Investors can choose to use an online auction process, or the new non-auction transaction process, depending on the property and the market conditions. Ten-X Homes is dedicated exclusively to the sale of move-in ready single-family homes, so investor properties will be marketed with other high-quality, non-distressed homes. http://www.housingwire.com/articles/36936-ten-x-homes-platform-offers-non-auction-home-sales-online ❤️ #share #mortgage
Friday, April 29, 2016
4 ways to overcome the bottom-line impact of regulation
Origination and servicing costs are on the rise to such an extent that #lenders are finding it increasingly difficult to continue on a profitable trajectory, thus leading to offloading non-profitable parts of the business. Mergers and acquisitions are on the rise. In such a difficult and dynamic time for a #lender, what can they do to keep production costs low? http://www.housingwire.com/articles/36920-ways-to-overcome-the-bottom-line-impact-of-regulation ❤️ #share #mortgage
A holistic approach to gauging housing market performance
Armed with an overall measure of housing market performance relative to long-term trend; an accompanying metric explaining whether that market is overheated or not; and importantly a way to attribute deviations in home prices precisely to selected market variables, market participants would be in a better position to take precautionary actions to limit their exposure in highly volatile markets. http://www.housingwire.com/articles/36926-a-holistic-approach-to-gauging-housing-market-performance ❤️ #share #mortgage
Digital disruption: How consumer demand is pushing #lenders to a new normal
Saddled with legacy systems and burdened with changing regulations, the #mortgage industry has been slow to adopt digitization compared to many other industries. Now, however, the industry must provide more transparency to regulators and satisfy consumers while managing tighter margins. In this perfect storm, there’s only one lifeboat — a digital process. http://www.housingwire.com/articles/36928-digital-disruption-how-consumer-demand-is-pushing-lenders-to-a-new-normal ❤️ #share #mortgage
National MI sets a leading pace for the industry
National MI has created a structure built on transparency, which assures #lenders that valid claims will be handled with forthrightness and respect, rather than the evasiveness sometimes seen during the financial crisis. National MI has helped reshape industry standards with its outstanding customer service and strategic pricing, benefiting a wide range of borrowers. http://www.housingwire.com/articles/36935-national-mi-sets-a-leading-pace-for-the-industry ❤️ #share #mortgage
Hot Seat: Angela Cheek of Ellie Mae
The Ellie Mae Compliance Management System leverages Mavent, an automated compliance system which performs more than 370 federal, state and local consumer protection compliance reviews during the loan lifecycle. It also references AllRegs Online to ensure users are up-to-date and in compliance with the latest regulatory changes. http://www.housingwire.com/articles/36927-hot-seat-angela-cheek-of-ellie-mae ❤️ #share #mortgage
Genworth helps manage #mortgage risk for customers
By raising the bar on technology and advancing in-house underwriting capabilities, the company has strengthened its underwriting service levels. Underwriting decisions are now faster and more accurate because they are based on validated data stemming from advancements in corresponding risk management technologies. http://www.housingwire.com/articles/36934-genworth-helps-manage-mortgage-risk-for-customers ❤️ #share #mortgage
Clear Capital mitigates risk with improved valuation quality
Clear Capital has been developing, nurturing and maturing its national property dataset for over a decade. The hallmark of its data collection is the employment of a diversity of data sources, including real-time MLS, public records and historical valuation reports. http://www.housingwire.com/articles/36933-clear-capital-mitigates-risk-with-improved-valuation-quality ❤️ #share #mortgage
Rental surge: Why more people are opting out of homeownership
Has the Great Recession launched a new era of renting versus buying that will eventually result in a nation where more people rent their homes than purchase them? Or is the increase in renters these days due to an “over-correction” in the market? According to the latest “State of the Nation’s Housing” report from Harvard’s Joint Center for Housing Studies, the U.S., in less than a decade, lost all its homeownership gains of the last 20 years. http://www.housingwire.com/articles/36930-rental-surge-why-more-people-are-opting-out-of-homeownership ❤️ #share #mortgage
Tennessee's Trust Company Bank becomes second bank failure of 2016
The Tennessee Department of Financial Institutions closed Memphis-based Trust Company Bank on Friday, and appointed the Federal Deposit Insurance Corporation as receiver. Trust Company Bank becomes the second FDIC-insured bank to close in 2016, and the first in the state since 2013. http://www.housingwire.com/articles/36937-tennessees-trust-company-bank-becomes-second-bank-failure-of-2016 ❤️ #share #mortgage
Former SunTrust #mortgage VP, his wife, her brothers sent to jail for #mortgage fraud
For Mohsin Raza, his wife, Humaira Iqbal, and her brothers Farukh Iqbal and Mohammad Ali Haider, committing #mortgage fraud really was a family affair. And, as it turns out, the family that plays together also goes to jail together. http://www.housingwire.com/articles/36931-former-suntrust-mortgage-vp-his-wife-her-brothers-sent-to-jail-for-mortgage-fraud ❤️ #share #mortgage
This is why Impac isn't worried about their latest earnings report
Impac’s earnings plummeted from last year and even last quarter, but the company isn’t worried, and even feels that it had a strong start to the year. In this exclusive interview with HousingWire they explain why. http://www.housingwire.com/articles/36929-this-is-why-impac-isnt-worried-about-their-latest-earnings-report ❤️ #share #mortgage
What Should You Do If Your ARM Is Almost Out Of Time?
If you bought a home with an adjustable rate mortgage (ARM) thinking you’d sell the home before the ARM adjusted, you’re not alone. Many people buy homes with ARMs because they plan to relocate or upgrade to a larger home in the near- to medium-term.
But when plans change and you decide to stay, you must know what will happen to your ARM - and what you can do about it. Let’s take a look.
ARM vs. fixed rates
ARMs help your budget because rates on ARMs are lower than they are for fixed loans. For example, today’s rates for a loan on a $300,000 home purchase with 20 percent down are 2.75 percent for a 5/1 ARM versus 3.5 percent for a 30-year fixed. In this scenario, the monthly 5/1 ARM payment ($980) is $98 cheaper than the 30-year fixed payment ($1,078).
This ARM vs. fixed savings is significant no matter what your home purchase price is, and if you are in fact only keeping the home (or the loan) short term, it can be worth it.
How to choose
The best way to determine whether you go with an ARM or a fixed loan is to peg your loan term as closely as you can to your expected time horizon in the home or the loan. Here are a few options to consider:
- If you’re buying a home with plans to relocate and sell the home within five years, a 5/1 ARM would be a good option. If you’re planning to move within 10 years, a 10/1 ARM would be a good option. You can also get 3/1 and 7/1 ARMs.
- If you plan to pay the loan off within five years and keep the home, a 5/1 ARM would also be a good option.
- If you’re going to relocate but want to keep the home, a fixed loan would be a good option.
How your ARM will adjust
If you get an ARM and plans change so that you need to keep the home (or the loan) longer than you intended, your payment will adjust at the end of the ARM’s fixed period.
An ARM is a 30-year loan with a rate that’s fixed for the initial period of the ARM. For example, the quoted rate on a 5/1 ARM will be fixed for that initial five-year period. For the remaining 25 years, it will adjust to a base rate (called a margin) plus the current level of a certain index the loan is tied to.
A common margin for a 5/1 ARM on a conforming loan up to $417,000 is 2.25 percent, and a common index for these loans is the one-year LIBOR which is 1.25 percent as of this week.
If your 5/1 ARM adjusted today, it would adjust to a rate of 3.5 percent, which is the 2.25-percent margin plus the 1.25-percent LIBOR index level as of now, and it will adjust once per year every year after the initial five-year fixed period. The margin will always be 2.25 percent, but the LIBOR index changes in real time, and will be higher if economic conditions improve, or lower if economic conditions worsen in the future.
And finally, it’s not just the rate that adjusts, it’s also your payment. In the initial five-year period, the payment is calculated using the initial rate and a 30-year amortization. After the initial period, the payment is calculated using the margin plus index rate and a 25-year amortization.
Using our scenario above, this means your payment would adjust from $980 to $1,063.
What to do if your ARM is almost out of time
You could argue that a payment adjustment like this would be tolerable if you were keeping the home (or the loan), but this example is only the first adjustment, and it will adjust every year after the initial adjustment, so it’s a lot of risk to take on.
The alternative is to refinance into a new loan, and the same rule would apply for deciding what loan to refinance into: do your best to peg the new loan term to your expected time horizon in the home (or loan) from this point forward.
