Sat.Mar 30, 2024 - Fri.Apr 05, 2024

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Barr: Fed is taking ‘thoughtful approach’ to Basel III rules

Housing Wire

Federal Reserve vice chair for supervision Michael Barr said the central bank is taking “a very thoughtful approach” to the Basel III rules (aka the Basel endgame), which would significantly increase bank capital requirements and, if implemented, affect the mortgage industry. “We gave the public extra time to comment on the rule because it was really complex.

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Homeowners Have Zero Incentive to Upsize in This Current Housing Market  

Appraisal Buzz

With mortgage rates now well above 6.5% and home prices rising to all-time highs due to lack of inventory, first-time homebuyers are getting discouraged by declining affordability. But this lack of affordability is just as much of a downer for homeowners looking to upsize. According to ICE Mortgage Technology’s Mortgage Monitor report , a homeowner looking to move to a home that is 25% more expensive would see their mortgage payments increase by an average of $1,384 per month, or 103%.

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Adding too many ADUs gets awkward

Sacramento Appraisal Blog

It’s nice to see so many accessory dwelling units lately, but is there such a thing as too many? Well, maybe according to Fannie Mae. Let’s talk about this. 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 Empire Home Loans (details TBA) 5/15/24 […] The post Adding too many ADUs gets awkward first appeared on Sacramento Appraisal Blog.

Realty 350
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DOJ can reopen its investigation into NAR, appeals court rules

Real Estate News

Ruling could lead to further changes in industry practices by allowing the Department of Justice to revisit an antitrust case originally settled in 2020.

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The labor report gives the Fed a clear pathway to land the plane

Housing Wire

Today’s jobs report beat estimates , but the internals show the labor market is softening, as the Federal Reserve wants. The data shows that wage growth is cooling down and the job opening quits rate is below pre-COVID-19 levels. This bodes well for those hoping to see a soft landing, and for those hoping for lower mortgage rates. The 10-year yield has had a wild ride today, but now is an excellent time to look at my macro take on the labor market and explain what the Fed is looking for wi

Marketing 475
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Veros: Low Inventory Will Continue to Boost Home Prices Through 2024 

Appraisal Buzz

U.S. home prices are forecast to increase 2.9% over the next 12 months, according to Veros Real Estate Solutions quarterly VeroFORECAST report. This is an upward revision from last quarter’s forecast of 2.4%. Driving the increase is low housing inventory and resilient demand despite elevated mortgage rates, the firm says. Rates are expected to hover above 6.5% throughout 2024 due to inflation exceeding the Federal Reserve’s 2% target and a strong labor market, although displaying some signs of s

Inventory 284

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Northeast and Midwest markets are still sizzling hot

Real Estate News

The regions continue to see significant price growth and elevated buyer activity, but national price growth is expected to slow this year as supply increases.

Marketing 291
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Ginnie Mae warns issuer partners about faster prepayments

Housing Wire

Ginnie Mae this week issued a public notice to its issuer partners warning of an observation of higher prepayments in some of its mortgage-backed securities (MBS) programs, reminding issuers that a violation of its requirements could result in punitive action. In a prior All Participants Memorandum (APM) issued in December 2017 , Ginnie Mae described how it monitors prepayments in its MBS programs.

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ACES: Mortgage Defect Rate Continued to Fall in Q3

Appraisal Buzz

The rate of defects in mortgages post-closing fell to 1.67% in the third quarter of 2023, according to ACES’ Q3 2023 Mortgage QC Trends Report. That’s a decrease of 2.91% compared with the second quarter of 2023. It was the fourth consecutive quarter that the rate of defects decreased – the result of low mortgage origination volume. Defects in the Credit and Income/Employment categories decreased significantly, while defects in the Liabilities category increased.

Mortgage 195
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USPAP Fallacies Foibles and Violations? Pt1

George Dell

The USPAP (Appraisal Standards) publication starts with a self-telling paragraph titled: “ABOUT THE APPRAISAL FOUNDATION.” This paragraph presents the Appraisal Foundation’s self-claimed place as “the nation’s foremost authority on the valuation profession.” This “foremost” claim immediately places it in contention with other governmental and professional standards.

