Mortgage with #nofeeslender: June 2016

Thursday, June 30, 2016

Fitch: Brexit to bring another tough round of earnings

Remember this year’s rough first-quarter earnings season thanks to historically low interest rates? Well, according to a new report from Fitch, the market might experience it all over again. This time Brexit is to blame. It’s not bad for everyone though. Fitch pinpointed that this group will get hit the worst. http://www.housingwire.com/articles/37429-fitch-brexit-to-bring-another-tough-round-of-earnings ❤️ #share #mortgage

American Modern Insurance Group fined $1M for over-charging on force-placed insurance

The state of Minnesota announced earlier this week that it is fining American Modern Insurance Group $1 million for over-charging Minnesota residents for force-placed insurance. American Modern Insurance Group will also be required to cut its insurance rates by 43% and provide refunds to the affected homeowners. http://www.housingwire.com/articles/37428-american-modern-insurance-group-fined-1m-for-over-charging-on-force-placed-insurance ❤️ #share #mortgage

Groundbreaking ruling? Federal jury finds Emigrant Bank liable for predatory lending

In what the plaintiffs’ attorneys are calling a “first of its kind” decision, a federal jury in Brooklyn ruled this week that Emigrant Savings Bank and Emigrant #mortgage Company engaged in predatory lending by “aggressively marketing toxic #mortgages to Black and Latino homeowners with poor credit” in the run-up to the housing crisis. http://www.housingwire.com/articles/37419-groundbreaking-ruling-federal-jury-finds-emigrant-bank-liable-for-predatory-lending ❤️ #share #mortgage

Fannie Mae, Freddie Mac resolve just 24% of non-performing loans

Fannie Mae and Freddie Mac just released a report showing that 76% of current non-performing loans remain unresolved. The report also shows how owner-occupied and vacant homes affect foreclosures. http://www.housingwire.com/articles/37416-fannie-mae-freddie-mac-resolve-just-24-of-non-performing-loans ❤️ #share #mortgage

FHA announces sweeping changes to non-performing loan sales program

Amidst mounting public pressure to do more to keep struggling homeowners in their homes, the Department of Housing and Urban Development and the Federal Housing Administration announced a series of extensive changes to its non-performing loan sale program. Here are all the details. http://www.housingwire.com/articles/37411-fha-announces-sweeping-changes-to-non-performing-loan-sales-program ❤️ #share #mortgage

Don't like to drive, renters? The best public transit is in these cities

Fast transportation is the second highest priority renters cite when they are looking to move. Trulia published a list of the top 10 cities for public transportation. Move here, and ditch the automobile all together. Moreover, it’s renter friendly. http://www.housingwire.com/articles/37409-dont-like-to-drive-renters-the-best-public-transit-is-in-these-cities ❤️ #share #mortgage

The HousingWire Insiders awards are a thing you don’t want to miss

The nominations submitted so far are absolutely the top operators in our space. Hands down. Everyone else, go home, you can’t compete. Unless, you know someone who fits the profile of AWESOMENESS. http://www.housingwire.com/blogs/1-rewired/post/37410-the-housingwire-insiders-awards-are-a-thing-you-dont-want-to-miss ❤️ #share #mortgage

Scottie Pippen Lists Mansion With Basketball Court

shutterstock_192990545 Selling this mansion in suburban Chicago ought to be a slam dunk for retired basketball star Scottie Pippen, who’s asking $3.1 million.

The 10,000-square-foot spread gives new meaning to the term “home court advantage” with a basketball court painted with a larger-than-life version of Pippen’s No. 33 jersey from the Chicago Bulls.

“The pool and basketball court add to this already incredible family home,” said listing agent Paul Gorney of Berkshire Hathaway KoenigRubloff Realty Group.

A short drive from Lake Michigan, this estate gets in the lane with 2.9 acres that include an infinity pool, spa and slide. There’s lots of room for plays with a two-story living room, a recreation room, sauna and steam rooms, and a wine cellar.

It runs the floor with 5 bedrooms and 5.5 baths, including two master suites and a soaking tub big enough to relax even an Olympic “Dream Team” player. But if you’re looking for something even bigger, Michael Jordan is still trying to sell his estate just down the street.

Photos by Jeff Worman/Windy City Drones

Related:

from Zillow Porchlight http://www.zillow.com/blog/scottie-pippen-lists-mansion-200789/

Ten-X: Home sales still going up, though pace is slowing

Home sales continue to increase, but at a lower rate than past months. However, according to Ten-X executive vice president, Brexit could change everything. Here’s how. http://www.housingwire.com/articles/37408-ten-x-home-sales-keep-going-up-pace-is-slowing ❤️ #share #mortgage

Ten-X: Home sales still going up, though pace is slowing

Freddie Mac: #mortgage rates plummet after Brexit vote

After the Brexit vote, where Britain voted to leave the European Union, #mortgage rates in America plummeted close to the all-time lows in 2012. Here, Freddie Mac’s chief economist talks about what that could mean for the economy in the coming months. http://www.housingwire.com/articles/37407-freddie-mac-mortgage-rates-plummet-after-brexit-vote ❤️ #share #mortgage

3 Reasons to Buy Luxury Property THIS Year!!

For that reason, prices haven’t skyrocketed as they have in the lower and mid-tier markets. This, coupled with sensational #mortgage rates, means that this may be the perfect time to purchase the luxury property you have always desired.

Let’s break it down into the three major reasons to act now:

1. There are more homes from which to choose

According to a recent Wall Street Journal article, inventory in the upper end is increasing, while it is decreasing at the lower and mid-tier price ranges. Here is a graph showing the average increase/decrease in inventory for the first four months of this year as compared to last year:

2. Prices are becoming more reasonable

In a separate article, the Wall Street Journal also talked about prices in the luxury market. They explained that downward price adjustments have been more common in the luxury market than in markets with lower prices. They went on to say:

“The growing number of price cuts suggests luxury-home sellers are becoming more realistic about property values as sales have slowed, said several real-estate veterans.”

Not only will you have more to choose from, but you may also be able to get the property at a reduced price.

3. #mortgage rates are at historic lows

In the past, one of the drawbacks to purchasing a luxury property was the larger #mortgage rate on “jumbo” loans which are often required on high end properties.

However, HSH.com just revealed that jumbo rates just set new record lows:

“While conforming fixed-rate #mortgages eased a little this week, 30-year fixed-rate jumbos declined enough to break into new record low territory (3.66%), besting the previous low set in April by two basis points.”

Bottom Line

More choices, better prices and historically low #mortgage rates may make this the perfect time for you to own one of those luxury properties you and your family have always fantasized about. http://www.simplifyingthemarket.com/en/2016/06/30/3-reasons-to-buy-luxury-property-this-year/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Wednesday, June 29, 2016

Disbarred New York lawyer gets 3 years for phony ticket resale, real estate schemes

A disbarred New York attorney will spend more than three years in prison after being convicted on multiple charges stemming from his involvement in a ticket resale fraud scheme and a real estate investment fraud conspiracy that cheated multiple victims out of more than $3 million. http://www.housingwire.com/articles/37406-disbarred-new-york-lawyer-gets-3-years-for-phony-ticket-resale-real-estate-schemes ❤️ #share #mortgage

How Will Britain's Exit From the EU Affect U.S. Mortgage Rates?

Financial market turmoil can be good for mortgage rates. Don’t forget this concept as you continue to read headlines about how a “Brexit” is wreaking havoc on markets.

Brexit is slang for Britain’s vote Thursday, June 23 to exit the European Union (EU), which is a political and economic union allowing free trade and movement of people among 28 member countries.