Rates have been steadily low for the past five years as the economy has been slowly recovering from the economic crisis. If this recovery and economic growth continues, rates have more risk of rising.
As such, if you chose a new 5/1 ARM today, it would be safest to assume that your rate and payment would adjust up in another five years. If this is too much risk for you, the best choice is to take a slightly higher rate and payment now on a 30-year fixed, which gives you the security of knowing your rate and payment cannot change.
Other important facts about ARMs
Keep in mind that the payments above don’t include homeowners insurance and property taxes, which would be the same whether you chose an ARM or a fixed loan. You can run your own fixed vs. ARM scenarios, and the results will show you homeowners insurance and property taxes.
Another point to remember is that ARMs shouldn’t be used to qualify for more home than you can afford. This was a common scenario prior to the economic crisis, when lenders were allowed to qualify borrowers using the lower ARM payment. Now lenders must use the highest-case payment that could occur after the adjustment.
As a final note, if your loan amount is up to $417,000, a 5/1 ARM will get you the best savings relative to a 30-year fixed. If you have a jumbo loan above $417,000, you can also get strong savings using a 7/1 ARM relative to a 30-year fixed, so ask your lender to provide both options.
Related:
- What is an Adjustable Rate Mortgage or ARM Loan?
- Confessions of a Serial Refinancer
- How Mortgage Strategy Differs for Millennials, Gen Xers, and Baby Boomers
from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/arm-almost-out-of-time-196930/
Failed bank's CEO, chairman convicted of trying to scam $13M in TARP funds
The former CEO of a failed bank and the former chairman of the bank’s board of governors conspired to fake millions of dollars of investments in the bank as part of a scheme to defraud the federal government of more than $13 million from the Troubled Asset Relief Program. http://www.housingwire.com/articles/36924-failed-banks-ceo-chairman-convicted-of-trying-to-scam-13m-in-tarp-funds ❤️ #share #mortgage
House of the Week: Hollywood Glamour Shapes Contemporary Beverly Hills Mansion
With a royal Hollywood history, this Beverly Hills mansion is set on the grounds of the famed former Mon Reve Estate owned by Barbra Streisand — and listed for a lofty $150 million.
The sweeping modern masterpiece offers a contemporary take on glamour and a fresh interpretation of what it means to be a modern castle with simple lines, elegant skylights and a play on the bright lights of Hollywood throughout.
A fanciful dining room equipped with mirrors on all sides, multicolored ceiling lights and a crystal chandelier provides a nod to a different time, while ensuring that dinner guests feel like they are canoodling with the stars.
Complete with private hiking paths studded with tree lights, as well as multiple guest accommodations, this 10 bedroom, 20 bathroom contemporary estate offers every luxury. The home serves as its own vacation destination, equipped with a lounge, wine room and a theater complex. A separate spa level includes an indoor lap pool, salon, steam and massage rooms.
The master suite is an expansive 5,300 square feet, boasting a covered and heated patio from which to admire the sprawling estate surrounded by trees and glowing with blue light. The listing agent is Ginger Glass of Coldwell Banker.
Related:
- Star Maps Maven: Her Family Has Tracked Celebrity Homes for 80 Years
- Houston, We Have a Listing From the Apollo 13 Commander
- A California Mansion as Abstract Art
from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/mon-reve-estate-196621/
Dick Bove: Where will the #mortgage money come from?
In light of Rafferty Capital Markets equity analyst Dick Bove’s obvious bias, there’s no denying he has a valid point: the primary source of #mortgage financing in this nation is under threat. That threat is not only inaction but political wrong-headedness. http://www.housingwire.com/blogs/1-rewired/post/36922-dick-bove-where-will-the-mortgage-money-come-from ❤️ #share #mortgage
Move appoints first-ever chief data officer
Bringing with him an extensive background in data mining, research and analytics, Vineet Singh will fill the role of Move’s first chief data officer. Previously, Singh spent seven years at Intuit in various roles where he oversaw the company’s data science, data engineering, new business innovations and web research and analytics. http://www.housingwire.com/articles/36923-move-appoints-first-ever-chief-data-officer ❤️ #share #mortgage
Capital Economics: GDP growth likely to underwhelm in 2016
While some of the headwinds that restricted first-quarter GDP growth will disappear in the second half of the year, it would still take a lot to salvage GDP for the year. And as the Bureau of Economic Analysis cautions, the first-quarter advance estimate is based on data that is incomplete or subject to further revision. http://www.housingwire.com/articles/36921-capital-economics-gdp-growth-likely-to-underwhelm-in-2016 ❤️ #share #mortgage
California loss-mitigation bill creates more problems than it solves
California continues its effort to pass a law that would require loan servicers to work with successor’s to borrowers on loss mitigation options. Unfortunately, SB 1150, while well intended, has the potential to create more problems than it solves. Here are just some of the unclear and dangerous provisions of bill. http://www.housingwire.com/blogs/1-rewired/post/36919-california-loss-mitigation-bill-creates-more-problems-than-it-solves ❤️ #share #mortgage
Don't miss it: Women of Influence nominations close at midnight
The 40 women we recognized last year represent a broad cross-section of our industry. Our list included CEOs and CFOs, but also legal officers, sales directors and those in charge of business development. They work in lending, servicing, real estate and investing, but they all have one thing in common: excellence. http://www.housingwire.com/blogs/1-rewired/post/36918-dont-miss-it-women-of-influence-nominations-close-at-midnight ❤️ #share #mortgage
Investment Home Sales Rebound in 2015 [INFOGRAPHIC]
Some Highlights:
* 2015 marks the first year-over-year increase in investment home sales since 2011.
* 62% of all investment homes purchased were single family homes.
* The South saw the highest percentage of investment home sales (39%) with the West coming in second (28%). http://www.simplifyingthemarket.com/en/2016/04/29/investment-home-sales-rebound-in-2015-infographic/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
Thursday, April 28, 2016
Attention Realtors: You may be victim of massive nationwide advertising scam
Realtors and real estate agents all across the country may be victims of a massive advertising scam that promised local ad placement but instead resulted in the theft of $2 million. A Louisiana man induced Realtors and real estate agents to pay thousands of dollars for advertising on major television networks, but instead of providing the services he promised, the man allegedly used the money for New Orleans Saints season tickets, among other things. http://www.housingwire.com/articles/36917-attention-realtors-you-may-be-a-victim-of-a-massive-nationwide-advertising-scam ❤️ #share #mortgage
Flood insurance bill could bring relief to homeowners
With homeowners getting hit from every side, Congress is now seeking to offer one form of relief. A new bill just passed in the house that could be a game changer for flood insurance. http://www.housingwire.com/articles/36915-flood-insurance-bill-could-bring-relief-to-homeowners ❤️ #share #mortgage
Ellie Mae reports record 1Q revenue
Ellie Mae’s first-quarter earnings results are in, and it looks good for the company. Not only did it beat revenue and EPS expectations, but it posted record revenue of $73.6 million. http://www.housingwire.com/articles/36916-ellie-mae-reports-record-1q-revenue ❤️ #share #mortgage
Ocwen responds to National #mortgage Settlement foreclosure holds
Early Thursday morning, Joseph Smith, the monitor of the National #mortgage Settlement, announced that Ocwen Financial was not in compliance with one of the performance metrics of the National #mortgage Settlement and prohibiting the nonbank from taking foreclosure actions on more than 17,000 loans. In a lengthy response published Thursday afternoon, Ocwen responded to Smith’s office and the nature of the sanctions that Smith’s office placed on it. http://www.housingwire.com/articles/36914-ocwen-responds-to-national-mortgage-settlement-foreclosure-holds ❤️ #share #mortgage
Say what? JP Power survey shows customer satisfaction shifting to big banks
Although big banks may still be trailing behind midsized banks, they are steadily gaining speed among their client’s levels of satisfaction. Their greatest advantage? Investment in technology. http://www.housingwire.com/articles/36913-survey-shows-customer-satisfaction-shifting-to-big-banks ❤️ #share #mortgage
This just in: The top 20 housing markets for April [Interactive Map]
While many of this month’s hottest housing markets may be the same as last month, there is one significant change. The chief economist for the Realtor website talks about the warming markets in the Midwest, and what this says about their recovery. http://www.housingwire.com/articles/36911-nations-top-20-housing-markets-for-april ❤️ #share #mortgage
CFPB: Changes to TRID coming soon
Top industry groups banded together to get the CFPB to reopen talk around the rule, and it worked. The CFPB said it has begun drafting a Notice of Proposed Rulemaking on the Know Before You Owe rule. And it’s probably coming faster than you think. http://www.housingwire.com/articles/36912-cfpb-changes-to-trid-coming-soon ❤️ #share #mortgage
Homeownership rate falls again, nearing all-time low
Just over two months ago, it seemed like the may finally be a light at the end of the tunnel as the homeownership rate in the United States increased for the second straight quarter, after falling to a 48-year low in the second quarter of 2015, but as it turns out, that growth may have been a mirage. http://www.housingwire.com/articles/36910-homeownership-rate-falls-again-nearing-all-time-low ❤️ #share #mortgage
Rising home prices create economic displacement in San Francisco area
Commutes in San Francisco are getting longer as people move further outside of the city to escape crushing home prices. In the Bay Area, a small community has gotten an influx in population, however it seems to still be reeling from the housing crisis. http://www.housingwire.com/articles/36906-rising-home-prices-create-economic-displacement-in-san-francisco-area ❤️ #share #mortgage
Freddie Mac: #mortgage rates slightly increase, still well below 4%
While the market turned to the Federal Open Market Committee’s announcement yesterday, the news came too late to impact this week’s #mortgage rates. As it stands, #mortgage rates are still well below 4%. http://www.housingwire.com/articles/36909-freddie-mac-mortgage-rates-slightly-increase-still-well-below-4 ❤️ #share #mortgage
Investors: More Sales and Higher Prices
The National Association of Realtors recently released their 2016 Investment and Vacation Home Buyers Survey. The survey revealed many characteristics of both vacation home purchasers and investors. Two weeks ago, we posted on the vacation home market. Today, we want to concentrate on the investor real estate market.
