Sat.Jul 23, 2022 - Fri.Jul 29, 2022

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U.S. House passes remote online notarization bill

Housing Wire

The U.S. House of Representatives passed a bill late Wednesday creating federal minimum standards, which would allow notaries nationwide to perform remote online notarizations. The legislation passed the House with a vote of 336-90. A key to advancing the universal adoption of fully electronic mortgages is the creation of remote online notarization (RON) standards across all 50 states.

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Spiking housing supply & fewer buyers

Sacramento Appraisal Blog

Finally. We’ve seen a massive change with housing inventory. But is it because sellers are rushing to list their homes? Nope. That’s not the culprit. Let’s talk about supply and some things on my mind about today’s market. UPCOMING (PUBLIC) SPEAKING GIGS: 7/26/22 Navigating the Shift (sign up here (for real estate community)) 8/11/22 Realtist […].

Buyers 391
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Non-QM Wholesale Lender Emporium TPO Using OptifNow for CRM, Marketing Automation

Appraisal Buzz

Emporium TPO , a non-QM wholesale lender headed by mortgage banking veterans Steve Nadon and Daniel Goodwin, is now using OptifiNow as its CRM and marketing automation and CRM platform. Emporium TPO chose OptifiNow because of its extensive experience with wholesale mortgage lending and the level of support they provide their clients. The lender has goals to grow quickly by hiring the right people and using technology that is functional but cost-effective.

Marketing 369
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Less Isn’t Always More

The Appraiser Coach

I’ve been asked how much should be filled out on site during a mobile appraisal. I know there’s a lot of ways out there to do this; there are almost. Read More.

Appraisal 370
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Housing inventory nationwide rises for the first time in years

Housing Wire

Fast-rising home prices and interest rates coupled with a slipping economy helped to cool the nation’s housing market in June leading to a nearly 2% increase in the number of homes on the market. That marks the first month since July 2019 (pre-pandemic) that housing inventory increased year over year. The home-inventory bump dovetails with other data indicating the nation’s housing market lost some steam this past month, according to a June housing-market report from Seattle-based Redfin.

Inventory 453
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Tips for Moving Out of State: Here’s What You Need to Know for Your Big Move

Cleveland Appraisal Blog

In recent years, with the advent of remote work, many are moving to different states. This week, I welcome back guest writer June Duncan who shares some tips for those planning on moving out of state. Enjoy! If you’re moving out of state, you can be sure that it will probably be a big adjustment to have to get used to. Moreover, it’ll probably be a big change to wrap your head around because you’ll probably be moving somewhere very different from where you are right now in terms of l

Appraisal 342

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Why Price Indexing?

George Dell

Market-specific price indexing is powerful and underused! It improves accuracy and precision of appraisals. It enables an objective market analysis. It forms a natural path from traditional, judgment-based appraisal to informative, evidence-based professional analyses. Best of all, it enables a sense of pride in appraisal work, while making it more fun!

Appraisal 195
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The Fed admits the economy is slowing

Housing Wire

The Federal Reserve hiked rates 0.75% on Wednesday, which was mostly expected by market participants before the announcement. The question is, will the Fed keep aggressively hiking rates if the economic data worsens? I say this because I’ve raised all but one of my six recession red flags. I need to wait for one more report to officially raise the last flag, but it is certain to happen in August.

Marketing 420
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Housing Demand Flattens as 1st-Time Buyers Retreat

Eyes on Housing

The share of adults planning a home purchase within a year stood at 13% in the second quarter of 2022, unchanged from the previous quarter, but lower than a year earlier (17%). The leveled reading suggests that, after shrinking for the past three quarters, the pool of potential home buyers may have stabilized. Part of the reason housing demand has.

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ACE + PDR: What does this mean to you, and what’s the future for appraisal data collection?

Appraisal Buzz

Freddie Mac’s ACE+ PDR has taken effect – how are appraisers going to be impacted? Join us for our upcoming free webinar on July 28 th at 2 pm ET, “ ACE + PDR: What does this mean to you, and what’s the future for appraisal data collection? ” and learn all about this new GSE change with our hosts Joshua Walitt, industry analyst and consultant, and Eric Tsai, co-founder of Asteroom.

Appraisal 360
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Appraisers Should Voluntarily Follow ANSI for Desktops

Appraiserblogs

Can someone explain how we should voluntarily follow ANSI standard on desktop appraisals? Appraisers, Fannie Mae has released a new FAQ document to help you understand how to implement and adhere to their ANSI measuring and reporting requirement. See the PDF document below or here. Normally these documents are informative and provide good information.

