Sat.Jul 30, 2022 - Fri.Aug 05, 2022

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Sixth recession red flag raised, despite strong jobs report

Housing Wire

What a crazy day for my economic model! On the same day, the Bureau of Labor Statistics (BLS) revealed that we’ve recovered all the jobs lost to COVID-19 and I am raising my sixth recession red flag. When I wrote the America is back recovery model on April 7, 2020, and then retired it on Dec. 9, 2020, I knew one data line would lag the most: jobs!

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Buyers are making less aggressive offers

Sacramento Appraisal Blog

Good news. Buyers aren’t having to make aggressive offers like they used to (even when there are multiple offers). Let’s talk about this today. I suspect this is true in many areas across the country. I’d love to hear your take. UPCOMING (PUBLIC) SPEAKING GIGS: 8/11/22 Realtist Lunch & Learn (sign up here (open to […].

Buyers 370
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When There’s No Comparison

The Appraiser Coach

If you’ve been a part of the appraisal world for long, you’ve had this experience. You’ve just submitted a completed report that you feel pretty good about. Soon afterward, however, Read More.

Appraisal 367
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San Jose, California Tops List of Best Metros for Millennials

Appraisal Buzz

Nearly 72 million people living and working in the U.S. today are part of what’s commonly referred to as the Millennial generation, which currently represents the most significant cohort of the country’s demographics. Additionally, given their outsized role within the nation’s economy and influence on everything from culture to the social and political spheres, CommercialCafe … The post San Jose, California Tops List of Best Metros for Millennials appeared first on DSNews.

Appraisal 365
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Can lower mortgage rates stop the housing recession?

Housing Wire

To say that mortgage rates have been on a wild Mr. Toad’s ride in 2022 is an understatement. In less than a year, we went from 2.78% on the 30-year fixed to as high as 6.28% , then recently got as low as 5% — only to have another move higher this week to 5.30%. People thought the mortgage rate drama in 2013-2014 was a lot when rates went from 3.5% to 4.5%.

Mortgage 498
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How to Avoid Accusations of Bias?

George Dell

Editor’s Note: This is Part 1 of a new series on Bias. Easy – Just don’t be biased. Don’t even think about it! Alternately, we can have the government regulate and require it! To know what ‘unbiasedness’ is, and how to achieve it, we have to be able to measure it. We cannot enforce anything, […]. The post How to Avoid Accusations of Bias?

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What Appraisers Need to Know About Quality Control

Appraisal Buzz

Today’s Buzzcast interview is with Todd Rasmussen, President and Chief Operating Officer of Equity Valuation Partners. We sat down with Todd and Joan Trice, Founder of Allterra Group, LLC, to discuss what appraisers need to know about the current market, quality control, and new technology. What are the most common revisions that appraisers have to fix in their reports?

Appraisal 363
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Fannie Mae to accept lender-funded down payment assistance

Housing Wire

Fannie Mae will now buy mortgage loans with lender-funded grants, including down payment assistance, closing costs or financial reserves. The change could give nonbank lenders a way to guard against redlining accusations. The government-sponsored enterprise will start accepting such loans immediately. According to Fannie Mae’s guidance , “The lender must have a documented program that provides grants for low- to moderate-income borrowers, community development, equitable housing initiative

Law 488
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7 Major Home Inspection Issues {2022}

Raleigh Realty

Major Home Inspection Issues and How to Handle Repairs If your home inspection turns up any of these 7 major issues it could be time to negotiate some mandatory fixes with the seller before you proceed with purchasing the home. After a home inspection, issues are going to arise. If you are a first-time home buyer try not to freak out because this is why you hired a home inspector, to find the issues with the home This gives the buyers an opportunity to negotiate some reasonable requests before

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More Prospective Buyers Are Actively Searching for a Home

Eyes on Housing

The share of prospective home buyers who are actively engaged in the process to buy a home rose to 49% in the second quarter of 2022, after declining for three straight quarters. The pivot is likely driven by less competition from buyers who have exited the market, which has encouraged many of those remaining to become active buyers. Except for.

Buyers 189
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Due Diligence in the Non-QM Space

Appraisal Buzz

An upcoming webinar will explain how non-QM products may be the right fit for “out of the box” borrowers, but proper diligence is key to getting these borrowers into the home of their dreams. The post Due Diligence in the Non-QM Space appeared first on DSNews. The post Due Diligence in the Non-QM Space appeared first on Appraisal Buzz.