The survey revealed that investment-home sales in 2015 jumped 7.0 percent to an estimated 1.09 million from 1.02 million in 2014.
Lawrence Yun, NAR’s chief economist discussed the increase in the number of sales:
“Despite a smaller share of distressed properties coming onto the market, investment purchases reversed course in 2015 after declining for four straight years. Steadily increasing home prices and strong rental demand appear to be giving more individual investors assurance that purchasing real estate will diversify their portfolios and generate additional income if they decide to rent out the home."
Prices Are Also Up
The price paid by investors also increased in 2015 by 15.3%.
Tomorrow, we will be providing an infographic that will highlight the other findings about investors from the survey. http://www.simplifyingthemarket.com/en/2016/04/28/investors-more-sales-and-higher-prices/ ❤️ #share #mortgage
Wednesday, April 27, 2016
Cash #homebuyers threaten to overheat some markets
While the majority of cash #homebuyers received an average discount of 23%, this can’t be said for everyone. The select few markets where cash buyers ended up paying a premium could be in danger of overheating. http://www.housingwire.com/articles/36903-cash-homebuyers-threaten-to-overheat-some-markets ❤️ #share #mortgage
Ocwen foreclosures frozen after National #mortgage Settlement compliance failure
As it turns out, it can get worse for Ocwen Financial. Less than one day after posting a massive loss for the first quarter of 2016, the nonbank has run afoul of the terms of the National #mortgage Settlement and is now forbidden from taking foreclosure actions on more than 17,000 loans. http://www.housingwire.com/articles/36908-ocwen-foreclosures-frozen-after-national-mortgage-settlement-compliance-failure ❤️ #share #mortgage
Here's how to best spend your money under TRID
In a slow growth market, where margins are being pressured from many corners (including, but certainly not limited to, TRID-related production costs), borrower satisfaction can be a key differentiator. So how do you ensure borrower satisfaction? http://www.housingwire.com/blogs/1-rewired/post/36904-heres-how-to-best-spend-your-money-under-trid ❤️ #share #mortgage
Carmen Electra's New Hollywood Hills Home Has 'Got the Look'
The singer/actress/model/TV personality was going by her given name, Tara Leigh Patrick, when she signed to the Purple One’s Paisley Park Records. Electra has credited Prince with christening her Carmen and setting her on the path to stardom.
And now she owns a castle fit for a modern princess. The 3,852-square-foot home looks traditional on the outside, but is dramatic on the inside, with dark hardwood floors, a chic gray fireplace mantle that stretches to the top of the soaring ceilings, and a transparent, floor-to-ceiling wine cooler that’s the centerpiece of the eat-in kitchen.
With 5 bedrooms and 5 baths, the home offers two spacious levels for Electra and her husband, musician Rob Patterson, to spread out — plus a waterfall out back.
The listing agent was Elayne Cedar of John Aaroe Group.
Related:
- Nick Lachey Lists His Mansion Before Going on Tour
- Thomas Middleditch Nabs 1920s Home with Hollywood History
- Grateful Dead Bassist Phil Lesh Lists Marin County Estate
from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/electra-buys-hollywood-hills-196770/
Gilmore Girl and Mad Man Sell Their Brooklyn Penthouse
The 1-bedroom, 2-bath abode features stunning espresso hardwood floors, large windows and a built-in bookshelf - a delightful nod to Bledel’s famously well-read Chilton Prep alumnae character, who will be returning to Stars Hollow in Netflix’s “Gilmore Girls” revival later this year.
Inside the apartment, a stairway leads to the loft bedroom as well as to the kitchen, surrounded by white walls that form interesting geometric shapes underneath a cast-iron chandelier and 18-foot ceilings.
A stylish dining area with several windows and ornate wallpaper offers direct access to the industrial-style chef’s kitchen. Featuring all-white cabinets, black granite countertops and stainless steel appliances, the room’s monochrome color scheme provides a modern look for the well planned co-op.
The cozy master bedroom boasts ample windows offering water views, as well as an internal window with a view of the downstairs. The master suite includes a marble bathroom with a rain shower, chrome finishes and heated floors.
The penthouse provides an additional staircase to a private 500-square-foot outdoor space, and all residents of this Queen Anne-style building have access to a full rooftop lounge with sweeping views of Manhattan and downtown Brooklyn.
The home was sold by James C. Cox Jr., Frank Giordano and Chad Maltby of Compass brokers.
Related:
- ‘Mad Men’ Star Vincent Kartheiser Lists Tiny Bungalow
- Uma Thurman Lists Like She Twists, With Style
- Fred Armisen Buys in Trendy Los Feliz
from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/gilmore-girl-mad-man-brooklyn-196623/
How much worse can it get for Ocwen? Nonbank posts massive loss in 1st quarter
Earlier this year, Ocwen Financial tried to lay the groundwork for just how poor its first-quarter financial results would be, stating in February that the nonbank expected to post a loss in 2016, but the company’s first-quarter results are even worse than expected. http://www.housingwire.com/articles/36905-how-much-worse-can-it-get-for-ocwen-nonbank-posts-massive-loss-in-1st-quarter ❤️ #share #mortgage
Can you guess which state charges the highest property tax?
CoreLogic’s new report shows that areas with only one level of property tax collections tend to have lower tax rates. Hint: This may show why median property tax rates in the northeast tend to be higher than the rest of the country. http://www.housingwire.com/articles/36902-illinois-property-tax-highest-in-us ❤️ #share #mortgage
Incenter launching #mortgage-focused broker-dealer
Incenter just hired a new sales team as it continues down its new path of registering as a wholly owned subsidiary. Leaders say the new focus will benefit the company. And, here’s why. http://www.housingwire.com/articles/36901-incenter-expanding-its-capital-markets-services ❤️ #share #mortgage
As expected, Fed holds off interest-rate hike
The Federal Open Market Committee elected not to increase the federal funds rate. Whereas the committee believes housing has improved further, inflation is running just a little behind its objective. http://www.housingwire.com/articles/36899-as-expected-fed-holds-off-on-interest-rate-hike ❤️ #share #mortgage
Brian Benson out as CEO of ClosingCorp
ClosingCorp is now looking for a new chief executive officer as the company tells HousingWire that Brian Benson is out as the company’s CEO. Benson told HousingWire Magazine in December that he expected the company’s revenue to double in 2016 and again in 2017. And it’s apparently due to that growth that Benson will no longer lead the company. http://www.housingwire.com/articles/36900-brian-benson-out-as-ceo-of-closingcorp ❤️ #share #mortgage
Here's why Radian's 1Q revenue beat expectations
It was a strong quarter for #mortgage insurer Radian. The company beat revenue expectations and was in-line with earnings per share expectations. Here’s how the company faired along with their reason behind the positive quarter. http://www.housingwire.com/articles/36898-radian-1q-revenue-beats-expectations ❤️ #share #mortgage
Indianapolis Named Best Place for First-Time Home Buyers
Indianapolis is the best market for first-time home buyers right now, according to Zillow’s latest analysis. Pittsburgh and Memphis are also high on the list of places that are the easiest for first-time buyers.
