Sat.Mar 23, 2024 - Fri.Mar 29, 2024

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Mortgage rates helped by the Fed’s moderate stance

Housing Wire

Mortgage rates had a chance to break to new highs this year, but the Federal Reserve took a moderate tone at the last Fed meeting. We saw the benefit of lower mortgage rates with the last two existing home sales reports, which showed growth. Then mortgage rates rose, facilitating five weeks of negative purchase application data. As rates were hitting year-to-date highs, the fear was that the Fed would go hawkish in their March meeting, which could push mortgage rates toward 8% and tank 2024 dema

Mortgage 510
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Fannie Mae: Mortgage Rates Likely to Remain ‘Higher for Longer’

Appraisal Buzz

Mortgage rates will likely remain “higher for longer” than previously forecast, according to Fannie Mae’s Economic and Strategic Research (ESR) Group. Because the job market remains strong and inflation continues to rise faster than expected, the number of rate cuts by the Federal Reserve could be curtailed later this year. As a result, Fannie Mae has downgraded its expectations for total home sales and mortgage originations in 2024.

Mortgage 396
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Do appraisers deduct value if there are concessions?

Sacramento Appraisal Blog

It’s been a heated week of conversation in light of the NAR lawsuit, and one part that feels misunderstood or even controversial is how appraisers might handle concessions ahead. Let’s talk about it. Any thoughts? UPCOMING SPEAKING GIGS: 4/11/24 Lindsay Carlisle Event (private) 4/25/24 HomeSmart iCare Realty (details TBA) 4/26/24 Prime Real Estate (private) 5/9/24 […] The post Do appraisers deduct value if there are concessions?

Appraisal 342
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Industry seeking clarity — and change — in FHA and VA lending

Real Estate News

NAR this week sent letters asking government lending agencies to allow buyers to finance agent compensation. Thursday, it started getting answers.

Lending 353
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Keller Williams faces three lawsuits tied to its profit-sharing program 

Housing Wire

Three agents formerly affiliated with Keller Williams Realty — Jerri L. Moulder, David L. Bueker and Robert E. Hill — have taken legal action against the real estate brokerage by filing three separate class-action lawsuits, Inman first reported on Tuesday. The lawsuits contest alterations made to Keller Williams’ profit-sharing program, with one of them seeking a court order to halt further payouts until the case concludes.

Brokerage 493
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Loosening The Knot

Appraisal Buzz

Something that I like to do is to research the etymology of various words. This is essential in understanding older/historical texts, so that you can discern the usage of the word as it was intended by the author. It can be easy to merely overlay our own current usages and connotations and miss the true meaning and intent of the author’s words.

Sellers 379

More Trending

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California homeowners face another insurance company pullout

Real Estate News

State Farm, which stopped issuing new homeowner policies in the state last year, will no longer renew existing policies starting in July.

Insurance 349
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As insurance costs rise, Florida homeowners are given a new option

Housing Wire

Florida is reckoning with a severe homeowners insurance crisis. The recent surge in both the frequency and intensity of hurricanes that have battered the state has prompted numerous insurers and reinsurers to exit the market , leaving Florida homeowners grappling with skyrocketing premiums and limited coverage options. According to the Insurance Information Institute , this exodus has resulted in Florida homeowners paying an average of nearly $4,000 a year in insurance , which is nearly three ti

Insurance 483
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MBA: Homebuyer Affordability Declined in February

Appraisal Buzz

The national median payment applied for by purchase applicants increased to $2,184 in February, up 2.4% from $2,134 in January, according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI). The index measures homebuyer affordability by tracking how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey.

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Association of more than 200 MLSs blasts DOJ ‘flaws’ in Nosalek case

Inman

The Council of Multiple Listing Services, a trade group of about 225 MLSs, united with Northwest MLS on Wednesday to pen amicus briefs exposing alleged flaws in the DOJ's statement of interest.