This outcome was unexpected, and caused stock markets around the world to nosedive.

Mortgage rates approach record lows

The Brexit vote also caused U.S. mortgage rates to nosedive. Rates were down .125 percent the day after the Brexit vote, and are now approaching all-time record lows as 30-year fixed rates move below 3.5 percent.

Why? Because Brexit uncertainty is causing investors to sell riskier global stocks and buy safer U.S. mortgage bonds - which are among the safest bonds in the world because they’re comprised of U.S. home loans approved using the strictest guidelines in decades.

When bond prices rise on this buying, bond yields (or rates) drop. When rates drop, it’s often a good time to refinance your mortgage.

To put it in perspective: On a $300,000 loan, if you refinanced at a rate dip of .25 percent, your payment could be lowered by $42 per month.

Mortgage rate outlook from here

When markets are driven more by politics than economics, rate movement will be especially unpredictable. If this Brexit-driven rate dip meets your financial objectives, you should work with your lender to refinance at this lower rate.

Some projections call for rates to rise gradually as Brexit concerns wane, but, conversely, there is also a growing consensus that ultra-low rates may be here to stay.

If you have the stomach to watch rate markets a bit longer, Brexit isn’t the only factor driving lower rates. Forthcoming Brexit negotiations may inspire other EU countries to seek independence, which would fuel market turmoil and keep U.S. rates low.

This sentiment has already caused the Federal Reserve to pause its rate hike campaign, citing non-U.S. factors as contributing to increased risk of U.S. recession.

These conflicting predictions mean rate movement will be especially unpredictable in the coming months, so it’s best to lock rate dips that meet your financial objectives. Your lender can help you with your objectives and mortgage math.

Tips for refinancers

Thinking of refinancing to take advantage of the low rates? Here are a few tips.

Ensure your lender is quoting correctly. Rate quotes are predicated on a loan closing in a certain number of days. Longer rate locks have higher rates, and lock extensions can eat away refinance savings. If you see one rate quote lower than another when you shop, ask that lender what their rate lock period is, and make sure they can close your loan within their rate lock period.
Ask about timing. Lenders get extremely busy during rate dips, so ask your lender to confirm that they’re quoting a rate that allows them enough time to close your loan. (If they can’t, you can look into finding a new lender.)
Don’t forget your second mortgage. Your second mortgage holder must agree to the terms of your new first mortgage refinance before the refinance can close. This is required even if you have a Home Equity Line of Credit (HELOC) with a zero balance. This step will add time to the process, so make sure lenders you’re shopping with know this as they’re quoting rates.
Get ready to provide documents again. Even if you refinance with a lender you’ve worked with before, federal laws require them to update your employment, income, asset, and debt documentation for a new loan.

When do refi costs break even? A typical refinance costs $2,000 to $4,000, depending on your market. Interest cost savings from the refi should repay closing costs within 24 to 36 months. A refinance calculator can help you estimate your breakeven time.

And don’t forget that a “no-cost” refinance isn’t actually without cost. You’re just accepting a higher rate to enable your lender to credit closing costs. Make sure your lender compares long-term savings of cost vs. no-cost refi options.

Reminder for home buyers

A rate lock runs with a borrower and a property, so as a home buyer, you cannot lock a mortgage rate until you’re in contract to buy a home.

Rate dips like the current one tipped off by the Brexit vote benefit you as a home shopper because you’ll likely get to lock a lower rate when you get into contract. But until then, you’re subject to daily rate market movements.

Related:

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

from Zillow Porchlight http://www.zillow.com/blog/uk-exit-eu-affect-us-mortgages-200793/

BancorpSouth fined $10.6 million for discriminatory lending, redlining

BancorpSouth will pay $10.6 million to settle charges against the bank by the Department of Justice and the Consumer Financial Protection Bureau, which accused the Mississippi-based bank of redlining and discriminatory lending practices. The agencies accused BancorpSouth of engaged in a number of discriminatory practices, including illegally redlining in Memphis, and implementing an “explicitly discriminatory loan denial policy.” http://www.housingwire.com/articles/37405-bancorpsouth-fined-106-million-for-discriminatory-lending-redlining ❤️ #share #mortgage

Almost 25% of Americans report falling victim to financial data breaches

Nearly one fourth of consumers reported being hacked in the past two years. Cyber security experts at Accenture say it is a growing problem, and yet many consumers are still willing to give their personal information to banks in exchange for more personalized services. http://www.housingwire.com/articles/37404-almost-25-of-consumers-report-financial-data-breaches ❤️ #share #mortgage

Three #mortgage #lenders make Fortune list of top jobs for Millennials

Today’s #mortgage industry seems to be aging, and very few Millennials seem to be interested in carrying on the profession. These #lenders, however, must be doing something right. They just made the list of top 100 best workplaces for Millennials. http://www.housingwire.com/articles/37403-these-lenders-are-where-millennials-want-to-work ❤️ #share #mortgage

Federal Savings Bank hires new chief information officer

The Federal savings bank hired MacDonald as the new chief information officer. He will be responsible for ensuring technological safety for consumers. http://www.housingwire.com/articles/37402-federal-savings-bank-hires-new-chief-information-officer ❤️ #share #mortgage

Fannie Mae, Freddie Mac look for more ways to share credit risk

The federal government is looking for additional methods and mechanisms that it can use to transfer credit risk currently borne by Fannie Mae and Freddie Mac, and therefore the American taxpayers, to private investors. Here’s a breakdown of the history of Fannie and Freddie’s risk-sharing deals, and a look at what the GSEs want to do next. http://www.housingwire.com/articles/37401-fannie-mae-freddie-mac-look-for-more-ways-to-share-credit-risk ❤️ #share #mortgage

Home shoppers! Here are 6 tips to help save for your new home

Approximately 52% of Americans plan to buy a home in the next five years, leaving 1,825 days to save anywhere from a 3% to 20% down payment. So you better start saving now! In recognition of American Housing Month, the American Bankers Association Foundation highlighted six tips to help consumers cut costs and start saving. http://www.housingwire.com/articles/37400-home-shoppers-here-are-6-tips-to-help-save-for-your-new-home ❤️ #share #mortgage

FHFA: Average #mortgage interest rates decrease in May

Interest rate deceased in May from the previous month as rates continued to hit new lows. While interest rates decreased, however, the total amount of the loans increased. http://www.housingwire.com/articles/37399-average-mortgage-interest-rates-decrease-in-may ❤️ #share #mortgage

Appraisal volume remains stubborn despite low interest rates

Appraisal volume doesn’t appear to be budging for anything. Volume continued to trudge along at a very low volume for the majority of spring and now into summer. According to Kevin Golden, director of analytics with a la mode, it’s not the potential low rates from Brexit that will impact housing. http://www.housingwire.com/articles/37397-appraisal-volume-remains-stubborn-despite-low-interest-rates ❤️ #share #mortgage

Pending home sales: Fewer homes being sold for first time in 2 years

Pending home sales decreased in May both monthly, and for the first time in two years, annually. Experts weigh in on what caused the sudden drop. http://www.housingwire.com/articles/37396-pending-home-sales-fewer-homes-being-sold-for-first-time-in-2-years ❤️ #share #mortgage

MBA: #mortgage applications underwhelm amid Brexit news

#mortgage rates are expected to drop even further below the record lows witnessed this year, but you wouldn’t think so looking at the latest #mortgage application report from the #mortgage Bankers Association. This is what happened instead. http://www.housingwire.com/articles/37395-mba-mortgage-applications-underwhelm-amid-brexit-news ❤️ #share #mortgage

BREXIT: What’s the FIXIT for U.S. Home Buyers and Sellers?