To determine the list, Zillow looked at:
- Median home values. Lower home values means buyers need less cash for a down payment to break into the housing market.
- Affordability. The places where mortgage payments take up a small share of income and rental payments are more unaffordable.
- Inventory. More homes for sale means it’s easier to find the perfect fit.
- Cash buyer competition. Fewer all-cash offers mean less competition.
The median home value in Indianapolis is $130,200, and buyers can expect to spend 11 percent of their monthly income on a mortgage payment, which is incentive to become a homeowner in Indianapolis. Renters in Indianapolis can expect to put 26 percent of their monthly income toward a rental payment.
Salt Lake City is the toughest place for first-time home buyers, followed by Washington, D.C. and New York. Also at the bottom of Zillow’s first-time home buyer list are San Jose, Seattle, and Austin, where many millennials are moving because of the areas’ hot job markets. Unfortunately, when they start looking for a home, they’ll find high prices and not many options.
from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/indianapolis-first-time-buyers-196738/
Pending home sales jump to highest level in nearly a year
Overcoming several roadblocks in housing, including rising home prices and low housing supply, pending home sales managed to increase in March for the second consecutive month, reaching their highest level in almost a year. However, this positive news changes depending on the region. http://www.housingwire.com/articles/36897-pending-home-sales-jump-to-highest-level-in-nearly-a-year ❤️ #share #mortgage
MBA: #mortgage applications reverse course
It was a slow week for #mortgage applications despite it being peak buying season, with applications moving further away from the highs witnessed two weeks ago. Here’s where applications fell short. http://www.housingwire.com/articles/36896-mba-mortgage-applications-reverse-course ❤️ #share #mortgage
Homes Continue to Sell Quickly Nationwide
The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 47 days in March. This is a decrease from the 59 days reported in February, as well as the 52 days reported back in March 2015.
42% of homes across the country were on the market for less than a month, which is the highest it’s been since July 2015 (43%)!
Among the states with homes selling in 30 days or less are Washington, Oregon, and Minnesota. The map below was created using results from NAR’s Monthly Realtor Confidence Survey.
Bottom Line
Buyer demand is increasing as the inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, let’s meet up so I can help you take advantage of current market conditions! http://www.simplifyingthemarket.com/en/2016/04/27/homes-continue-to-sell-quickly-nationwide/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
Tuesday, April 26, 2016
Nick Lachey Lists His Mansion Before Going on Tour
The gated home on a tree-lined cul-de-sac is listed with Mauricio Umansky, Farrah Aldjufrie and Craig Knizek of The Agency. It spans more than 8,000 square feet and boasts an open floor plan with formal living and dining rooms, a theater with stadium seating, and a spacious family room off the chef’s kitchen.
There’s a butler’s pantry and breakfast area, plus three more rooms on the ground floor that can be used as guest rooms, offices or a gym.
Two bedroom suites share a separate wing of the home, with the master suite comprising its own private getaway with a sitting room, two large closets, and a grand bathroom featuring a soaking tub and a large, separate shower.
The home’s decor exudes luxury and comfort simultaneously, with fireplaces, soaring ceilings, exposed wood beams and large windows with tree and mountain views. Many rooms in the home feature access to the yard, with patios, a veranda with a fountain, and a swimming pool with a cabana.
Photos courtesy of The Agency
Related:
- Star Maps Maven: Her Family Has Tracked Celebrity Homes for 80 Years
- Thomas Middleditch Nabs 1920s Home with Hollywood History
- Grateful Dead Bassist Phil Lesh Lists Marin County Estate
from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/nick-lachey-lists-mansion-196712/
Bernie Sanders hints at Elizabeth Warren as potential VP
While the presidential campaign of Bernie Sanders may be facing some mounting odds, Sanders is still a viable and active candidate, and still has at least a theoretical chance of winning in November. And while his odds may be long, that isn’t stopping Sanders from floating a name of a potential running mate that would send a serious shiver down the collective spine of Wall Street – Elizabeth Warren. http://www.housingwire.com/articles/36895-bernie-sanders-hints-at-elizabeth-warren-as-potential-vp ❤️ #share #mortgage
#mortgage REIT stocks on the rise?
Although some areas fared better than others, overall REITs seem to be on the rise, with some making stock gains even in the double digits. But, as with all stocks, be careful on what you pick to back. http://www.housingwire.com/articles/36893-mortgage-reit-stocks-on-the-rise ❤️ #share #mortgage
Will Fed remain dovish, punt on interest-rate hike again?
During this week’s meeting of the Federal Open Market Committee, the group that sets the benchmark interest rate for bank lending, there will undoubtedly be some discussion about whether to raise the federal funds rate again, but discussion is about as far as it’s going to get, some analysts believe. http://www.housingwire.com/articles/36892-will-fed-remain-dovish-punt-on-interest-rate-hike-again ❤️ #share #mortgage
[Chart] #mortgage default rate versus rising home prices
#mortgage defaults are an important measure of the health of the housing market. Now with the financial crisis well behind the market, a new chart showing the #mortgage default rate and home prices gives a glimpse on the health of the market. http://www.housingwire.com/articles/36894-chart-mortgage-default-rate-versus-rising-home-prices ❤️ #share #mortgage
Freddie Mac: Climate change threatens the future of housing
Climate change, yes climate change, may pose a new threat to the housing market. Freddie Mac suggests making some changes to housing finance now, before it’s too late. Here’s the advice. http://www.housingwire.com/articles/36891-freddie-mac-climate-change-threatens-the-future-of-housing ❤️ #share #mortgage
Thomas Middleditch Nabs 1920s Home with Hollywood History
Thomas Middleditch, the actor best known for his role as entrepreneurial nerd Richard Hendricks on HBO’s Emmy-nominated “Silicon Valley,” has nabbed a 1920s bungalow. Alas, it isn’t in Silicon Valley, rather, Los Angeles, but it does come with a Hollywood history.
Middleditch and his wife, costume designer Mollie Gates, will be quite at home in the 3-bedroom, 2.5-bathroom bungalow that once belonged to well-known set designer Charles Lisanby. Lisanby was instrumental in early color television set design, and won an Emmy himself.
The couple purchased the house less than a month ago for $1.5 million - an expensive upgrade from their previous bungalow, which they bought for $849,000. (It must not have suited their tastes, since that was less than a year ago, and the home is for sale with a pending offer.)
Moving shouldn’t be too hard for the couple, though, as the two homes are in the same Hollywood Hills neighborhood.
Built in 1927, the couple’s new home was last sold in 1979, so it seems to be a keeper. The time period shines through with original detailed molding, stone fireplaces, large Palladian windows and exposed rafters. The rest, however, shows off an eclectic style that belies the traditional California bungalow exterior.
The living room exudes a French country feel, with blue-and-white chandeliers hanging from a cream-colored exposed wood ceiling. Classic 1920s tile and woodworking take the main stage in the entrance. The dining room has an Oriental feel, with red-and-gold wallpaper, and the kitchen is a mix of decades, as is the romantic bedroom suite with large walk-in closet.
A large studio space is available above the garage, perhaps as storage for Middleditch’s collection of knight and Renaissance fair costumes, or as a video-gaming haven for him and his dog, Potter, named after Harry Potter.
Related:
- Star Maps Maven: Her Family Has Tracked Celebrity Homes for 80 Years
- Britney Spears Lists a Mansion Fit for a Pop Star
- Fred Armisen Buys in Trendy Los Feliz
from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/middleditch-buys-1920s-home-196658/
Ditech to use HLP portal for foreclosure prevention efforts
Ditech Finacial, which formed last year when Walter Investment Management Corp. merged two of its subsidiaries, Green Tree Servicing and Ditech #mortgage Corp, to form a new company, is partnering with HLP to use HLP’s web portal in its foreclosure prevention and loss mitigation efforts. http://www.housingwire.com/articles/36890-ditech-to-use-hlp-portal-for-foreclosure-prevention-efforts ❤️ #share #mortgage
Gallup poll finds most Americans believe real estate is best investment
Gallup’s survey showed real estate beat out stocks and mutual funds, gold, savings and CDs and bonds and topped the list as the best investment. Not everyone, however, agreed with the results. http://www.housingwire.com/articles/36889-gallup-poll-finds-americans-believe-real-estate-is-good-investment ❤️ #share #mortgage
Appraisal volume shows weakened spring housing market
Looking at the latest appraisal volume numbers from a la mode, it doesn’t look like peak home-buying season. More than a month into spring and the market is struggling to offset several roadblocks. http://www.housingwire.com/articles/36888-appraisal-volume-shows-weak-spring-housing-market ❤️ #share #mortgage
What is the future of the #mortgage business?
