Sat.Jun 18, 2022 - Fri.Jun 24, 2022

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The savagely unhealthy housing market is now a nightmare

Housing Wire

The housing nightmare continues. The National Association of Realtors (NAR) reported that existing home sales for April came in at 5.41 million , down 3.4% from the previous month and 8.6% from last year. But, the savagely unhealthy data line was that home prices are up 14.8%. Now that we are almost in July, we can safely say the premise that once mortgage rates hit 4%, the mass panic selling of American homeowners who need to get out at all costs, driving total inventory up in the millions, has

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A spike in listings & sitting on the market

Sacramento Appraisal Blog

The pile of listings is growing, and it’s taking longer to sell. That’s what so many housing markets across the country are experiencing right now. We’re on the cusp of seeing some real change in the stats over the next few months. Here are some things on my mind. Anything to add? Why have we […].

Marketing 463
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The Impact of New Technology in the Appraisal Industry

Appraisal Buzz

[link]. Today’s Buzzcast interview is with Jeff Allen, President of Cubicasa and Nikki Rinkus, Staff appraiser from Clario. We sat down with Jeff, Nikki, and Joan Trice, Founder of Allterra Group, LLC, to discuss new technology and what appraisers need to know about the future of appraisals and technology. What are some examples of new technology in the appraisal industry?

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What It Takes to Be An Expert Appraisal Witness in An Eminent Domain Case

Cleveland Appraisal Blog

Hello everyone! I normally don’t post more than one article per week. This week I have a bonus article for my appraisal colleagues who are interested in becoming expert appraisal witnesses in eminent domain cases. This article was written by Leslie Fields, the Executive Director, Owner’s Counsel of America. I hope you enjoy her article! Appraising property in an eminent domain case requires unique expertise and skills.

Appraisal 309
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Opinion: Title insurance is vital to protecting the American dream

Housing Wire

As someone who spent a career in the title insurance industry – both as a builder of a title business and leader of the industry’s trade group, — I am proud of the role we play in helping to protect what most Americans consider the biggest purchase of their lives. Title insurance is imperative for lenders to ensure the borrower has ownership rights to a property, but it doesn’t just protect against problems affecting title.

Insurance 506
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Can EBV Eliminate Appraisal Bias?

George Dell

Yes, personal bias in appraisals can be eliminated. The appraisal ‘process’, in its current standard, is “loose.” It is not internally biased either way. But it is vulnerable to systemic human and analytic bias. It enables and conceals bias. It is vulnerable to attack — as being “too high” or “too low,” depending on the […]. The post Can EBV Eliminate Appraisal Bias?

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7 Home Security Tips for Spring & Summer

Cleveland Appraisal Blog

Hello! I hope your spring has been fantastic! It’s hard to believe that we are nearly to summer! This week I welcome back guest blogger Betty White with some tips on home security for the spring and summer months. Enjoy! Alt-tag: Home that is safe and secured for the spring. As spring brings longer and warmer days, people like to spend more time outdoors.

Appraisal 221
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JPMorgan Chase starts to cut mortgage jobs

Housing Wire

JPMorgan Chase , the nation’s largest bank, has started a workforce reduction of its mortgage lending business this week after having been struck by a tightening monetary policy that drove mortgage rates to over 6%. “Our staffing decision this week was a result of cyclical changes in the mortgage market ,” a spokeswoman for JPMorgan wrote in a statement on Wednesday.

Mortgage 498
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Where is Your Focus?

The Appraiser Coach

While getting ready for a big trip with my wife, I found myself in my home office working some odd hours. I was in the zone, cruising through my to-do. Read More.

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Black Knight: Mortgage Delinquency, Foreclosure Numbers Show Improvement

Appraisal Buzz

Black Knight Inc. has unveiled a “first look” at May 2022 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. The total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) was 2.75% with a month-over-month change of -1.93% and a year-over-year change of -41.96%.

Mortgage 195
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How Can Appraisers Dress in This Heat?

DW Slater Company

It’s summer and in some parts of the country it is getting very hot! Here in North Texas we have been in a heat wave , that seems to have no end in sight. Every day this week heat advisories have been issued and it can be challenging to be out in it. In a previous post about how to dress, I discussed the importance of dressing professionally and practically.

Appraisal 195
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UWM drops rates 50 to 100 basis points in bid for brokers

Housing Wire

United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, wants to beat rival lenders by offering competitive pricing to brokers, a move designed to navigate a shrinking mortgage market with compressed margins. UWM dropped rates by 50 to 100 basis points across all loan types, the company said in a release. The new program follows UWM’s two-month price-match trial that ends June 30.

