Mon.May 09, 2022

Think US home prices are high? At least we aren’t Canada

Housing Wire

Home prices in the U.S. have been skyrocketing since 2020, however, I often like to remind people that no matter how crazy home-price growth is in America, at least we aren’t Canada.

A Log Home Valuation

Appraisal Buzz

It is no secret that log homes do not appraise well. In the past, almost every major log home magazine has posted an article on the topic. The question is raised as to what is the real problem with log home valuation and what is the problem with appraisers working in the niche log home market?

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FHA gives investors cold shoulder on foreclosed properties

Housing Wire

The Federal Housing Administration said that nonprofit organizations and owner-occupant buyers will have first dibs on foreclosed properties that get auctioned off through its Claims Without Conveyance of Title (CWCOT) program, specifically prioritizing these groups over investors.

Xactus Taps James Owens as Chief Technology Officer

Appraisal Buzz

James Owens has joined Xactus , a provider of borrower verification solutions to the mortgage industry, as chief technology officer. A seasoned IT professional with almost 30 years of executive-level experience in the financial services and software development industries, Owens brings an abundance of expertise in technological development and leadership to his position.

First-time homebuyers feeling squeezed out of the market

Housing Wire

Budget-tightening constraints of inflation, higher mortgage rates, and housing price gains are constraining consumers from buying houses. Fannie Mae ‘s Home Purchase Sentiment Index, which tracks the housing market and consumer confidence to sell or buy a home, dropped by 4.7 points to 68.5

Second Home and Investment Property Prices Up Nearly 20% in Q1

Appraisal Buzz

Remote work situations have given way to a rise in second home purchases, with counties in Idaho, Maine, and Texas leading the way, experiencing more than 50% growth price. The post Second Home and Investment Property Prices Up Nearly 20% in Q1 appeared first on DSNews. The post Second Home and Investment Property Prices Up Nearly 20% in Q1 appeared first on Appraisal Buzz. Around The Web

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Charith Rodrigo Tapped to Lead Reverse Mortgage Division at Open Mortgage

Appraisal Buzz

Tasked with growing the company’s reverse mortgage sales division, Rodrigo joins Patty Wills in oversight of performance objectives and strategizing business opportunities. The post Charith Rodrigo Tapped to Lead Reverse Mortgage Division at Open Mortgage appeared first on theMReport.com. The post Charith Rodrigo Tapped to Lead Reverse Mortgage Division at Open Mortgage appeared first on Appraisal Buzz. Around The Web

Guaranteed Rate’s Owning continues layoffs

Housing Wire

California-based Owning Corp., a direct-to-consumer mortgage lender acquired by Guaranteed Rate in February 2021 , is planning a workforce reduction amid higher mortgage rates and lower refinance volumes.

Affordability Concerns Lower Consumer Confidence

Appraisal Buzz

The latest iteration of Fannie Mae’s Home Purchase Sentiment Index (HPSI) for April decreased by 4.7 points to 68.5, its lowest level since May 2020, as rising mortgage rates and inflation pushed buyers to question affordability. All six of the index’s components decreased month over month, which comes from Fannie Mae’s National Housing Survey (NHS). The HPSI … The post Affordability Concerns Lower Consumer Confidence appeared first on DSNews.

Finance of America cut 600 jobs in Q1

Housing Wire

Fast-rising interest rates hit Finance of America Companies hard in the first quarter of 2022 and the company cut almost 600 jobs compared to one year ago. .

Prices, Interest, Weighing on Home Prices

Appraisal Buzz

The latest iteration of Fannie Mae’s Home Purchase Sentiment Index (HPSI) for April decreased by 4.7 points to 68.5, its lowest level since May 2020, as rising mortgage rates and inflation pushed buyers to question affordability. All six of the index’s components decreased month over month, which comes from Fannie Mae’s National Housing Survey (NHS). The HPSI … The post Prices, Interest, Weighing on Home Prices appeared first on theMReport.com.