Now that much of the dust has settled and the panic has waned, let’s take a look at what impact Britain’s exit from the European Union may have on the U.S. housing market.

The most immediate impact of Brexit will be on #mortgage interest rates. Interest rates have remained at historic lows for the last several years. Contrary to what many experts believed, rates have remained low throughout the first half of 2016.

Possible impact of Brexit on #mortgage rates?

In a recent article, the Washington Post explained:

“Brexit has spawned the recent bout of volatility in global financial markets. That has anxious investors scurrying for safety – and few assets are safer than U.S. Treasuries. High demand for government debt pulls down interest rates.

That all translates into ultra-low #mortgage rates for American households. And with Britain voting for Brexit, they could go even lower.”

However, the lower rates caused by Brexit may be short lived as Trulia Chief Economist Ralph McLaughlin pointed out in a recent post:

“While the departure of the UK from the European Union has driven down the 10-year bond, and thus #mortgage rates, we expect them to rebound later in the year as uncertainty over the economic consequences of the departure lifts.”

Bottom Line

Rates are already at historic lows. The UK’s exit from the EU almost certainly guarantees they will remain low (and possibly go lower) over the next few months. If you were thinking of buying your first home or trading up to the house of your dreams, this may be the time to act. The cost of money may never be better for a potential buyer. http://www.simplifyingthemarket.com/en/2016/06/29/brexit-whats-the-fixit-for-u-s-home-buyers-and-sellers/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Tuesday, June 28, 2016

Here's Why Your Debt-to-Income Ratio Matters

Home shoppers eager to qualify for a mortgage could get turned down because of a number they’ve never heard of: their debt-to-income ratio (DTI).

If you’re a bit hazy on DTI, you’re in good company. According to Fannie Mae’s Economic & Strategic Research (ESR) Group, more than half of consumers surveyed weren’t sure what it is either.

And, in this case, what they don’t know could hurt them - financially, that is.

High DTI (not credit scores or how much borrowers had in the bank) was the top reason to reject a loan applicant, according to a 2014 FICO study of credit-risk managers covered by The Washington Post.

Understanding DTI

Put simply, DTI is a calculation of your monthly debt payments divided by your gross monthly income.

Lenders calculate DTI in two ways, and both are important. First, they’ll add together all your expected housing expenses (your new mortgage, including taxes and insurance) and divide that by your gross (pre-tax) income. That’s called your front-end DTI.

Second, they do the same calculation but include all of your monthly expenses, like minimum payments on credit cards and auto loans. That’s called your back-end DTI.

For conventional mortgage loans (loans not insured by the government), mortgage lenders are generally looking for 28 percent or lower for the front-end DTI, and 36 percent or lower for the back-end.

“Some lenders may be a little stricter, and others less so,” says Cara Pierce, who’s worked as a housing financial specialist with Atlanta-based ClearPoint Credit Counseling for 19 years.

Why DTI matters

Your DTI ratio is important, Pierce says, because it’s what lenders use to determine how much money they will loan you.

If you’re already using 10 percent or more of your gross income to pay your monthly living expenses, such as car payments and credit card minimum payments, you’d have less than 26 percent for your other housing expenses to stay under 36-percent DTI on the back end.

A DTI higher than 36 percent doesn’t mean you won’t qualify. In fact, Fannie Mae purchases loans from lenders with back-end DTI ratios as high as 45 percent. But you may want to re-evaluate how much you want to spend on a home - or if it’s even the right time to buy.

Can I lower my DTI?

Lowering your DTI could help you get a lower interest rate “because less debt is generally viewed as a good thing,” notes Investopedia.

So if you still want that more expensive home, there are two ways to lower your DTI.

First, pay down debt. Even paying a little over the minimum payment each month on accounts will help. “If you have a $100 a month payment and can’t afford $200, just pay $125,” advises Pierce. “That will make it faster for you to pay off the debt.”

Alternatively, you could look for ways for you or your household to raise your income or consolidate your debt.

Either way, it’s important to know how lenders calculate DTI, and how a high DTI ratio could affect your chances of being approved for a loan. "People don’t understand DTI because it’s a math equation,” says Pierce, “but it’s a number that lenders will use to approve or deny loan applications.”

You can calculate your DTI manually or use an online calculator. Consumers can request a free copy of their credit report annually at AnnualCreditReport.com or by calling 877-322-8228.

Related:

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

from Zillow Porchlight http://www.zillow.com/blog/why-dti-matters-199541/

#mortgage bond investors finally get paid $8.5 billion Countrywide settlement

Last month, #mortgage bond investors moved one step closer to ending their five-year wait for their money from an $8.5 billion settlement involving Bank of America, #mortgages originated by its Countrywide unit, and the Bank of New York Mellon. At the time, a report suggested that the aggrieved bondholders would receive their money in June, and according to a new report from Fitch Ratings, that’s exactly what happened. http://www.housingwire.com/articles/37394-mortgage-bond-investors-finally-get-paid-85-billion-countrywide-settlement ❤️ #share #mortgage

Fitch: Brexit could lead to all-time lows for #mortgage interest rates

In the wake of the United Kingdom’s shocking decision to leave the European Union, experts throughout the U.S. housing industry weighed in on the potential impact of the Brexit. The general consensus among those experts is that #mortgage interest rates are going down, but just how low? Well, according to analysts at Fitch Ratings, #mortgage rates could hit all-time lows as the Brexit dust settles. http://www.housingwire.com/articles/37392-fitch-brexit-could-lead-to-all-time-lows-for-mortgage-interest-rates ❤️ #share #mortgage

Freddie Mac: These are the 4 things Baby Boomers want in their next home

Baby Boomers are planning to move, many even before 2020, however this time many don’t plan on buying a home, but renting it. Most of them say next time they move they will pay the same or less than what they pay now. http://www.housingwire.com/articles/37391-freddie-mac-what-baby-boomers-want-in-their-next-home ❤️ #share #mortgage

Ballard Spahr hires real estate attorney

Vaias brings not only an extensive work history to the company, but also a lifetime of community service, such as serving on various boards and offering volunteer legal services to the homeless. Here’s more on why Ballard Spahr hired her as counsel for two of its offices. http://www.housingwire.com/articles/37390-ballard-spahr-hires-real-estate-attorney ❤️ #share #mortgage

NBA players schooled on real estate investing by former stars

For most NBA players, their playing careers are over just as the rest of us are settling into our chosen professions. The difference between them and us (in addition to, you know, athletic ability) is that, in some cases, they’ll retire with a lot of money and a lot of time on their hands. So what will they do with their money and their time? For some former players, investing in real estate becomes their game of choice, but that game comes with a lot of risk. http://www.housingwire.com/articles/37389-nba-players-schooled-on-real-estate-investing-by-former-stars ❤️ #share #mortgage

Redfin now scores homes based your commute to work

Redfin created a new way of scoring homes. Properties can now be rated based on the number of jobs within a 30-minute car-free commute. This new scoring system, they hope, helps caters to two growing trends in the housing market. http://www.housingwire.com/articles/37387-redfin-now-scores-homes-based-on-job-commute ❤️ #share #mortgage

Experts revise GDP rates, in different directions

Experts disagree on the impact that the Brexit will have on U.S. GDP growth, with Capital Economics predicting a rebound in growth while Goldman Sachs revised their prediction down slightly. The one thing they can agree on? The Fed will still raise rates this year. http://www.housingwire.com/articles/37386-experts-revise-gdp-rates-in-different-directions ❤️ #share #mortgage

Supreme Court to consider Miami's predatory lending suit against Bank of America, Wells Fargo

The U.S. Supreme Court announced Tuesday that it will hear arguments during its next term on whether the city of Miami can sue Bank of America and Wells Fargo for alleged predatory lending. The city sued the megabanks in 2013, accusing the banks of “disproportionately placing vulnerable, underserved minority borrowers in loans they cannot afford.” Click the headline to read more. http://www.housingwire.com/articles/37385-supreme-court-to-consider-miamis-predatory-lending-suit-against-bank-of-america-wells-fargo ❤️ #share #mortgage

Case Shiller: Home prices reach new highs in key housing markets

Home prices increased yet again in April, bringing experts to question the growing affordability problems for first time home buyers. In addition, the new Brexit vote could cause home prices in increase even further in the coming months. http://www.housingwire.com/articles/37384-case-shiller-home-prices-reach-new-highs-in-key-housing-markets ❤️ #share #mortgage

Gap Between Homeowner’s & Appraiser’s Opinions Narrows Slightly

In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. One major challenge in such a market is the bank appraisal.

