Sat.Jan 22, 2022 - Fri.Jan 28, 2022

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Mortgage rates fall slowly after a month-long rise

Housing Wire

The average 30-year-fixed rate mortgage declined one basis point from the week prior to 3.55% during the week ending Jan. 27, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.77%. Most economists believe rates will continue to climb in the weeks and months ahead. “Following a month-long rise, mortgage rates effectively stayed flat this week,” Sam Khater, Freddie Mac’s chief economist, said in a statement.

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HUD Names Four to Housing Counseling Federal Advisory Committee

Appraisal Buzz

Addition of four new appointments brings Committee membership to full 12 members authorized by statute. The post HUD Names Four to Housing Counseling Federal Advisory Committee appeared first on DSNews. The post HUD Names Four to Housing Counseling Federal Advisory Committee appeared first on Appraisal Buzz.

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When Money Makes Itself

The Appraiser Coach

Idaho is a gorgeous state! I live in the backyard of the Teton Mountain Range and Yellowstone National Park, and I love going to the hills. Hiking through groves of. Read More.

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Gentrification, neighborhood boundaries, and bias

Sacramento Appraisal Blog

Sometimes crossing the street can make all the difference for value. In short, if we don’t understand where a neighborhood starts and ends, we might choose the wrong comps. Let’s talk about that today. I welcome your constructive and thoughtful comments. Photo used with permission (thanks Vicky). 1) BOUNDARIES MATTER: Here is a real example […].

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Wells Fargo pays $12M for wrongly denying mortgage modifications

Housing Wire

Wells Fargo agreed to pay $12 million to more than 1,800 mortgage borrowers to resolve a class action lawsuit that alleged the bank’s clients had loan modifications wrongfully denied due to calculation errors in the bank’s system. A judge from the U.S. District Court for the Southern District of Ohio approved the settlement on Tuesday after a hearing between the parties.

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Policy Changes May Help Alleviate Disparities in Renting

Appraisal Buzz

The lull in the rental market seen at the onset of the pandemic is all but a distant memory as rents have surged by double digits over the past few months indicating that the rebound, in part, is caused by the lack of inventory in the purchase market. According a new report titled “Americas Rental Housing … The post Policy Changes May Help Alleviate Disparities in Renting appeared first on theMReport.com.

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More Trending

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Stop Appraisal Obsolescence?

George Dell

Obsolescence, in appraisal education, is of three types: functional, physical, economic. If we are to stop the obsolescence of the appraisal ‘professional’ model, it may help if we look at the established body of knowledge with this in mind. Recall our context. We are looking at the “five frictions” – process, standards, education, user expectations, […].

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UWM to credit borrowers up to $600 for their appraisal costs

Housing Wire

For the next two months, United Wholesale Mortgage (UWM) will credit borrowers up to $600 for their appraisal costs, the lender said in a statement Wednesday. According to the Pontiac, Michigan-based lender, the credit will be available on all primary purchases, including jumbo mortgages. The offer will run from now until March 31. Mat Ishbia, CEO of UWM, said in a statement that the move is meant to “jump-start purchase season” and that this offering will give independent mortgage brokers a sig

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The Future of Desktop Appraisals

Appraisal Buzz

Are you ready to meet the new GSE requirement of a detailed floor plan for your desktop appraisals? Join us for our upcoming webinar on January 25th at 2 pm, “ The Future of Desktop Appraisals ” with Joshua Walitt and Mark Walser! Learn about all of the new features in RemoteVal – a free inspection app for appraisers! RemoteVal has added a Dynamic Floor Plan Creator, in addition to allowing the appraiser to visually inspect the property in real-time on the date of inspection.

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Impacts of Rising New Home Costs

Eyes on Housing

Only 15% of buyers were looking for a newly-built home at the start of 2018, but that share shot up to 42% by the final quarter of 2020 (after the start of the pandemic). Since then, however, interest for new construction has fallen steadily, as costs for building materials – especially lumber – have experienced double-digit growth. By the final.

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5 Digital Forms for Drywall and Insulation Contractors

GoForrmz

Level up your construction business operations with these five digital forms Are you a drywall and insulation contractor that is tired of searching for a solution to elevate and enhance your business operations? Well look no further – GoFormz is your one-stop-shop solution for digital data capture, mobile forms, workflows, and much more. With GoFormz, your digital forms can look exactly like your existing paper forms (or entirely new versions) and can be used to collect new data types like Image

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FOMC indicates taper end in March, rate hike soon

Housing Wire

High inflation and a strong labor market has convinced Federal Reserve officials of the need to raise interest rates “soon,” though an exact timetable has not yet been disclosed. “With inflation well above 2% and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate,” the Federal Open Markets Committee said in a statement on Wednesday.

