Sat.Jan 30, 2021 - Fri.Feb 05, 2021

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5 tips for buying a home in a seller’s housing market

Housing Wire

There’s no doubt we’re in a seller’s housing market. With inventory at record lows, demand surging and prices on the rise, buying — even just finding — a home in today’s market is quite the challenge. Of course, nothing’s impossible. If buying a home is on your radar for 2021, there are still ways to do it. You’ll just need a little forethought and some good old creativity, and the American Dream could very well be within reach.

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AVM’s & Punxsutawney Phil’s Accuracy

Cleveland Appraisal Blog

On Tuesday of this week, Punxsutawney Phil saw his shadow. Therefore, we have six more weeks of winter weather, by some predictions. Somehow, I feel like six more weeks of winter is a given. Especially in Northeast Ohio. How accurate are weather predictions made by folks who try to base future weather patterns on whether this little critter sees his shadow?

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How do appraisals work?

Midtown Appraisal Group

Residential appraisals are more straightforward than you think You’ve sold your house, but your offer is conditional upon an appraisal by the bank. What does this mean? The buyers of your home have applied for a mortgage from a bank, with the house used as collateral. The bank gets an appraisal to ensure that there’s […].

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Appraiser Shortage Makes 14 Day Close Impossible; “Exterior Only” And “Desktop” Does Not Help

JMV Lending

The shortage of qualified appraisers is worse than ever for several reasons: Demand exceeds supply. The continued surge in both refinance and purchase transactions has created a situation where the demand for appraisers far exceeds the supply. COVID concerns. B/c of COVID concerns, many appraisers are justifiably reluctant to accept orders requiring physical (interior) inspections. […].

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Why mortgage lending standards will ease in 2021

Housing Wire

Economists and housing experts say mortgage lending standards will likely loosen in 2021, despite the increased risk of delinquencies ahead. Such a scenario illustrates the growing disparities in the U.S. housing market. As one struggling group of homeowners braces for the end of forbearance and navigates COVID-19-related economic shocks, another segment is better positioned than ever to scoop up properties that become available.

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How to Choose a Lender For Your Real Estate Team

McKissock

By Brooke Tanner. Picture this. You are one week away from the closing table, and your first-time homebuyer’s lender calls with stressful and unfortunate news. The underwriting team has finished their final review and discovered that your buyer is no longer qualified to purchase the home. This can happen for several reasons. Maybe they do not have enough funds for the down payment.

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Overhauling the Appraisal Process

DataMaster

Replacing the old process with the new! Is it time to overhaul the appraisal process? By now, most appraisers have read the Request for Information (RFI) published by the Federal Housing Finance Agency (FHFA) on December 28, 2020. If you haven’t taken the time to read it, you can take a few minutes and read it here: Public Affairs Detail | Federal Housing Finance Agency (fhfa.gov).

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UWM returns to the Super Bowl with new ad

Housing Wire

United Wholesale Mortgage , now a publicly traded company, will return to the Super Bowl this year. The wholesale lender will be running a new Super Bowl commercial spotlighting independent mortgage brokers and its website FindAMortgageBroker.com for a second straight year. See the video below: “We will always find ways to elevate and shine a light on independent mortgage brokers, and what better way to do this than during the Super Bowl where millions of Americans are tuned in to watch the game

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Why Career Satisfaction Is So High Among Appraisers

McKissock

Career satisfaction among real estate appraisers is significantly higher than the national average. Why are appraisers generally happy in their careers? Are some appraisers happier than others? Is income satisfaction as high as job satisfaction? Here, we address these questions and give a glimpse into survey data reported in the 2020-2021 Appraisal Income Guide.

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BiggerPockets Podcast 440: How a 25 Year Old Bought $1M of Real Estate in 1 Year with Daniel Iles

BiggerPockets

Believe it or not, TikTok isn’t just teenagers doing dances; there are actually some pretty influential investors on the platform. Meet Daniel Iles, a TikTok and Youtube creator who bought […].

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4 reasons you’re better off selling your house this winter [INFOGRAPHIC]

Cornerstone

Reading Time: 2 minutes Download the infographic here. Look forward to a lot less competition. Here’s an overview of why selling this winter may be smarter: Even after the buyer boom seen in 2020 , it continues: Buyer demand is outpacing the supply of available homes for sale, so homebuyers frequently compete to snatch up limited listings. Housing inventory is at an all-time low , sitting far below the 6-month supply required to support a healthy market.