If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the price when performing the appraisal for the bank.

Every month, Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser’s evaluation in their Home Price Perception Index (HPPI). Here is a chart showing that difference for each of the last 12 months.

The gap between the homeowner vs. appraiser’s opinion has started to head in the right direction (closer to even), as June saw a slight decrease from May’s -1.95% to -1.89% nationally.

Homeowners in the western part of the country, however, have been pleasantly surprised as their homes have appraised higher than they expected. Denver received its highest HPPI last month as homes came in an average of 3.28% higher than the homeowner believed it would. Nine of the twelve metro areas that had a positive HPPI last month were located in the west.

Quicken Loans’ Chief Economist, Bob Walters explains:

“The hot housing markets along the West Coast are growing quicker than owners realize, giving way to higher than expected prices for buyers and more home equity for existing owners.

On the other hand, the housing markets are more balanced in the East and Midwest, leading owners to be slightly over-enthusiastic about their home’s appreciation.”

Bottom Line

Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank’s appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, let’s get together to talk about what’s happening in our area. http://www.simplifyingthemarket.com/en/2016/06/28/gap-between-homeowners-appraisers-opinions-narrows-slightly/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Monday, June 27, 2016

Six things #lenders should look for in a warehouse provider

For many #lenders, to grow is to simply to add more warehouse providers. But a larger network of providers can bring larger inefficiencies. Instead of using five or six different warehouse providers, scaling down to two or three, who offer larger lines, allows #lenders to manage fewer bank relationships and possibly even reduce staffing as a result. http://www.housingwire.com/articles/37315-six-things-lenders-should-look-for-in-a-warehouse-provider ❤️ #share #mortgage

Guaranteed Rate offers 1% down #mortgage program through #homebuyer grant with Chicago

Low down payment #mortgage programs have made quite the entrance in to the market as of late. Quicken Loans revealed the details of what went factors made up its 1% down, and now Guaranteed Rate revealed its new 1% down program that launched. This program, however, is significantly different, as Kasey Marty, executive vice president of secondary marketing with Guaranteed Rate, explains. http://www.housingwire.com/articles/37383-guaranteed-rate-offers-1-down-program-through-homebuyer-grant-with-chicago ❤️ #share #mortgage

Ex-NFL star Irving Fryar serves only 8 months of 5-year prison term for #mortgage fraud

Irving Fryar, who spent 16 years in the National Football League, starring for the New England Patriots, Miami Dolphins and Philadelphia Eagles during his career, is now a free man, after he recently walked out of New Jersey state prison after serving only eight months of a five-year sentence for #mortgage fraud. http://www.housingwire.com/articles/37382-ex-nfl-star-irving-fryar-serves-only-8-months-of-5-year-prison-term-for-mortgage-fraud ❤️ #share #mortgage

How long will #mortgage rates stay low now that #Brexit is a reality?

The roadmap for how Brexit will occur from a logistical perspective should become clearer over the next few months. Steve Hovland, director of research at HomeUnion, weighs in on the initial shock of Brexit and what the industry can expect for the future. Here’s a hint, it’s not all bad. http://www.housingwire.com/blogs/1-rewired/post/37381-uncertainty-grips-the-global-financial-markets-as-brexit-becomes-a-reality ❤️ #share #mortgage

Florida pastor found guilty of #mortgage fraud

A Florida pastor is facing as much as 90 years in prison after being convicted of defrauding multiple #mortgage #lenders, the U.S. Attorney’s Office for the Middle District of Florida announced Monday. Here are the details of the case of Nelson Cristiano Machado, Jr. http://www.housingwire.com/articles/37380-florida-pastor-found-guilty-of-mortgage-fraud ❤️ #share #mortgage

Have questions on our Insiders award program? We've got answers

The Insiders could be leading out in different ways, but may also just be excellent at their particular job. Leaders are great, but so are the people who actually execute on a leader’s vision and direction. The Insiders are people in the trenches every day, making things better. http://www.housingwire.com/blogs/1-rewired/post/37379-have-questions-on-our-insiders-award-program-weve-got-answers ❤️ #share #mortgage

Freddie Mac: Low interest rates help keep housing on track

Freddie Mac’s recent report gives a glimpse of trends in the housing market, as well as what to look for in the coming months. “Despite the increase in cash-out refinances in the recent quarters, there is little risk of over leveraging in the conventional conforming prime market,” Freddie Mac Chief Economist Sean Becketti said. Click to read more about Becketti’s call. http://www.housingwire.com/articles/37378-freddie-mac-low-interest-rates-keep-housing-on-track ❤️ #share #mortgage

A profile of the economic inequality fueling San Francisco's housing problem

The tech industry found a home in San Francisco, propelling the region into a period of unprecedented wealth and innovation. But as more people prosper in Silicon Valley, it pushes more people out who can’t afford the outrageous costs of the city. So what impact is this having on housing? http://www.housingwire.com/articles/37377-a-profile-of-the-economic-inequality-fueling-san-franciscos-housing-problem ❤️ #share #mortgage

New York adopts "sweeping" new laws to tackle foreclosure problems

While the U.S. Senate could soon consider new rules governing the maintenance of foreclosed homes and the glut of “zombie homes” that blight many communities throughout the country, the state of New York is taking the matter into its own hands. Late last week, New York Gov. Andrew Cuomo signed “sweeping” legislation to reform the state’s foreclosure process and address the state’s issues with zombie homes. http://www.housingwire.com/articles/37376-new-york-adopts-sweeping-new-laws-to-tackle-states-foreclosure-problems ❤️ #share #mortgage

Capital Economics: Economy nears full employment

The recent low jobs report and the Brexit decision could cause economic uncertainty, however a recent report from Capital Economics shows there is nothing to fear. In fact, the economy is nearing full employment and GDP continues to increase. http://www.housingwire.com/articles/37375-capital-economics-economy-nears-full-employment ❤️ #share #mortgage

Black Knight: Homes prices still going up

Home prices rose yet again in April in every state and metro area. In fact, many places even hit new peaks, and it may not be slowing down anytime soon. http://www.housingwire.com/articles/37374-black-knight-homes-prices-keep-going-up ❤️ #share #mortgage

5 Reasons to Sell This Summer

As the temperature rises, buyers are coming out ready to purchase their dream homes. The summer is a great time to list your home for sale. Here are five reasons why:

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now!

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market at 4.7-months.

This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market this summer.

Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, reaching historic levels by 2017.

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

Fannie Mae just announced that they anticipate an acceleration in home sales that will surpass 2007’s pace by late summer. As the market heats up, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler.

4. There Will Never Be a Better Time to Move Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.3% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and #mortgage payment) if you wait.

