Sat.Nov 28, 2020 - Fri.Dec 04, 2020

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Even with low inventory, expect a strong 2021 housing market

Housing Wire

Even prior to the pandemic , housing inventory had hit record lows, and the problem has only gotten worse as demand continues to rise. Total home sales are outpacing new listings by a wide margin every month, and real estate tech company Homesnap foresees the shortage continuing in 2021 unless more sellers enter the market. The divide between supply and demand is striking: compared to last year, total new listings increased.22%, while total sales increased 19.29%.

Inventory 546
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What New Appraisal Specialty Do You Wish to Break Into?

McKissock

Developing an appraisal specialty is a great way to grow your business and stay competitive in the industry. Last month we asked our appraisal community, “What new appraisal specialty or niche would you like to break into?” Below, we share the results regarding which specialty areas appraisers are most interested in pursuing. The top three answers were review appraisal, commercial appraisal, and green home appraisal.

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Understanding the Texas Ratio

Property Metrics

The retail banking system operates on a fundamental promise between the bank and the customer. The customer opens an account and deposits money in it with the expectation that the bank will continue to stay in business and that the funds will be available for withdrawal when needed. But, history tells us that this isn’t always the case. Throughout history, there is a long list of notable bank failures, the largest of which occurred in 2008 when Washington Mutual collapsed with $307 billion in a

Tenants 53
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The housing market outlook for 2021

Housing Wire

There is no place like home. The nature of the crisis this year and headed into 2021 because of the ongoing COVID-19 pandemic has emphasized that fact. Even though we love our family members, we all need our space. Housing demand continues to remain quite strong for those fortunate enough to work in industries that are currently shielded from job loss, while also being more amenable to remote work.

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The downside of the hot 2020 housing market: rapid home-price growth

Housing Wire

Demand for housing was strong in early 2020, before the COVID-19 crisis hit. Mandated shut-down measures and the fear of what COVID would do to our economy temporarily immobilized the housing market, evinced by nine weeks of declines in the weekly purchase applications data on a year-over-year basis. Then it was as if the Housing Demographic God exerted her chronokinetic powers to snap demand back to pre-COVID levels of growth.

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Rising home prices take a toll on pending home sales

Housing Wire

U.S pending home sales fell 1.1% in October – the second consecutive month the index has fallen as affordability strains the market, a recent report from the National Association of Realtors said. However, borrowers are still maintaining a strong pace, as contract signings are up 20.2% compared to a year ago. According to Joel Kan, the Mortgage Bankers Associations assistant vice president of economic and industry forecasting, that robust year-over-year improvement in activity is a sign the mark

Inventory 532

More Trending

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CoreLogic projects low mortgage rates and high prices into 2023

Housing Wire

CoreLogic released its final three-year housing and mortgage outlook report for the year on Thursday, and if numbers hold up, the data company predicts 2021 will maintain its unprecedented sales and record low mortgage rates as the economy continues to recover. CoreLogic chief economist Frank Nothaft said in a podcast on Friday that the term “unprecedented” best describes 2020.

Mortgage 506
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Mortgage rates fall to new record low at 2.71%

Housing Wire

The average U.S. mortgage rate for a 30-year fixed loan fell one basis point this week to 2.71%, Freddie Mac said in a report on Thursday – the lowest rate in the survey’s near 50-year history. This week’s rate broke the previous record set on Nov. 19. The average fixed rate for a 15-year mortgage also fell last week to 2.26% from 2.28%. With this week’s record drop, there have now been 18 consecutive weeks when average mortgage rates have been below 3%.

Mortgage 498
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COVID-19 remains “wildcard” in 2021 housing market

Housing Wire

As 2020 comes to an end, realtor.com ’s economists believe that the housing inventory shortage won’t be as dire in 2021. However, it all depends on the course the COVID-19 pandemic takes. Additional lockdowns and quarantines due to COVID-19 could put a dent in housing inventory and sales, potentially slowing down the market and putting increased pressure on buyers, the forecast said.

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UWM now offering ultra-low mortgage rates on FHA loans

Housing Wire

Ahead of its initial public offering slated for mid-December, United Wholesale Mortgage is offering mortgage rates below 2% on FHA loans through its Conquest Program. UWM, the second-largest lender in the country, is offering rates between 1.99% and 2.5% on FHA loans, the company announced in a statement on Wednesday. The rates will be available on FHA purchase mortgages, FHA rate and term refinances, and FHA streamline refinances.

Mortgage 471
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Why are sellers sitting on the housing market sidelines?

Housing Wire

For-sale inventory is at record lows. According to the latest Census data, there’s just a 3.6-month supply of homes nationally — the third-lowest figure on record. Construction is starting to pick up, so that should help alleviate things in the housing market. But existing homes? Those are another story. It begs the question: why aren’t homeowners selling ?

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What’s next for Rocket Pro TPO?

