Sat.Apr 09, 2022 - Fri.Apr 15, 2022

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Some lenders won’t survive the purchase mortgage market of 2022

Housing Wire

Consolidation in the mortgage industry is likely in 2022, analysts and lending executives said. Justin Woodward has experienced the best and the worst of the mortgage industry in only 18 months. A seasoned retail and commercial banking salesman in Fort Wayne, Indiana, the 39-year-old Woodward joined Interfirst Mortgage as a loan officer in October 2020 after a recommendation from an old college friend. “I had not done first mortgage lending before, but I was familiar with the basics of rea

Mortgage 519
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Elliman Magazine Column - A Symptom of Chronic Inventory Lows: Bidding Wars Are Everywhere

Miller Samuel

For each issue of Elliman Magazine produced by Douglas Elliman , the same company that publishes most of our U.S. market research , I write a brief column and create a graphic to illustrate an important issue facing the luxury housing market. Of course, the graphic I create is then supercharged by their very talented graphics staff. Listing inventory has essentially collapsed in most U.S. housing markets as unusually low rates against the backdrop of robust economic conditions have burned off su

Inventory 415
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The housing market temperature has changed

Sacramento Appraisal Blog

Do you feel it? The temperature of the housing market has started to change. Let’s talk about what’s going on, and what this means and doesn’t mean. I’d love to hear your take in the comments. Think Like an Appraiser Class: I’m teaching my favorite class on April 28 from 9am-12pm. We’ll talk through choosing comps, making adjustments, […].

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Panorama Mortgage Group Launches Prosperity Capital Mortgage

Appraisal Buzz

Panorama Mortgage Group (PMG) has launched a new brand, Prosperity Capital Mortgage, a full-service mortgage lender serving Dallas, Houston, Austin, San Antonio, Las Vegas, Reno, and Sacramento, with plans to expand throughout the country. Ramaj Balley will serve as president of Prosperity Capital Mortgage. The company will use PMG’s mortgage platform to help achieve its goal of expanding homeownership opportunities nationwide, the company says in a release.

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Mortgage applications continue fall amid 5% rate

Housing Wire

Mortgage application volume dropped 1.3% for the week ending on April 8, from the previous week, as mortgage rates eclipsed the 5% mark. Refinance applications fell 5% from the prior week and 62% from the same week a year ago, according to the Mortgage Bankers Association ‘s weekly survey. “Mortgage rates have spiked more than 1.5 percentage points thus far in 2022,” Mike Fratantoni, MBA’s senior vice president and chief economist, said in a statement.

Mortgage 502
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What Is EBV?

George Dell

EBV measures markets, rather than compares comps. In the traditional appraisal process, the appraiser ‘picks some comps’, then adjusts any differences in each comparable to the subject feature. In EBV (Evidence Based Valuation©), the analyst identifies all the competitive sales, then applies predictive algorithms. Which system is more USPAP compliant?

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Laura Cappiello Joins Pretium as Chief Human Resources Officer

Appraisal Buzz

Twenty-year HR vet joins Pretium, replacing the retiring Donna Winston, to lead human resources and talent acquisition efforts. The post Laura Cappiello Joins Pretium as Chief Human Resources Officer appeared first on DSNews. The post Laura Cappiello Joins Pretium as Chief Human Resources Officer appeared first on Appraisal Buzz.

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Purchase mortgages cross dreaded 5% threshold

Housing Wire

The 5% threshold has been crossed, and given all the headwinds in the U.S. economy, it doesn’t appear that mortgage rates will be dropping below that mark anytime soon. Purchase mortgages this week averaged 5%, up 28 basis points from 4.72% a week ago , according to the latest Freddie Mac PMMS. A year ago at this time, rates were at 3.13%. The GSE’s index accounts for just purchase mortgages reported by lenders over the past three days. “This week mortgage rates averaged 5% for the f

Mortgage 414
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Creating the Perfect Home Office in a Small Living Space

Cleveland Appraisal Blog

Hello! I hope you are hanging in there in these crazy times! This time of year I often have a lot of tax appeal work which keeps me crazy busy in March. As you might imagine, increases in home prices mean increases in property assessed values. Here is a video of me this month trying to get these reports completed. I am grateful to have guest bloggers provide you with some great content until I can get myself back to blogging, which will be soon!

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Building Materials Prices Rise Further

Eyes on Housing

According to the latest Producer Price Index (PPI) report released today by the Bureau of Labor Statistics, the prices of goods used in residential construction ex-energy (not seasonally adjusted) climbed 1.4% in March, following an upwardly revised increase of 2.2% in February and 4.1% in January. This adds up to an 8% jump in building materials prices since the start.

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Hottest March on Record

Appraisal Buzz

According to a new report from Redfin, it was the hottest March ever recorded for the housing market, with homes selling at their fastest pace and for more above list price than any other March on record. The median home-sale price rose 6.2% in March, the fastest month-over-month gain at this time of year since … The post Hottest March on Record appeared first on DSNews.