Appraisal 195
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Expect a foreclosure spike in the coming months

Housing Wire

Distressed mortgages dating back to the height of the pandemic are expected to fuel a jump in foreclosure activity over the next 12 months, although the foreclosure rate is still expected to remain below the pre-pandemic historical average, a new report from Auction.com contends. The prediction by one of the nation’s leading marketplaces for distressed assets, is based on a survey of some 50 Auction.com clients, including private-sector mortgage servicers and government-sponsored enterprises (GS

Inventory 450
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5 Ways Digital Forms Support Extracurriculars

GoForrmz

Provide extracurriculars without the extra paperwork Most high schools offer lots of extracurricular activities–like music, robotics, sports, and mathletics! These activities allow students to learn valuable lessons and develop their individual passions. Even recent research has shown extracurricular participation decreases the likelihood of dropping out!

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High Home Prices Is Main Reason Active Buyers Can’t Seal the Deal

Eyes on Housing

An earlier post revealed that 63% of buyers who were actively engaged in the process of finding a home in the 2nd quarter of 2022 have spent 3+ months searching for a home without success. The most common reason these long-term searchers cite for not having bought by now is their inability to find an affordable home (43%). In second.

Buyers 167
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Seminar Addresses Common Complaints Against Appraisers Through Case Studies

Appraisal Buzz

Disciplinary complaints are a hot topic these days with appraisers. From accusations of bias or discrimination to failure to disclose significant real property appraisal assistance, complaints against appraisers are becoming more and more common. However, there are steps you as an appraiser can take to protect yourself against becoming the subject of a lawsuit or disciplinary action.

Appraisal 195
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New American Funding eliminates hundreds of jobs

Housing Wire

New American Funding has laid off hundreds of employees across multiple rounds of workforce reductions this year, multiple former employees told HousingWire. The most recent layoff came on Tuesday when the California-based lender eliminated several hundred positions, including loan officers, mortgage underwriters, processors and training specialists, multiple former employees said.

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USPAP Third Exposure Draft

Appraiserblogs

…the Ethics Rule has been expanded with a new highly detailed Nondiscrimination section, which also affects the Competency Rule. Folks, the Appraisal Foundation’s Appraisal Standards Board released the THIRD Exposure Draft to USPAP on July 26, 2022. To be honest, I didn’t know there have been two previous Exposure Drafts. I would encourage you to download and print this Draft here.

Appraisal 123
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Job Gains Soar in July Amid Recession Fears

Eyes on Housing

Job growth accelerated in July amid higher inflation and growing economic pressures. Total nonfarm payroll employment increased by 528,000, and the unemployment rate edged down to 3.5% in July. Construction industry employment (both residential and non-residential) totaled 7.7 million and has exceeded its February 2020 level. In July, residential construction gained 14,100 jobs, and non-residential construction added 18,300 jobs.

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Share of Seriously Underwater Mortgages Slips Below 3%

Appraisal Buzz

ATTOM has released its Q2 2022 U.S. Home Equity & Underwater Report, which shows that 48.1% of mortgaged residential properties in the U.S. were considered equity-rich in Q2, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50% of their estimated market values. The portion of mortgaged … The post Share of Seriously Underwater Mortgages Slips Below 3% appeared first on DSNews.

Mortgage 195
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Rocket’s profits drop dramatically to $60M in Q2 2022

Housing Wire

Rocket Companies , the parent of America’s top mortgage lender Rocket Mortgage , reported a $60 million profit in the second quarter, down from $1 billion in profits just the previous quarter. The stunning decline in profitability suggests Rocket has much work to do as higher mortgage rates wipe out refinancing opportunities and even depress purchase sales.

Business 404
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Exposing Occupational Licensing Abuses Nationwide

Appraiserblogs

She went from viewing occupational licensing as a necessary means to protect the safety and welfare of the public to a cynical tool promoted by established businesses to erect barriers against innovation and competition. Her experience as a licensed real property appraiser in West Virginia turned out to be the perfect training ground for the study of public corruption, restraint of trade and government overreach.

Legal 123
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Headship Stabilizes During the Pandemic Housing Boom

Eyes on Housing

Headship rates for all age groups have been trending lower over the last two decades, with important implications for the demand for home building. The latest Current Population Survey (CPS) Annual Social and Economic Supplement (ASEC) data show that the pandemic housing boom brought this trend to a halt, with adults ages 35-64 now registering higher headship rates than they.

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Servicers Anticipate Rise in Foreclosures

Appraisal Buzz

Mortgage servicers polled in a new report expect 23% of seriously delinquent mortgages to complete foreclosure over the next year, with pandemic backlog and regulatory intervention having the biggest impact on foreclosure volume. The post Servicers Anticipate Rise in Foreclosures appeared first on DSNews. The post Servicers Anticipate Rise in Foreclosures appeared first on Appraisal Buzz.