Every one of us with an interest in the #mortgage business, whether it be a vested financial interest or otherwise, has to be wondering what the future of the industry is going to look like. It’s pretty clear that the complete homebuying process from selecting a home through the entire #mortgage process is moving online. How we get there, on the other hand, is a different story. http://www.housingwire.com/articles/36887-what-is-the-future-of-the-mortgage-business ❤️ #share #mortgage
Star Maps Maven: Her Family Has Tracked Celebrity Homes for 80 Years
Linda Welton remembers the time her mother came home from work and said Marilyn Monroe had bought a map. It was a big day for a woman who’d sold Star Maps on a sidewalk near Sunset Boulevard for decades.
“She said she was wearing white and was very nice,” recalled Welton, the Star Maps heir who now sits in a folding chair across from Michael Jackson’s former Los Angeles home and sells maps like her mother did, showing where the area’s biggest celebrities live.
Dr. Phil once dropped by on a visit to Jackson’s home and joked about not being on the map, while Jay Leno bumped into Welton in Whole Foods and was happy to hear that he is. “The people who are on the map are top notch,” Welton said.
Some celebrities approach her to see if they’re on the map, without realizing that she knows who they are, said her friend Keith Holman, a celebrity designer who worked with Jackson and others. “One of the beauties of Linda is that she remembers the legendary people as well as the new people.”
Zsa Zsa Gabor is an example, as are Diahann Carroll and Buddy Hackett. A 1940s Oscar winner, Celeste Holm, once approached Welton to ask if she could be included, and Welton said “yes.”
Welton’s grandfather, a retired vaudevillian, started the Star Maps business in 1936, well before the Internet and sifting through property records came into vogue. He would send Welton’s mother and her cousin to chat with gardeners and innocently ask who lived in the home — a tradition that continued with Welton.
It’s not all star sightings and sleuthing, though. Star Maps also means the gritty, flesh-pressing business of selling the glossy, full-color maps that start at $15.
Then there was the lawsuit.
Welton’s mother spent five years fighting a lawsuit that characterized her as a public nuisance. It went all the way to the state supreme court, and in 1978 she won in a verdict that Welton carries with her, just in case.
After all, she doesn’t want a hiccup in her legacy.
Related:
- Jillian Michaels’ Malibu Beach House Is in Great Listing Shape
- Wes Craven’s Former LA Home Will Make You ‘Scream’
- Britney Spears Lists a Mansion Fit for a Pop Star
from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/star-maps-maven-196558/
MBA to the next president: Here are 3 ideas to save the housing market
Responding to the crisis in housing will require aggressive action. Here are three ideas from MBA President and CEO David Stevens to America’s next president. When it comes to meeting the housing needs of its people, America has always responded forcefully. Will the next president do the same? http://www.housingwire.com/blogs/1-rewired/post/36886-mba-to-the-next-president-here-are-3-ideas-to-save-the-housing-market ❤️ #share #mortgage
S&P/Case-Shiller: Home prices finally start to stabilize
The National Home Price Index, covering all nine U.S. census divisions, increased 5.3% annually in February, breaking a 10-month streak where the year-over-year figure increased over the previous month. Could this finally be the end of rapidly increasing home prices? First-time #homebuyers could definitely use the break. http://www.housingwire.com/articles/36885-spcase-shiller-home-prices-finally-start-to-stabilize ❤️ #share #mortgage
One More Time… You Do Not Need 20% Down To Buy NOW
A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home #mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.
1. Down Payment
The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less.
Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.
2. FICO Scores
The survey also reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. In actuality, the average FICO scores of approved conventional and FHA #mortgages are much lower.
The average conventional loan closed in March had a credit score of 753, while FHA #mortgages closed with a 685 score. The average across all loans closed in March was 722. The graph below shows how the average FICO Score required has come down over the last 12 months and has stayed around 722 for the last six months.
Bottom Line
If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, sit down with a professional who can help you understand your true options. http://www.simplifyingthemarket.com/en/2016/04/26/one-more-time-you-do-not-need-20-down-to-buy-now/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
Monday, April 25, 2016
Wall Street Journal lays waste to CFPB in scathing editorial
While the Consumer Financial Protection Bureau is fighting to uphold its authority in a federal court, the governmental agency which so often finds itself in the crosshairs of legislators and the financial industry, has a new enemy in the form of the Wall Street Journal’s editorial board, which authored a scathing takedown of the CFPB, questioning whether the agency is operating outside of the parameters of the Constitution. http://www.housingwire.com/articles/36884-wall-street-journal-lays-waste-to-cfpb-in-scathing-editorial ❤️ #share #mortgage
6 tips for Millennials to improve their credit scores
Millennials planning to buy a home outweigh those who are financially able to buy a home, however all hope is not lost. The senior vice president of TransUnion gives some tips to Millennials looking at entering the housing market. http://www.housingwire.com/articles/36883-tips-for-millennials-to-improve-their-credit-scores ❤️ #share #mortgage
Fannie Mae announces plans to securitize re-performing loans
Less than two weeks after the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will be reducing the principal on as many as 33,000 delinquent or underwater borrowers, Fannie Mae announced it now plans to begin securitizing loans that were once delinquent. http://www.housingwire.com/articles/36882-fannie-mae-announces-plans-to-securitize-re-performing-loans ❤️ #share #mortgage
California pending home sales decreased for third consecutive month
It’s no secret that California holds the hottest markets for real estate, but its ever-increasing sales prices and lack of new inventory is reducing its number of sales. The California Association of Realtors made predictions for the 2016 market, but how close were those predictions to reality? http://www.housingwire.com/articles/36881-california-pending-home-sales-decreased-for-third-consecutive-month ❤️ #share #mortgage
There may be a future for TRID securitizations yet
Six months hasn’t been enough time for investors to feel comfortable evaluating loans under the new TRID disclosures, stifling secondary market trading and increasing costs to #lenders. With little direction on what to do in regards to TRID from the CFPB, a new proposal from an industry group could be the key needed to revive the market. http://www.housingwire.com/articles/36880-there-may-be-a-future-for-trid-securitizations-yet ❤️ #share #mortgage
Altisource announces new president
Altisource announced its new president, Jon Gerretsen, who has worked in senior leadership roles at New York Commnuity Bank, Citi#mortgage and KPMG. http://www.housingwire.com/articles/36879-altisource-announces-new-president ❤️ #share #mortgage
Hey Dallas Millennials! Better get used to renting
First-time #homebuyers and those looking for a smaller, new home in the Dallas-Fort Worth area are out of luck now, and will remain that way into perpetuity, according to a new report from Metrostudy. That’s because homebuilding is booming in DFW, but not for smaller homes. http://www.housingwire.com/articles/36878-hey-dallas-millennials-better-get-used-to-renting ❤️ #share #mortgage
Grateful Dead Bassist Phil Lesh Lists Marin County Estate
The $10.35-million home in Marin County is no brokedown palace: It’s 7,900 square feet of Dutch colonial splendor with enough space - 7 bedrooms and 6 baths - for a band.
The home is filled with light, from a sun room off the formal living room to a large downstairs bedroom with French doors on two sides - one set leading to a secluded outdoor patio. The master bedroom upstairs is even more luxurious, with a fireplace, hardwood floors and a bright master bath with a soaking tub and separate shower.
There are fireplaces in the living room and dining room, and a family room with a wall of built-in shelves and drawers, plus more French doors that open onto the expansive backyard. The large kitchen with a six-burner stove and a giant eat-in island also opens through two sets of French doors onto the yard, which includes a pool, a living room with its own fireplace and a vast lawn for walking out in the morning dew.
The listing agent is CJ Spielman of Paragon Real Estate Group.
