Housing Wire
MARCH 24, 2022
The one-two punch of higher mortgage rates and escalating home prices reduced homebuyers ’ ability to buy homes in February. The trend is also likely to worsen in the coming months. The national median monthly mortgage payment settled in loan applications increased 8.3%, from $1,526 in January to $1,653 in February, according to a survey published Thursday by the Mortgage Bankers Association.
Sacramento Appraisal Blog
MARCH 21, 2022
I have a few things on my mind today. Let’s talk about square footage rules changing, crazy gas prices, and recession buzz. 1) NEW SQUARE FOOTAGE STANDARDS FOR APPRAISERS: If you didn’t know, Fannie Mae is adopting some changes with the way appraisers measure square footage (pdf). In short, as of April 1, 2022, appraisers […].
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Appraisal Buzz
MARCH 21, 2022
Now that the GSEs have approved desktop valuations for purchase, appraisers need a way to collect trustworthy, verifiable data while also submitting floor plans on reports! Join us for our upcoming webinar on March 22 nd at 2 pm, “ Appraiser-Controlled Desktop and Remote Valuations ” with Mark Walser and Lisa Ratzke! Learn about all of the features in RemoteVal – a free inspection app for appraisers.
Cleveland Appraisal Blog
MARCH 19, 2022
Greetings! The spring selling season is upon us. If you’re planning on selling your home, you’re probably going to have open houses so that you can let buyers see for themselves the wonderful features of your home. How can you get the most impact from an open house? This week, I welcome back guest blogger Penny Martin. In this article, she shares some tips that you might find useful!
Housing Wire
MARCH 24, 2022
The rollercoaster is still climbing. Mortgage rates are approaching 4.5%, a level economists forecasted would not be reached until the tail end of 2022. And there’s good reason to believe mortgage rates will be in the 5% range before too long. According to data from Freddie Mac ‘s PMMS survey, mortgage rates on the traditional 30-year fixed-rate mortgage jumped 26 basis points to 4.42% this week, with increases across all loan types.
George Dell
MARCH 23, 2022
AVMs (Automated Valuation Models) are often touted as something appraisers should understand and do more of. This is a problem of words. “AVM” is not descriptive of a formula to calculate value. It is an industry. Each company in the industry does use algorithms, formulas, and calculations to predict (estimate) value. The use of the […]. The post AVMs, Algorithms, and Models?
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The Appraiser Coach
MARCH 22, 2022
We are all creatures of habit. We tend to eat the same foods, take the same way to work, and tie our shoes the same way every time. Often, we. Read More.
Housing Wire
MARCH 25, 2022
Home Mortgage Disclosure Act (HMDA) data, released Thursday by the Consumer Financial Protection Bureau, showed a reshuffle in the top 10 lenders by volume for 2021. According to an analysis of the HMDA data by Polygon Research application HMDAVision, the top 10 lenders by volume are: Rocket Mortgage United Wholesale Mortgage Wells Fargo LoanDepot JPMorgan Chase New Residential Investment Corp.
Eyes on Housing
MARCH 22, 2022
Among first-time home buyers, a laundry room ranked as the most popular of the more than 200 home and community features listed in the recent NAHB study, What Home Buyers Really Want, 2021 Edition. The study is based on a nationwide survey of 3,247 recent and prospective home buyers, including 541 who bought, or were about to buy, their first.
Appraisal Buzz
MARCH 24, 2022
The Market Composite Index, a measure of mortgage loan application volume, decreased 8.1% on a seasonally adjusted basis from one week earlier, according to data from the Mortgage Bankers Association ‘s (MBA) Weekly Mortgage Applications Survey for the week ending March 18, 2022. On an unadjusted basis, the Index decreased 8% compared with the previous week.
JMV Lending
MARCH 23, 2022
I lived in the same neighborhood for over 20 years and did hundreds of loans within the area – so I knew every nuance of the area. As a former appraiser and armed with my extensive neighborhood knowledge, I was often shocked by how wrong Zillow’s estimates were. Here are some of the things Zillow […]. The post #1 Factor Zillow Estimates Get The Most Wrong (Why We Need Appraisers) appeared first on JVM Lending.
Housing Wire
MARCH 22, 2022
Nonbanks and mortgage subsidiaries of chartered banks reported grim profitability figures in the fourth quarter of 2021, when costs reached a new high and margins fell to the lowest level since early 2019. And most industry observers think it will only get worse in the next few quarters. . Net gains in Q4 declined to $1,099 on each loan originated, compared to $2,594 in the previous quarter, according to a report published by the Mortgage Bankers Association (MBA) on Thursday.