Appraisal 195
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Cheer up, at least purchase mortgage rates are now below 5%

Housing Wire

Purchase mortgage rates dropped for the third consecutive week and are now below the 5% level, reflecting a Federal Reserve monetary policy that has led to a “technical recession” in the U.S. economy. According to the latest purchase mortgage survey from Freddie Mac, the 30-year fixed-rate mortgage declined this week to average 4.99%, down from last week’s 5.30%.

Mortgage 393
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VA Alternative Valuation Methods

Appraiserblogs

On August 1, 2022, the Veterans Affairs released Circular 26-22-13 announcing new procedures for alternative valuation methods, effective immediately. The takeaway: “Desktop Appraisal means a valuation where neither the VA fee panel appraiser nor the appraiser’s designee under the AAPP has physically viewed the exterior or interior of the property and the VA fee panel appraiser has determined an opinion of value based on information obtained from public records, the Veteran, homeowner, realtor,

Valuation 111
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Second Quarter of 2022 Homeownership Rate at 65.8%

Eyes on Housing

The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 65.8% in the second quarter of 2022, which is statistically unchanged from the last quarter reading (65.4%). The national rental vacancy rate slipped to 5.6%, while the homeowner vacancy rate stayed at 0.8%. Both rental and homeowner vacancy rates are hovering near historical lows, reflecting tight housing.

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Executive Leadership Changes at nCino

Appraisal Buzz

Matt Hansen is the new chief product officer of nCino , which offers cloud banking and digital transformation solutions for the global financial services industry. In addition, Jaime Punishill has been named chief market officer (CMO) of nCino. Also, Ben Miller has been named CEO of SimpleNexus , which nCino acquired in January. Hansen is the founder of SimpleNexus, and served as its CEO for more than 10 years.

Appraisal 195
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Real estate brokerage Radius unveils mortgage-lending arm

Housing Wire

Tech-focused real estate brokerage Radius , flush with $14 million in venture capital raised this past April, has launched a mortgage lending arm in California that it plans to roll out to additional markets sometime next year. The new venture, a mortgage brokerage operation, is focused on the California market to start, where Radius already has a strong presence.

Brokerage 393
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Appraisers Share How They Found Their Supervisor

McKissock

Are you just starting your real estate appraisal career? Last month we asked our appraisal community, “How did you find your supervisor when you were first starting out?” Thank you to the large number of appraisers who shared their top tips for up-and-coming appraisers! Keep reading for quotes from many of the experienced appraisers who were willing to share their wisdom with newcomers to the profession.

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Banks Report Unchanged Home Lending Standards

Eyes on Housing

In the second quarter iteration of the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices, banks reported largely unchanged lending standards across all residential real estate (RRE) loans. Major net shares of banks reported weaker demand for most RRE loans except for home equity lines of credit, for which a significant net share of banks.

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Mr. Cooper Signs on as First Servicer Using Resolve Tool from Freddie Mac

Appraisal Buzz

Mr. Cooper is the first servicer to integrate their proprietary system with Freddie Mac ’s Resolve default management tool via an application programming interface (API). Other servicers have integrated through their vendor platforms, but Mr. Cooper is so far unique in using its own system (CMOD System) to connect directly to Resolve. “Freddie Mac is expanding our business-to-business solutions for direct connection to our data and decisions, providing our clients opportunities for more automati

Tools 195
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Movement hires two Fairway executives to boost sales team

Housing Wire

South Carolina-based Movement Mortgage has hired two executives away from rival Fairway Independent Mortgage to boost the growth and development of its distributed retail sales team. The nonbank lender named the 34-year veteran Sarah Middleton to the new position of chief growth officer to attract, onboard and develop sales leaders. Meanwhile, Kevin McGovern will be the director of coaching, responsible for creating a coaching platform.

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Top 3 Most Helpful Forms for Back to School

GoForrmz

Simplify back-to-school season with online forms. As many families and students start preparing to return to school, so are teachers and administrators. Relying on physical documents to organize student data introduces opportunities for incomplete and missing information, putting you and your school at risk. While paper documentation adds to the administrative bottlenecks of back-to-school registration, introducing online forms makes it easy to optimize, simplify, and accelerate back-to-school r

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Housing Share of GDP Edges Lower in the Second Quarter of 2022

Eyes on Housing

Housing’s share of the economy edged lower at the end of the first half of 2022. For the second quarter of 2022, overall GDP declined at a 0.9% annual rate, following a 1.6% decrease in the first quarter. Housing’s share of GDP decreased to 16.6%, slightly below the first quarter share of 16.7%. In the second quarter, the more cyclical home.

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