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Incenter Appraisal Management and McKissock Learning Form Desktop Valuation Training Partnership

Appraisal Buzz

CHARLOTTE, N.C. and ST. LOUIS — January 24, 2022 — With Fannie Mae and Freddie Mac accepting desktop appraisals beginning in March, Incenter Appraisal Management and McKissock Learning are partnering to help appraisers update their remote inspection skills in response. The two organizations will jointly sponsor several webinars for appraisers seeking to master new remote inspection/desktop appraisal solutions, which will increasingly become requirements for their success.

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Fed Rate Hike Coming in March

Eyes on Housing

At the conclusion of its January policy meeting, the Federal Open Market Committee strongly signaled that it will undertake its first, post-covid increase of the federal funds rate in March. The Fed is tightening monetary policy in response to the highest inflation readings in nearly 40 years. These inflationary pressures have increased both consumer costs and businesses input costs, including.

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3 Ways Our Customers Are Winning With Conditional Logic Forms

GoForrmz

Discover how GoFormz users are leveraging conditional logic forms to gather better data, faster Digitizing your work forms can drastically improve your operation’s data entry. Digital forms not only provide a more professional, modern means of documentation but also allow form builders to ensure information is entered more completely and accurately.

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The appraisal industry’s governance problem

Housing Wire

Imagine if the Consumer Financial Protection Bureau ’s Board of Trustees was appointed by industry sponsors who paid a $7,500 fee. In this scenario, the majority of the board would be required to be industry creditors. The board would also appoint the agency’s rule-writing staff — and they would be creditors, too. The staff wouldn’t have to give up their industry perches while they wrote rule, and the rules they wrote would not only set the standards for industry practices, but also the criteria

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Mortgage Rates Remain Flat at 3.55%, Reports Freddie Mac

Appraisal Buzz

The results of Freddie Mac ’s Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.55%. “Following a month-long rise, mortgage rates effectively stayed flat this week,” says Sam Khater, Freddie Mac’s chief economist. “Recent rate increases have yet to significantly impact purchase demand, as history demonstrates that potential homebuyers who are on the fence will often enter the market at the start of rate increase cycles.”.

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Buyers’ Perceptions of Housing Inventory Worsened Throughout 2021

Eyes on Housing

In early 2018, only 16% of home buyers expected that finding a home would be easier in the months ahead. The share soared during the early phase of the pandemic, reaching 36% by the end of 2020. But in 2021, buyers’ perceptions of housing inventory worsened throughout the year, and by the fourth quarter, only 24% expected easier availability ahead.

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Top Five Veterinary Digital Forms

GoForrmz

The digital forms that every veterinary clinic needs to improve business operations During physical examinations, there are a variety of forms that veterinarians and technicians use for an animal’s medical records. Outdated processes like printable vet forms can lead to messy and disorganized data entry. This can be a significant administrative burden for your veterinary technicians and cause inefficient workflows of data collection and storage.

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Rocket rolls out mortgage teams for brokers

Housing Wire

Rocket Pro TPO will pair each of its brokers with a team of in-house mortgage experts, made up of underwriters, closing specialists and purchase title coordinators, to help brokers navigate the loan closing process. The program, dubbed “Crews” is live as of Jan. 24. According to Rocket, brokers will personally know the crew leaders and will work with them often, which will help brokers “get loans closed fast and with certainty.”.

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HUD Awards Housing Counseling Funding to Offset Pandemic Impact

Appraisal Buzz

HUD awarded $51.4 million in grants to support housing counseling programs, partnerships with minority-serving institutions, and training. The post HUD Awards Housing Counseling Funding to Offset Pandemic Impact appeared first on theMReport.com. The post HUD Awards Housing Counseling Funding to Offset Pandemic Impact appeared first on Appraisal Buzz.

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Housing Share of GDP: 16.4%

Eyes on Housing

Thanks to a surge in residential investment during 2020 and ongoing strength in 2021, housing’s share of GDP remains elevated compared to most of the post-Great Recession period. Due to the pandemic, market conditions evolved with a renewed focus on the importance of home, a shifting geography of housing demand, and a lack of for-sale inventory. Housing continued to expand.

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3 Highlights From The 2022 Acumatica Summit

GoForrmz

We were thrilled to sponsor the 2022 Acumatica Summit in Las Vegas! The GoFormz team has just returned from a fantastic summit hosted by our partners at Acumatica – here are three highlights from our Acumatica Summit experience: Connecting (in person!) with our Acumatica partners After a long two years of social distancing and virtual meetings, it was truly a pleasure to finally meet a few of our Acumatica partners in-person.