Housing Wire

HousingWire recently spoke with Austin Niemiec, executive vice president of Rocket Pro TPO, about how the company plans to build off its recent rebrand and how its “We’ll figure it out” approach helped it continue to support broker partners throughout 2020. HousingWire: How has the Rocket Pro TPO rebrand impacted the company as a whole?

Training 471
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Knock Home Swap expands presence in Florida market

Housing Wire

Knock ’s Home Swap solution is now available in three new markets in Florida: Homeowners in Miami, Fort Lauderdale and West Palm Beach can buy their next home before selling their current one. Knock entered the Florida market in October. Late last month, Knock’s Home Swap launched in Charlotte and Raleigh, North Carolina. Now, the solution is available in 14 markets in the U.S., with plans to expand to 21 markets by mid-2021.

Marketing 404
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The Mortgage Collaborative launches emerging technology fund

Housing Wire

The Mortgage Collaborative, an independent cooperative network in the mortgage industry, today announced the launch of TMC Emerging Technology Fund LP, a venture capital program funded by a self-selected segment of TMC members to capture opportunities driven by the rapid pace of technological change in the mortgage sector. Inspired by member suggestions during a CEO Roundtable session last year, the fund will pool member resources to level the playing field with the largest lenders in the mortga

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Haus economist on pandemic’s impact on housing market in 2021

Housing Wire

Ralph McLaughlin Haus Chief Economist and SVP of Analytics. This is the first installment of our economist Q&A series of the top housing market forecasts for 2021. Every Tuesday in December in the HW+ Slack channel, HousingWire will be hosting a Q&A with a different economist to dig into their predictions for the upcoming year. To kick off the series, HousingWire Interviewed Haus Chief Economist and Senior Vice President of Analytics Ralph McLaughlin on his predictions for the year ahead

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iBuyer purchase volume sank 82% YoY in Q3

Housing Wire

iBuyer purchase volumes were significantly lower during the third quarter this year than they were pre-pandemic, according to zavvie ‘s inaugural Seller Preference Report. In Q3, iBuyer purchases dropped 82% year over year. Zillow , Redfin , Offerpad and Opendoor all paused respective iBuying practices in March, citing COVID-19 concerns. The report said that collectively, iBuyers have been purchasing homes at an average 95.5% of market value across all markets since then.

Sellers 422
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Online notarizations usher in era of trusted transactions

Housing Wire

A simple, ancient practice, one that often goes unnoticed despite the critical role it plays in the lives of millions of Americans, is getting modernized. Another ancient practice — resistance to change — is raising some misplaced worries about the safety and security of these needed improvements. We’re talking about online notarizations. Over a billion documents are notarized each year — you probably know the drill.

Law 402
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How 2020 raised the stakes for the mortgage industry

Housing Wire

Prior to 2020, the mantra around the mortgage industry going back to 2016 was that launching a new “digital experience” was the equivalent to table stakes in poker. If you wanted to do business with millennials, the emerging core of the home buying customer base, at a bare minimum engaging the consumer in a mobile-friendly, online experience was required just to get a seat at the table.

Mortgage 395
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Why CAR campaigned for California’s Proposition 19

Housing Wire

The passage of Proposition 19 in California — which will generate wildfire relief funds while providing tax breaks for senior citizens — was a victory for the California Association of Realtors , which lobbied for its passage and put real dollars behind the effort. The bill is expected to add $2 billion to California’s coffers annually, and homeowners with disabilities, seniors looking to move for health reasons, and empty nesters looking to downsize could receive property tax breaks when

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Fannie and Freddie need “significant capital” to leave conservatorship, Mnuchin says

Housing Wire

In a hearing before the House Financial Services Committee Wednesday, Treasury Secretary Steven Mnuchin said no definite plans have been made for the future of Fannie Mae and Freddie Mac , but discussed the idea that they could be released from conservatorship before their full capital levels are reached. In its Final Capital Rule released in November, the Federal Housing Finance Agency set the capital requirements for the government sponsored enterprises’ tier 1 capital in excess of 4% to

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Average IMB made over $5,500 in profit per loan in Q3

Housing Wire

Independent mortgage banks (IMB) and mortgage subsidiaries of chartered banks saw an average net gain of $5,535 on each loan they originated in the third quarter of 2020, up dramatically from the $4,548 in profit-per loan they recorded just a quarter prior, according to a new report from the Mortgage Bankers Association. “With the surge in mortgage production volume in the third quarter, net production profits among independent mortgage bankers increased, surpassing 200 basis points for the firs

Mortgage 382
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Holiday week sees drop in mortgage applications

Housing Wire

The Mortgage Bankers Association reported that applications dropped 0.6% during the week ending Nov. 27 in its latest weekly survey. The refinance index decreased as well, down 5% from the previous week but up 102% over last year’s totals from the same week. The seasonally adjusted purchase index did increase – up 9% from one week earlier – while the unadjusted purchase index decreased 28% compared with the previous week.