Agents 201
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These MLSs could be on the hook for $34 million

Real Estate News

The 30 broker-owned or hybrid MLSs not covered by NAR’s settlement agreement must decide whether to pay into a settlement fund, request mediation, or fight on.

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Renters gain financial edge over homebuyers in key U.S. markets: Realtor.com

Housing Wire

As first-time homebuyers contemplate their housing options, the financial calculus between renting and owning is essential. Against the backdrop of elevated mortgage rates and soaring home prices , discerning the evolving financial dynamics between renter-friendly and buyer-friendly markets is also paramount. A report released Tuesday by Realtor.com highlights a significant disparity in costs between buying and renting a starter home across the country’s 50 largest metropolitan areas.

Marketing 462
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Mortgage Rates Decrease Slightly, Helping Some Prospective Homebuyers 

Appraisal Buzz

Mortgage rates decreased slightly this week, with the average rate for a 30-year fixed-rate mortgage falling to 6.79%, down from 6.87% last week, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago at this time, the average rate for a 30-year was 6.32%. “Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers,” says Sam Khater, chief economist for Freddie Mac, in a statement.

Mortgage 367
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Barbara Corcoran on the $418M NAR settlement: It’s ‘not a big deal’

Inman

Corcoran told Yahoo! Finance she doesn't believe the effects of the settlement will be as earth-shattering as many make them out to be, but that "the confusion it's causing is amazing.

Finance 200
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It's cheaper to rent than buy in nearly every big city

Real Estate News

A new report from Realtor.com looks at the cost gap between renting and owning and finds that many markets are now significantly more favorable to renters.

Marketing 307
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Opinion: How to win the coming mortgage refi race

Housing Wire

One of the most critical moments in any race is the very beginning. A mistake at the start can snatch away a win before the race is even underway. Any coach will tell you that springing into action the moment the shot is fired is a critical success factor for any athlete. A race is a useful analog for the mortgage business, especially as it relates to the refinance business.

Mortgage 453
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Truv Verifications Soon to be Available Through Fannie Mae’s Desktop Underwriter

Appraisal Buzz

Truv , a provider of automated employment and income verification technology for mortgage lenders, banks and credit unions, is now a conditionally authorized report supplier for mortgage lenders using Fannie Mae’s Desktop Underwriter (DU) validation service. After final approval, which is expected later this year, Truv’s consumer-permissioned platform will be able to obtain and transmit income and employment data through the DU validation service, the company says in a release.

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Moehrl attorney: Market shift after NAR settlement ‘will take time’

Inman

Robby Braun, partner at Cohen Milstein Sellers & Toll, addresses "misconceptions" about the NAR deal's impact and says Realtors who try to ignore the changes "will get left behind.

Realtors 199
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Agents Decoded: Burned out? It’s time to slow down

Real Estate News

Constantly reacting to real estate market whiplash — or industry-shaking news — takes a toll, and veteran agent Jill Leberknight suggests a different approach.

Agents 294
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Pending home sales pick up in February: NAR

Housing Wire

Pending home sales increased modestly in February despite rising mortgage rates , growing 1.6% month over month, according to the newest data released Thursday by the National Association of Realtors (NAR). NAR’s Pending Home Sales Index increased to 75.6 in February, up from 74.3 in January. On a year-over-year basis, pending sales were down 7%. For comparison, the index is benchmarked at a reading of 100 based on 2001 contract activity.

Inventory 449
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Climate Change: What it Means for the Mortgage Industry

Appraisal Buzz

In this week’s episode, host Hal Humphreys speaks with Toni Moss, CEO of AmeriCatalyst LLC and Speaker on Climate Change and its effects on the mortgage industry. Moss discusses her experience in the real estate industry, her research and findings on extreme climate conditions, and how these impact home insurance, mortgages, and real estate at large.

Mortgage 365
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Let’s debunk 7 mainstream media falsehoods, post-NAR settlement

Inman

Premier Sotheby’s International Realty President and CEO Budge Huskey corrects the record on commissions — and the potential impact of the NAR settlement on buyers, sellers and agents.

