Sat.May 18, 2024 - Fri.May 24, 2024

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VA to roll out temporary fix to buyer agent commission problem

Housing Wire

The United States Department of Veterans Affairs will soon release a circular that “bridges the gap” on an agency law that prohibits a VA buyer from paying their real estate agent compensation, a VA official announced on Tuesday. Michelle Corridon, deputy policy director at the VA, announced at the Mortgage Bankers Association ‘s Secondary & Capital Markets Conference in New York that the circular would be issued between now and June 12.

Buyers 517
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MBA: Mortgage Applications Increased 1.9 Percent Last Week as Rates Fell

Appraisal Buzz

Mortgage application volume increased 1.9% during the week ended May 17, as the average rate for a 30-year- fixed-rate mortgage fell to to 7.01%, down from 7.08% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances increased 7% compared with the previous week and were up 21% compared with the same week one year ago.

Mortgage 431
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An insurance crisis wasn’t on my bingo card

Sacramento Appraisal Blog

It wasn’t on my housing market bingo card to be paying such close attention to insurance, but this is a huge deal for California (and some other states). I promise this won’t become an insurance crisis blog, but today I have some brand new stats to share for Sacramento and the Bay Area. UPCOMING SPEAKING […] The post An insurance crisis wasn’t on my bingo card first appeared on Sacramento Appraisal Blog.

Insurance 334
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‘Stop sharing broker commissions’ to steer clear of trouble

Real Estate News

A “consumer-centric” approach to buy-side commissions is better for all agents, industry leaders say. Here’s why, and what you need to know about the DOJ.

Agents 293
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Fraud, forgery claims are costliest expenses for title insurers

Housing Wire

Fraud and forgery claims represented more than one-fifth of the total dollars spent by title insurers on claims expenses and losses over the past decade, according to a study conducted by Milliman and commissioned by the American Land Title Association (ALTA). Between 2013 and 2022, title insurers recorded 203,181 claims for policies written during that time, and they paid out $4.4 billion in claims related to losses and loss expenses.

Insurance 479
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MBA: Mortgage Bankers Saw ‘Less Severe’ Net Losses in Q1 

Appraisal Buzz

Mortgage bankers continued to lose on originations in the first quarter, as the average pre-tax net loss per loan was $645, according to the Mortgage Bankers Association’s (MBA) Quarterly Mortgage Bankers Performance Report. That’s a decrease from the reported loss of $2,109 per loan in the fourth quarter of 2023. “While the first quarter of 2024 marks the eighth consecutive quarter of net production losses, these losses were less severe than the previous two quarters,” says Marina Walsh, vice p

Mortgage 396

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A third of homes for sale are new construction

Real Estate News

With many owners of existing homes hesitant to give up their low mortgage rates, new homes continue to account for an outsize share of the market.

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New listings data falls for third week in a row 

Housing Wire

New listings data has been moving lower over the last few weeks. I usually wouldn’t care too much about this as its a data line that can be volatile week to week but now it’s been three weeks. The moves haven’t been significant and our weekly pending contracts data picked up this week. But, we need to see more growth in new listings data just to grow from 2023 levels. 2023 new listings data was the lowest ever on record, so it’s already a low bar.

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The Evolution of Valuation Tech: What’s New and What’s Next

Appraisal Buzz

Today, host Hal Humphreys meets with Jeff Allen, President of CubiCasa. Jeff has been an integral part of the valuation industry for a while, and he gets us up to speed on what his experience has involved. There have been a lot of new changes coming to the valuation space. What are some recent changes happening in valuation technology Where is the future of valuation going, and just how long will it take us to get there?

Valuation 368
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Compass CEO Robert Reffkin says the luxury market is back

Inman

The luxury market is back. That was Compass co-founder and CEO Robert Reffkin's primary message during his latest appearance on CNBC's "Squawk on the Street," where he talked about home price trends, mortgage rates, and stock market ebbs and flows.

Marketing 193
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NAR continues its battle to keep DOJ case closed

Real Estate News

An appeals court ruled that the government could reopen its investigation. NAR says that decision involved “far-reaching and exceptionally important” errors.