You can also lock-in your 30-year housing expense with an interest rate below 4% right now. Rates are projected to increase by nearly a full percentage point in the next 12 months.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important. http://www.simplifyingthemarket.com/en/2016/06/27/5-reasons-to-sell-this-summer/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Sunday, June 26, 2016

Monday Morning Cup of Coffee: #Brexit fallout; what’s happening and what’s next?

Well, it was all #Brexit all the time, all weekend long. Here, in your Monday Morning Cup of Coffee, are more views of the impact of the United Kingdom’s shocking decision to leave the European Union behind, both in the long-term and the short-term. Plus, what some U.S. #lenders are doing right now to take advantage of the post-Brexit world. For all that and more, click the headline. http://www.housingwire.com/blogs/1-rewired/post/37373-monday-morning-cup-of-coffee-brexit-fallout-whats-happening-and-whats-next ❤️ #share #mortgage

Friday, June 24, 2016

Here’s the No.1 thing Americans sacrifice to pay for their home

Americans are making sacrifices to ensure they are able to stay in their homes despite whatever may change in their lives. And whether it’s a #mortgage or rent, paying for their home is a top priority when it comes to bills, creating a domino effect in other parts of their lives. http://www.housingwire.com/articles/37371-heres-the-no1-thing-americans-sacrifice-to-pay-for-their-home ❤️ #share #mortgage

Senate to consider wide-ranging bill to address zombie foreclosure "crisis"

#mortgage #lenders and servicers could soon have a whole new set of responsibilities for maintaining foreclosed homes, as Sen. Bob Menendez, D-NJ, introduced a new bill on Friday that would address what his office calls the “zombie foreclosure crisis.” http://www.housingwire.com/articles/37372-senate-to-consider-wide-ranging-bill-to-address-zombie-foreclosure-crisis ❤️ #share #mortgage

Consumer sentiment down even before Brexit news

Just hours after the news that British voters decided to leave the European Union, the U.S. released its monthly consumer sentiment report for June, revealing that consumers already had a slightly dimmer view of the economy before the Brexit news. http://www.housingwire.com/articles/37370-consumer-sentiment-down-even-before-brexit-news ❤️ #share #mortgage

Quicken Loans now offering 1% down #mortgages

While megabanks like Bank of America, Wells Fargo, and JPMorgan Chase grabbed the headlines earlier this year by separately announcing plans to offer #mortgage loans that only require a 3% down payment from the borrower, there is another major #lender that is quietly requiring even less from borrowers. Unbeknownst to many in the market, Quicken Loans began offering an even better deal for borrowers late last year – a 1% down #mortgage. http://www.housingwire.com/articles/37369-quicken-loans-now-offering-1-down-mortgages ❤️ #share #mortgage

Ditech Financial hires new chief information officer

Ditech Financial just hired Brad Goedken as its new chief information officer. Ditech says Goedken’s experience in #mortgage technology will be invaluable. http://www.housingwire.com/articles/37368-ditech-financial-hires-new-chief-information-officer ❤️ #share #mortgage

[Factsheet] How much $$$ do loan officers make?

#mortgage brokers eagerly welcomed a bigger paycheck at the start of this year after the end of 2015 significantly shorted the income of many in the business. To show exactly how #mortgage banker profit has changed, this week’s factsheet shows #mortgage banker profit over the course of the past two years, using data from the #mortgage Bankers Association’s Quarterly Performance Report. http://www.housingwire.com/articles/37367-factsheet-how-much-do-loan-officers-make ❤️ #share #mortgage

All banks passed their stress tests

The stress test results just came in, and 33 banks shows they could undergo the Fed’s tests. For some banks, this is a welcome result after failing the tests several times before. Here’s how they all fared in the tests. http://www.housingwire.com/articles/37366-all-banks-passed-stress-tests ❤️ #share #mortgage

Zillow + Fannie Mae: Brexit vote will likely lower #mortgage rates

Many experts have come together to predict that interest rates will actually be lowered even further in July, despite previous predictions that rates could raise. The reason for the sudden change? The Brexit vote. http://www.housingwire.com/articles/37365-zillow-fannie-mae-brexit-vote-will-likely-lower-mortgage-rates ❤️ #share #mortgage

Fair Chance at Housing Act offers solutions for people with criminal records

Too frequently, people with criminal records are refused housing or are precluded from rejoining their families, as most plan to do. That’s because housing providers have broad discretion in deciding who is permitted to live in their properties. As a result, formerly incarcerated individuals looking to make the most of their second chance instead find themselves at risk of becoming homeless or recidivating. http://www.housingwire.com/blogs/1-rewired/post/37364-fair-chance-at-housing-act-offers-solutions-for-people-with-criminal-records ❤️ #share #mortgage

#Brexit: Here is the immediate impact on U.S. #mortgage and housing finance

There remains much speculation surrounding the U.K.’s recent vote to leave the European Union. While some say that the decision could take years to go into effect, and no major economic impact is likely, other quick economic reactions are already in play. Here is a summary of the opinions that impact the U.S. housing and #mortgage finance industry. Click the headline to read more. http://www.housingwire.com/articles/37363-brexit-here-is-the-immediate-impact-on-us-mortgage-and-housing-finance ❤️ #share #mortgage

Quiz: Can You Match the Celebrities to Their Homes?

Note: There is a widget embedded within this post, please visit the site to participate in this post’s widget.

Related:

from Zillow Porchlight http://www.zillow.com/blog/quiz-match-celebrities-to-homes-200167/

Thinking You Should FSBO? Think Again [INFOGRAPHIC]

Some Highlights:

According to NAR's Profile of Home Buyers & Sellers:

* 88% of buyers look for their new home online.
* Using a real estate agent can net you $39,000 more than FSBO'ing.
* There is a long list of people that you will have to negotiate with when you decide to sell your home, using an experienced professional can help ease the process. http://www.simplifyingthemarket.com/en/2016/06/24/thinking-you-should-fsbo-think-again-infographic/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Thursday, June 23, 2016

Are 3% down #mortgages the new normal?

In a recent interview with HousingWire, Mat Ishbia, CEO of United Wholesale #mortgage, explained why low down payment #mortgages are growing in popularity, especially among Millennial buyers. Are 3% down #mortgages going to be the new normal? http://www.housingwire.com/articles/37362-are-3-down-mortgages-the-new-normal ❤️ #share #mortgage

Chaka Fattah, #mortgage relief pioneer, resigns from Congress after fraud convictions

Rep. Chaka Fattah, D-PA, who was once one of the faces of the government’s #mortgage relief efforts, said Thursday that he plans to resign from the House of Representative immediately after being convicted earlier this week on a host of fraud and corruption charges. http://www.housingwire.com/articles/37361-chaka-fattah-mortgage-relief-pioneer-resigns-from-congress-after-fraud-convictions ❤️ #share #mortgage

California pending home sales rebound in May

California pending home sales may have increased overall, but some counties are heating up much faster than others. In fact, some housing markets in California are even cooling down. http://www.housingwire.com/articles/37360-california-pending-home-sales-rebound-in-may ❤️ #share #mortgage

Starkey #mortgage hires new senior vice president

Starkey #mortgage hired Donald Jarrett as its new senior vice president of process management. Here is what he brings to the table, and what his new responsibilities will be. http://www.housingwire.com/articles/37359-starkey-mortgage-hires-new-senior-vice-president ❤️ #share #mortgage

Real estate agents get new code of ethics

The National Association of Exclusive Buyer Agents released a new code of ethics and standards of practice by which its members must adhere. Because its agents represent only buyers, its rules can be stricter than other organizations. Here are some of the new rules. http://www.housingwire.com/articles/37357-real-estate-agents-get-new-code-of-ethics ❤️ #share #mortgage