Realty 198
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KW hit with $250M lawsuit over profit sharing reductions

Real Estate News

The class action case, brought by a former Keller Williams agent, argues that the brokerage doesn’t have the right to retroactively alter the program.

Brokerage 291
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How to empower your team to spot cybersecurity risks

Housing Wire

When it comes to reducing cybersecurity risks, your team plays a crucial role. To ensure the safety of your digital assets and sensitive information, it’s important to make sure all users are well-informed about cybersecurity and receive periodic training. To reduce risks , we’ll explore why empowering your team through education and training is essential to mitigate risks and keep your business secure.

Training 449
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Long as the dog likes me…

Appraisal Buzz

The post Long as the dog likes me… appeared first on Appraisal Buzz.

Appraisal 370
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Former Keller Williams agents sue over profit share changes

Inman

One of the class-action suits seeks $250 million in damages while the other is asking the court for a preliminary injunction stopping Keller Williams from distributing profit share payments.

Agents 193
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Judge says Sitzer/Burnett will remain a class action

Real Estate News

HomeServices of America’s decertification request was denied, and the case will now shift to other post-verdict motions, including a request for a new trial.

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The Real Brokerage looks to build on 2023’s explosive growth

Housing Wire

With its supercharged growth over the past two years, it is no surprise that The Real Brokerage topped the 2024 RealTrends 500 Top Movers list for both transaction side count and sales volume. In 2023, Real recorded 48,905 sides, up 14,721 sides from 2022, and a sales volume of $21.2 billion, up $6.80 billion over the prior year. Not only were these figures good enough for the top mover spot, but Real ranked at No. 6 and No. 10 nationwide for transaction sides and sales volume, respectively.

Brokerage 450
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Moody’s Affirms Dovenmuehle’s Servicer Quality With SQ2- Rating

Appraisal Buzz

Dovenmuehle Mortgage reports that Moody’s Investors Service has affirmed its servicer quality (SQ) assessment as a servicer of prime residential mortgage loans at SQ2-. Dovenmuehle says the assessment underscores its exceptional capabilities across various key areas of mortgage servicing. “This affirmation from Moody’s reaffirms our commitment to excellence in mortgage servicing.

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Will uncertainty drive agents out? Maybe — but don’t let it be you

Inman

After the National Association of Realtor's proposed settlement, Coldwell Banker Realty President and CEO Kamini Lane offers 3 tips for agents amid commission compression chaos.

Agents 188
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KW leaders send message of calm at Open House

Real Estate News

Nothing is changing yet, and when change does come, it won’t eliminate buyer agents or cooperative compensation. ‘‘No one can force you to work for free.

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FHFA assisted nearly 44,000 troubled homeowners in Q4 2023

Housing Wire

Fannie Mae and Freddie Mac completed 43,903 foreclosure prevention actions in the fourth quarter of 2023, according to a new report published by the Federal Housing Finance Agency ( FHFA ). Over the course of 2023, the government-sponsored enterprises (GSEs) completed 192,897 foreclosure prevention actions. This brought the total to 6.905 million since the start of the GSE conservatorships in September 2008, the FHFA foreclosure prevention and refinance report showed.

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Planet Home Lending Adds Andy Insua as Regional Sales Manager, Southeast

Appraisal Buzz

Andy Insua has joined Planet Home Lending as regional sales manager for the Southeast. Insua has a diverse financial services background in consumer finance, commercial banking, and mortgage banking. He previously held roles at AmeriFirst Home Mortgage, where he led the company’s efforts to expand products and distribution to the Hispanic community across the United States.

Lending 195
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Better hiring real estate agents to originate mortgages in 26 states

Inman

As Better reports $543 million 2023 loss, CEO Vishal Garg says the company has made fundamental changes to its business model that will help it pivot to providing purchase loans to homebuyers.