Proctor has developed a proprietary client portal, Intelligent Insurance Manager, to simplify the vendor management process. This portal goes beyond just tracking residential and commercial loans, allowing clients to access recorded borrower phone calls and management trend reports. http://www.housingwire.com/articles/38167-proctor-financial-creates-tailored-solutions-for-hazard-tracking-and-lpi ❤️ #share #mortgage
Friday, September 30, 2016
A perfect storm in Silicon Valley
If you live in Silicon Valley and are one of the region’s numerous millionaires or even billionaires, thanks to a ton of recent tech company IPOs, bringing the perks home is easy. One expert says the increase in IPOs is actually driving residential values in Silicon Valley. http://www.housingwire.com/articles/38153-a-perfect-storm-in-silicon-valley ❤️ #share #mortgage
Redefining skin in the game
People shouldn’t be worried about the 3% down program. The FHA, USDA and VA have been doing it for years, and with the right guidelines and criteria in place these are great for borrowers. Whatever is best for borrowers and prudent lending standards is what all #lenders and originators should be looking to offer. http://www.housingwire.com/articles/38152-redefining-skin-in-the-game ❤️ #share #mortgage
Understanding the homeownership gap, and filling the void with education
Many people want to own a home of their own, but it does not seem within their reach. Equipped with the proper information and support, the possibility of responsible and sustainable homeownership is not as remote as it may seem. http://www.housingwire.com/articles/38150-understanding-the-homeownership-gap-and-filling-the-void-with-education ❤️ #share #mortgage
The keys to making UCD work
When contemplating compliance with new industry requirements, technology can pose both challenges and opportunities. For UCD specifically, there are seven issues that should be on everyone’s radar. http://www.housingwire.com/articles/38148-the-keys-to-making-ucd-work ❤️ #share #mortgage
Alight brings a new class of technology
At the epicenter of technology innovation in the Bay Area, Alight founders saw the need for a collaborative planning and forecasting technology solution that provides visibility into the financial impact of decisions and sudden market changes in highly complex and dynamic industries. http://www.housingwire.com/articles/38168-alight-brings-a-new-class-of-technology ❤️ #share #mortgage
Using technology to improve customer engagement
Design is a funny word. Some people think design means how it ‘looks.’ But of course, if you dig deeper, it’s really how it works. The design of the Mac wasn’t what it looked like, although that was part of it. Primarily, it was how it worked. To design something really well, you have to ‘get it.’ You have to really ‘grok’ what it’s all about. It takes a passionate commitment to really thoroughly understand something, chew it up, not just quickly swallow it. Most people don’t take the time to do that.” — Steve Jobs, Wired, February 1996 http://www.housingwire.com/articles/38154-using-technology-to-improve-customer-engagement ❤️ #share #mortgage
MyAMC uses proprietary technology to identify the best appraiser for every assignment
MyAMC assists in underwriting interpretation and potential investor issues regarding appraisal challenges. The company was part of the early testing of Fannie Mae’s Collateral Underwriter, an automated risk assessment tool, and can provide guidance in resolving challenges stemming from CU. http://www.housingwire.com/articles/38166-myamc-uses-proprietary-technology-to-identify-the-best-appraiser-for-every-assignment ❤️ #share #mortgage
Ellie Mae's Millennial Tracker prepares #lenders to serve young #homebuyers
The #mortgage industry is poised to experience a monumental shift as more Millennial #homebuyers begin to enter the market. There are roughly 87 million would-be #homebuyers in the Millennial generation and 91% of them say they intend to own a home one day. #lenders must prepare today to meet their needs. http://www.housingwire.com/articles/38155-ellie-maes-millennial-tracker-prepares-lenders-to-serve-young-homebuyers ❤️ #share #mortgage
#lenderLive partners with #lenders and servicers for compliant outsourced solutions
As compliance costs rise and regulators turn their attention to policing new standards, companies are evaluating all their options. By partnering with #lenderLive, a premier services provider, financial companies can take advantage of #lenderLive investments in compliance expertise, highly-qualified talent and technology, and benefit from its scale and best practices. http://www.housingwire.com/articles/38165-lenderlive-partners-with-lenders-and-servicers-for-compliant-outsourced-solutions ❤️ #share #mortgage
