Housing Wire

DECEMBER 17, 2020

The average U.S. mortgage rate for a 30-year fixed loan fell four basis point this week to 2.67% – the lowest rate in the Freddie Mac ’s Primary Mortgage Market Survey’s near 50-year history. This week’s mortgage rate broke the previous record set on Dec. 3 and is the first time the survey has witnessed it fall below 2.7%. “The housing market continues to surge higher and support an otherwise stagnant economy that has lost momentum in the last couple of months,” said Sam Khater, Fred

Mortgage 546

Mortgage Housing Market Lending Marketing 546

Robinson Appraisal Group

DECEMBER 15, 2020

Along with the rest of the world appraisers have had to adapt to all things Covid. Being in an industry where you are entering into homes, being in one another’s personal space and typical interaction has become alarmingly apparent of risks and uncertainty. Appraisers from the beginning of our national lock down were considered essential to continue the momentum of an economy that looked to be headed toward very unstable ground with the shock of the unprecedented closings and shut downs.

Real Estate 78

Real Estate Appraisal Inspection Real Estate Agent 78

McKissock

DECEMBER 18, 2020

The 2020 housing market will end the year as the highest performing sector of the U.S. economy. Next year’s 2021 housing market will remain strong as the economy recovers from the COVID-19 recession. The Mortgage Technology sector is growing rapidly, modernizing and digitizing what has traditionally been a fragmented and heavily regulated market.

Housing Market 76

Housing Market Appraisal Marketing Modernization 76

National Association of Realtors

DECEMBER 16, 2020

Understand home value, learn details about the appraisal process, borrowers rights, and more. Use this resource to become an informed home buyer.

Appraisal Process 86

Appraisal Process Buyers Appraisal Home Value 86

Housing Wire

DECEMBER 17, 2020

2020 has been a remarkably strong year for the housing market. Sales volume has remained elevated compared to last year since about mid-June, home values are growing more quickly than they have in 15 years and homes are typically selling a full three weeks faster than a year ago. Incredibly, next year’s housing market outlook is poised to be much stronger.

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Housing Market Marketing Home Value 546

Property Metrics

DECEMBER 18, 2020

The development spread is a back of the envelope calculation widely used by real estate developers. It is a fast and easy way to size up the financial feasibility of a real estate development project, prior to completing a more in depth analysis. In this article we’ll take a closer look at the development spread and walk through an example of how it is used in practice.

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Development Real Estate Market Value Construction 69

McKissock

DECEMBER 15, 2020

A VA loan permits an eligible veteran to borrow up to 103.3% of the purchase price or the value of the home, whichever figure is lower. The VA uses state-licensed or state-certified appraisers to provide opinions of value for the homes on which it guarantees the mortgages. In order to complete a VA appraisal , you must be on the VA panel. Here’s an overview of how the VA appraisal panel operates.

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Appraisal Property Appraisal Contracts Real Property 53

Housing Wire

DECEMBER 14, 2020

What a crazy year we have all been through. Last year, I visited Japan, London, Puerto Rico, Oregon and Las Vegas twice. This year I had fewer visits than that to my local barber and I was ecstatic to be there. This was the year we relearned to appreciate small things. Adventure and excitement were out, and safety was in. On the economic front, COVID-19 was the mother of all exogenous shocks.

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Housing Market Government Marketing Mortgage 545

Housing Wire

DECEMBER 14, 2020

The total number of loans in forbearance decreased from 5.54% to 5.48% as of Dec. 6, according to the Mortgage Bankers Association. Fannie Mae and Freddie Mac loans in forbearance decreased to 3.26% – an 8-point improvement. Ginnie Mae loans in forbearance decreased 21 points to 7.68%. Despite a dramatic point improvement, borrowers are still seeking relief, according to Mike Fratantoni, MBA’s senior vice president and chief economist. “New forbearance requests reached their highest level

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Mortgage 537

Housing Wire

DECEMBER 17, 2020

The coronavirus is raging. Eleven million workers are unemployed. And at the end of this month — absent immediate and urgent action by Congress and the administration — millions of American families will be put into eviction and foreclosure proceedings that will take them from their homes at the worst possible moment. Since the coronavirus began spreading, home has been the first line of defense.

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Landlords Housing Market Mortgage Marketing 525

Housing Wire

DECEMBER 18, 2020

The economic hardships wrought by the coronavirus pandemic will be long-term, and millions of renters and homeowners alike could take a serious hit in the upcoming months, affordable housing experts said on a recent webinar hosted by Freddie Mac. Despite economists’ more optimistic housing predictions for the year ahead, one panelist felt that the worst may still be yet to come.