CoreLogic: Jump in home-purchase closing costs outpaces refi loans

Housing Wire

Closing costs for homeowners who jumped on the refi wave in 2021 increased at less than one-third the pace of closing costs for home purchases as homebuyers had to cope with a hot market that fueled higher home-sale prices and related settlement costs.

Doug Jorgenson Joins Incenter LLC as Business Development Consultant

Appraisal Buzz

Incenter LLC has announced that Doug Jorgenson has joined the company as a Consultant with the Enterprise Business Development team. In his new role, he will meet with C-level executives at top servicers, discuss their opportunities and challenges, and introduce them to Incenter’s solutions and technologies. Facing the potential for increased defaults and redefaults, servicers … The post Doug Jorgenson Joins Incenter LLC as Business Development Consultant appeared first on DSNews.

Title insurance industry premiums spike $7B year over year

Housing Wire

The American Land Title Association saw a nearly 36% year-over-year increase in title insurance premium volume in 2021 for a staggering $7 billion spike, according to the trade group’s Market Share Analysis , published Friday. The title insurance industry generated $26.2

CoreLogic: Refinance Closing Costs Fell to Less Than 1 Percent of Loan Amount in 2021

Appraisal Buzz

CoreLogic ’s ClosingCorp has released its second annual Refinance Closing Cost report for 2021. One of the key takeaways shows that the national average closing costs for a single-family property refinance in 2021, excluding any type of recordation or other specialty tax, was $2,375. While this is up $88, or 3.8%, from 2020’s reported amount of $2,287, it is still less than 1% of the average refinance loan amount, which was $304,909. By contrast, CoreLogic.

AI celebrates 90 years of service

Valuation Review

The Appraisal Institute (AI) is celebrating 90 years of service, and Valuation Review reached out to the organization’s president for reflection. AI believes it has served the profession of appraising well and clearly has stood the test of time. Read on to learn more fun facts about the organizatio

National Closing Costs Average $3,860

Appraisal Buzz

ClosingCorp, a provider of mortgage and closing cost data and subsidiary of CoreLogic, released its most recent Refinance Closing Cost Report for 2021 finding that the average closing cost paid across the nation for a refinance application is now up to $2,375 excluding recordation fees or taxes. This equates to an 88$, or 3.8%, increase … The post National Closing Costs Average $3,860 appeared first on theMReport.com.

Consumer Credit Increases in First Quarter

Eyes on Housing

In the first quarter of 2022, non-real estate secured consumer credit, per the Federal Reserve’s latest G.19 Consumer Credit report, grew at a seasonal adjusted annual rate of 9.7%, with revolving debt growing at 21.4% and nonrevolving at 6.1%. Total consumer credit currently stands at $4.5

CFPB Releases Advisory Opinion Educating Consumers on Fair Lending Laws

Appraisal Buzz

The Consumer Financial Protection Bureau (CFPB) has recently published an advisory opinion to affirm that the Equal Credit Opportunity Act (ECOA) bars lenders from discriminating against customers after they have received a loan, not just during the application process. The CFPB is ramping up its efforts to issue guidance and advisory opinions to assist entities … The post CFPB Releases Advisory Opinion Educating Consumers on Fair Lending Laws appeared first on DSNews.

Law 150

Suggestions for the future, lessons learned from the past

Valuation Review

For most appraisers, the past 24 months (and beyond) has been a period many would just like to put into the category of “file and forget.” But what can be taken away from the pandemic era is the chance to learn from all that went wrong. Read on for more thoughts from our panel of experts

CFPB Issues Memo to Increase Consumer Protections

Appraisal Buzz

The Consumer Financial Protection Bureau (CFPB) has recently published an advisory opinion to affirm that the Equal Credit Opportunity Act (ECOA) bars lenders from discriminating against customers after they have received a loan, not just during the application process. The CFPB is ramping up its efforts to issue guidance and advisory opinions to assist entities … The post CFPB Issues Memo to Increase Consumer Protections appeared first on theMReport.com.