Appraisal 128
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DOJ, CFPB announce $24M redlining settlement with Trident Mortgage

Housing Wire

The Department of Justice and the Consumer Financial Protection Bureau are taking the fight to non-bank mortgage lenders for redlining. The two agencies revealed their new strategy to rein in mortgage discrimination on Wednesday, with a $24.4 million consent order, stemming from a referral the CFPB made in November 2020. It’s the DOJ’s second- largest mortgage redlining settlement ever, and its first against a non-bank mortgage lender.

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Some Buyers Turning to New Construction

Eyes on Housing

After falling steadily for five quarters, the popularity of new homes rebounded in the second quarter of 2022, as 21% of prospective buyers reported looking for a newly-built home – up from 19% a quarter earlier. A possible reason for this pivot is the recent growth in the inventory of new homes for-sale, while the supply of existing homes on.

Buyers 170
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New Home Sales Plunged in June on Higher Mortgage Rates and Lack of Affordability

Appraisal Buzz

New home sales plunged in June as higher mortgage rates and lack of affordability dampened buyer demand. In addition, production slowed on lower builder confidence. New home sales were at a seasonally adjusted annual rate of 590,000, a decrease of 8.1% compared with May and down 17.4% compared with June 2021, according to estimates from the U.S. Census Bureau and the U.S.

Mortgage 335
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TAF Charging for Misleading Classes

Appraiserblogs

From the organization that brought you the bat-s**t crazy letter and the chickenshit letter, they are charging for classes that are misleading. ASC just sent a letter to state appraiser regulatory officials pointing out that the USPAP update course is factually inaccurate and puts appraisers in legal jeopardy if they follow it. Letter From Jim Park, Director ASC to State Appraiser Regulatory Officials: 2022-2023 7-Hour National USPAP Update Course The letter references findings and recommendatio

Legal 122
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Opinion: The end of seller speculation in US housing market

Housing Wire

A few months ago, the United States housing market failed Econ 101. Table 1, below, reports the 10 hottest U.S. metropolitan areas in February 2022, based on year-over-year growth in median listing price according to the residential real estate listing website, Realtor.com. The table also reports the year-over-year percent change in new listings for each market.

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Share of New Home Sales Backed by FHA Loans Reaches 14-Year Low

Eyes on Housing

NAHB analysis of the most recent Quarterly Sales by Price and Financing published by the U.S. Census Bureau reveals that the four-quarter moving average (MA) share of new home sales financed through FHA was 11.0% in Q2 2022–its smallest share since early 2008. Conventional loans financed 74.8% of new home sales in the second quarter of 2022—a 1.8 percentage point quarter-over-quarter decline.

Finance 171
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Guild Mortgage Launches Loan Program That Uses Alternative Credit Data Including Rent

Appraisal Buzz

Guild Mortgage has launched a new loan program that evaluates borrower eligibility using residual income analysis and rent payment history. Guild’s Complete Rate program, powered by FormFree , offers an alternative method to measure credit risk for borrowers, the company says in a release. Those with no credit score or credit history can opt-in to the program for a free assessment.

Mortgage 369
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The Tide is Turning- July Newsletter

DW Slater Company

Here in Texas, we are dealing with a heat wave and drought, reminiscent of the 1980 heat wave. Our power grid and ERCOT (the power grid regulating entity) have been challenged and I found myself checking their real-time grid that tracks the supply and demand of power. As appraisers, we are finding ways to stay cool while working in this heat. The heat can be dangerous and unbearable at times, making me appreciate the works of William Carrier!

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Purchase mortgage rates fall same week as Fed’s rate hike

Housing Wire

Purchase mortgage rates dropped after climbing for two consecutive weeks, reflecting declining consumer confidence and an emerging “technical recession,” amid a higher interest rate environment. Purchase mortgage rates declined this week to average 5.30%, down from last week’s 5.54%, according to the latest PMMS survey from Freddie Mac.

Mortgage 381
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Employment Situation in June: State-Level Analysis

Eyes on Housing

Nonfarm payroll employment increased in 38 states in June compared to the previous month while 11 states and the District of Columbia lost jobs. Rhode Island reported no change. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 372,000 in June, following a gain of 384,000 jobs in May. On a month-over-month basis, employment data.

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Case-Shiller: Home Price Growth Decelerated in May

Appraisal Buzz

Although the rate of growth is slowing, U.S. home prices continued to rise in May, increasing 1.0% on an adjusted basis compared with April and up 19.7% compare with May 2021, according to the S&P Corelogic Case-Shiller home price index. The index’s 10-city composite – measuring home price growth in the ten largest U.S. cities – posted an increase of 1.3% in May compared with April, while the 20-city composite posted an increase of.

Appraisal 195
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Elevating the MedSpa Experience for Your Clients with GoFormz

GoForrmz

Modernize your medical spa with digital forms A medical spa is not your typical day spa. Medspas blend the best of both worlds – the tranquility of a spa with the expertise of a licensed physician. Like a traditional spa, facials, massages, and more are offered at a medspa. But medspas also offer specialized treatments that are usually only found at a medical clinic.

