Sat.Jun 25, 2022 - Fri.Jul 01, 2022

article thumbnail

After implosion, FGMC files for bankruptcy

Housing Wire

Less than a week after laying off hundreds of workers and refusing new mortgage applications, First Guaranty Mortgage Corp. (FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection late Wednesday. . “While we have made considerable efforts to address our ongoing financial challenges related to the state of the mortgage market, we ultimately must do what is best for our borrowers and consumers,” Aaron Samples, chief executive officer of FGMC, said in a

Lending 545
article thumbnail

Ten things to know about price reductions in today’s market

Sacramento Appraisal Blog

Price reductions are growing fast and sellers are still behind the ball. Eventually they’ll catch up, but they haven’t gotten there yet. Let’s talk about price drops today in the Sacramento region. Is the trend similar in your area? Let me know what you’re seeing. TRUTHS ABOUT PRICE REDUCTIONS 1) Nearly 40% of active listings […].

Sellers 423
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

In the Real World with the Real Appraisers

Appraisal Buzz

Today’s Buzzcast interview is with Woody Fincham, Founder of Fincham and Associates. We sat down with Woody and Joan Trice, Founder of Allterra Group, LLC, to discuss what’s going on with the boots on the ground appraisers in the industry. How is all of this new technology impacting appraisers in their day-to-day? What has been the impact of ANSI? Can we have more information on the White Paper on green homes?

Appraisal 335
article thumbnail

Part 2: How Do We Fix the Excess of Appraisers?

George Dell

How can we fix the excess of appraisers? Easy — we do what we have always done, each time. 1) We will raise the standards (“cost of entry”). 2) We will make it harder to become an appraiser; 3) Lower fees will discourage newcomer appraisers. Each cycle, the ‘appraiser shortage’ cycles with […]. The post Part 2: How Do We Fix the Excess of Appraisers?

Appraisal 195
article thumbnail

How home-price growth has damaged the housing market

Housing Wire

The S&P CoreLogic Case-Shiller Home Price Index just recorded 20.4% year-over-year growth nationally and a record 21.2% growth for its top 20 city composite, and now you know why my most significant concern for housing was home prices overheating , not crashing like people have warned about from 2012-2021. From S&P : The S&P CoreLogic Case-Shiller U.S.

article thumbnail

The Path to Credibility

The Appraiser Coach

I was recently proofreading a paper my son had written for a class and came across a quote from Benjamin Franklin. My son used quotation marks to offset the. Read More.

More Trending

article thumbnail

Consumer Confidence Fall to 16-Month Low Amid Inflation Concerns

Eyes on Housing

Consumer confidence dropped again in June as inflation stayed at decades high and continued to temper consumers’ economic outlook, which tumbled to the lowest level in nearly a decade. Though spending intentions for homes, cars, and major appliances held relatively steady, consumer spending will continue to face headwinds from further inflation and rate hikes.

189
189
article thumbnail

Freddie Mac to include on-time rent in underwriting

Housing Wire

Freddie Mac announced Wednesday that on-time rental payments will be included in its underwriting system. The government-sponsored enterprise said that it hopes to incentivize “responsible” renters to make a leap into homeownership. According to Freddie, this option will be available starting July 10 and will allow mortgage lenders to submit a borrower’s bank account data that shows a 12-month streak of on-time rent payments to its automated underwriting system.

Landlords 401
article thumbnail

GoFormz Named #1 Mid-Market Mobile Forms Automation Solution

GoForrmz

GoFormz dominates the Small-Business and Mid-Market G2 Summer Reports – from Best Support to Most Likely to Recommend G2, the leading peer-to-peer software review site, awards quarterly honors based on user feedback and reviews. This Summer, GoFormz has been awarded top honors in the following G2 categories: Mobile Forms Automation, Online Form Builder, and No-Code Development Platform.

Marketing 148
article thumbnail

Are Mortgage Servicers in Their “Golden Age?”

Appraisal Buzz

An upcoming installment in the Five Star Institute Webinar Series will discuss the current era in mortgage servicing and provide tips on how to navigate this record-breaking time in the servicing space. The post Are Mortgage Servicers in Their “Golden Age?” appeared first on DSNews. The post Are Mortgage Servicers in Their “Golden Age?” appeared first on Appraisal Buzz.

