Mon.Jun 05, 2023

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Tight credit, high rates and low inventory add to buyers’ affordability struggles 

Housing Wire

The affordability challenges homebuyers are facing are becoming more deeply entrenched, according to Black Knight ‘s most recent monthly mortgage monitor report. “In a sense, the gridlocked housing market has been feeding on itself,” Andy Walden , VP of enterprise research strategy at Black Knight, said. Tightening credit availability, elevated rates, inventory shortages and strengthening home prices are adding to affordability challenges, the report notes.

Inventory 397
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That place where pickleball and real estate meet

Sacramento Appraisal Blog

Pickleball is all the rage, and today I want to talk about how the growth of the sport is becoming much more noticeable in real estate listings. I also have an interview with a friend who built a pickleball court in his backyard. For the record, I actually don’t play (yet), but a friend is […] The post That place where pickleball and real estate meet first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Revolution Mortgage snags top loanDepot loan officers

Housing Wire

Direct retail lender Revolution Mortgage has scooped up two of loanDepot ‘s top LOs, accelerating its plans to expand market share despite a tough origination environment. Jorden Brok and Brett Lotsoff are producing area managers and SVPs of mortgage lending at Revolution Mortgage and are tasked with expanding the company’s footprint in the greater Chicago area.

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Buyers look to the South and Midwest, but costs can be high

Real Estate News

Midwest and Sunbelt markets continue to attract home shoppers, but affordability is precarious, especially in Florida as insurance rates rise.

Buyers 182
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What mortgage lenders need to know about wholesale

Housing Wire

HousingWire recently spoke with Desmond Smith , chief growth officer at United Wholesale Mortgage , about the role that wholesale lending plays in the mortgage ecosystem and common myths and misconceptions about becoming an independent mortgage broker. HousingWire: What role has wholesale lending historically played in the mortgage ecosystem? Desmond Smith: There are two ways to get a mortgage — wholesale or retail.

Mortgage 370
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The Median Age of the Construction Workforce

Eyes on Housing

NAHB analysis of the most recent 2021 American Community Survey (ACS) data reveals that the median age of construction workers is 42, one year older than a typical worker in the national labor force. Attracting skilled labor is still the primary long-term goal for construction, even though a slowing housing market has eased some pressure on current tight labor market.

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Keller Williams’ Laurie Reader: It’s ‘a full-blown, skill-based market’

Inman

Ahead of her appearance at Inman Connect Las Vegas, the CEO of Laurie Finkelstein Reader Real Estate shares why absorbing information and attending events is more crucial than ever in 2023.

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MC Mortgage Group joins UMortgage platform

Housing Wire

UMortgage , a growing nationwide mortgage platform, announced last week the addition of MC Mortgage Group to its network. MC Mortgage Group, a mortgage brokerage based in Wilmington, North Carolina, serves homebuyers across North and South Carolina. Patrick Stoy , president of MC Mortgage Group, established the brokerage in 2005 and brings with him 24 years of experience in the housing industry.

Mortgage 370
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CoStar to sunset Homesnap brand this year as it transitions to Homes

Inman

The real estate juggernaut is sunsetting the Homesnap brand name and products by the end of the year in favor of transitioning users to its dominant residential real estate brand Homes.com.

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HomeServices of America ups its stake in Title Resources Group

Housing Wire

Title Resources Group (TRG), a leading title insurance underwriter, announced on Monday that HomeServices of America , a Berkshire Hathaway affiliate and one of the nation’s largest residential real estate companies, has increased its ownership stake in TRG. This move further solidifies the partnership between the two industry leaders, according to a press release from the companies.

Insurance 370
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Keller Williams agent, daughter die after plane drifts into no-fly zone

Inman

The plane, which drew military intervention after it flew into restricted airspace, crashed Sunday, killing four people, including NYC-based agent Adina Azarian and her 2-year-old daughter, Aria.

Agents 148
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Shaun Donovan is named Enterprise Community Partners CEO

Housing Wire

Shaun Donovan, the former secretary of the U.S. Department of Housing and Urban Development ( HUD ) and former director of the U.S. Office of Management and Budget (OMB), has been appointed CEO of Enterprise Community Partners , a national housing nonprofit that aggregates housing investments, advocates for housing policies and builds and manages communities.

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The 5 most sought-after design trends in flooring

Inman

The floors underfoot have a powerful bearing on the quality and character of the home. Flooring brings cohesion to the design while allowing each room’s distinct personality to stand apart. Here are the trends that will help any property shine.

Design 148
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HW Insiders honoree Amanda Price talks automation technologies

Housing Wire

The HousingWire award spotlight series highlights the individuals who have been previously recognized by the HW Editors’ Choice Awards. N ominations for HousingWire’s Insiders award are open now through Friday, June 23, 2023. Click here to nominate an industry insider — a client, colleague, boss or friend — it can even be you! For eight years, HousingWire’s Insiders award has been recognizing the high-achieving industry pros whose roles require them to work behind the scenes while mak

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Home Depot unveils hefty 540-square-foot tiny home for $44,000

Inman

The Getaway Pad from PLUS 1 Homes generated buzz online over the weekend for its low price tag. But the mother of all tiny home requires more than $44,000 to be inhabitable, early adopters warn.