Eyes on Housing
MARCH 21, 2022
NAHB analysis of the Census Bureau’s quarterly tax data shows that $672.5 billion in taxes were paid by property owners in the four quarters ending Q4 2021 (not seasonally adjusted), a 1.0% quarterly increase.[1] Four-quarter property tax revenues declined 0.6% in Q3 2021, the second such decrease since 2012. Property taxes accounted for 36.2% of state and local tax receipts, a 0.8.
Appraisal Buzz
MARCH 24, 2022
On March 23, 2022, the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released a report entitled “Action Plan to Advance Property Appraisal and Valuation Equity.” The 58-page report is available here , while an Executive Summary of the report is also available. Pages 5 and 6 of the report set forth 21 recommendations, termed “Agency Actions to Advance Valuation Equity.
GoForrmz
MARCH 22, 2022
Join the digital transformation movement and reap the benefits of enhanced professionalism, elevated data collection, and significant time and cost savings From job applications to rental applications, application forms can be found across every industry. While paper-based forms must be manually completed and delivered, digital and online application forms can be accessed, completed, and processed anywhere, anytime – even while offline!
Housing Wire
MARCH 25, 2022
A rule making its way through the New York Senate could significantly shorten the time allotted for a lender to initiate a foreclosure action. This may have ramifications on all lenders operating in the state of New York. A bill, dubbed the Foreclosure Abuse Prevention Act, sponsored by James Sanders Jr. (D) from the 10th Senate District, stipulates that once a lender has initiated a foreclosure action and accelerated the loan, they only have six years to complete a foreclosure.
Eyes on Housing
MARCH 25, 2022
Much like other home buyers, those buying their first homes rate double sinks and walk-in pantries as the most popular of 30 kitchen features listed in the recent NAHB study, What Home Buyers Really Want, 2021 Edition. In the study, first-time (and other) home buyers rated over 200 home features—including 30 in the kitchen—on the following, four-tier scale (which emphasizes.
Appraisal Buzz
MARCH 23, 2022
Fannie Mae has announced the execution of its second and third Credit Insurance Risk Transfer (CIRT) transactions of 2022. As part of Fannie Mae’s ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market, CIRT 2022-2 and CIRT 2022-3 together transferred $1.8 billion of mortgage credit risk to … The post CIRT Transfers Nearly $2B of Mortgage Credit Risk To Insurers appeared first on DSNews.
Appraiserblogs
MARCH 21, 2022
The other agencies, Freddie Mac, HUD/FHA, USDA, ONAP, VA have NOT (yet) adopted this ANSI measuring protocol. Appraisers, an appraiser I know sent an email to the VA asking if VA was going to require appraisers to adhere to the ANSI Z765-2021 Measuring Standard as of April 1, 2022. The appraiser received an ‘unofficial’ response back from a person within the VA connected to processing appraisals, which said: “The short answer is, no.
Housing Wire
MARCH 24, 2022
The HousingWire award spotlight series highlights the individuals who have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s Marketing Leaders award are now open through Friday, March 25, 2022. Click here to nominate someone you know — it can even be you! Consumer habits and expectations shifted dramatically as the pandemic took hold two years ago, affecting the way every industry approaches its customer experience.
GoForrmz
MARCH 21, 2022
Jumpstart employee productivity with mobile and online forms The amount of time spent on projects can be significantly reduced by implementing digital solutions to boost productivity and efficiency amongst your employees. Manual labor hours spent processing and storing paper forms is inefficient and time-consuming. Focusing on mundane tasks like data entry can leave your team frustrated and overwhelmed.
Appraisal Buzz
MARCH 23, 2022
The level of commercial/multifamily mortgage debt outstanding during the final three months of 2021 was $287 billion (7.4%) higher than at the end of 2020, according to the Mortgage Bankers Association ‘s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report. MBA’s report found that total mortgage debt outstanding rose by 2.9% ($116.0 billion) in fourth-quarter 2021.
Appraiserblogs
MARCH 24, 2022
Appraisers historically have been sold bogus franchises, software, and other magic solutions. Only $199.95 — Push the enchanted ‘calculate’ button and get ‘correct’ adjustments. Sounds good. It is nice to think that for this small charge, I can save hours and get the right, fully mathematical solution to an adjustment amount. It will be wonderful! I have seen this marketing plan work many times.