Mortgage 340
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Flagstar Bank to back trio of mortgage-tech startups

Housing Wire

Flagstar Bank and the FinTech Consortium revealed that fintech startups Home Lending Pal , Stavvy and Real Key are the latest initiates to the companies’ ongoing MortgageTech Accelerator program. This marks the second round of startups to participate in the program since its launch in September 2019 – originally as an initiative by Flagstar to guide late-stage mortgage tech startups in an effort to evaluate the viability of future investments and partnerships.

Mortgage 302
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2020 HW Tech Trendsetter: Lindsay Bhandari

Housing Wire

Lindsay Bhandari, Vice President, Capital Markets and Treasury Technology Management Fannie Mae. Lindsay Bhandari is a strategic problem solver with a proven history of delivering high-value, complex technology solutions that align business and technology goals. Bhandari knows how to connect people and technology – driving a culture of empowerment where each person has a voice and space to innovate – and ensures the organization is meeting its strategic goals.

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2020 HW Tech Trendsetter: Paul Anastos

Housing Wire

Paul Anastos, CEO, Chief Innovation Officer Gateless, Guaranteed Rate. Paul Anastos has been on the forefront of innovation within the housing industry for over a decade, specializing in developing technology solutions and transforming businesses into industry powerhouses. Anastos has worked with some of the biggest names in the mortgage industry and is now CEO of Gateless, an independent company formed by Guaranteed Rate that serves as a laboratory of cutting-edge technology for the entire indu

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2020 HW Tech Trendsetter: Jeff Allen

Housing Wire

Jeff Allen, Executive Vice President, Innovation Labs , Clear Capital. Jeff Allen brings more than 15 years of real estate valuation, data and analytics experience to the Clear Capital executive leadership team. Now leading Clear Capital’s mortgage collateral modernization programs, Allen is reimagining and re-engineering how home valuations are manufactured and partnering with major lenders and GSEs to bring greater efficiency and speed to the consumer.

Valuation 325
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2020 HW Tech Trendsetter: Brent Chandler

Housing Wire

Brent Chandler, Founder and CEO, FormFree. As Brent Chandler leads six-time HousingWire Tech100 honoree FormFree, he continues to drive industry innovation by leveraging blockchain infrastructure to give consumers and lenders better access to real-time ability to pay information. Chandler started FormFree from his basement and grew it into the company it is today.

Lending 259
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Finance of America reports record third quarter as it gears up for IPO

Housing Wire

Blackstone Group -controlled Finance of America posted record margins and originations in the third quarter , ahead of its public offering via a blank check company in 2021. Finance of America , which operates through retail, wholesale and correspondent channels, reported $242 million in income during the third quarter, a 66% increase from the second quarter.

Finance 242
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Increase in COVID cases holding back employment numbers

Housing Wire

Economic activity curtailed by the rising COVID-19 cases moderated the decline of U.S unemployment in November as the rate fell just.1% from October to 6.8%, the Labor Department said on Friday. With nearly 400,000 people making up that.1% drop, the department estimates that 10.7 million Americans are still unemployed, according to the Household Survey Data.

Retail 216
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2020 HW Tech Trendsetter: Paul Akinmade

Housing Wire

Paul Akinmade, Chief Strategy Officer, CMG Financial. Paul Akinmade joined CMG Financial in 2016 to lead the expansion of the company’s marketing department ahead of a major staffing initiative. Within four years, Akinmade and his team have built a robust, automated marketing platform, which is driven by investment in technology, to give retail loan officers a competitive edge.

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HousingWire’s Tech100 nominations open for 2021

Housing Wire

Is your company revolutionizing the housing industry through new and innovative technologies? Then the Tech100 awards are for you. HousingWire Tech100 Awards recognize the most innovative and impactful companies in the mortgage and real estate markets. For the second year in a row, nominations and awards will be broken up into two categories: mortgage and real estate.

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2020 HW Tech Trendsetter: Mark Birschbach

Housing Wire

Mark Birschbach, Senior Vice President, Strategic Business, Innovation and Technology National Association of Realtors. Mark Birschback and his team seek to drive innovation in the residential and commercial real estate markets and benefits to the National Association of Realtors’ members through strategic relationships with a broad range of business and technology players.

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2020 HW Tech Trendsetter: Lori Brewer

Housing Wire

Lori Brewer, Founder and CEO, LBA Ware. LBA Ware founder and CEO Lori Brewer is an accomplished entrepreneur and technology leader, having dedicated her career to developing innovative business process optimization tools for mortgage lenders. She conceptualized and built CompenSafe, a mortgage-specific incentive compensation management platform, and has gone on to release LimeGear, a turnkey business intelligence platform for mortgage lenders.

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2020 HW Tech Trendsetter: Samir Agarwal

Housing Wire

Samir Agarwal, Vice President and Segment Leader, GRC Community Banking , Wolters Kluwer. Samir Agarwal has more than 20 years of experience at an executive level. He is a strategic financial services leader who delivers exceptional results. At Wolters Kluwer, Agarwal has tapped his extensive banking product development experience to create a group of offerings that assist local and regional banks to more effectively scale their operations and processes in support of their consumer-facing offeri