Sat.Apr 13, 2024 - Fri.Apr 19, 2024

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GSEs will not count buyer agent commissions as IPCs

Housing Wire

Fannie Mae and Freddie Mac will not count buyer’s agent commissions as part of their allowable interested party contributions (IPCs), according to announcements from the government-sponsored enterprises (GSEs) on Monday. The GSEs noted that this guidance was not an update to their selling guides but a clarification on the treatment of seller-paid real estate agent fees.

Buyers 527
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From Forms to Reports: A Look at the UAD Overhaul

Appraisal Buzz

By now, most appraisers are aware that Fannie Mae and Freddie Mac (GSEs) have embarked on a complete overhaul of the Uniform Appraisal Dataset (UAD). UAD originated in 2010 and since then we appraisers are accustomed to using codes like “C4,” “N;Res,” and “1200sf0sfin” in our mortgage appraisal reports to communicate the results of our analysis. These codes, or language, make sense to appraisers but confuse uninitiated readers of our reports.

Appraisal 397
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Strong opinions about the housing market

Sacramento Appraisal Blog

Everyone is entitled to an opinion, but I find some people sounding off about housing seem disconnected from the actual market. I want to talk about that below and share some trends. Skim by topic or digest slowly. UPCOMING SPEAKING GIGS: 4/25/24 HomeSmart iCare Realty (details TBA) 4/26/24 Prime Real Estate (private) 5/9/24 Empire Home […] The post Strong opinions about the housing market first appeared on Sacramento Appraisal Blog.

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Why is housing supply so low? Blame local zoning

Real Estate News

Two U.S. senators are pushing for policy changes that would reduce “exclusionary” zoning regulations and promote local development.

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Powell makes it clear: No rate cuts anytime soon

Housing Wire

Today, Federal Reserve Chairman Jerome Powell made statements at the Washington Forum that indicate there will be no rate cuts anytime soon because the economy and the labor market are too strong with sticky inflation. This is a change from previous statements where the Fed talked about the rate cuts it expected to make this year — although that timeframe has changed several times.

Retail 492
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A Vision for the Future

Appraisal Buzz

This week on the Appraisal Buzzcast, host Hal Humphreys interviews Kelly Davids, President of The Appraisal Foundation. Davids discusses her background in the industry and how it led to her new role as president. What is her vision for the future of the industry? How can we all get involved with The Appraisal Foundation? What are some of the initiatives they are launching in the near future?

Appraisal 370

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Top portal rivals show mutual support for buyer agency

Real Estate News

This week, Zillow CEO Rich Barton praised Realtor.com CEO Damian Eales’ latest push to educate homebuyers about changes coming to the industry.

Buyers 299
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Why are existing home prices rising when sales are still so low?

Housing Wire

Existing home sales fell in today’s report , which isn’t surprising, but one headline that shocked some people was that home prices are still up year over year, even with higher inventory and higher mortgage rates. From NAR : The median existing home price for all housing types in March was $393,500, an increase of 4.8% from the previous year ($375,300).

Inventory 483
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LenderLogix Data Shows Increase in Home Buying Activity in Q1

Appraisal Buzz

LenderLogix , a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, has released its first-quarter Homebuyer Intelligence Report, a summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process during the first quarter.

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Most Home Buyers Want One, Medium-Sized Home Office

Eyes on Housing

According to the latest What Home Buyers Really Want Study*, the vast majority of home buyers are looking for a home with at least one home office (or space dedicated to work/study). More specifically, 66% would prefer to buy a home with exactly one home office, 13% want at least two offices, and 20% want.

Buyers 217
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What agents and brokers can — and can’t — do under new MLS rules

Real Estate News

Bright MLS legal counsel Brian Schneider explained the ins and outs of the NAR settlement rule changes. Here’s what real estate professionals need to know.