Housing Wire
MARCH 25, 2022
California-based Pennymac Financial Services will lay off more than two hundred employees in the coming months, according to notices sent to the state’s Employment Development Department on March 7. Pink slips will arrive for 236 employees at six different offices in five California cities, with the expected date of separation on May 6, the Worker Adjustment Retraining Notifications show.
GoForrmz
MARCH 23, 2022
Document automation that will transform your small business Having a small business means that your team has to wear many hats. Relying on your team for mundane administrative tasks (like the filing, storage, and processing of paper documents) is an inefficient use of their time. Paper forms leave your team bogged down with manual data entry which can lead to inaccurate reporting.
Appraisal Buzz
MARCH 23, 2022
Freddie Mac announced that Wendell Chambliss, a 20-year veteran of the company, has been appointed Senior VP and Chief Diversity and Inclusion Officer (CDIO). In this newly created role, Chambliss will be responsible for programs and initiatives to bring greater diversity, equity, and inclusion (DEI) to the company and housing industry. He will serve as … The post Wendell Chambliss Named Senior VP and CDIO appeared first on DSNews.
Riverfront Appraisals
MARCH 25, 2022
Have you ever listed a home and during your listing appointment, the homeowner mentioned a previous appraisal? Maybe they kept impeccable records and had the appraisal from when they bought the home, as well as a refinance appraisal from two years ago. Which one should you use? What’s the difference between the two? Read on […]. The post The Realtor’s Guide to Appraisals Part 4: The Difference Between a Purchase & Refinance Appraisal appeared first on Riverfront Appraisals.
Housing Wire
MARCH 24, 2022
The Federal Housing Administration insured thousands of mortgages in 2020 without the mandatory flood insurance coverage. The potential loss on these loans could amount to $1.5 billion, an audit released this week by the Department of Housing and Urban Development Office of Inspector General found. According to the watchdog, at least 31,500 FHA-insured loans insured did not have the required National Flood Insurance Program coverage.
Hank Miller Team
MARCH 21, 2022
It’s hard to find a housing market not presently on fire, Atlanta is no different. Compared to a decade ago and the worst housing crisis ever, this market turn around improvement is among the tops in the country. The 2022 market could not be more different than the 2010-12 market.over 100K homes were on the market during the darkest days. The Atlanta real estate market explosion is due in large part to its broad appeal, size and vast selection of properties.
Appraisal Buzz
MARCH 23, 2022
As new home sales experienced a decline in February, the 20.4% rise in building materials year-over-year is being passed on to the consumer and pricing many out of the market. The post First-Time Buyers Continue to Feel Impact of Supply Chain Issues appeared first on DSNews. The post First-Time Buyers Continue to Feel Impact of Supply Chain Issues appeared first on Appraisal Buzz.
McKissock
MARCH 24, 2022
On March 23, 2022, the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) released a report entitled “Action Plan to Advance Property Appraisal and Valuation Equity.” The 58-page report is available here , while an Executive Summary of the report is also available. Pages 5 and 6 of the report set forth 21 recommendations, termed “Agency Actions to Advance Valuation Equity.
Housing Wire
MARCH 25, 2022
For the second year in a row, HousingWire is honoring the marketing leaders who are driving innovation within their organizations to strengthen their brands and increase visibility. Nominees will be announced in the July issue of HousingWire magazine and a full list of winners will be published online July 1, 2022. Click here to learn more about the program and to see the full list of last year’s honorees.
Empire Appraisal Group
MARCH 24, 2022
Nearly One-Third of Americans Plan to Relocate. Melissa Dittmann Tracey. The share of home buyers planning to move from one region to another has grown as many Americans look to relocate to more affordable regions of the U.S. Nearly one in three home buyers—or 32%—say they want to relocate, a record high, according to a new consumer survey conducted by Redfin.
Appraisal Buzz
MARCH 23, 2022
[link]. Today’s Buzzcast interview is with Randy Kozlowski, Executive of Customer Success at CoreLogic. We sat down with Randy and Joan Trice, Founder of Allterra Group, LLC to discuss their recent report (can be found here ) on current market conditions and property tax delinquencies. What is the CoreLogic Property Tax Delinquency Report? What does this report mean for the appraisal industry?
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