#lenders using Equifax trended credit data in Fannie Mae's Desktop Underwriter
Equifax has offered trended credit data to customers across a range of industries for years, and is excited that #lenders submitting loans to Fannie Mae can now use its trended data as part of the underwriting process. http://www.housingwire.com/articles/38156-lenders-using-equifax-trended-credit-data-in-fannie-maes-desktop-underwriter ❤️ #share #mortgage
Ditech Financial fined $1.4 million for "abusive debt collection practices" in Massachusetts
Ditech Financial will pay $1.4 million to the state of Massachusetts to settle charges that the company engaged in “abusive debt collection practices” by excessively calling borrowers to collect payment as well as not property notifying some borrowers of their #mortgage information, the state’s attorney general announced recently. http://www.housingwire.com/articles/38188-ditech-financial-fined-14-million-for-abusive-debt-collection-practices-in-massachusetts ❤️ #share #mortgage
Attention Realtors: zipForm just got easier
Realtors don’t need to struggle with searching tax records with a new introduction to the industry. As RPR integrates with zipForm, Realtors’ jobs just got easier. http://www.housingwire.com/articles/38187-attention-realtors-zipform-just-got-easier ❤️ #share #mortgage
Wells Fargo heat turned up: Oregon wants big changes, California wants Stumpf to resign
The hot seat Wells Fargo CEO John Stumpf currently resides on is nowhere close to cooling off, especially in the wake of Stumpf’s rough appearance Thursday before the House Financial Services Committee to discuss the bank’s fake account scandal. Now, two separate states are calling for significant changes at Wells Fargo, with one calling for Stumpf’s resignation. http://www.housingwire.com/articles/38185-wells-fargo-heat-turned-up-oregon-wants-big-changes-california-wants-stumpf-to-resign ❤️ #share #mortgage
A case of vacant homes versus Airbnb
A new report from Capital Economics raises a case against Airbnb: vacancies. While foreclosures decreased since 2010, the same can’t be said for vacancies that are off the market. It seems that Airbnb may have a hand in that, here’s why. http://www.housingwire.com/articles/38184-a-case-of-vacant-homes-versus-airbnb ❤️ #share #mortgage
This chart proves homeowners are getting better at paying their #mortgage
Borrowers continued to get better at paying their #mortgages as they move further into the year, with more people reported to be paying their #mortgage on time than last year. While the overall performance of #mortgages in this report remained relatively unchanged from the previous quarter, here’s how it changed since last year. http://www.housingwire.com/articles/38183-this-chart-proves-homeowners-are-getting-better-at-paying-their-mortgage ❤️ #share #mortgage
Consumer sentiment sees uptick in September
Consumers sentiment increased in September after preliminary results showed it to be flat from August. Most of the increase was centered on one part of the survey. Survey of Consumers’ chief economist explains the reason for the increase. http://www.housingwire.com/articles/38181-consumer-sentiment-sees-uptick-in-september ❤️ #share #mortgage
Will California real estate experience the toughest year yet in 2017?
The trials that plagued the California housing market in 2016 aren’t expected to get too much better in 2017. The California Association of Realtors’ forecast for 2017 is out and some parts of it look very familiar. Once again, the real estate market is projected to face a major supply shortages and affordability constraints. http://www.housingwire.com/articles/38180-will-california-real-estate-experience-the-toughest-year-yet-in-2017 ❤️ #share #mortgage
CoreLogic: REOs hit lowest point since 2007
CoreLogic’s latest report shows that REOs hit their lowest point since September 2007. In fact, all distressed sales continue to decline. At this rate, distressed sales are on course to hit pre-crisis levels by mid-2019. http://www.housingwire.com/articles/38179-corelogic-reos-hit-lowest-point-since-2007 ❤️ #share #mortgage
Lack of Existing Home Sales Inventory Impacting Sales [INFOGRAPHIC]
Some Highlights:
* Existing home inventory is down 10.1% from last year.
* A lack of inventory explains the modest increase in home sales (0.8% year-over-year) despite strong buyer demand.
