023, the program aims to improve funded loan volumes in underserved communities nationwide. “Traditional lending practices have overlooked Black and Latino communities, as well as low to moderate-income areas,” Camilo Escalante, executive director of diverse segments at Guaranteed Rate, said in a statement.

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Avoid these top 5 rookie mistakes in real estate marketing

Inman

From neglecting digital platforms to disregarding personal branding, Side's Manny Solis writes, here are five critical rookie mistakes that often derail real estate marketing campaigns.

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Top Compromises Buyers Will Make to Reach Homeownership

Eyes on Housing

High mortgage rates and double-digit growth in home prices since COVID-19 have brought housing affordability to its lowest level in more than a decade. Given this reality, a recent NAHB study on housing preferences* asked home buyers about which specific compromises they would be willing to make to achieve homeownership. For 39% of buyers, accepting.

Buyers 162
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1,500-agent Tennessee real estate brokerage joins Compass

Inman

Forty-nine-year-old Nashville firm Parks Real Estate has merged with Compass. The firm has 15 offices across the state and closed $6.25 billion in sales in 2023.

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Escaping the Black Hole: Appraisers Fleeing Mortgage Lending

Appraiserblogs

Climbing out of that black hole is nearly impossible. It’s one reason why many appraisers are vacating mortgage lending appraisal assignments. This “discrimination settlement” hit the fan last week in a news feed I get. Another appraiser (in CA) settles a discrimination complaint: Oakland homeowner settles with appraiser, lender after $300,000 lowball appraisal The entire case is based on allegations by the homeowner, who had decided the value of the home was more than the appraised amount, bef

Lending 135
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Getting loud about my heritage has shaped my life and career

Inman

Celebrate AAPI month with Atlanta team leader Amy Tep by taking the time to understand the many different types of people who are part of the AAPI community.

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Checklist to Sell a House in BC

D Fritz Appraisals

7 Steps to Ensure Your Home Sale Goes Smoothly The real estate market in British Columbia is dynamic and diverse, with bustling urban centers like Vancouver and Victoria alongside picturesque rural communities. Whether selling a cozy condo in the heart of downtown or a sprawling estate in the countryside, having a checklist to sell a house is essential to organizing yourself, maximizing your home’s value, and appealing to potential buyers.

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American Cancer Society relists former NFL owner’s home for $35M

Inman

After years of trying to sell the mansion alongside the Potomac River, former Washington Commanders owner Dan Snyder donated the estate to the ACS. Now the charity is attempting its own sale.

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What Exactly Does a Property Management Company Do?

BiggerPockets

A property management company plays a vital role in overseeing the daily operations of rental properties to ensure efficient tenant management while maximizing profitability.

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What agents and brokers really want to tell each other: Intel survey

Inman

Agents and brokers talk. A lot. But what's left unsaid may be nearly as important. Intel analyzed survey responses of hundreds of real estate professionals for insights into an unbreakable bond.

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The Small Business Owner’s Guide to Taxes, LLCs, Deductions, & Audit Risks

BiggerPockets

Starting your first or next business? This episode is for you. Today, we’re bringing you everything you need to know about small business taxes for beginners.