FSOC: Congress must take on housing finance reform

The Financial Stability Oversight Council, which includes the leaders of the government’s top financial regulatory agencies, believes that it is time for Congress to take on housing finance reform, stating that regulators are “approaching the limits” of their ability to enact housing reforms. http://www.housingwire.com/articles/37356-financial-stability-oversight-council-calls-for-congress-to-take-on-housing-finance-reform ❤️ #share #mortgage

CoreLogic: Fewer buyers paying cash for properties

The share of cash sales for properties continue to drop, now 13.6 percentage points down from their peak in 2011. At this pace, they’re on track to hit their pre-crisis levels within the next two years. http://www.housingwire.com/articles/37355-corelogic-cash-sales-drop-in-march ❤️ #share #mortgage

Ocwen to pay $30 million in settlement over alleged FHA, HAMP violations

Ocwen Financial disclosed Thursday morning that it will pay $30 million to settle a pair of lawsuits that accused the nonbank of falsely certifying that it was in compliance with Federal Housing Administration and Home Affordable Modification Program rules. http://www.housingwire.com/articles/37354-ocwen-to-pay-30-million-in-settlement-over-alleged-fha-hamp-violations ❤️ #share #mortgage

Slowdown in home sales ends spring homebuying season

In contrast to the sharp increase in April, new home sales fell from April. However, despite the monthly drop, sales were still up year-over year. Experts say this drop is not surprising. Here’s why. http://www.housingwire.com/articles/37353-slowdown-in-home-sales-ends-spring-homebuying-season ❤️ #share #mortgage

Freddie Mac: 30-year #mortgage rate inches up

After two straight weeks of decreasing #mortgage rates, the average 30-year and 15-year fixed-rate #mortgages inched up this week. That being said, the still-low rates continue to be good news for the housing market. Here’s why. http://www.housingwire.com/articles/37352-freddie-mac-30-year-mortgage-rate-inches-up ❤️ #share #mortgage

Hurry Up and List your House TODAY!!

That headline might be a little aggressive. However, as the data on the 2016 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

The May numbers are not in yet, but the April numbers were sensational. Jonathon Smoke, Chief Economist at realtor.com, explained:

“We had a triple crown of April home sales reports, so 2016 is in the pole position to earn best year of home sales in a decade.”

And Freddie Mac also expressed a tremendous optimism regarding home sales for the rest of the summer:

“Home sales typically rise in the spring and summer months, and we anticipate acceleration in home sales that will surpass 2007’s pace by late summer.”

The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a five-month supply of inventory. This represents a decrease in supply of 3.6% from the same time last year.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together to see whether that is the case in your neighborhood. http://www.simplifyingthemarket.com/en/2016/06/23/hurry-up-and-list-your-house-today/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Wednesday, June 22, 2016

RealtyTrac: Buying a home is unaffordable in 18% of counties

Wage growth is finally starting to outpace home-price appreciation, breaking a four-year trend. However, affordability continues to be an issue, with 18% of county housing markets unaffordable in the second quarter. http://www.housingwire.com/articles/37344-realtytrac-buying-a-home-is-unaffordable-in-18-of-counties ❤️ #share #mortgage

Ben Stiller's New NYC Pad Is Ridiculously Good-Looking

shutterstock_135698273 It’s a zoo out there, so Ben Stiller found himself a peaceful home above it all. For $15.3 million, the “Zoolander” and Focker film series actor snagged 3,400 square feet of pure Manhattan luxury overlooking the Hudson River.

While his walls of windows frame the sunset, Stiller’s new home interior features an eat-in kitchen clad in walnut and Alabama white-vein marble. It includes a 78-bottle wine refrigerator and a Miele coffee station.

The apartment also has 3 eastern-facing bedrooms with en-suite bathrooms and walk-in closets.

All this in a West Village high-rise built in 2013, with a lavish community lap pool, a plunge pool and a hot tub, plus a gym offering steam, sauna and massage.

The listing agents were Raphael De Niro and Darren Sukenik of Douglas Elliman Real Estate.

Images courtesy of StreetEasy.

Related:

from Zillow Porchlight http://www.zillow.com/blog/ben-stiller-new-nyc-pad-200467/

NHL makes it official: Las Vegas "Black Knights" coming in 2017

Well, now it’s official. The National Hockey League announced Wednesday that it will expand in 2017, becoming the first major professional sports league to bring a team to Las Vegas. The league’s announcement brings a nearly two-year journey one step closer to reality for William Foley, the chairman of Fidelity National Financial and Black Knight Financial Services, who will lead the Las Vegas team as its owner. http://www.housingwire.com/articles/37351-nhl-makes-it-official-las-vegas-black-knights-coming-in-2017 ❤️ #share #mortgage

[Photos] Home inspector appraises vacant property, leaves with grumpy-looking cat

Working in the #mortgage and housing finance industry can be greatly rewarding. Such is the case when home inspector Paul Tateosian from Sarasota, Florida heard some meowing during a vacant property inspection. http://www.housingwire.com/blogs/1-rewired/post/37349-photos-home-inspector-adopts-grumpiest-looking-cat-discovered-during-vacant-inspection ❤️ #share #mortgage

Black Knight Financial Services buys Motivity Solutions

Black Knight Financial Services announced Wednesday that it is continuing its recent expansion efforts with the acquisition of Motivity Solutions, which provides customized #mortgage business intelligence analytics to #mortgage #lenders. Here’s why Black Knight thinks the deal is so significant. http://www.housingwire.com/articles/37350-black-knight-financial-services-buys-motivity-solutions ❤️ #share #mortgage

HomeBridge hires Fannie Mae veteran

After a 40-year career in the #mortgage industry, including 30 years with Fannie Mae, Alex Saphos joins HomeBridge Financial Services. Here’s what he brings to the table, and what it means for the company. http://www.housingwire.com/articles/37347-homebridge-hires-fannie-mae-veteran ❤️ #share #mortgage

LodeStar integrates software solution from CalyxSoftware

LodeStar’s new integration with CalyxSoftware will give the #lenders’ clients more access to settlement services and title providers, automating much of the process that was done manually before. http://www.housingwire.com/articles/37348-lodestar-integrates-software-solution-from-calyxsoftware ❤️ #share #mortgage

CFPB unveils new #mortgage servicing compliance exam targets

On Wednesday, the Consumer Financial Protection Bureau laid down the law on #mortgage servicers, warning them that they “cannot hide” behind subpar technology and use that as an excuse to avoid CFPB sanctions. But that’s not all the CFPB is going to be looking into when it is reviewing #mortgage servicers. Here is what else the CFPB is going to be looking into going forward. http://www.housingwire.com/articles/37346-cfpb-unveils-new-mortgage-servicing-compliance-exam-targets ❤️ #share #mortgage

3 things Millennials need to do before looking for a home

Reports predict that Millennials are about to enter the housing market in droves. With increases of about 2 million per year predicted, here are three things Millennials can do to get ahead of the curve before they start looking at homes. http://www.housingwire.com/articles/37345-things-millennials-need-to-do-before-looking-for-a-home ❤️ #share #mortgage

CFPB issues warning to #mortgage servicers: You can't hide behind bad computer systems

The Consumer Financial Protection Bureau just fired a shot across the bow of the country’s #mortgage servicers after it found that some servicers are using outdated computer systems that could run them afoul of CFPB rules. “#mortgage servicers can’t hide behind their bad computer systems or outdated technology,” said CFPB Director Richard Cordray. “There are no excuses for not following federal rules.” http://www.housingwire.com/articles/37343-cfpb-issues-warning-to-mortgage-servicers-you-cant-hide-behind-bad-computer-systems ❤️ #share #mortgage