Related:
- John Cusack Looks to Sell or Rent His Malibu Beach House
- Ice-T and Coco List Opulent Penthouse in New Jersey
- Houston, We Have a Listing From the Apollo 13 Commander
from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/phil-lesh-lists-marin-county-196509/
Nationstar, Flagstar receive top #mortgage servicing marks from Fannie Mae
Nationstar #mortgage and Flagstar Bank are among two of the best #mortgage servicers in the country, according to Fannie Mae, which recently bestowed both with its highest level of performance recognition – the Five STAR designation. http://www.housingwire.com/articles/36877-nationstar-flagstar-receive-top-mortgage-servicing-marks-from-fannie-mae ❤️ #share #mortgage
Selling Your Home? Make Sure the Price Is Right!
In today’s market, where demand is outpacing supply in many regions of the country, pricing a house is one of the biggest challenges real estate professionals face. Sellers often want to price their home higher than recommended, and many agents go along with the idea to keep their clients happy. However, the best agents realize that telling the homeowner the truth is more important than getting the seller to like them.
There is no “later.”
Sellers sometimes think, “If the home doesn’t sell for this price, I can always lower it later.” However, research proves that homes that experience a listing price reduction sit on the market longer, ultimately selling for less than similar homes.
John Knight, recipient of the University Distinguished Faculty Award from the Eberhardt School of Business at the University of the Pacific, actually did research on the cost (in both time and money) to a seller who priced high at the beginning and then lowered their price. His article, Listing Price, Time on Market and Ultimate Selling Price, published in Real Estate Economics revealed:
“Homes that underwent a price revision sold for less, and the greater the revision, the lower the selling price. Also, the longer the home remains on the market, the lower its ultimate selling price.”
Additionally, the “I’ll lower the price later” approach can paint a negative image in buyers’ minds. Each time a price reduction occurs, buyers can naturally think, “Something must be wrong with that house.” Then when a buyer does make an offer, they low-ball the price because they see the seller as “highly motivated.” Pricing it right from the start eliminates these challenges.
Don’t build “negotiation room” into the price.
Many sellers say that they want to price their home high in order to have “negotiation room.” But, what this actually does is lower the number of potential buyers that see the house. And we know that limiting demand like this will negatively impact the sales price of the house.
Not sure about this? Think of it this way: when a buyer is looking for a home online (as they are doing more and more often), they put in their desired price range. If your seller is looking to sell their house for $400,000, but lists it at $425,000 to build in “negotiation room,” any potential buyers that search in the $350k-$400k range won’t even know your listing is available, let alone come see it!
One great way to see this is with the chart below. The higher you price your home over its market value, the less potential buyers will actually see your home when searching.
A better strategy would be to price it properly from the beginning and bring in multiple offers. This forces these buyers to compete against each other for the “right” to purchase your house.
Look at it this way: if you only receive one offer, you are set up in an adversarial position against the prospective buyer. If, however, you have multiple offers, you have two or more buyers fighting to please you. Which will result in a better selling situation?
The Price is Right
Great pricing comes down to truly understanding the real estate dynamics in your neighborhood. Let’s get together to discuss what is happening in the housing market and how it applies to your home. http://www.simplifyingthemarket.com/en/2016/04/25/selling-your-home-make-sure-the-price-is-right/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
Sunday, April 24, 2016
Monday Morning Cup of Coffee: Should #mortgage #lenders consider payday loans?
The same regulators that have driven up #mortgage loan origination costs are now training their sights on payday #lenders. Payday lending rules proposed by the Consumer Financial Protection Bureau would prevent consumers from re-borrowing to pay the interest on these loans, but has other consequences that hurt both #lenders and consumers. http://www.housingwire.com/blogs/1-rewired/post/36875-monday-morning-cup-of-coffee ❤️ #share #mortgage
Spending hours on social is so last century. #CoPromote...
Spending hours on social is so last century. #CoPromote increases your #exposure in minutes. http://awe.sm/bPDLV
Friday, April 22, 2016
Convicted bank robber gets 18 years for role in $3M timeshare #mortgage fraud scheme
A New Jersey man who was once convicted of bank robbery will spend the next 18 years in prison for his role in a $3 million conspiracy that scammed customers by offering phony consulting services to owners of timeshares. http://www.housingwire.com/articles/36874-convicted-bank-robber-gets-18-years-for-role-in-3m-timeshare-mortgage-fraud-scheme ❤️ #share #mortgage
SunTrust rides strong #mortgage performance to increase income in Q1
SunTrust’s income rose significantly from both the first quarter of 2015 and last quarter. Part of the increase came from #mortgages. What a novel concept. See what else is surpassing Wall Street’s expectations. http://www.housingwire.com/articles/36873-suntrust-rides-strong-mortgage-performance-to-increase-income-in-q1 ❤️ #share #mortgage
Freddie Mac: Rough start to 2016 doesn't damper housing outlook
So far this year, the housing market has struggled to get itself off the ground, but according to an updated forecast report from Freddie Mac, housing is expected “to maintain its momentum in 2016 and be an economic engine of growth.” Here are the new predictions for this year, including what to expect from #mortgage rates. http://www.housingwire.com/articles/36872-freddie-mac-rough-start-to-2016-doesnt-damper-housing-outlook ❤️ #share #mortgage
Market could be close to pre-crisis share of cash sales
The market is steadily catching up, and is close to resuming its pre-crisis percentage of cash sales, if it continues to fall at its current rate. Could full recovery happen as soon as next year? http://www.housingwire.com/articles/36871-market-could-be-close-to-pre-crisis-share-of-cash-sales ❤️ #share #mortgage
Florida building worlds first solar-powered town
The demand from #homebuyers for solar energy is growing and continues to do so. Whereas some areas are starting to make solar panels more cost effective, one area took it to a whole new level; they’re building an entire town to be run on solar power. http://www.housingwire.com/articles/36869-florida-building-worlds-first-solar-powered-town ❤️ #share #mortgage
Fidelity Bank accused of denying #mortgage loans based on race
North Carolina-based Fidelity Bank reached a $1 million settlement over allegations that the bank engaged in discriminatory lending practices. The settlement agreement stems from a complaint filed by the Fair Housing Project of North Carolina Legal Aid, which accused Fidelity Bank of denying #mortgage loans based on race, which would be a violation of the Fair Housing Act. http://www.housingwire.com/articles/36868-fidelity-bank-accused-of-denying-mortgage-loans-based-on-race ❤️ #share #mortgage
andrew-heard: Good tips http://bit.ly/22pKHxQ #life #charity...
copromote: Central Park stroll last weekend to look at the...
Central Park stroll last weekend to look at the cherry blossoms.
#tbt #wanderlust #flowers #florals #cherryblossom #nyc #igersnyc #copromote #startuplife #nature (at Central Park)
New York county legislator former city official among victims of #mortgage fraud conspiracy
A #mortgage company owned by a New York country legislator and a former Syracuse city auditor is among the alleged victims of a #mortgage fraud conspiracy that involved a lawyer, a #mortgage broker, a real estate appraiser, and a Realtor working together to defraud #lenders out of more than $4 million. http://www.housingwire.com/articles/36865-new-york-county-legislator-former-city-official-among-victims-of-mortgage-fraud-conspiracy ❤️ #share #mortgage
PulteGroup's very public squabble yet to hurt bottom line
If you’re looking at financial data to be your tell all of a company’s health, PulteGroup is doing quite alright, according to its first-quarter earnings. This is important news given the recent, unusually public, and still ongoing, battle over the questionable leadership of the homebuilder’s executive team. However, the earnings might not have come soon enough. http://www.housingwire.com/articles/36864-pultegroups-very-public-squabble-has-yet-to-hurt-its-bottom-line ❤️ #share #mortgage
Not-so-close call: Bankers face stricter pay rules
Small, work-from-home loan originators at some credit unions dodged the latest regulatory attempt to force them them to open offices. Wall Street bankers, however, aren’t as lucky. At least when it comes to their $$$. http://www.housingwire.com/blogs/1-rewired/post/36867-not-so-close-call-bankers-face-stricter-pay-rules ❤️ #share #mortgage
Close call: Some credit unions barely avoid onerous regulation
Robin Sidel’s article is titled: “Safe at Home: Small Credit Unions Dodge Rule Requiring Office Space” and opens with the revelation that there are many, many credit unions so tiny they operate out of the owner’s homes. Those credit unions may have just dodged a bullet. http://www.housingwire.com/articles/36866-close-call-some-credit-unions-barely-avoid-onerous-regulation ❤️ #share #mortgage
Freddie Mac offloading $916 million in latest credit risk-sharing deal
As part of its continuing mission to shift some of the credit risk it faces from the taxpayers and onto the private market, Freddie Mac announced Friday that it plans to sell its third credit risk-sharing deal of 2016. Here are all the details. http://www.housingwire.com/articles/36863-freddie-mac-offloading-916-million-in-latest-credit-risk-sharing-deal ❤️ #share #mortgage
New Home Buyers Look For Green Options [INFOGRAPHIC]
Some Highlights:
* 11% of new #homebuyers stated “energy efficient features” as the reason for their purchase.