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Home prices stay elevated as inventory lags: Redfin 

Housing Wire

The median U.S. home sale price reached a record $387,600 in the four weeks ending May 19, marking a 4% year-over-year increase, according to data released Thursday by Redfin. The pricing surge comes despite a marginal dip in weekly average mortgage rates , which fell from a five-month high of 7.22% to 7.02% at the beginning of May, according to Freddie Mac.

Inventory 465
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First American: Rising Inventory in April Had Little Effect on Home Prices, Affordability

Appraisal Buzz

A combination of increased listings and weakening affordability continued to dampen home price appreciation in April – a trend that will likely to continue, according to First American. “After years of historically low levels of homes for sale, the pace of existing-home listings has modestly increased, bringing much-needed supply to the housing market,” says Mark Fleming, chief economist for First American, in a statement.

Inventory 370
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House made famous by ‘Home Alone’ hits market for $5.25M

Inman

The red brick Georgian mansion, known by children all over the world as Kevin McCallister's home, is back on the market after 12 years and comes with a large Kevin Lego figure for the home theater.

Marketing 191
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VA will allow homebuyers to pay agents — at least for now

Real Estate News

Comments made by a Department of Veterans Affairs official Tuesday “ensures veterans have the same opportunity as others to compete in a tight housing market.

Agents 268
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9 tips for homebuyers in non-disclosure states

Housing Wire

For many, buying a home is a complex process, and navigating the real estate market’s rules and regulations can be tricky, especially in states where property sale prices remain a secret. Buying a home in a non-disclosure state, where sale prices are not available to the general public, presents a unique set of challenges and requires home buyers to be more proactive in gathering information.

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Mortgage Rates Fell This Week as Average Rate for 30-Year Dipped Below 7 Percent

Appraisal Buzz

Mortgage rates fell this week, with the average rate for a 30-year, fixed-rate mortgage dropping to 6.94%, down from 7.02% last week, according to Freddie Mac’s Primary Mortgage Market Survey. “Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month,” says Sam Khater, chief economist for Freddie Mac, in a statement.

Mortgage 195
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Veterans Affairs will suspend rule blocking vets from paying agents

Inman

Deputy Director of Policy Michelle Corridon said Tuesday the agency would lift rules preventing vets from using low-cost VA loans to pay agents until it engages in a formal rule-making process.

Agents 190
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Homes.com president out

Real Estate News

David Mele, the longtime leader of CoStar’s home search site, confirmed to Real Estate News that he has left his position as president of Homes.com.

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The average retail mortgage lender lost $645 per loan in Q1 2024 — but that’s actually a good thing

Housing Wire

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a pretax net loss of $645 on each loan they originated in the first quarter of 2024 — a decrease from the average loss of $2,109 per loan in Q4 2023, according to the Mortgage Bankers Association ’s (MBA) newest quarterly performance report. “While the first quarter of 2024 marks the eighth consecutive quarter of net production losses, these losses were less severe than the previous two quarters,” Marina Wals

Retail 447
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Truity Credit Union Using Dark Matter’s Empower LOS

Appraisal Buzz

Truity Credit Union , a member-owned credit union with locations in Oklahoma, Kansas and Texas, is using Dark Matter’s Empower loan origination system to provide loan officers and members a modern, mobile-friendly experience across home purchase, refi, home-equity and construction loan originations. According to Joe Beffer, Truity’s senior vice president and director of lending, the credit union chose Dark Matter for its mobile-friendly borrower portal and for features that will help its interna

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US inventory rises to highest level since 2022 as new-home sales fall

Inman

Newly built homes available on the market rose to 480,000, representing a supply of 9.1 months at the current sales rate, up from an 8.5 month supply in March, according to U.S. Census Bureau data.

Inventory 188
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Mortgage rates fall below 7% for the first time in 6 weeks

Real Estate News

Buyers may be able to take advantage of lower rates and increasing inventory, but many are still priced out, dampening sales.