Valuation 150
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James Dwiggins: Industry innovator, podcast provocateur

Real Estate News

The CEO of NextHome, founder of Rayse and co-host of an “unfiltered’ podcast isn’t shy about sharing his thoughts on the agent value prop, tech and NAR.

Agents 294
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Opinion: No benefit to home sellers is worth sacrificing first-time homebuyers

Housing Wire

The recent settlement involving the National Association of Realtors and major real estate firms revolves around the practice of “broker cooperation,” where agents representing sellers share commissions with agents representing buyers. Proponents of the lawsuits argue that this customary practice inflates commissions , and believe that buyers and sellers should pay their agent representation separately.

Sellers 464
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Another Stellar Jobs Report Fuels the Fed’s Reluctance to Cut Rates

Appraisal Buzz

Roughly 303,000 jobs were added to the U.S. economy in March – above expectations and far higher than the average monthly gain of 231,000 over the prior 12 months – while the unemployment rate remained flat at 3.8%, according to the U.S. Bureau of Labor Statistics. The highest job gains occurred in health care, government, and construction. About 6.4 million people were unemployed as of the end of the month – basically flat compared with February.

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Agents brace for impact: A future with more unrepresented buyers

Inman

Some think the National Association of Realtors' $418 million settlement will prompt more homebuyers to transact without agents. Inman asked industry professionals how they'll handle that situation.

Agents 184
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Price cuts hit a five-year high

Real Estate News

There are more green shoots for would-be home buyers this spring as inventory grows to its highest point since 2020, according to Realtor.com’s monthly report.

Inventory 274
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Weekly active inventory growth still too slow

Housing Wire

The best housing story in 2024 is that inventory is growing — both active inventory and new listings. With mortgage rates at the current levels, inventory is still below my expectations, but it’s still such a positive story that I had to discuss it on CNBC last week. As we head into April, let’s see where we’re at on the Inventory side as are officially into spring.

Inventory 467
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Mortgage Rates Inched Up Slightly This Week With 30-Year Still Hovering Around 6.80 Percent 

Appraisal Buzz

Mortgage rates continued to hold steady this week, with the average rate for a 30-year fixed-rate mortgage rising slightly to 6.82%, up from 6.79% 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 6.28%. “Mortgage rates showed little movement again this week, hovering around 6.8 percent,” says Sam Khater, chief economist for Freddie Mac, in a statement.

Mortgage 195
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The NAR settlement would bring ‘significant benefits’ to buyers: CFA

Inman

That includes benefits for first-time homebuyers, who might be better served by inexperienced agents. However, some benefits require changes from mortgage lenders, consumer watchdog says.

Buyers 180
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eXp Realty promotes Leo Pareja to CEO

Real Estate News

The brokerage giant announced that its chief strategy officer will assume the CEO role, taking over from founder and eXp World Holdings CEO Glenn Sanford.

Realty 256
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UWM sued over ‘corrupt’ scheme with brokers to steer loans

Housing Wire

Top U.S. mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. The wholesale lender called the accusations a “sham.” The lawsuit was filed on Tuesday in a Michigan district court by Therisa D. Escue, Billy R.

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Xactus Hires Thomas Gallucci as EVP, Strategic Sales

Appraisal Buzz

Thomas Gallucci has joined Xactus , a provider of borrower verification solutions for the mortgage industry, as executive vice president, strategic sales. Gallucci has nearly 20 years of financial services and mortgage industry experience, fostering business relationships and leading sales efforts. Prior to joining Xactus, he served as senior vice president, business development at The Mortgage Collaborative (TMC), where he was responsible for managing the team that supported TMC’s 70+ preferred

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Play the long game when it comes to luxury real estate

Inman

Luxury agent and new Inman contributor Beckie Nielsen offers insight on making client service more personal, more meaningful and, ultimately, more effective.

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A resurgence of first-time buyers, and a look at agent pay

Real Estate News

NAR’s annual generational trends report examines buyer and seller characteristics and dives into their needs — and how they compensate agents.