* The most popular remodeling projects done for energy efficiency were insulation upgrades, HVAC replacements, and vinyl & wood window installations.
* Research shows that word preference does make a difference when it comes to attracting “green buyers.” http://www.simplifyingthemarket.com/en/2016/04/22/new-home-buyers-look-for-green-options/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
Thursday, April 21, 2016
Black Knight: #mortgage delinquency rate proves housing market is healing
The housing market continues its slow trudge toward recovery. And this isn’t according to just one index. The latest Black Knight Financial Services’ First Look at March 2016 #mortgage data shows several indices reaching new record lows. http://www.housingwire.com/articles/36861-black-knight-mortgage-delinquency-rate-proves-housing-market-is-healing ❤️ #share #mortgage
Jillian Michaels' Malibu Beach House Is in Great Listing Shape
Walls of windows in the modern home on Las Flores Beach look out onto the Pacific Ocean, and the open floor plan provides tranquil views and sunsets even from the white oak stairs and the cozy television nook.
Glass walls open from the spacious living and dining rooms onto a wide deck with fire pits and a staircase to the sand. Michaels recently renovated the 3-bedroom, 4-bath home, according to the listing by Bruce Mibach and Tara Switzer of Coldwell Banker.
Spacious bedrooms and an office offer views, balconies and plenty of floor space for crunching out situps, and the sleek kitchen is ideal for cranking out smoothies.
Related:
- Uma Thurman Lists Like She Twists, With Style
- Fred Armisen Buys in Trendy Los Feliz
- Ice-T and Coco List Opulent Penthouse in New Jersey
from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/jillian-michaels-malibu-listing-196431/
Wells Fargo pledges $220 billion for minority low-income #mortgages
Aiming to use its place as one of the nation’s largest banks to address “global social, economic, and environmental challenges,” Wells Fargo announced an ambitious five-year plan that includes massive investments in diversity and social inclusion efforts, environmental causes, and billions of dollars for #mortgages in “underserved” communities. http://www.housingwire.com/articles/36859-wells-fargo-pledges-220-billion-for-minority-low-income-mortgages ❤️ #share #mortgage
Fannie Mae shifts more credit risk to insurers with latest deal
Fannie Mae announced Thursday that it completed its latest effort to shift some of its credit risk away from the taxpayers and onto private insurers. The latest deal, CIRT 2016-3, is Fannie Mae’s 10th Credit Insurance Risk Transfer deal since the program began in 2013. http://www.housingwire.com/articles/36862-fannie-mae-shifts-more-credit-risk-to-insurers-with-latest-deal ❤️ #share #mortgage
Trulia: Renting a home in retirement better than buying
There is immeasurable value in owning a home, which is why it is the American dream. But does that still hold true for people who are retired? Trulia’s new Rent vs. Buy Report holds some answers. http://www.housingwire.com/articles/36860-trulia-renting-a-home-in-retirement-better-than-buying ❤️ #share #mortgage
#mortgage Contracting Services creates new division
The company is expanding it’s services by creating a new division. As a result, the company promoted a staffer into new Chief Operating Officer position in order to oversee this new expansion. http://www.housingwire.com/articles/36858-mortgage-contracting-services-expands ❤️ #share #mortgage
Bayview renews contract with LoanSphere MSP
In the #mortgage finance industry, more than half a decade is like an eternity. And after six years of using Black Knight’s services, Bayview again renewed its contract. The companies believe the partnership to be mutually beneficial, here’s why. http://www.housingwire.com/articles/36857-bayview-renews-contract-with-loansphere-msp ❤️ #share #mortgage
First Republic Bank invests in community ups minimum wage to $20 per hour
Recently, the state of California announced that it planned to increase its minimum wage to $15 per hour by the year 2023, but that’s not soon enough and not nearly enough money, according to one San Francisco-based bank. http://www.housingwire.com/articles/36856-first-republic-bank-invests-in-community-ups-minimum-wage-to-20-per-hour ❤️ #share #mortgage
Here's why seasonality matters in the housing market
The concept of seasonality is not well understood or appreciated today. Knowing how seasonality works can make all the difference for when #homebuyers and sellers should consider entering the housing market. And the spring home-buying season has a very different definition depending on where you’re based. This is how you should be reading the housing numbers. http://www.housingwire.com/blogs/1-rewired/post/36855-heres-why-seasonality-matters-in-the-housing-market ❤️ #share #mortgage
Department of Justice loses another one of its top cops on #mortgage fraud
Less than a month after Stuart Delery, the third in command at the Department of Justice and leader of the DOJ’s investigations into the conduct of banks during the financial crisis, announced he was stepping down, the DOJ is about to lose another of its big guns in the fight against #mortgage fraud. http://www.housingwire.com/articles/36854-department-of-justice-loses-another-one-of-its-top-cops-on-mortgage-fraud ❤️ #share #mortgage
Three major nonbank #mortgage servicers; Only one is profitable
Why do they show little to no profit in 2015? Will all three continue to struggle in 2016? Here Moody’s answers. However, there is one area where Nationstar and Ocwen do outperform the big banks. http://www.housingwire.com/articles/36853-three-major-nonbank-mortgage-servicers-only-one-is-profitable ❤️ #share #mortgage
rightsherry: Meet Kai Strand author of the fantasy MG series...
Meet Kai Strand, author of the fantasy MG series, The Weaver Tales, on my blog at http://rightsherry.blogspot.com/. This is a must read for kids.
Freddie Mac: #mortgage rates still lowest in recent memory [Chart]
While #mortgage rates barely nudged in Freddie Mac’s latest Primary #mortgage Market Survey, that’s not a bad thing. Actually, #mortgage rates remain near historically low levels. In fact, it’s been a long time since rates started notably inching upwards. How long? http://www.housingwire.com/articles/36852-freddie-mac-mortgage-rates-still-remain-at-record-lows ❤️ #share #mortgage
Home Prices Are Upbut there is a Challenge
Home values continue to climb and are projected to increase by about 5% over the next twelve months. That is great news for anyone who owns a home. However, it could present a challenge for a family trying to sell their house.
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 sales price when performing the appraisal for the bank.
The National Association of Realtors (NAR) recently released information revealing just how prominent the challenge is in today’s market.
And the challenge is deepening…
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.
As we can see the difference has increased each of the last two months.