Legal 293
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CertifID and Old Republic partner to prevent fraud

Housing Wire

Wire fraud prevention firm CertifID and big four title firm Old Republic have entered into a strategic agreement to prevent mortgage payoff fraud , according to an announcement on Thursday. Mortgage payoff fraud occurs when a title company mistakenly sends payoff funds to a fraudulent bank account after receiving wire instructions that appear to be from the mortgage servicer.

Insurance 464
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MBA: Mortgage Applications Increased Last Week Despite Rising Rates

Appraisal Buzz

Mortgage application volume increased 3.3% during the week ended April 12, driven mainly by a 5% increase is purchase applications, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Compared with the same week one year ago, applications for purchases were up 6%. Applications for refinances increased 0.5% compared with the previous week and were up 11% compared with the same week one year ago.

Mortgage 361
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Highest Paid Occupations in Construction in 2023

Eyes on Housing

Half of payroll workers in construction earn more than $58,500 and the top 25% make at least $79,450, according to the latest May 2023 Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) and analysis by the National Association of Home Builders (NAHB). In comparison, the U.S. median wage is $48,060, while the top.

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Commissions, steering and the MLS: Myths and realities

Real Estate News

During a livestream presentation, Bright MLS’s chief economist highlighted some of the most misunderstood topics or mistaken beliefs about real estate.

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Prices for luxury homes soared in the first quarter 

Housing Wire

Luxury home prices in the U.S. surged by 8.7% year over year in the first quarter of 2024, with the median price hitting a record $1.225 million, according to data from Redfin. In comparison, prices for non-luxury homes rose by 4.6% to a median of $345,000, which is also a record high. Redfin defined luxury homes as those estimated to be in the top 5% of their metro area based on market value, while non-luxury homes are those with estimated values in the 35th to 65th percentile.

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Average Rate for 30-Year Crosses 7 Percent for First Time in 2024

Appraisal Buzz

The average rate for a 30-year fixed-rate mortgage increased to 7.10% this week, up from 6.88% 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 6.39%. “The 30-year fixed-rate mortgage surpassed 7 percent for the first time this year, jumping from 6.88 percent to 7.10 percent this week,” says Sam Khater, chief economist for Freddie Mac, in a statement.

Mortgage 221
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Industry gets some clarity on mortgage commission rules

Inman

Fannie, Freddie and FHA say sellers can continue to pay the buyer's agent's commission. But it remains to be seen if buyers will be allowed to finance their agent's commission into their mortgage.

Mortgage 189
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Major homebuilder objects to commissions settlement process

Real Estate News

PulteGroup, which potentially has thousands of claims as a seller, raised concerns about “needless and time-consuming” paperwork and lack of transparency.

Sellers 280
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U.S. Treasury’s financial crimes network warns of elder exploitation

Housing Wire

The Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury , is sounding the alarm over challenges faced by elder financial exploitation (EFE). In a newly released trends report, FinCEN highlighted more than $27 billion worth of “suspicious activity” across more than 155,000 filings of Bank Secrecy Act (BSA) data with FinCEN between June 15, 2022 and June 15, 2023.

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FormFree Enhances Passport Wallet

Appraisal Buzz

FormFree has enhanced its Passport Wallet solution by adding a new user interface that makes it easier for consumers to understand their ability to pay and match with lenders. Based on user feedback, more than 10 screens have been removed, resulting in a smoother and more efficient user journey. This enhancement is expected to increase the completion rate by consumers, reducing instances of app abandonment and ensuring a higher generation of Qualified Borrower Medallions, the company says in a r

Finance 195
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AJ Canaria Creative Services joins LeadingRE Solutions Group

Inman

Global real estate network Leading Real Companies of the World (LeadingRE) has added photography services provider AJ Canaria Creative Services to its Solutions Group, a family of industry vendors it champions to its 550 members.

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Inventory is way up in Florida — but prices are still rising

Real Estate News

Active listings are back to pre-pandemic levels, but home prices — and home insurance costs — keep going up, creating a tough market for buyers and sellers.