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Mr. Cooper’s Q2 profits down 77% from previous quarter

Housing Wire

Nonbank mortgage lender and servicer Mr. Cooper Group reported a net income of $151 million in the second quarter of 2022, a staggering 77% reduction in profits compared with the $658 million it recorded during the previous quarter. The Dallas-based company’s performance reflects gains with mortgage servicing rights (MSR), which offset lower profitability related to originations, according to quarterly earnings released Wednesday.

Business 381
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Inflation Causes Real Disposable Income to Slip in June

Eyes on Housing

The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.6% in June, making its ninth monthly increase in the past 12 months. Gains in personal income are largely driven by increases in compensation of employees and proprietors’ income. Real disposable income, income remaining after adjusted for taxes and inflation, decreased 0.3% in.

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The Appraisal World is changing, as is UAD and the URAR

Appraisal Buzz

There has been a lot of talk about the Uniform Appraisal Dataset (UAD) and Uniform Residential Appraisal Report (URAR) redesign initiative, and how it will make life easier for appraisers. What exactly does this mean? The mortgage appraisal forms we use today were designed in 2005 using technology and mortgage processes in place at the time. Consider all the technological advances since 2005: Apple released the iPhone, the first touchscreen smartphone Social networking.

Appraisal 195
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3 Ways GoFormz Can Support Your Nutrition Business

GoForrmz

Discover how digital forms can help your nutrition business work smarter. Whether it’s diet plans, nutritional documentation, or client records, nutritionists are constantly updating patient data with updated information. Accurate and up-to-date client information is crucial for nutrition teams, making real-time access to data arguably the most important aspect of a digital documentation solution for dietician’s.

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Guild Mortgage loan program replaces credit score review with payment history

Housing Wire

Guild Mortgage rolled out a new program, aimed at first-time homebuyers, which will accept rental payment records and residual income history in place of credit scores. If the borrowers’ report from financial tech company FormFree , which provides the rental payment history and residual income analysis, shows consistent payment records, the borrowers may qualify to receive a lower interest rate and lower fees, according to a statement from Guild Mortgage.

Mortgage 370
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The Second Quarter of Negative Growth: A Recession?

Eyes on Housing

The U.S. economy definitively slowed in the first half of 2022 as the Federal Reserve tightened financial conditions. Real GDP fell for the second straight quarter, while the Fed raised interest rates by 75 basis points for the second consecutive month to reduce inflation pressure. Despite these negative elements, the job market remained solid amid inflation concerns and growing recession.

Marketing 155
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Three Mortgage Companies Partner with Figure on HELOC Products

Appraisal Buzz

Three mortgage companies are signing on as white label partners for home equity line of credit (HELOC) offerings with Figure , a provider of home equity financing technology. Guaranteed Rate, Homebridge and Synergy One have partnered with Figure to leverage Figure’s HELOC technology to create a branded product for their customers in 41 states and Washington, D.C.

Mortgage 195
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Are Buyers In The Driver’s Seat Now?

Birmingham Appraisal

Do Buyers Have a Leg Up In Today’s Market? The smell of a market shift is in the air but what does this mean for the average buyer? Over the past two years, buyers have been put through the wringer. The steep rise in home prices, and the market’s competitive nature, have tested the resolve of buyers. If they didn’t lose out on a contract for the home of their dreams they had to bid the price up way over the list price to even get the attention of sellers who have had an edge in

Buyers 88
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Cost cutting is the top priority for mortgage lenders

Housing Wire

As mortgage origination volume continues to fall from the heights of the pandemic-spurred boom, many lenders see cost-cutting as their top priority this year. About 39% of 210 senior mortgage executives representing 189 lending institutions said cost-cutting was the most important agenda item, the first time that has happened since 2017, according to Fannie Mae ‘s mortgage lender sentiment survey.

Mortgage 381
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Federal Reserve Raises by 75 Basis Points and Notes Slowing Economy

Eyes on Housing

Continuing its tightening of financial conditions to bring the rate of inflation lower, the Federal Reserve’s monetary policy committee raised the federal funds target rate by 75 basis points, increasing that target to an upper bound of 2.5%. This move matches the June rate hike as the largest increase for the funds rate since 1994. While committing to a policy.

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J.D. Power Survey Finds Many Customers Lack Trust in Servicers

Appraisal Buzz

According to the redesigned J.D. Power 2022 U.S. Mortgage Servicer Satisfaction Study released today, customer satisfaction suffers when there is a lack of trust in the servicer. As a recession seems increasingly likely and mortgage loan delinquencies are on the rise, customers want to be assured their mortgage servicers are on their side. “Mortgage servicing … The post J.D.

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