The Federal Savings Bank hires new vice president

The Federal Savings Bank brought on a new vice president, and he’s already set goals for the upcoming months. http://www.housingwire.com/articles/37342-the-federal-savings-bank-hires-new-vice-president ❤️ #share #mortgage

Foreclosure starts now at pre-crisis levels

Foreclosure inventory decreased to numbers not seen in almost 9 years, while foreclosure starts are now at pre-crisis levels. Delinquencies increased monthly in May, but experts from Black Knight aren’t concerned. Here’s why. http://www.housingwire.com/articles/37341-foreclosure-starts-at-pre-crisis-levels ❤️ #share #mortgage

Coalition of nation's largest housing groups push for cuts to Fannie, Freddie fees

The fees that Fannie Mae and Freddie Mac charge #lenders to guarantee #mortgage loans actually serve as a tax on consumers and prevent more potential borrowers from becoming actual borrowers, a coalition of the nation’s largest housing groups said Wednesday. http://www.housingwire.com/articles/37340-coalition-of-nations-largest-housing-groups-push-for-cuts-to-fannie-freddie-fees ❤️ #share #mortgage

Former White House top housing advisor named BPC Fellow

After leaving his position as top advisor for housing policy for the Obama administration, Stegman is now a fellow for housing policy for the Bipartisan Policy Center. Here’s what that means going forward. http://www.housingwire.com/articles/37339-former-white-house-top-housing-advisor-named-bpc-fellow ❤️ #share #mortgage

Existing home sales grow at highest pace in 9 years

Despite rising home prices and lack of inventory, existing home sales in May grew at their fastest pace in almost a decade. Not everyone, however, sees this as good news for the market. Zillow’s chief economist points out that, while encouraging, the market still has a long way to go. http://www.housingwire.com/articles/37338-existing-home-sales-grow-at-highest-pace-in-9-years ❤️ #share #mortgage

Trulia: Lack of demand outpaces lack of inventory in 20 markets

It’s no secret that falling inventory creates affordability problems in the housing market. According to a new report by Trulia, however, it may not be as much of a problem as you would think. In fact, a lack of starter homes may not be the problem at all. http://www.housingwire.com/articles/37337-trulia-lack-of-demand-outpaces-lack-of-inventory-in-20-markets ❤️ #share #mortgage

Refinance applications finally jump after weeks of historically low interest rates

After weeks and weeks of historically low #mortgage interest rates having little to no impact on the volume of refinance applications, it finally appears that consumers are getting the message about interest rates. According to a new report from the #mortgage Bankers Association, #mortgage applications rose last week, with the increase coming entirely from refinance applications. http://www.housingwire.com/articles/37336-refinance-applications-finally-jump-after-weeks-of-historically-low-interest-rates ❤️ #share #mortgage

Do Homeowners Realize Their Equity Position Has Changed?

Yesterday, we reported that according to CoreLogic’s latest Equity Report, nearly 268,000 homeowners regained equity and are no longer underwater on their #mortgage in the first quarter. Homes with negative equity have decreased by 21.5% year-over-year.

A study by Fannie Mae suggests that many homeowners are not aware of how their equity position has changed as their home has increased in value.

For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic’s report shows that only 8% of homes are in that position.

The study also revealed that only 37% of Americans believe that they have “significant equity” (greater than 20%), when in actuality, 74% do!

This means that 37% of Americans with a #mortgage fail to realize the opportune situation they are in. With a sizable equity position, many homeowners could easily move into a housing situation that better meets their current needs (moving to a larger home or downsizing).

Fannie Mae spoke out on this issue in their report:

“Homeowners who underestimate their homes’ values not only underestimate their home equity, they also likely underestimate: 1) how large a down payment they could make with their home equity, 2) their chances of qualifying for #mortgages, and, therefore, 3) their opportunities for selling their current homes and for buying different homes.”

CoreLogic’s report also revealed that if homes were to appreciate by an additional 5%, over 800,000 US households would regain positive equity.

Bottom Line

If you are one of the many homeowners who is unsure of your current equity situation, let’s meet up to discuss your options. http://www.simplifyingthemarket.com/en/2016/06/22/do-homeowners-realize-their-equity-position-has-changed/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Tuesday, June 21, 2016

Freddie Mac sells off $706 million in non-performing loans to private investors

Freddie Mac announced Tuesday that it agreed to sell more than $700 million in delinquent loans off of its books to a series of private investors, with one familiar buyer snapping up much of the offering. Here are all the pertinent details. http://www.housingwire.com/articles/37335-freddie-mac-sells-off-706-million-in-non-performing-loans-to-private-investors ❤️ #share #mortgage

'Happy' News: Pharrell Finally Unloads Miami Penthouse

Pharrell Williams has finally found a new owner for his 2-story penthouse in Miami. The home has been off and on the market for years, and was last listed two years ago for $10.999 million.

The glass palace, which just sold for $9.25 million, features 360-degree views of the Miami skyline and the ocean.

A well-landscaped rooftop deck with uniquely shaped swimming pool is perfect for relaxing while watching a Miami sunset.

The property is oceanfront on one of Miami’s most sought-after streets, Brickell Ave. The beach is just a stone’s throw away.

When the sun gets too hot, the interior offers just as much interest in every corner. No detail has been spared in this celebrity penthouse, from teak floors to Travertine tiles. The walls are Venetian stucco, and the ceilings are a spectacular 30 feet and domed. The home’s amenities include a private movie theater, two professional kitchens, and a library/study.

Entertaining at a moment’s notice is no problem, since there are 5 bedrooms and 7 bathrooms in over 9,000 square-feet. There are also 6 parking spaces included.

Curved staircases lead to a mezzanine perfect for staging performances. Up another curving staircase, you’ll find a pool table and the summer kitchen with a bar.

Pharrell bought the condo in 2007, and he has since married his long-time girlfriend, model and designer Helen Lasichanh. The couple, along with their son, shared the space until they decided to move on to greener pastures - or, in this case, the other coast, to a similarly styled home in L.A. that Pharrell purchased a little over a year ago.

It has equally stunning views and just as much glass, but a whole lot more grass. And the private theater in L.A. is an outdoor one. The singer has been coaching on “The Voice” for several years now, and is probably ‘Happy‘ to be permanently closer to the show’s filming location.

Photos courtesy of listing agent Dora Puig, Luxe Living Realty.

Related:

from Zillow Porchlight http://www.zillow.com/blog/pharrell-sells-miami-penthouse-200410/

Here’s what home builders think you want

Although there has been much talk about the need for builders to build more affordable homes, each generation may have a different view about what they would like builders to build for their dream home. This shows what each generation wants, according to builders. Did they get your generation right? http://www.housingwire.com/articles/37334-heres-what-home-builders-think-you-want ❤️ #share #mortgage

Congressman, #mortgage relief pioneer found guilty on raft of corruption charges

A sitting U.S. Congressman who was once at the forefront of the government’s post-crisis #mortgage relief efforts is now facing serious jail time after being convicted of misappropriating hundreds of thousands of dollars of federal, charitable, and campaign funds. http://www.housingwire.com/articles/37333-congressman-mortgage-relief-pioneer-found-guilty-on-raft-of-corruption-charges ❤️ #share #mortgage

Carrington #mortgage now offers conventional loans

In addition to its current services, Carrington now offers conventional #mortgages. Here is what the company now offers, and what that will mean going forward. http://www.housingwire.com/articles/37332-carrington-mortgage-now-offers-conventional-loans ❤️ #share #mortgage

Kylie Jenner Asks $3.9M for Her Tuscan-Style Mansion

shutterstock_350127794 The youngest sister in the Kardashian/Jenner clan has spent the past year putting her stamp on this Tuscan-style mansion with a modern twist.