Mortgage 195
article thumbnail

Regulation: 40.6 Percent of the Cost of Multifamily Development

Eyes on Housing

Recently, the National Association of Home Builders (NAHB) and the National Multifamily Housing Council (NMHC) undertook a joint research effort to find out how much government regulation adds to the cost of building new multifamily housing via a survey distributed to multifamily developers. The research finds that an average of 40.6 percent of total development costs can now be attributed.

article thumbnail

US housing market is at a crossroads

Housing Wire

The real estate market is cooling down. Reports released this week by several respected market observers point to less good and increased bad and ugly ahead for the housing market. For some of the good, a U.S. Census Bureau report released late last week spurred a bout of optimism when it revealed that new-home sales jumped by nearly 11% month-over-month in May on a seasonally adjusted basis, after declining by 12% in April.

article thumbnail

West Virginia Appraisal Board Scheme

Appraiserblogs

The Doomed Quest to Reform a corrupt West Virginia Licensing Board “Board members earn money working for a law firm that files lawsuits against appraisers,” said one West Virginia appraiser… Readers of DC Comics will be familiar with Bizarro World, a cube-shaped planet that is home to a weirdly inverted version of reality. The planet is governed by the Bizarro Code, whose ungrammatical main tenet is, “Us do opposite of all Earthly things!

Appraisal 147
article thumbnail

Q1 Mortgage Performance Makes Strides

Appraisal Buzz

New data from the first quarter continues to roll in as the Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the first quarter of 2022 by a decent margin. The OCC Mortgage Metrics Report for the First Quarter 2022 showed that … The post Q1 Mortgage Performance Makes Strides appeared first on DSNews.

Mortgage 195
article thumbnail

Private Residential Spending Inches Up in May

Eyes on Housing

NAHB analysis of the Census Construction Spending data shows that private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $938.2 billion in May. It was 0.2% up over the upwardly revised April estimates of $935.9 billion. On a year-over-year basis, total private construction spending was 19% higher. These monthly gains are largely attributed to the growth.

article thumbnail

How “generation rent” is approaching home buying in 2022

Housing Wire

Millennials and Gen Zs make up the largest cohort of potential homebuyers today, the majority of which are first-time buyers bullish to get a foot on the property ladder. As market volume dips and pent-up demand builds, 61% of millennials and Gen Zs who intend to buy a home plan to apply for a mortgage this year. For years, the dominant market narrative defining these generations has been digital-first experiences and poor financial habits.

article thumbnail

Subject Property Actual Location

Appraiserblogs

Don’t say that the subject property is ‘within’ a particular City or Town due to the postal ZIP Code that applies to the street address unless that is accurate. The actual location may be miles away from there. Appraisers, this article was prompted by my ‘coming in contact with’ several appraisal reports where different regional appraisers report the physical location of the subject property “in” a particular City associated with the postal ZIP Code for that City.

Legal 118
article thumbnail

Sellers Drop Prices Amid Rising Affordability Issues

Appraisal Buzz

Affordability issues are officially taking a toll on the market as the average asking price of a newly listed home is off 1.5% from its peak in spring in light of the rapid rate increase by the Federal Reserve in June. This is amid new data from Redfin that showed a record amount of existing sellers … The post Sellers Drop Prices Amid Rising Affordability Issues appeared first on DSNews.

Sellers 195
article thumbnail

State-Level GDP in the First Quarter of 2022

Eyes on Housing

Real gross domestic product (GDP) decreased in 46 states and the District of Columbia in the first quarter of 2022. New Hampshire, Vermont, Massachusetts, and Michigan saw modest GDP growth. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP ranged from 1.2 percent increase in New Hampshire to 9.7 percent decline in Wyoming.

Marketing 164
article thumbnail

Banks report rise in mortgage delinquencies

Housing Wire

Banks reported an increase in foreclosures during the first quarter of 2022, according to a quarterly survey published by the Office of the Comptroller of Currency this week. The survey , which examined servicing metrics provided by seven undisclosed national banks, found that 19,542 new foreclosures were initiated in the first quarter of 2022. The OCC said this marks a jump from the previous quarter, but added the foreclosure volume in the first quarter is comparable to pre-COVID-19 pandemic fo

Mortgage 381
article thumbnail

Victoria Real Estate Market 5-Year Predictions

D Fritz Appraisals

What do Experts Think the Victoria, BC Housing Market Will Look Like by 2027? The state of Victoria’s housing market is never far from anyone’s mind, especially for first-time home buyers, those moving to a new area or for people looking to sell. Between 2021 and 2022, house prices in the Victoria, BC region rose by an average of 20%. This significant increase came about due to the unprecedented combination of: All time low mortgage rates.

article thumbnail

CoreLogic Unveils New Discovery Platform

Appraisal Buzz

CoreLogic has announced the launch of Discovery Platform, a cloud-based data exchange and property analytics ecosystem. Powered by the industry’s first integrated property identifier, CoreLogic’s CLIP ID, and built on more than 50 years of data spanning 99.9% of U.S. properties, Discovery Platform provides a comprehensive property analytics solution.

Business 195
article thumbnail

[National Safety Month] Best Practices For Improving Manufacturing Safety Procedures

GoForrmz

Discover how to approach, recognize, and prioritize employee safety in the most high-risk industry. Blue-collar workers are exposed to the most high-risk environments – especially the manufacturing industry. Those in this industry face real potential dangers every day as they earn their livings. In fact, the CDC estimates that 13,455,000 workers in manufacturing industries are at risk for fatal and nonfatal injuries every year.

article thumbnail

Announcing the 2022 Marketing Leaders!