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Mortgage delinquency rate reaches 23-year low

Housing Wire

Mortgage delinquency rates in January reached a 23-year low, driven by the skyrocketing housing prices and a strong job market. About 3.3% of mortgages were delinquent by at least 30 days or more including foreclosure in January, according to a new CoreLogic loan performance insights report. The figure dropped 2.3 percentage points from 5.6% in January 2021 in the lowest delinquency rate since at least 1999. “The large rise in home prices — up 19% in January from one year earlier, accordin

Mortgage 404
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Join Us At Field Service USA 2022

GoForrmz

We’ll be exhibiting and presenting at Field Service USA 2022 – will we see you there? We are thrilled to once again be sponsors of Field Service USA (April 26-28, 2022)! Will we see you there? If you’ll also be attending, be sure to stop by our booth (#209) and attend our case study presentation featuring Strategic Sanitation Services. More info on our case study presentation: We’ll be presenting our industry case study, ‘ How Field Service Teams Garner Impactful Business Insights With Digital D

Business 148
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Inflation Hits Another New 40-Year High in March

Eyes on Housing

Driven by higher food, gasoline and housing cost, consumer prices continued to accelerate in March. This marked the sixth straight month for inflation above a 6% rate and was the fastest annual pace since December 1981. Though gas prices have fallen slightly from their March highs, the pace of inflation will likely stay high in the months ahead as lockdowns.

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Top Markets for Green Homes in 2021

Appraisal Buzz

In recent years, green and high-performance properties have captured a rapidly growing share of the new home market in the U.S.—and this trend is expected to continue in 2022. As an appraiser, you know it takes a certain level of specialized knowledge and skill to value these types of complex properties. Do you work in an area where it makes sense to specialize in green home appraisals ?

Marketing 195
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Fed retreat from MBS market sparks short-term uncertainty

Housing Wire

Federal Reserve in Washington, D.C. What happens when the Federal Reserve begins pulling back in a serious way from the mortgage-backed securities (MBS) market that it has helped to prop up through billions of dollars in bond purchases since the start of the pandemic in 2020 — to the point where it now holds a $2.7 trillion agency MBS portfolio?

Marketing 403
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Budget-Friendly Glam Room Ideas | Raleigh Realty

Raleigh Realty

How To Create Your Dream "Glam Room" on a Budget Have you always dreamed of a walk-in closet or a room dedicated to your makeup and skincare products? Now’s the perfect time to turn that spare bedroom or extra closet space into your very own glam room. If you’re an influencer or use social media for your small business, then you’ll appreciate this type of well-lit, functional, and aesthetically pleasing space to work in.

Realty 128
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Remodeling Market Remains Stable Year-over-Year

Eyes on Housing

The NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter of 2002 posted a reading of 86, unchanged from the first quarter of 2021. The RMI and all of its components and subcomponents were all 80 or higher (on a scale of 0 to 100) indicating of positive residential remodeler sentiment. The RMI is based on a survey that asks.

Marketing 173
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Cindy Baird Leads Nations Lending’s National Operations

Appraisal Buzz

Nations Lending , a national full-service mortgage lender, has added to its executive team by bringing in Cindy Baird as executive vice president of national operations. The move comes as the company continues to make strategic investments in both retail branch expansion and internal operations, namely in the underwriting, processing and post-closing departments.

Retail 195
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Fannie Mae announces title insurance shake up

Housing Wire

In a selling guide announcement released last week, Fannie Mae announced that it would be accepting written opinion letters from an attorney in lieu of a title insurance policy “in limited circumstances.”. According to the announcement, lenders “must ensure the loan is covered by either a title policy issued by an acceptable insurer (including any required endorsements) or a title opinion letter issued by an attorney.”.

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First Known Racial Bias Court Case Against Appraiser

Appraiserblogs

It may mean that this will turn out to be the bellwether test case for other similar lawsuits against appraisers… Folks, a San Francisco, CA US District Court Judge has ruled that the bias suit against an appraiser can proceed. This link has the story: Judge finds plausible race discrimination in Black couple’s lawsuit over lowball appraisal | Courthouse News Service Appraiser Janette Miller with Miller and Perotti Real Estate Appraisers was hired by appraisal services company AMC Links to do th

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Married Couple Homeownership

Eyes on Housing

NAHB analysis of the Current Population Survey’s (CPS) 2020 Annual Social and Economic Supplement (ASEC) estimates the national homeownership rate at 66.4%. This analysis provides a further breakdown of this rate through the lens of married couple homeownership, which we estimate at 79% for 2020.

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Redfin Sees Changes in Lowered Demand as Sellers Begin to Drop Prices

Appraisal Buzz

Early-stage homebuying demand continues to falter this spring as new listings fell 7% from a year earlier, according to a new report from Redfin. At the same time, the average 30-year fixed mortgage rate shot up to 5% and the median asking price climbed to $397,747, sending the typical homebuyer’s monthly payment up 35% year over year to an all-time high of $2,288.