Inventory 268
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As a ‘higher-for-longer’ rate scenario unfolds, how is the mortgage industry adapting?

Housing Wire

Last week’s above-consensus inflation figures brought the mortgage market back to a sour reality: The average 30-year fixed mortgage rate, an index closely watched by industry experts, may be close to or even above the 7% level for longer than previously expected. If this scenario unfolds, analysts and executives will be ready to update their baseline expectations for 2024, including fewer refinance and purchase loans than previously forecast.

Mortgage 449
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Mortgage Bankers Association Taps Alicia Goncalves as Director of Associate Membership

Appraisal Buzz

Alicia Goncalves, CMB, has joined the Mortgage Bankers Association (MBA) as director of associate membership. Before joining MBA, Goncalves served as senior customer success manager at fintech company, nCinco, Inc. Prior to that, she held ascending roles in lending at Norcom Mortgage, most recently as assistant vice president, assistant operations manager.

Mortgage 195
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Luxury home prices have reached new heights: Redfin

Inman

With a recent boost to inventory and steady demand for high-end properties, luxury homeowners are ready to cash out on existing homes and use their cash power to buy a new home, fueling price growth.

Inventory 180
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Mortgage interest rates soar above 7%, reaching new 2024 high

Real Estate News

No rate relief is expected soon, and home prices are also setting records this spring, suppressing existing home sales.

Mortgage 310
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Nearly half of loans processed in Q1 showed fraud risks: FundingShield

Housing Wire

Nearly half (48%) of a $65 billion portfolio of loans processed during the first quarter of 2024 contained vulnerabilities to wire and title fraud , according to a report released Wednesday by FundingShield. The portfolio of loans examined included residential, commercial investor and business purpose loans. On loans that exhibited problems, the analysis found an average of 2.22 issues, which FundingShield says indicates a lack of appropriate controls by closing agents and lenders to identify an

Insurance 441
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Protected: RSDS APPRAISAL DIVERSITY ANNOUNCES NATIONWIDE HIRING OF W-2 STAFF APPRAISERS

Appraisal Buzz

This content is password protected. To view it please enter your password below: Password: The post Protected: RSDS APPRAISAL DIVERSITY ANNOUNCES NATIONWIDE HIRING OF W-2 STAFF APPRAISERS appeared first on Appraisal Buzz.

Appraisal 195
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Existing-home sales drop in March as high rates stun homebuyers

Inman

Existing-home sales retreated 4.3 percent between February and March to a seasonally adjusted annual rate of 4.19 million, according to data released Thursday by the National Association of Realtors.

Realtors 177
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Commissions won't count against limits, Fannie and Freddie say

Real Estate News

The federal finance giants clarified their policies, confirming that buyer agent compensation won't be applied to concession limits.

Finance 289
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G-Rate sued for gender discrimination, sexual harassment, unpaid comp

Housing Wire

A former loan officer at Guaranteed Rate (G-Rate) has sued the lender and two managers for allegedly discriminating against her on the basis of gender, failing to compensate her equally to male coworkers with similar performance and subjecting her to sexual harassment. In response, the lender said it’s conducting a detailed investigation into the claims.

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MBA: Commercial Mortgage Delinquency Rates Basically Flat in Q1

Appraisal Buzz

Overall, delinquency rates for commercial mortgages were flat during the first quarter compared with the second quarter, but loans backed by office properties continued to see a rise in delinquencies, according to the Mortgage Bankers Association. “While overall delinquencies remained flat, the delinquency rate for loans backed by office properties rose again during the first three months of this year,” says Jamie Woodwell, head of commercial real estate research for the MBA, in a statement.

Mortgage 195
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7 strategies to turn today’s bad economic news into more deals

Inman

Frustrated and anxious about economic conditions? Trainer Bernice Ross writes that, instead of waiting for change, agents can move forward with confidence by following these strategies.

Agents 173