Divorcing? What You Need to Know About Property Division After Divorce

D Fritz Appraisals

Know Your Rights About Splitting Property After Separation. How is a house divided in a divorce? That’s the question we’ll answer in this blog post as well as many other questions about splitting assets after separation. . Everyone feels the need to find that special someone to share their life with.

Law 105

Wesley Mortgage Names Steve Medes as New President

Appraisal Buzz

Wesley Mortgage LLC has appointed three new executives to key positions in the company. Steve Medes has joined the company as president, along with John Page, who will serve as COO, and Brian McGuinness, Wesley Mortgage’s new head of sales. The three had previously worked together at Franklin American Mortgage Co. Tennessee is more than a key market for us. It’s home,” says Chuck McDowell. Wesley Mortgage, part of entrepreneur business holdings, launched last.

MBA: Commercial/multi-family lending holds steady

Valuation Review

Total commercial and multi-family mortgage borrowing, and lending is expected to hold steady at a projected $895 billion in 2022. This is roughly in line with 2021 totals ($891 billion), according to the Mortgage Bankers Association

Consumers’ Reservations Regarding Housing Reach Lowest Point Since May 2020

Appraisal Buzz

Fannie Mae ’s Home Purchase Sentiment Index (HPSI) decreased by 4.7 points to 68.5 in April, its lowest level since May 2020, as surveyed consumers expressed heightened concerns about housing affordability and rising mortgage rates. All six of the index’s components decreased month over month, with a survey-high 76% of consumers indicating that they believe it’s a bad time to buy a home, up from 73% last month. Additionally, 73% of respondents expect mortgage rates.

Freddie Mac: Mortgage rates increasing

Valuation Review

Freddie Mac recently released the results of its Primary Mortgage Market Survey. The survey showed the 30-year fixed-rate mortgage averaged 5.11 percent

Murrysville Year 2021 in Review

Town & Country Residential Appraisals

Last year, I relocated my business to Murrysville. It has been a pleasure to provide residential valuation services in an area that has so much to offer. As many have heard, read or experienced, the real estate market in the year 2021 was crazy.

CUNA shares stance regarding FHFA’s re-proposed eligibility

Valuation Review

The Credit Union National Association CUNA Senior Director of Advocacy and Council Elizabeth Sullivan recently spoke at the Federal Housing Finance Agency and Government National Mortgage Association listening session. The discussion centered on the re-proposed eligibility requirements for both agencies

International giant opens Toronto office as it targets Canada real estate

Mortgagebroker News

The company has made a significant appointment to help propel its Canadian growth

‘Coach’ Harris advises caution

Valuation Review

In Dustin Harris’ (“The Appraiser Coach”) blog, “Caution Where Needed,” the industry veteran addresses flexibility and change. Harris also reminds appraisers to make sure enough credible information is available. Read on for more

CAN HOUSING SHORTAGE CATCH UP TO EASTSIDE DEMAND?

Will Springer Realtor

As a wave of new jobs approaches the Eastside, where are they going to live? For many, it won’t be within close distance of the area’s booming office expansion. The job numbers are staggering. Amazon alone is promising to fill 25,000 positions east of Lake Washington in the next few years.

How Is Mashvisor’s Property Finder Helping Real Estate Investors?

Mashvisor

If you want to invest in real estate to build wealth and diversify your portfolio, Mashvisor’s Property Finder will help you reach your goals. Table of Contents What Is Mashvisor?…

What is the 50/30/20 Rule for Budgeting?

BiggerPockets

If you’re not into traditional budgeting, where you place all of your spending into rigid categories, then the 50/30/20 rule might be for you. This method of financial management is […]. Personal Finance budgeting

What Is Airbnb Plus? A Short-Term Rental Investor’s Guide

Mashvisor

If you’re investing in vacation rentals, being an Airbnb Superhost is a great start. But you can level up a notch and upgrade to Airbnb Plus. Table of Contents What… Airbnb Rentals Investor Blogs Airbnb Landlord mashvisor tools Rental Management Tenants Vacation Rental