Buyers 252
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Midwest housing markets good for first-time homebuyers: Zillow

Housing Wire

The number of first-time homebuyers made up 32% of all buyers in 2023, according to a report released by the National Association of Realtors. Millennials comprised 75% of this demographic, with older millennials and Generation X (ages 44 to 58) accounting for 44% and 24% of first-time buyers. Against that backdrop, Zillow identified prime markets for first-time homebuyers , and half of them were nestled in the Midwest.

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MMI Taps Ryan Minard as Senior Sales Engineer

Appraisal Buzz

Ryan Minard is the new senior sales engineer for Mobility Market Intelligence (MMI), offering data intelligence and market insight tools for the mortgage and real estate industries. Minard previously served as a sales engineer for ICE Mortgage Technology’s Surefire CRM platform, which was included in the company’s 2023 acquisition of Black Knight. He also held the position of director of customer growth at Surefire until Black Knight’s acquisition of the platform in 2021.

Clients 195
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Outdoor Features & a Laundry Room Among Most Wanted Features

Eyes on Housing

The two most wanted features in a home are a laundry room and a patio, according to NAHB’s latest study on buyer preferences—What Home Buyers Really Want Study*. Buyers in the study were given a list of 200+ features of the home and the community and asked to rate each one on a consistent scale.

Buyers 170
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Compass acquires longtime New Orleans independent Latter & Blum

Real Estate News

The acquisition of the century-old firm and its 3,100 agents could give Compass an edge in the NOLA and greater Gulf Coast market.

Agents 262
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Houston must return $45M in unused affordable housing funds

Housing Wire

Despite recent data indicating a poor affordable housing situation in Texas , the city of Houston must return $45 million in unused affordable housing funds to the state after failing to use them for construction of new homes. This is according to local reporting by a Houston ABC News affiliate. Primarily allocated to the city following Hurricane Harvey in 2017 through a recovery program administered by the state via federal funds , the city aimed to use the money to purchase three lots on which

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Learn from the Past, Succeed in the Future

Appraisal Buzz

In this week’s episode, host Hal Humphreys interviews our guest Marty Wagar, President of Wagar & Associates and Instructor at Appraiser eLearning. Marty tell us about his unique history in the industry, why his first class with AeL is on Supporting Land Value, and why this class is so valuable to appraisers. His other class focuses on appraisal in the secondary mortgage market.

Appraisal 195
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Leo Pareja tapped as eXp Realty’s new CEO, relieving Glenn Sanford

Inman

Pareja, who joined eXp Realty in 2022, previously served as its chief strategy officer. Founder Glenn Sanford will remain with the firm as CEO of parent company eXp World Holdings.

Realty 161
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Keller Williams hit with another telemarketing class-action

Real Estate News

After reaching a $40 million settlement in a separate case a year ago, the brokerage faces new allegations of sending unsolicited text messages.

Brokerage 245
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Zillow or CoStar? NAR settlement terms could determine a winner

Housing Wire

Real estate listing giants Zillow and CoStar are currently embattled in a fight for listing portal supremacy. The battle began heating up in September 2023 when CoStar’s residential real estate platform Homes.com surpassed 100 million unique monthly visitors, becoming the second most popular listing portal behind Zillow. CoStar announced last month that monthly traffic at Homes.com surpassed 149 million unique visitors in February, inching closing to the 194 million unique monthly visitors that

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MBA: Mortgage Applications Decreased Slightly Last Week Despite Dip in Rates

Appraisal Buzz

Mortgage application volume shrank 0.6% during the week ended March 29, as the average rate for a 30-year fixed-rate mortgage dipped to 6.91%, down slightly from 6.93% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances decreased 2% compared with the previous week and were down 5% compared with the same week one year ago.

Mortgage 195
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‘Force of nature’: Friends and agents celebrate Jennifer Berman

Inman

The LA luxury powerhouse passed away peacefully in her home on Tuesday. Industry professionals shared with Inman the many ways in which Berman touched their lives.

Agents 170