Housing Wire

Connecting with clients and consumers has never been an easy task, and today’s market has been no exception. On the heels of a global COVID -19 pandemic that keeps rearing its head, the housing economy is now faced with rising rates and dismal inventory. Tasked with an endless list of functions, this year’s 2022 Marketing Leaders did it all despite market turmoil.

Marketing 381
article thumbnail

Shame Brews for Homes That Linger on Market

Empire Appraisal Group

Shame Brews for Homes That Linger on Market. Homes are selling within days or even hours—except for the homes that aren’t. Those homes’ owners say they often feel embarrassed and angry and wonder what could be wrong with their house, according to an article at realtor.com®. The seller’s market means that many homes end up in bidding wars, and fierce competition is the talk of the town.

article thumbnail

RIHA Studies Impact of Aging Baby Boomer Homeowners on Housing Supply

Appraisal Buzz

The Mortgage Bankers Association ‘s (MBA) Research Institute for Housing America (RIHA) has released research showing more than 4 million existing-homes for sale annually over the next decade will come from the aging and mortality of older homeowners. However, sustained homebuyer demand from population growth and younger-generation households should lead to minimal excess housing supply and have no measurable reduction in home prices.

Appraisal 195
article thumbnail

Calculate Your Savings with GoFormz Digital Forms

GoForrmz

How much do your paper forms cost you? If paper forms are a part of your workflow, have you thought about how much they’re costing your business? There are some obvious expenses that may have crossed your mind; like the cost of paper and storage space for all your forms. But what about the time and effort of your employees? If you haven’t considered the switch to digital forms , or you’re apprehensive about the ROI, it’s time to think about how much you currently spend on paper forms.

article thumbnail

As FGMC shuts down, lender partners question fate of loans in pipeline

Housing Wire

Tech-fueled mortgage lender UpEquity just wants answers. . Roughly a year ago, the Austin-based fintech began to sell its loans to First Guaranty Mortgage Corporation (FGMC), a lender and investor that specializes in non-qualified mortgage loans and is controlled by behemoth investment management firm Pacific Investment Management Company (PIMCO). .

article thumbnail

9 Things Clients Expect from Their Real Estate Agent

McKissock

Part of knowing your audience as a real estate agent is anticipating what they need and expect from your services. Without accounting for your real estate clients’ common needs and expectations , you might be underperforming and risk losing their business. How do you anticipate their needs and go above and beyond with the delivery? Here are nine things your real estate clients are expecting from you as their real estate professional: 1.

article thumbnail

Total Issuance Under MPF Program Surpasses $3B in MBS

Appraisal Buzz

The Government National Mortgage Association (Ginnie Mae) and the Federal Home Loan Bank of Chicago announced today that total issuance under the Mortgage Partnership Finance® Program (MPF®) recently surpassed $3 billion in mortgage-backed securities (MBS). The MPF Government MBS product resulted from a partnership forged by the Federal Home Loan Bank of Chicago and Ginnie … The post Total Issuance Under MPF Program Surpasses $3B in MBS appeared first on DSNews.

article thumbnail

Should You Accept Crypto Payments When Selling or Renting Out Your Property?

Mashvisor

As the use of cryptocurrency gains popularity, is it time to start accepting crypto payments when you sell or rent out your investment property? Table of Contents What Is Cryptocurrency?

article thumbnail

HW+ Member Spotlight: Budge Huskey

Housing Wire

This week’s HW+ member spotlight features Budge Huskey, president and CEO at Premier Sotheby’s International Realty. He also serves as vice chairman of Peerage Realty Partners and has previously held executive roles at Coldwell Banker Real Estate. Below, Huskey answers questions about the housing industry: HousingWire: What is your current favorite HW+ article and why?

article thumbnail

Eileen Doherty is the First to Qualify for 2022 Lamacchia Realty President’s Club

Lamacchia Realty

Eileen Doherty is officially the first Lamacchia REALTOR® to make the 2022 President’s Club! This is the 6th year in a row that Eileen has reached this impressive milestone. Not only is she a member of the 2017 , 2018 , 2019 , 2020 , and 2021 President’s Club , but she was also the first member of the 2020 President’s Club ELITE and became a member again in 2021 !

Realty 68
article thumbnail

Mortgage Loan Application Volume Continues Slow Increase

Appraisal Buzz

Mortgage Bankers Association ’s (MBA) latest Weekly Mortgage Applications Survey shows mortgage applications increased 0.7% on a seasonally adjusted basis from one week earlier, according to data for the week ending June 24, 2022. On an unadjusted basis, the Market Composite Index decreased 20% compared with the previous week. This week’s results include an adjustment for the observance of the Juneteenth holiday.

Mortgage 195