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Caliber Home Loans CEO Sanjiv Das steps down

Housing Wire

Sanjiv Das, CEO of Caliber Home Loans , is stepping down as CEO of the company, less than one year after New Residential Investment Corp. (Newrez) acquired the mortgage lender and servicer, sources familiar with the situation confirmed. In a memo sent Monday morning, Michael Nierenberg, CEO of New Residential Investment Corp., told employees that despite Das leaving, things will continue to be “business as usual.”.

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Foreclosures at All-Time Low and Near Record-Low Delinquency Rate

Appraisal Buzz

While roughly twice as many foreclosure sales occurred within the month as compared to December 2020, there were only one-third as many as in pre-pandemic December 2019. Given the large volume of borrowers who’ve exited forbearance protections in recent months, the industry are keeping a close eye on foreclosure metrics moving forward in 2022.

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Homeownership Postponed

Eyes on Housing

The share of adults planning a home purchase within 12 months has fallen for two consecutive quarters, going from 17% in the second quarter of 2021, to 16% and 15% in the third and fourth quarter of the year, respectively. The downward trend provides evidence that higher home prices and low housing availability (relative to demand) are leading some Americans.

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Homebuilding Giant to Offer 3D-Printed Homes

Empire Appraisal Group

Printed homes are coming to a new community in Austin, Texas. Lennar, one of the nation’s largest homebuilders, announced it was partnering with the startup ICON to build the largest community of 3D-printed homes to date. The builder says the high-tech construction method will allow it to overcome current labor and materials shortages that have been pressing on the new-home construction industry over recent months. 3D-printed homes are touted as faster to build and less expensive.

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Will the 10-year yield send mortgage rates over 4%?

Housing Wire

I have been a happy camper lately, particularly with the rise of the 10-year yield as I am seeking balance in the housing market. I love these times in the market and the San Francisco 49ers are making an epic run in the playoffs, so what else can a person ask for? Other people might not be as happy as I am. I retired in 2020 from the mortgage business after 24 years, so I understand how some people who were floating their rate lock might not feel this way.

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Sellers Realize Record Profits After Sale

Appraisal Buzz

This data comes from a new year-end report from ATTOM, a California-based property information company, covering the state of home sales for the year. All-in-all, the report found that home sale profits rose in 90% of all localities across the U.S. that have enough data to be statistically relevant; this is the highest levels recorded, … The post Sellers Realize Record Profits After Sale appeared first on theMReport.com.

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Market Share of FHA-Backed New Home Sales Smallest Since 2007

Eyes on Housing

NAHB analysis of the most recent Quarterly Sales by Price and Financing published by the U.S. Census Bureau reveals that conventional loans financed 77.8% of new home sales in the fourth quarter of 2021—the largest share since Q1 2008. The share increased 2.9 percentage points over Q3 2021 (revised) and has risen each of the last four quarters, up 9.0 percentage points since Q4.

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More marketing trends, demands for first-time homebuyers

Valuation Review

Valuation Review concludes its conversation with CoreLogic Valuation Production Leader Kevin Hecht from the 2021 Appraisal Summit in Las Vegas. Hecht continues to show the numbers surrounding the laws of demand pertaining to what first-time homebuyers must deal with, and other marketing trends to keep an eye on in 2022. Read on for the conclusion of this story.

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Stearns Lending to lay off 348 workers

Housing Wire

Stearns Lending will lay off 348 workers following the decision by Guaranteed Rate earlier this month to discontinue operations of its third-party wholesale channel. A Worker Adjustment and Retraining Notification (WARN), submitted to the Texas Workforce Commission specifies that the layoff date will be on March 13. HousingWire sent a message seeking comment to Guaranteed Rate, which was not returned.

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Real Estate Heats Up Across U.S., Housing Demands Rise

Appraisal Buzz

The 2022 housing markets across the U.S. are still experiencing the groundbreaking demand that arose during the early stages of the pandemic nearly two years ago. According to the National Association of Realtors, home values increased by 16.9% in 2021, the highest year-over-year increase since 1999. This surge in demand is pressuring the diminishing … The post Real Estate Heats Up Across U.S., Housing Demands Rise appeared first on theMReport.com.

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Inventories Boost Fourth Quarter GDP Growth

Eyes on Housing

Real GDP growth accelerated in the fourth quarter of 2021 despite omicron’s spread. This quarter’s growth reflected strong gains in private inventory investment and consumer spending. According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 6.9% in the fourth quarter of 2021, after a disappointing 2.3%.