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Data automation is the next frontier of mortgage tech?

Housing Wire

Despite advances in technology, the mortgage industry still lacks efficiency. Mortgage executives are aware of a problem: despite billions of dollars in technology investments , the mortgage industry still largely looks like it did two decades ago. After all, it still takes 43 days, on average, to close a loan. “Realistically, it’s still basically the same industry,” Brian Woodring, chief information officer at Rocket Mortgage , said on Tuesday during the Mortgage Bankers Association ’s Technolo

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Scope Creep & the Imploding of Rules

Appraiserblogs

…the imploding rules then implemented, and the scope creep that evolved because the cart was leading the horse, has severely lessened the reliability of ALL appraisals in my opinion. ANSI, while certainly worthy of discussion and taking a position on, will not solve the real “appraisal problem” that we all have. It really isn’t an effective tool anyway, but what the heck do I know.

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ProTip: Use GoFormz To Automate Tasks

GoForrmz

Utilize GoFormz to easily automate actions like tagging, emailing, or transferring a form to other users Did you know you can use GoFormz to automatically email, Tag , or Transfer forms? Automating these daily tasks enforces critical workflow steps and data capture rules while streamlining collaboration and communication. This is made possible using Template Events , which are available for all subscriptions and can be used to easily configure simple automations tied to a specific form Template.

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New Home Applications Dropped 5 Percent from March 2021 to 2022

Appraisal Buzz

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for March 2022 shows mortgage applications for new home purchases decreased 5% compared from a year ago. Compared to February 2022, applications increased by 10%. This change does not include any adjustment for typical seasonal patterns. “Mortgage applications for new home purchases increased in March, which is consistent with typical seasonal trends and a sign of strong underlying demand for housing,” says Joel Kan, Th

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Wells Fargo, JPMorgan and the mortgage storm to come

Housing Wire

Wells Fargo. Two of the nation’s largest banks – JPMorgan Chase and Wells Fargo & Co. – had their mortgage businesses hit hard by the higher interest rate landscape in the first quarter of 2022. The financial institutions reported double-digit declines in origination volume and net earnings from January to March, which were partially offset by strong performances in their respective servicing portfolios.

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Appraisers Take Heed

Appraiserblogs

Her plight is an attack on occupational licensees everywhere. The nation’s long-suffering real estate appraisers, under attack by Congress in an election year, should pay close attention to what has happened in Nashville… Nurse’s Plight Signals Dystopian Future for Occupational Licensees; Appraisers Take Heed To err is human, but not if you’re a licensed nurse in the Regulatory Republic of Tennessee, where “dog eat dog” has become the state’s unofficial motto.

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5 Digital Forms For School Administrators

GoForrmz

Simplify your education form process with online forms Administrators often have a variety of internal and external forms that need to be completed for the school year. Paper forms often leave administrative staff bogged down with manual processes of data entry, filing, and storage. Not only is this process outdated, but, it is inefficient and expensive to maintain.

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Freddie Mac Recognizes 2021’s Home Possible RISE Award Winners

Appraisal Buzz

GSE honors national and local lenders committed to the Home Possible affordable lending solution for very low- to low-income homebuyers, making homeownership a reality. The post Freddie Mac Recognizes 2021’s Home Possible RISE Award Winners appeared first on DSNews. The post Freddie Mac Recognizes 2021’s Home Possible RISE Award Winners appeared first on Appraisal Buzz.

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Wells Fargo commits $210M to racial equity in wake of criticism

Housing Wire

Top depositary mortgage lender Wells Fargo & Co. announced this week that it has committed $210 million to advance racial equity in homeownership in the United States, following a Bloomberg investigation that found the bank approved fewer than half of Black applicants for a home refinancing in 2020. Kristy Fercho, CEO of Wells Fargo Home Lending, said in a statement that the initiative will help close the homeownership created by decades of systemic inequities, and the bank is “taking meanin

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Aging in Place or Transition to Assisted Living? | Raleigh Realty

Raleigh Realty

Senior Housing Guide: A Guide to Aging in Place and Deciding When to Transition to Assisted Living Transitioning into assisted living is a major milestone for most, and it often entails a difficult decision. It requires evaluating whether or not you have the finances for this next phase in life, what care you require, and what responsibilities you’re physically capable of handling.

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Things to Know Before Searching Farms for Sale in Ohio

The Robert Weiler Company

You’ve likely decided to research farms for sale in Ohio after understanding the vast opportunities in our great state. We’d like to share some fun facts, tips, and a wealth of resources that you’ll find helpful. Ohio’s agriculture and food production industry is a diverse sector that incorporates farming, processing, agrochemicals, seed supply, farming equipment, distribution and wholesale, retail sales, and marketing.