Inventory 287
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HUD doles out $26M to promote fair housing and combat discrimination

Housing Wire

The U.S. Department of Housing and Urban Development (HUD) on Friday announced the availability of $26 million in funding to be distributed to state and local housing agencies to enforce fair housing practices and to combat discrimination. The money will be distributed via noncompetitive funding for HUD’s state and local fair housing enforcement agencies across the nation under the Fair Housing Assistance Program (FHAP), which is described as “an intergovernmental partnership between the federal

Law 441
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Down Payment Resource Now Integrated with ICE Mortgage Technology’s Encompass

Appraisal Buzz

Down Payment Resource , offering homebuyer assistance program data and solutions, recently announced an integration with ICE Mortgage Technology that embeds down payment assistance program support into Encompass. The integration helps lenders make affordable home financing opportunities more accessible while growing business and forging referral partnerships, Down Payment Resource says in a release.

Mortgage 195
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Equity Angels names first 4 startups for its advisory services

Inman

Equity Angels was launched in early 2024 by 2018 Inman Person of the Year Kenya Burrell-VanWormer, chief growth officer at NEO, and Katherine Winston, founding member and head of marketing at Plunk.

Marketing 182
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A closer look at NorthstarMLS’s path through a tricky year

Real Estate News

Minnesota’s largest multiple listing service embraces its “broker-centric, tech-forward focus” as it works through rules changes and pursues collaboration.

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Off-the-grid deals: Distressed property trends and market insights

Housing Wire

In a supply-constrained housing market , even landing a deal at foreclosure auction has become challenging, but those deals tend to be more readily available in markets or neighborhoods that are off the beaten path. “It’s oddly enough in states where people are leaving,” said Florida-based real estate investor Paul Lizell of the markets where he is more focused on acquiring investment properties in 2024.

Marketing 450
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NAR: Existing-Home Sales Fell in April But Inventory Increased 9 Percent

Appraisal Buzz

Lack of inventory, high home prices and rising mortgage rates slowed existing-homes sales in April. According to the National Association of Realtors (NAR), existing-home sales fell 1.9% compared with March to a seasonally adjusted annual rate of 4.14 million. Year-over-year, existing-home sales were down 1.9%. Despite a 9% month-over-month increase in inventory in April, home prices continued to increase: The median existing-home price jumped 5.7% year-over-year in April to $407,600.

Inventory 195
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DOJ sends signal to industry in first commission comment since March

Inman

Statements made by a DOJ attorney during a May 21 status hearing in the Nosalek commission case offer new insights into the Justice Department's impression of the proposed NAR settlement.

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Movoto wants to win on tech, experiences — not ad spend

Real Estate News

CEO John Berkowitz says the home search company offers agents and consumers “a better chance of succeeding” than its deep-pocketed competitors.

Agents 258
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The impact of student loans on buying a home

Housing Wire

Most Americans still view homeownership as a key to building wealth, but for many, that piece of the American dream is on hold or out of reach thanks to the heavy burden of student debt. In fact, according to a recent study, millennials currently struggle with so much debt that 25% worry they won’t qualify for a mortgage. Nearly 1 in 5 millennials (19%) think their credit card debt will be a stumbling block when applying for a mortgage, while 1 in 7 (14%) think the same about their student loan

Mortgage 439
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Finaya Unifies Home Buying and Selling, Mortgage, Insurance, Title and Closing Services

Appraisal Buzz

Technology firm Finaya has launched an AI-based homeownership marketplace super-app that integrates home buying and selling, mortgage, insurance, title, closing and other related services supported by a marketplace of on-demand realtors, loan brokers, lenders and service providers. In addition, Finaya has announced a definitive merger and acquisition agreement with Nexme, a real estate app with a distinctive “tour now” capability that lets buyers request home tours on demand, and real estate age

Insurance 195
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NextHome CEO on the ‘stupidest’ part of the commission settlement

Inman

James Dwiggins spoke at the inaugural Inman Connect Miami on Tuesday, arguing that clinging to the current status quo when it comes to commissions is a recipe for disaster.

Realty 183