Kylie Jenner, who paid $2.6 million for the Calabasas home last year, worked with designer Jeff Andrews to give it her own sense of style. Now the 5-bedroom, 6.5-bath home is on the market for $3.9 million — a little less than half what her sister’s ex, Scott Disick, is asking for his nearby mansion with a view.

“It’s been extensively reimagined,” said Tomer Fridman of Ewing & Associates/Sotheby’s International Realty, who’s listing the property (as well as Disick’s home) with Isidora Fridman. “Kylie has a phenomenal sense of style and taste in design.”

The 4,851-square-foot home features a movie room, a “glam room” and a master retreat with a spacious walk-in closet, seating area, shoe/purse closet, and a bathroom that’s over-the-top chic: It’s clad in black subway tiles with a clawfoot bathtub in black and white, and two vanities bedecked in mirrors.

The chef’s kitchen, also in monochrome, boasts Viking appliances, quartz countertops, a pharmacy sink and a breakfast nook with courtyard access. The home is filled with dramatic details such as crown molding in the formal living/dining area, a glass panel built-in cabinet opposite a white brick fireplace, and a groovy storage room with shapely shelves and a door to the courtyard.

The grounds are primed for entertaining, with a pool and spa, two fire pits, a barbecue bar, and covered patio space expansive enough for a Kardashian family celebration.

Photos by Riley Jamison.

Related:

from Zillow Porchlight http://www.zillow.com/blog/kylie-jenner-calabasas-mansion-200323/

What housing recovery? Appraisal volumes barely moved this month

While the appraisals increased slightly since last week, monthly average growth is a big fat, goose egg. Here, the director of analytics at a la mode tells why. Here’s a glimpse into what’s causing appraisal volume to hold steady. http://www.housingwire.com/articles/37331-what-housing-recovery-appraisal-volumes-barely-moved-this-month ❤️ #share #mortgage

Accurate Group hires new senior vice president

Accurate Group just announced the hire of a former executive from Huntington National Bank. Here’s what Kirk’s focus will be in his new position. http://www.housingwire.com/articles/37330-accurate-group-hires-new-senior-vice-president ❤️ #share #mortgage

30-year #mortgage leaves #homebuyers poor?

30-year fixed #mortgages may not be the way to go if #homebuyers can afford a larger monthly payment. In fact, total interest over the life of the loan is over three times higher on a 30-year #mortgage than on a 15-year #mortgage, and that’s just for a median priced home. Is it time to reignite the debate on the role of the 30-year #mortgage in our industry? http://www.housingwire.com/articles/37329–year-mortgage-leaves-homebuyers-poor ❤️ #share #mortgage

Molly Ringwald's Cozy Historic Co-Op for Sale

Molly Ringwald, former teen icon and “Brat Pack” star of several classic 1980s coming-of-age movies, is selling her New York City co-op. The 2-bedroom, 1.5-bathroom apartment is listed for $1.795 million.

Originally built in 1900, the apartment features many original details, but has been lovingly restored by Ringwald, star of Sixteen Candles, The Breakfast Club and Pretty in Pink. She kept the marble bathrooms, the high exposed-beam ceilings, exposed brick walls and two elaborate fireplaces.

The kitchen features modern stainless-steel countertops and the best in chef’s appliances nestled cozily next to a vintage-style stove.

The rooftop features stunning views of the Chrysler Building and One World Trade Center, while the home’s historic arched windows offer scenic views as well.

The apartment is the only co-op in the famous Renwick Triangle in the East Village. The brownstone row houses are named after the architect, James Renwick, Jr., who also designed St. Patrick’s Cathedral.

The co-op shares space with only one other unit, and the common spaces have recently undergone a tasteful upgrade.

Clean and simple lines reign throughout the apartment - fitting for an actress who was once the reigning teen heartthrob for a generation. These days, Ringwald spends her time writing national best-sellers, singing jazz, and acting in the Canadian sitcom, “Raising Expectations.”

Ringwald must be, in some ways, raising her own expectations, or perhaps moving across the border to film her new series. Either way, she’s leaving behind a lovely little slice of luxury in the East Village for the next buyer, with no pink to be found.

Photos courtesy of Davey Ron/Zigna Visual.

Related:

from Zillow Porchlight http://www.zillow.com/blog/molly-ringwald-historic-co-op-200302/

4 Ways To Ensure Your Online Lender Is Credible

Today, most mortgage shoppers start their process online. It’s so efficient that even the mortgage industry’s main regulator recommends it.

But how do you ensure a lender you find online is credible? Here are the top five ways.

Define your terms

Specifically, know the difference between an “online lender” and a lender you found online.

Online lenders (also known as marketplace lenders or fintech lenders) are the new startup lenders that have cropped up in the past five years. They were purported to reinvent mortgage lending with technology, but have recently learned that the mortgage process cannot be 100% digital for every loan because federal consumer protection laws and local property appraisal and settlement procedures are too complex.

Some online lenders have found themselves in trouble with regulators and investors. Others keep building, but may struggle to match long-established mortgage lenders when it comes to compliance, stability, and implementing the technology that simplifies your process.

To put online versus established lenders into perspective, it’s considered great success for an online mortgage startup to fund over $1 billion in mortgage loans in a year. That might sound large until you consider that the smallest of the nation’s top 40 mortgage lenders funded over $8 billion in loans last year, according to Inside Mortgage Finance.

Consult the top U.S. mortgage regulator

As online lenders proliferate, you can use the mortgage industry’s top regulator as a resource.

The Consumer Financial Protection Bureau (CFPB) has kept up with this trend and created education about online lenders so you know how to plan your budget, research lenders, and watch out for risk factors.

Seek out lender recommendations

Most home buyers used to start their process with a real estate agent, then later researched mortgages. But as it has becomes easier to research mortgages online, buyers are starting mortgage research earlier.

It’s a good idea to research local lenders who know the local nuances of appraising property and settling a mortgage transaction - and there are always local nuances that impact the mortgage process.

if you want great advice plus the efficiencies of a digital mortgage process, it’s best to start by finding a great local lender (which you can do by reading lender reviews), then interviewing them about their digital offerings.

Zillow offers an online directory of licensed mortgage lenders with hundreds of thousands of consumer reviews. All lenders must be licensed to appear in the directory, and all lender information is confirmed with the NMLS. And all customer reviews are moderated to ensure they meet strict review guidelines.

Research lenders in the government’s lender licensing database

The same law that created the CFPB also created the National Mortgage Licensing System (NMLS), which assigns license numbers to every mortgage company and individual loan officer. To maintain their licenses, companies and individuals must complete continuing education on the latest regulations each year.

The NMLS Consumer Access site enables you to quickly look up any company or individual, and it’s a very valuable resource of federally vetted information on a company you might want to work with.

For companies, you can check:

Name, address, phone number, website, and email
Current and prior names the lender might also use
Number of loan officers
Number of active and inactive branch locations
Regulatory actions
State licenses and registrations (so you can see where they’re allowed to do business)

For individuals, you can check:

Name, address, and phone number
10-year employment history
Regulatory and disciplinary actions

The more information you have on hand, the better prepared you’ll be to choose the right lender.

Related:

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

from Zillow Porchlight http://www.zillow.com/blog/ensure-online-lender-credible-200282/