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Existing Home Sales Slow Again While Prices Surge

Eyes on Housing

As rising mortgage rates and higher home prices continued to price out homebuyers, existing home sales declined for four consecutive months, according to the National Association of Realtors (NAR). However, the trend in home price appreciation continued as supply remained tight. The median existing home prices in May surpassed $400,000, the highest level on record since 1999.

Realtors 171
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The Week Ahead: Finding Balance Within Housing Inventory

Appraisal Buzz

In a battle for the nation’s limited housing stock, a panel of experts take to Capitol Hill to discuss SFR investors and their impact on the current marketplace. The post The Week Ahead: Finding Balance Within Housing Inventory appeared first on DSNews. The post The Week Ahead: Finding Balance Within Housing Inventory appeared first on Appraisal Buzz.

Inventory 195
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Protect Yourself Against Racial Bias Claims

Appraiserblogs

Free webinar on how to protect yourself against discrimination claims on 6/30/22, and today there will be a forum on “Racial Bias in the Home Appraisal Process”… OREP is sponsoring a free webinar on how to protect yourself and your business against discrimination claims. Leading trial attorney Craig Capilla has handled nearly 1,000 appraiser cases in his career and has been on the frontlines defending appraisers from lawsuits, state board complaints, and now, HUD Fair Housing (Discrimination) co

Legal 124
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PIMCO-backed FGMC lays off most staffers

Housing Wire

Mortgage lender First Guaranty Mortgage Corporation cut about 80% of its workforce on Friday and has stopped accepting new mortgage applications, HousingWire has learned. Former employees said the lender has “essentially shuttered.” According to two former FGMC employees, the company on Friday laid off around 500 employees without severance payment, meaning only 100 staffers remain. .

Retail 414
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One in Three Workers in Construction Is Hispanic

Eyes on Housing

Hispanics are an important source of labor in the U.S. construction industry, where skilled labor shortage is a long-term issue. One in three workers in the US construction industry is Hispanic. The latest labor force statistics from the 2021 Current Population Survey show that Non-Hispanic Whites account for the majority of workers in the construction industry (59%).Hispanics make up close.

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Demand for Vacation Homes Returns to Pre-Pandemic Norms

Appraisal Buzz

Vacation homes became all the rage early in the pandemic, with demand peaking at 90% above normal levels in March 2021. But today, the apparent demand for second properties or vacation homes has fallen to “normal” levels, or at least to the level it was at before the pandemic, as demand is now down by 4% compared … The post Demand for Vacation Homes Returns to Pre-Pandemic Norms appeared first on DSNews.

Appraisal 195
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Appraisers Should Bristle

Appraiserblogs

Stealthy vice again masquerades as public virtue. The head of yet another government-subsidized nonprofit was found funneling cash to cronies while raking in obscene compensation. The nation’s long-suffering appraisers will recognize the pattern in a porcine publisher they are forced to frequently slop as frenzied Beltway porkers go whole-hog on the swill.

Appraisal 121
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Flagstar reports data breach affecting 1.5 million clients

Housing Wire

Hackers stole the personal information of 1,547,169 clients of Michigan-based Flagstar Bank in December, according to a document sent by the financial institution to the Office of the Maine Attorney General. The cyberattack occurred on Dec. 3 and Dec. 4, 2021, but the company discovered it on June 2, 2022, the document shows. The external data breach resulted in hackers accessing customers’ social security numbers. .

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Employment Situation in May: State-Level Analysis

Eyes on Housing

Nonfarm payroll employment increased in 32 states and the District of Columbia in May compared to the previous month while 18 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 390,000 in May, following a gain of 436,000 jobs in April. On a month-over-month basis, employment data was strong in Texas, which.

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U.S. Records 19k Foreclosure Starts in May

Appraisal Buzz

Black Knight Inc. has released a “first look” the latest iteration of its Mortgage Monitor Report for May 2022, which looks at delinquency and foreclosure rates across the U.S. According to Black Knight, the national delinquency rate fell to 2.75% in May, continuing a downward trend that has materialized over the last few months. The … The post U.S.

Appraisal 195
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Corelogic Take on Appraisal Overvaluation

Appraiserblogs

The results of this 2021 white paper: Appraisal overvaluation: Evidence of price adjustment bias in sales Comparisons co-authored by Frank Nothaft are pretty interesting. At first glance, I get the CoreLogic evil empire stuff, but step back and take it all in. Here’s the abstract. Home appraisal came under scrutiny for contributing to the home-price bubble and enabling the origination of risky mortgages that led to the post-2006 foreclosure crisis.

Appraisal 102
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Mortgage stocks are getting battered – what happens next? 