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Mortgage Finance Housing Market Marketing 500

Housing Wire

DECEMBER 16, 2020

After two weeks of decreases, the Mortgage Bankers Association reported that mortgage applications increased 1.1% during the week ending Dec. 11 amid mortgage rates that hit a new survey low. In its latest weekly survey the MBA said the 30-year fixed mortgage rate dropped five points to 2.85% – due, partly, to uncertainty over the prospects of additional pandemic-related government stimulus, as well as concerns about the continued rise in COVID-19 cases across the country, according to

Mortgage 477

Mortgage Contracts Government Buyers 477

Housing Wire

DECEMBER 16, 2020

The Federal Reserve left its overnight lending rate unchanged on Wednesday, and said it expects to keep interest rates low until labor market conditions and inflation hit the Federal Open Market Committee ‘s standards of maximum employment and inflation moderately exceeding 2% for some time. “Our guidance is outcome-based and is tied to progress toward reaching our employment and inflation goals.

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Lending Mortgage Marketing Housing Market 479

Housing Wire

DECEMBER 18, 2020

Renting your home out on Airbnb can be a smart way to make some extra cash. In fact, it might even make homeownership more affordable. According to a study from Earnest, the average Airbnb host makes about $924 per month. Considering the median mortgage payment sits around $1,100, that’s a pretty big chunk of change to be bringing in. But buying an Airbnb property isn’t quite the same as buying a new home to live in.

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HOA Finance Investing Loan Officers 466

Housing Wire

DECEMBER 15, 2020

Data and analytics behemoth Verisk has reached an agreement to acquire behavioral data intelligence company Jornaya , the two companies announced on Tuesday. Verisk, headquartered in Jersey City, New Jersey, will add Jornaya’s proprietary technology – which tracks consumer behavior – into its suite of products geared toward insurance and financial services markets.

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Insurance Clients Development Technology 458

Housing Wire

DECEMBER 14, 2020

The Lone Star State has long been attractive to businesses of all kinds. The combination of warm weather, lots of space to build and the lack of a state income tax has been drawing companies for years. But this year, with tech companies and tech workers fleeing traditional tech hubs in droves, the trend has only accelerated, especially in the state’s capital, Austin.

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Technology Business Housing Market Realtors 450

Housing Wire

DECEMBER 18, 2020

United Wholesale Mortgage’s (UWM) much-anticipated Wall Street debut is expected to take place on Jan. 22, 2021, the company told HousingWire late Thursday. UWM, the nation’s second-largest mortgage originator by volume, is going public through a merger with a publicly-traded special purpose acquisition company headed by businessman Alec Gores.

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Clients Mortgage Investors Finance 441

Housing Wire

DECEMBER 18, 2020

Remote online notarization is spreading like wildfire across the U.S. as COVID-19 and stay-at-home orders forced many companies and mortgage notaries to look for alternative methods to continue operating amid the socially distanced environment in 2020. But what is in store as 2021 unfolds? Consumer demand for RON only continues to grow. Currently all states but two (California and South Carolina) have accepted some kind of RON or remote ink-signed notarization methods, either through temporary C

Mortgage 441

Mortgage Tools 441

Housing Wire

DECEMBER 15, 2020

A new, invitation-only home listing platform hit the web last week. Forbes launched a luxury home listing platform which the company says will capitalize on its audience and “connect, inform, and inspire high-net-worth potential homebuyers and sellers” about properties for sale around the world. Forbes Global Properties will be led by Jeff Hyland, president and cofounder of the luxury listing site Hilton & Hyland and Bonnie Stone Sellers, the former CEO of Christie’s International Real

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Brokerage Real Estate Housing Market Sellers 430

Housing Wire

DECEMBER 15, 2020

Move , Inc., which operates Realtor.com , announced Tuesday it has acquired Avail , a platform that provides online tools, educational content and support for do-it-yourself landlords and tenants. The acquisition expands Realtor.com’s presence in the rental space and augments its current listing content. The terms of the deal were not disclosed. The Avail online platform offers landlords free workflow tools, as well as upgraded functionality and customizations which allow landlords to create and

Landlords 432

Landlords Tenants Tools Insurance 432

Housing Wire

DECEMBER 16, 2020

United Wholesale Mortgage is facing a potentially ugly court battle from a few of its own constituents. Three mortgage brokers in California claim that UWM pulled the rug out from beneath them in March when it changed the commission structure on mortgages that were quickly paid off by borrowers. The lawsuit is seeking class-action status. . On March 12, 2020, UWM executive Allen Beydoun appeared in a video sent to the roughly 100 mortgage brokers he claimed were responsible for higher-than-indus

Mortgage 421

Mortgage Investors Clients Contracts 421

Housing Wire

DECEMBER 14, 2020

Opendoor announced last week that it has expanded its iBuying services in Provo and Ogden, Utah; Rochester, Minnesota; Lakeland, Winter Haven, Sarasota, Deltona, and Ormond Beach, Florida; and Oxnard, Thousand Oaks, and Ventura, California. The iBuyer also said that homebuyers in Tucson, Arizona; Charlotte, North Carolina; Houston; San Antonio; and Austin, Texas, can tour and purchase any home on the market, via Opendoor.

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Advertising Finance Buyers Real Estate 413

Housing Wire

DECEMBER 16, 2020

Keller Williams -owned Smarter Agent , a Philadelphia-based startup that allows agents to create their own branded apps, will be shutting down its dedicated app. Inman News first reported that Smarter Agent would be shutting down. Keller Williams declined to provide HousingWire a timeline for the closure or explain why Smarter Agent was shutting down.