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 meet up so I can guide you through this, and any other obstacle that may arise. http://www.simplifyingthemarket.com/en/2016/04/21/home-prices-are-upbut-there-is-a-challenge/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
Wednesday, April 20, 2016
Is TRID hysteria over? Time to close drops to 12-month low
Well, more than six months have passed since the implementation of the Consumer Financial Protection Bureau’s TRID rule. And it appears that, despite the initial hiccups and headaches, #lenders finally have a handle on this whole TRID thing. http://www.housingwire.com/articles/36851-is-trid-hysteria-over-time-to-close-drops-to-12-month-low ❤️ #share #mortgage
Potential #homebuyers sidelined until their credit improves
Home prices are up, and inventory is down. Today’s housing market is competitive, and many future #homebuyers are worried about their credit and credit history. Experian’s verdict? They should be. http://www.housingwire.com/articles/36850-potential-homebuyers-sidelined-until-their-credit-improves ❤️ #share #mortgage
LandSafe FNC RELS: Acquisitions behind the CoreLogic success
CoreLogic snatched up several companies over the last six months all with one purpose in mind, building out its property valuation capabilities. The company released its first-quarter earnings on Wednesday, and looking over the results, their ‘strategic’ moves paid off. Here’s how. http://www.housingwire.com/articles/36849-landsafe-fnc-rels-acquisitions-behind-the-corelogic-success ❤️ #share #mortgage
California AG backs expansion of Homeowners' Bill of Rights
California Attorney General Kamala Harris is throwing her support behind a bill that expand the state’s Homeowners’ Bill of Rights to include a provision designed to help widowed spouses and children stay in their homes after the primary #mortgage holder passes away. http://www.housingwire.com/articles/36847-california-ag-backs-expansion-of-homeowners-bill-of-rights ❤️ #share #mortgage
Home prices see highest increase since 2007
Although prices have increased across the nation, it should be no surprise that the highest increase was seen in California. Sellers are happy, buyers are struggling, but what is it doing to the market as a whole? http://www.housingwire.com/articles/36848-home-prices-see-highest-increase-since-2007 ❤️ #share #mortgage
California home sales slowed way down in March
Despite predictions that the 2016 housing market would increase in 2016, it is off to a slow start. Increasing home prices have slowed this Spring’s buying season, as home sales decreased 4.7% from last year. http://www.housingwire.com/articles/36846-california-sees-second-slowest-march-since-2008 ❤️ #share #mortgage
Trump: If I win Yellen's days at the Fed will be numbered
If Republican frontrunner Donald Trump secures a victory in November’s election and is sworn in on Jan. 20, 2017 as this country’s next president, Federal Reserve Chair Janet Yellen may shortly find herself out of a job. http://www.housingwire.com/articles/36844-trump-if-i-win-yellens-days-at-the-fed-will-be-numbered ❤️ #share #mortgage
Next major issue #lenders need to tackle: Cybersecurity
As fast as the digital world is growing, the number of hackers trying to take it down are growing faster. The threat is rising exponentially, not decreasing. And if the people and families behind the information your company is storing aren’t enough motivation to be diligent in this area, the trillions in lost revenue should be. So how susceptible are you? http://www.housingwire.com/blogs/1-rewired/post/36845-next-major-issue-lenders-need-to-tackle-cybersecurity ❤️ #share #mortgage
Treasury committing $1 billion more to fight blight help struggling borrowers
In February, the Department of the Treasury announced that it planned to boost the Hardest Hit Fund by as much as $2 billion. The first round of funding saw the Treasury Department allocate $1 billion. And Wednesday, the Treasury announced the second round of funding, with $1 billion more now set aside to fight blight and help struggling homeowners. http://www.housingwire.com/articles/36843-treasury-committing-1-billion-more-to-fight-blight-help-struggling-borrowers ❤️ #share #mortgage
MBA: #mortgage applications barely move after last week's highs
It was a humdrum week for #mortgage applications coming off of the previous week’s highs. This time around, the seasonally adjusted Purchase Index decreased 1% from one week earlier. http://www.housingwire.com/articles/36839-mba-mortgage-applications-barely-move-after-last-weeks-highs ❤️ #share #mortgage
Thinking of Selling? The Market Needs Your Listing!!
The housing market is really heating up and buyer demand is dramatically increasing as we enter the spring season. However, one challenge to the current market is a major shortage of inventory. Below are a few comments made in the last month by industry experts.
Lawrence Yun, Chief Economist of NAR
“Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what’s being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau.“
Jonathan Smoke, Chief Economist of Realtor.com
"Low inventories and tight credit will limit the gains we will see in 2016. However, given the level of pent-up demand evident in web activity and stated buyer intentions for 2016, we should see this spring materialize as the busiest season of sales since 2006.”
Rick Sharga, Ten-X’s EVP
“Inventory is too low to support much higher sales. There’s virtually no inventory available at the entry level, and single family housing starts and permits continue to languish at levels far below where they should be at this point of the recovery.”
David Crowe, Chief Economist of the National Assoc. of Home Builders
“Many sellers may not have an absolute decision as to whether to buy an existing home or a new home. So the low inventory of existing homes is locking them in place.”
Freddie Mac
“Challenges remain, with low housing supply and declining affordability being a key concern in many markets.” http://www.simplifyingthemarket.com/en/2016/04/20/thinking-of-selling-the-market-needs-your-listing/ ❤️ #share #mortgage
Tuesday, April 19, 2016
Los Angeles Realtor 'hijacks' Coachella social media feeds
It’s not often that we at HousingWire talk about things reported by The Hollywood Reporter, but this one is just too good to pass up. A Los Angeles Realtor is in a bit of social media hot water after his name and profile suddenly began showing up all over social media posts emanating from the Coachella Valley Music and Arts Festival over the weekend. http://www.housingwire.com/articles/36841-los-angeles-realtor-hijacks-coachella-social-media-feeds ❤️ #share #mortgage
'Teen Mom' Farrah Abraham Buys LA Townhouse
The “Teen Mom OG” star paid $845,000 for the 4-bedroom, 4-bath townhouse with a den, loft and 3-car garage. She and her daughter, Sophia, can cozy up in front of the fireplace, share a meal at the eat-in kitchen counter or spread out across the home’s 2,700 square feet to work on their projects, which in Sophia’s case includes a “Sophia Laurent” boutique in Austin. “She’s just been so successful on her own so that’s just awesome to me,” the proud mom told People.
According to listing agent Amy Klein of Rodeo Realty, Abraham’s on-again, off-again boyfriend Simon Saran, who is also a real estate agent, arranged for the original showing of the home and visited it with her. Abraham’s agent was Jake May of the Jake May Team.
Photos by Norm Bertuch
Related:
- Benji Madden Sells His Bachelor Cabin
- Wes Craven’s Former LA Home Will Make You ‘Scream’
- Britney Spears Lists a Mansion Fit for a Pop Star
from Zillow Porchlight | Real Estate News, Advice and Inspiration http://www.zillow.com/blog/farrah-abraham-buys-la-home-196357/
Placester continues expansion acquires RealSatisfied
Placester, a real estate marketing platform that’s seen rapid growth over the last year, announced that it is expanding again with the acquisition of RealSatisfied, an Australia-based company that provides a suite of customer satisfaction tools that provides big data insights to brokers, agents and brands. http://www.housingwire.com/articles/36838-placester-continues-expansion-acquires-realsatisfied ❤️ #share #mortgage
Sindeo joins REach Real Estate accelerator class of 2016
“Sindeo is modernizing the #mortgage experience, making it simpler and more transparent for consumers and the Realtors they work with,” said Dale Stinton, president of Second Century Ventures, and CEO of the National Association of Realtors. http://www.housingwire.com/articles/36840-sindeo-joins-reach-real-estate-accelerator-class-of-2016 ❤️ #share #mortgage
Appraisal volume slowly increases
While appraisal volume barely increased for the week of April 10, it was still enough to push the four-week average higher. The new report also includes a chart for updated numbers from previous weeks. http://www.housingwire.com/articles/36837-appraisal-volume-slowly-increases ❤️ #share #mortgage
Here's how to prepare for a CFPB audit
Audits are announced with only a few weeks’ notice — if your house isn’t in order by the time the audit is scheduled, it’s likely too late to establish a track record of building internal policies that show evidence of protecting consumers and training employees to act in accordance with CFPB best practices. http://www.housingwire.com/blogs/1-rewired/post/36836-heres-how-to-prepare-for-a-cfpb-audit ❤️ #share #mortgage
Alabama Senator Shelby calls for Fannie Freddie investigation
The senate banking committee chairman called for a government investigation detailing the practices of the FHFA. Will his tactic bear housing reform fruit? http://www.housingwire.com/articles/36835-alabama-senator-shelby-calls-for-fannie-freddie-investigation ❤️ #share #mortgage
MGIC revenue decreases during 1Q
Despite gains in the fourth quarter of 2015 compared to that same period one year ago, MGIC saw losses in the first quarter of 2016. These losses are due, in part, to lower investment gains, loss from paying off debt and higher payment for income taxes. http://www.housingwire.com/articles/36833-mgic-revenue-decreases-during-1q ❤️ #share #mortgage
Former Lehman Bros. exec claims to be victim of $2M real estate phishing scam
A former managing director at Lehman Brothers claims that his real estate attorney’s email address was hacked last year, leading to the theft of nearly $2 million that was earmarked as the deposit for a $20 million apartment in Manhattan. http://www.housingwire.com/articles/36834-former-lehman-bros-exec-claims-to-be-victim-of-2m-real-estate-phishing-scam ❤️ #share #mortgage
Housing starts are in and economy experts couldn't disagree more
Analysts commentary on the latest housings starts for March range from ‘impressive’ to 'highly disappointing’. Housing starts are infamous for being volatile and portraying a muddy description of what is going on in the housing market. Which analysis do you find most fitting? Is housing is on steadily improving or on the verge of a real problem? Depends on who you ask, but it’s all here. http://www.housingwire.com/articles/36832-housing-starts-are-in-and-experts-couldnt-disagree-more ❤️ #share #mortgage
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