Housing Wire

The stock market has not been kind to mortgage lenders – some are now trading in the $1-a-share range. In a one-week period between June 10 and June 17, 11 publicly traded mortgage companies lost a collective $6.14 billion in market capitalization. As investors fled the space, their valuations declined 17.4% to $29 billion in aggregate, according to a HousingWire analysis of stock data.

Mortgage 393
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6 TED Talks Every Real Estate Agent Should Watch

McKissock

Being a real estate agent can be really hard. It consists of long days, fickle clients, failed closings, and so much more. But it’s also highly rewarding. Finding a client the perfect home or selling a property for a family desperate to move—not to mention the financial rewards that come with being a great agent—all feel wonderful. Still, when times are tough, it helps to have a source of motivation, inspiration, and insight.

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Must-Do Strategies for Appraisers to Compete in Today’s World

Appraisal Buzz

Change is a part of life, and that is certainly evident in the appraisal industry. Statistics tell us that the average appraiser is between the ages of 55 and 60 years old, and no doubt, they’ve seen technology reshape the industry since their early days in the field. Regardless of your age, you can expect to experience changes that will continue to affect how you work.

Appraisal 195
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[Webinar] Join Our Quarterly 'Office Hours'

GoForrmz

Join us for our first ever GoFormz Quarterly Office Hours , July 19th at 11:00 AM PT Next month we’ll be hosting our first ever GoFormz Quarterly Office Hours, a live webinar showcasing product improvements and releases from the past six months. Along with discussing these updates, we’ll also be giving you an exclusive sneak peek at our feature roadmap and will be holding a Q&A session with the GoFormz team.

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Will Realtors ever go extinct?

Housing Wire

In 1997, when I first entered this business, “disintermediation” was a hot topic. Property listings had just gone online. Expedia had launched the previous year and was already upending the travel business. Many believed Realtors were next. At the time, there were 716,000 Realtors in America. Today, there are 1,563,000 Realtors in America. Whoops. An asymmetrical fight for the future.

Realtors 393
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2 of 3 Fla. Homes on Market Less than 30 Days

Empire Appraisal Group

2 of 3 Fla. Homes on Market Less than 30 Days. By Erica Plemmons. Florida Realtors economist : In 1Q 2022, half of new Fla. listings went under contract in 12 days – but look beyond that one statistic to see the shift in market speed. ORLANDO, Fla –Florida Realtors market metrics – such as closed sales, median sale price and active inventory – summarize what’s happening in your market.

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Mortgage Markets CUSO Using Mortgage Coach

Appraisal Buzz

Mortgage Markets CUSO is now using Mortgage Coach to increase mortgage lending engagement at the credit unions it serves. A subsidiary of Connecticut-based Finex Credit Union, Mortgage Markets CUSO is a credit union service organization that was founded in 2003 to fulfill credit unions’ need for modern, friendly mortgage lending outsourcing. To date, Mortgage Markets CUSO’s mortgage lending services are relied on by 15-plus U.S. credit unions including Connecticut State Employees Credit Union an

Mortgage 195
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Make Your Voice Heard with the New GoFormz Feature Request Portal

GoForrmz

Let us know which new features you’d like to see within GoFormz Delivering exceptional customer experiences should be at the top of every company’s priority list. At GoFormz, we take this task seriously and are always looking for ways to engage with our customers. This week we are excited to launch the new Feature Request Portal , which will provide a centralized place to provide ideas, feedback, and receive status updates for our users.

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Ginnie Mae extends some COVID-19 policies

Housing Wire

Ginnie Mae announced last week that it is extending certain pandemic-era policies, including delinquency reporting exemptions. Delinquency reporting exemptions were set to expire at the end of July, but Ginnie Mae said issuers now have until Jan. 31, 2023. It also said that alternative audit procedures will be accepted until it’s “practicable for issuers.”.

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Where Does Water Frontage End?

McKissock

Does your subject property really front on the water? You might remember a case that made national news some time back involving a six-foot-high pink stockade fence erected between several houses and a small lake (actually just a large retention pond). Purchasers of the homes in what was a brand-new subdivision chose those specific lots and paid extra for them, not only because they backed up to the water, which afforded access and a view of the pond, but also because they avoided neighbors back

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Inhabet Offers Mortgage Lenders Compliant DIY Property Valuations 

Appraisal Buzz

Equity Valuation Partners (EVP), a provider of home value services, valuation tools and property value data for the real estate industry, has launched Inhabet , a one-stop platform that empowers lenders to generate their own compliant estimate of value for residential and commercial real estate (CRE) properties. Because the demand for home valuations far exceeds the supply of appraisers, many lenders are experiencing delays in closing real estate transactions.

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