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Agents Brokerage Real Estate Clients 409

Housing Wire

DECEMBER 17, 2020

The Federal Housing Finance Agency is looking to finalize a rule that would require Fannie Mae and Freddie Mac to hold higher levels of liquidity to protect against any sudden shortfalls, creating a further $10 billion cushion for the publicly-held mortgage companies. The measure – which is now up for final comment after previously having been implemented – also creates minimum funding requirements for the government sponsored enterprises.

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Finance Housing Market Government Mortgage 397

Housing Wire

DECEMBER 16, 2020

In a lawsuit filed last week, a mortgage brokerage claimed that one of its former loan officers stole a database containing client names and information and brought it with him to a new job at NEXA Mortgage. Smart Mortgage , which operates in Illinois, Indiana, Colorado and Florida, filed suit against former senior loan processor Brian Noe and NEXA Mortgage earlier this month in federal court in Illinois.

Mortgage 397

Mortgage Loan Officers Brokerage Clients 397

Housing Wire

DECEMBER 16, 2020

2020 was a year that forced a number of industries to modernize and adopt technologies that had been otherwise underutilized. For the housing economy in particular, tech helped to solve many of the challenges that COVID presented and allowed the industry to not only sustain, but prosper. “In 2021, technology will no longer be a ‘nice to have,’ but a must for building trust and standing out amidst an abundance of competitors in the wake of the pandemic,” said John Berkowitz, CEO of OJO Labs.

Agents 384

Agents Real Estate Technology Brokerage 384

Housing Wire

DECEMBER 16, 2020

Path. Path® is the industry’s intuitive cloud-based LOS engineered for mid-tier to large, enterprise-level financial institutions or mortgage bankers. Path is designed to simplify the loan process while still providing the controls and flexibility you need to run your business your way. Product Fast Facts: #1. Path has a 99.95% system uptime guarantee which means no more interrupted system access or response times. #2.

Mortgage 377

Mortgage Design Business 377

Housing Wire

DECEMBER 14, 2020

Nexsys Technologies , a subsidiary of Rocket Companies , launched its Clear HOI platform for all mortgage lenders on Wednesday – a new product it says will cut homeowners’ insurance verification time to mere minutes. The platform will allow lenders to automate the verification process rather than requiring manual confirmation from both parties.

Mortgage 364

Mortgage Insurance Lending Technology 364

Housing Wire

DECEMBER 14, 2020

Homebuyer , an Ohio-based software startup offering digital mortgages to first-time home buyers, announced on Monday it had snagged $1.4 million in a seed round from private investors. The company was founded in 2019 by Dan Green, under the mission to make homeownership more inclusive and less expensive for first-time borrowers. An ex-software engineer, Green is also a former loan officer and founder of The Mortgage Reports, a mortgage education website that was eventually acquired by Full Beake

Loan Officers 358

Loan Officers Investors Legal Buyers 358

Housing Wire

DECEMBER 16, 2020

Cloudvirga TPO. Cloudvirga TPO automates a lender’s wholesale origination workflow and provides private-label point of sale solutions to the lender’s brokers. Using the new platform, brokers can compare products and pricing, upload loan files, run dual AUS, prepare disclosures, order products and submit underwriter-ready loan packages—all in less than 10 minutes.

Mortgage 356

Mortgage Technology 356

Housing Wire

DECEMBER 14, 2020

Mortgage lender and servicer Homepoint – formerly known as Home Point Financial – recently launched a mobile app that is growing in popularity amongst its customers and mortgage broker partners. The app, a mobile extension of Homepoint’s online Home Ownership Platform (or “HOP”), was formally announced as a featured item in the unveiling of its new brand last week.

Legal 360

Legal Business Mortgage Investing 360

Housing Wire

DECEMBER 16, 2020

FileInvite. Manage more loan applications, and close them faster with automated document collection. Customer facing teams spend extensive time following up on missing or incorrect documentation. FileInvite helps borrowers provide brokers and banks with all the information they need to close loans faster. Our intuitive system lets teams and leadership gain visibility over their document pipeline and ensures a seamless client experience.

Mortgage 328

Mortgage Finance Clients 328

Housing Wire

DECEMBER 16, 2020

Social media & website compliance for the financial industry. Social media compliance made easy for the financial industry. Our cloud-based solution for mortgage lenders, banks, and credit unions helps you engage with social media safely and meet your compliance and archival requirements. Easily find and monitor loan officer social media from one unified platform.

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Loan Officers Mortgage 294

Housing Wire

DECEMBER 16, 2020

Insellerate Customer Experience Platform. Manage more loan applications, and close them faster with automated document collection. Insellerate helps lenders close more loans through better borrower engagement. The mortgage industry’s most innovative Customer Experience platform. We deliver dynamic technology, strategy, and content for every channel of your business to ensure engagement throughout the borrower’s journey.

Mortgage 260

Mortgage Technology Business 260