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Ex-underwriters sue UWM for retaliation, sexual harassment

Housing Wire

Top U.S. originator United Wholesale Mortgage (UWM) is the target of two lawsuits filed by former underwriters alleging retaliation, a hostile workplace environment, gender/sexual harassment and failure to pay minimum wages and overtime. The company declined to comment on the accusations. According to the lawsuits filed in a U.S. district court in Michigan, the alleged events occurred amid the mortgage lender’s return-to-work policy during the Covid-19 pandemic.

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Guaranteed Rate’s Same Day Mortgage provides buyers, sellers, and their agents more certainty, ease, and speed

Inman

Same Day Mortgage delivers exactly what it promises – loan approval in less than 24 hours. Since launching earlier this year, Same Day Mortgage has closed more than $2B in loans. Many applications are approved in four hours or less.

Sellers 148
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NAR Concerns & Survey on Property Data Collectors

Appraiserblogs

NAR is conducting a survey and wants to know if you have any concerns regarding property data collectors, if the appraisal fees are higher since the involvement of data collectors, if borrowers are made aware of a fee for the appraisal and a separate AMC fee or were the fees bundled, if the property data collector gave the impression that they were the appraiser, whether you have any safety and privacy concerns with the data collection process, quality of data collected and whether they need to

Law 121
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WATCH: The right lender can make buyer love letters obsolete

Inman

Not crazy about buyer love letters? Mortgage expert Rick Guerrero says that a great lender can reach out to the listing agent on a buyer's behalf to offer information and reassurance.

Buyers 148
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Veteran appraiser welcomes new industry role

Valuation Review

Recently, Valuation Review told its readers about the new assignment of appraiser Tony Pistilli, who now serves as general manager of valuations for Restb.ai. We caught up with Pistilli, who shared more information about his new assignment and his thoughts about the current status of the appraisal profession. Read on for the full conversation with this industry veteran.

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Does this financial analyst have an economic crystal ball?

Inman

Could an obscure chart provide a roadmap for investment? Bernice Ross talks with money mentor Chris Naugle about this little-known pattern of economic highs and lows dating all the way back to the 19th century.

Investing 147
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Promoting Safety & Sustainability with GoFormz

GoForrmz

The relationship between safety and sustainability, and how GoFormz can help In today's post-pandemic world, ensuring Health, Safety, and Environmental, or HSE, compliance is essential. COVID-19 has permanently changed the way companies approach employee health and safety, resulting in innovative solutions to keep safety top of mind. That’s where digital forms come in.

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HomeZada updates, releases AI chatbot interface

Inman

In a seemingly unstoppable trend, HomeZada is the latest proptech player to enhance its product with artificial intelligence to handle a number of common functions for users.

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New FHA policy lengthens mortgage period to 40 years

Valuation Review

The Federal Housing Administration’s (FHA) new policy provides borrowers struggling with housing costs a potential reprieve by allowing modifications to extend mortgage periods up to 40 years (480 months). The increase in the term limit will result in lower monthly payments and give homeowners an affordable solution to housing costs.

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Tech-driven horizons: The evolution of building and construction

Inman

Explore how innovative solutions are revolutionizing new development from a historically building-centric view to a tenant-centric approach, in this must-watch Inman Access class.

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Accurate Group releases Home Equity Loan Survey

Valuation Review

Accurate Group, a provider of technology-driven real estate appraisal, title data, analytics, and e-closing solutions, released its 2023 U.S. Housing Equity Loan Survey, designed to capture homeowner intentions and tolerance for engaging in real estate lending over the next 12 months – with specific attention on how homeowners plan to leverage home equity.

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You owe it to yourself to challenge buyer love letter misinformation

Inman

Question misconceptions and challenge the status quo to put this powerful buyer tool to work for your hopeful clients, writes trainer Darryl Davis.

Buyers 148
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CFPB, 5 other agencies issue joint notice of proposed AVM rule

Valuation Review

On June 1, the Consumer Financial Protection Bureau, along with five other agencies, invited comment on a proposed rule to implement the quality control standards mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act for the use of automated valuation models by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer’s principal dwelling.

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OpenAI.com, home of ChatGPT, approaches 1B monthly visitors

Inman

Web activity grew by 54 percent in March 2023, easily the greatest increase of all top-ranking websites worldwide, according to Veza Digital.

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Idaho appraisers facing challenges from uncooperative homeowners

Valuation Review

Property appraisers in Idaho County, Idaho, are facing increasing risks from people who are noncooperative and will not allow appraisers on their property. The Idaho County Assessor’s office reported that staff has faced “potentially dangerous situations” from landowners. Read on to learn more.

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Am I too old to post on Instagram?

Inman

Instagram isn't just for 21-year-old would-be models. Sue "Pinky" Benson shares why Gen-X is the fastest-growing group on the platform and why you should be there, too.

Agents 144
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Attorney addresses statutes of limitations concerning appraisers

Valuation Review

Peter Christensen, owner of Christensen Law-Valuation Legal, shared more legal insight with Valuation Review about what appraisers should know. Christensen outlined specifics dealing with the statute of limitations for a lawsuit against an appraiser. Read on to find out what the legal expert had to say.

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LoanDepot hires new CFO and parts ways with 4 top managers

Inman

CEO Frank Martell recruits former CoreLogic colleague David Hayes as losses pile up and mortgage originations hit another new low.

Mortgage 146
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Who Pays The Closing Costs: Sellers or Buyers?

BiggerPockets

Closing costs are a crucial aspect of any real estate transaction. We'll explain who pays closing costs and how they impact you as an investor.

Sellers 77