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Mortgage rates continue to stay low at 2.73%

Housing Wire

The average mortgage rate for a 30-year fixed loan remained unchanged last week from the week prior at 2.73%, according to Freddie Mac ’s Primary Mortgage Market Survey. With mortgage rates hovering below 3% for over six months now, Sam Khater, Freddie Mac’s chief economist, said this may be a sign of an economy still struggling. “This rate environment is advantageous for those who are looking to refinance in order to strengthen their financial position,” Khater said. “While ma

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7 Reasons to Love Being an Appraiser

McKissock

Real estate appraisers are reportedly 25% more satisfied in their careers, on average, compared to American workers across all professions. There are many reasons to love being an appraiser, such as having a flexible schedule, earning a good living, and doing challenging work. Last month we asked our real estate appraisal community, “What do you enjoy MOST about being an appraiser?

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BiggerPockets Podcast 439: How Are You Marketing Yourself? with BiggerPockets Producer Kevin Leahy

BiggerPockets

Last week’s show with Marie Forleo was so good that Brandon and David are back with a special guest, BiggerPockets’ senior producer Kevin Leahy, to unpack all the wisdom from […].

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Mokena Area Single Family Price Trends for 2020!

Advanced Appraisal

01/30/2021

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UWM clears $1.33B in profits in Q4 2020

Housing Wire

United Wholesale Mortgage originated more than $54 billion in mortgages and generated more than $1.3 billion in net income during the fourth quarter, the company revealed on Wednesday. The wholesale lender’s parent company reported $54.7 billion in originations, a 71% increase from the $31.9 billion the Michigan-based lender originated in the fourth quarter in 2019.

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New FHA Eligibility for DACA Recipients!

On Q Financial

The Department of Housing and Urban Development announced on January 19, 2021, that the FHA would once again back mortgages for DACA recipients. The announcement comes as great news as it will be the first time since 2019 that DACA recipients will be eligible for FHA loans. History of FHA Loans for DACA Recipients. Established in June of 2012, Deferred Action for Childhood Arrivals, or DACA, granted special protections for undocumented children who entered the country under the age of 16 and wer

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Finder’s Fees: What Real Estate Investors Need To Know

BiggerPockets

Understanding finders’ fees and knowing what percentage you are willing to pay are important aspects of becoming a successful real estate investor.

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Selling your home? Here’s how to do it fast!

Housing Wire

If you’re selling your home, you probably don’t want it to be a slow process. . Not only does it delay your goals of moving on or buying that new property, but it can also hurt your profits in the long run. Fortunately, there are some easy ways to prevent all that. Want to make sure your home moves quickly? These six strategies can help.

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Homebuyers put pets first when shopping for homes

Housing Wire

According to a recent Realtor.com survey , almost 95% of homebuyers consider their pets when purchasing a home. Yes, you read that right. Purchasing your first home is an exciting time. Whether you’re shopping for a fixer-upper or a home with a modern exterior, there’s nothing like finally being able to check the “buy a house” box off your bucket list. .

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Urban home values growing faster than ‘burbs in Midwest

Housing Wire

A Zillow report released Thursday shows urban home values in Midwest cities — namely, St. Louis, Cincinnati, Cleveland, Kansas City, Columbus and Indianapolis — have risen faster than suburban home values over the past several months. Urban housing markets in the Midwest are generally more affordable than urban areas in other areas of the country. With the COVID-19 pandemic forcing millions to work from home, Zillow reported that demand is supercharging home values in those kinds of affordable a

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FHFA appoints general counsel to create “world-class regulator”

Housing Wire

The Federal Housing Finance Agency appointed Clinton Jones as its new general counsel, saying this was the next step in turning the FHFA into a “world-class regulator.” Jones will step into the role immediately, taking the place of Alfred Pollard, who will retire from the FHFA at the end of March. “Alfred has served admirably as General Counsel to every FHFA Director,” FHFA Director Mark Calabria said.

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Guaranteed Rate acquires DTC lender Owning Corporation

Housing Wire

Fresh off its acquisition of Stearns , Guaranteed Rate has picked up Owning Corporation , a direct-to-consumer mortgage lender. The acquisition gives Guaranteed Rate, best known for its retail prowess, another engine to boost its growth in the direct-to-consumer channel. Terms of the deal with Orange, California-based Owning were not disclosed. According to Guaranteed Rate, Owning’s direct-to-consumer platform processed over $20 billion in total loan volume in 2020. “We’re actively s

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Guaranteed Rate’s Super Bowl ad features sports all-stars

Housing Wire

Guaranteed Rate announced Wednesday it will air a 60-second commercial featuring Ultimate Fighting Championship fighter Dustin Poirier and NASCAR driver Ryan Newman during Super Bowl LV on Sunday, Feb. 8. The commercial will introduce Guaranteed Rate’s new brand campaign, “Believe You Will,” of which Poirier and Newman are ambassadors.

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Stone Point Capital, Insight Partners to purchase CoreLogic

Housing Wire

After months of uncertainty , CoreLogic announced Thursday that it entered into a definitive agreement to be acquired by Stone Point Capital and Insight Partners for $80 per share in cash, or an equity value of about $6 billion. This would be a premium of 51% to CoreLogic’s unaffected share price as of June 25, 2020. The acquisition was approved unanimously by CoreLogic’s board of directors.

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Will the WFH trend affect the housing market after COVID?

Housing Wire

Now that several vaccines are being distributed and hospitalizations appear to be on the decline in many areas, we can start thinking about life after COVID-19. I am interested to see what habits and cultural shifts stay with us and which ones are cast aside as soon as we can safely do so. My instincts tell me that, for the most part, whatever happens in a crisis stays in a crisis.

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33 states go after Ocwen/PHH Mortgage over servicing fees

Housing Wire

A coalition of 33 state attorneys general filed a motion against PHH Mortgage and its predecessor Ocwen Loan Servicing for allegedly charging unlawful servicing fees to nearly one million borrowers. The attorney generals, co-led by New York’s Letitia James and Minnesota’s Keith Ellison, are opposing a proposed class action settlement that would permit PHH to profit from mortgage payment processing fees made by phone or online and would allow PHH to increase the fees for the remaining life of the

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Mortgage applications on the rise again

Housing Wire

Mortgage applications jumped 8.15% from the week ending Jan. 29, breaking a two-week streak of decreases, according to the latest data from the Mortgage Bankers Association. The refinance index also increased 11% from the previous week – up to its highest level since March 2020 – and was 59% higher year-over-year. The seasonally adjusted purchase index increased 0.1% from one week earlier, though the unadjusted purchase Index increased 8 percent compared with the prior week and was 1

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ALTA promotes first chief information officer

Housing Wire

The American Land Title Association announced the promotion of Vice President Kelly Romeo to senior vice president and the newly created role of chief information officer. As ALTA’s first CIO, Romeo will provide strategic direction for the association’s information technology, ensuring that all systems necessary to support its operations are in place.

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Loan servicing solutions

Housing Wire

The COVID-19 pandemic continues to impact the mortgage industry, and servicers are dealing with an increased call volume as borrowers transition in and out of forbearance and make decisions regarding the future of their homes. Communicating with borrowers, ensuring portfolios are in compliance and leveraging technology to find efficiencies are crucial in the current environment.

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First American Mortgage Solutions’ loan modification process addresses workflow volume spike

Housing Wire

Today’s servicers are working in a challenging environment due to several compounding factors. For one, the mortgage industry is experiencing historically low interest rates, which have set in motion a refinancing boom that has dramatically increased lien release volume processing. Secondly, the coronavirus pandemic has created a critical need to provide timely and compassionate borrower relief in the form of forbearance and loan modifications.

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Forbearance rate left unchanged as exits slow

Housing Wire

The U.S. forbearance rate was flat again last week at 5.38%, as a rise in portfolio loan and private label securities forbearances offset declines in government-backed and government-insured loans, according to a survey from the Mortgage Bankers Association on Monday. Fannie Mae and Freddie Mac once again claimed the smallest forbearance rate at 3.1% – a 1-basis-point improvement, and the lowest forbearance share the MBA has recorded for the government-sponsored enterprises since the surve

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Increased need for a compliance-driven insurance servicing solution

Housing Wire

After a tumultuous year of disruption and uncertainty in 2020, mortgage servicing continues to change in order to meet consumer needs, regulatory demands and best practices. The regulatory environment remains complicated, especially as the COVID-19 pandemic disrupted regular service operations with deferments, restrictions and other measures enacted at the state level.

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Illinois mortgage pros ensnared in alleged fraud scheme

Housing Wire

A Chicago-area real estate developer and two mortgage professionals participated in a mortgage fraud scheme that defrauded banks out of at least $3 million, the U.S. Attorney’s Office in Chicago said Tuesday. Federal authorities this week announced multiple fraud charges against real estate developer Andrzej Lajewski, 53; loan originator Agnieszka Siekowski, 46; loan processor Aldona Bobrowicz, 45; and home remodeler Andrzej Bukowski, 66.

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