* Existing home prices increased 5.1% year-over-year, which is directly related to the lack of inventory. http://www.simplifyingthemarket.com/en/2016/09/30/lack-of-existing-home-sales-inventory-impacting-sales-infographic/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
Thursday, September 29, 2016
#lenders work to overcome Detroit's appraisal gap roadblock
After the financial crisis, the Detroit housing market started a long uphill climb to get back to a healthy, sustainable market, an achievement the city is still currently trying to reach. However, #lenders in the city are working to originate #mortgages that work around some of the toughest roadblocks in Detroit and provide a path to homeownership. Here’s how they’re doing it. http://www.housingwire.com/articles/38178-lenders-work-to-overcome-detroits-appraisal-gap-roadblock ❤️ #share #mortgage
Here’s how new immigration trends impact the housing market
There’s one less-noticed factor that is impacting the current shortage of cheap service labor and affordable housing: the education level of immigrants has been rising. It’s important to note that there’s nothing wrong with this, but people should be prepared for this shift. http://www.housingwire.com/articles/38177-heres-how-new-immigration-trends-impact-the-housing-market ❤️ #share #mortgage
IBM to buy Promontory Financial Group; plans to bring AI to regulatory compliance
Regulatory compliance is about to take a leap into the 21st century, and beyond, as IBM announced that it plans to acquire Promontory Financial Group. The purpose of the acquisition? To combine the financial regulatory experience that resides within Promontory with Watson, IBM’s artificial intelligence computer system to build a comprehensive service to help financial institutions comply with their regulatory requirements. http://www.housingwire.com/articles/38175-ibm-to-buy-promontory-financial-group-plans-to-bring-ai-to-regulatory-compliance ❤️ #share #mortgage
BB&T to pay $83 million for FHA lending violations
BB&T will pay $83 million to settle allegations brought by the Department of Justice, which accused the #lender of violating the False Claims Act by falsely certifying that it complied with “critical underwriting and quality control requirements” on #mortgages insured by the Federal Housing Administration. BB&T becomes the latest in a long string of #lenders targeted by the DOJ for False Claims Act violations. http://www.housingwire.com/articles/38174-bbt-to-pay-83-million-for-fha-lending-violations ❤️ #share #mortgage
Maxine Waters: I'm going to move forward to break up Wells Fargo
Throughout Wells Fargo CEO John Stumpf’s rough day in front of the House Financial Services Committee, multiple representatives called for the bank to be broken up, suggesting that the megabank is simply too big to manage effectively. But as the hearing neared its conclusion, the ranking member of the committee, Rep. Maxine Waters, D-Calif., went beyond her fellow representatives’ calls to break up Wells Fargo, stating that she is going to actually move to break up the bank. http://www.housingwire.com/articles/38173-maxine-waters-im-going-to-move-forward-to-break-up-wells-fargo ❤️ #share #mortgage
Low down payment #mortgages can compete in today's market
Despite the growing prominence of low down payment #mortgages, first-time #homebuyers believe they need to put 20% down to compete in today’s market. The market is changing though, and a new survey of real estate agents shows that low down payment #mortgages can and do compete. Sellers are even recognizing this. http://www.housingwire.com/articles/38171-low-down-payment-mortgages-can-compete-in-todays-market ❤️ #share #mortgage
Real estate agents: Here's how to use Snapchat to get higher engagement
For real estate agents who want to drive sales through higher social media engagement, Jason Frazier, chief information officer for Mason-McDuffie #mortgage, gave these simple tips on how to use Snapchat to grow a following. Need more info? Would examples help? We got you. http://www.housingwire.com/blogs/1-rewired/post/38172-real-estate-agents-heres-how-to-use-snapchat-to-get-higher-engagement ❤️ #share #mortgage
Wells Fargo CEO returns to Capitol Hill for another bipartisan beating
Wells Fargo CEO John Stumpf appeared Thursday morning before the before House Financial Services Committee to discuss the fake account scandal, representatives from both sides of the aisle repeatedly called for Stumpf to resign, for Stumpf and others to be sent to jail, and for Wells Fargo to be broken up. http://www.housingwire.com/articles/38169-wells-fargo-ceo-stumpf-returns-to-capitol-hill-for-another-bipartisan-beating ❤️ #share #mortgage
Freddie Mac: 30-year FRM hits 10-week low
#mortgage rates dropped this week after the Federal Open Market Committee declined to raise rates in September. In fact, the 30-year fixed-rate #mortgage hit a 10-week low. Freddie Mac’s chief economist explains why. http://www.housingwire.com/articles/38164-freddie-mac-30-year-frm-hits-10-week-low ❤️ #share #mortgage
Pending home sales sink to lowest level since January
Pending home sales decreased in August following the previous month’s record high. It now seems July’s high could be an outcast as this marks the third month of declines in the past four. NAR’s chief economist warns of the consequences if the market doesn’t start to see more inventory soon. http://www.housingwire.com/articles/38163-pending-home-sales-sink-to-lowest-level-since-january ❤️ #share #mortgage
GDP growth better than predictions, still historically low
The third estimate for the nation’s Gross Domestic Product did not show much of an increase from previous disappointing numbers. Low numbers continue to weigh in on the Fed’s decision for a rate hike, which many are expecting could come by December. http://www.housingwire.com/articles/38162-gdp-growth-better-than-predictions-still-historically-low ❤️ #share #mortgage
Home Sales Expected to Increase Nicely in 2017
The National Association of Realtors, The #mortgage Bankers’ Association, Freddie Mac and Fannie Mae are all projecting that home sales will increase in 2017. Here is a chart showing what each entity is projecting in sales for this year and the next.
As we can see, each is projecting sizable increases in home sales next year. If you have considered selling your house recently, now may be the time to put it on the market. http://www.simplifyingthemarket.com/en/2016/09/29/home-sales-expected-to-increase-nicely-in-2017/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
Wednesday, September 28, 2016
Housing affordability at the worst level in seven years
Home affordability is at the worst level in seven years, with one in four housing markets not affordable by historic standards. Despite the negative news, Daren Blomquist, senior vice president at ATTOM Data Solutions, did point out one positive area, which involves California’s typically hot market. http://www.housingwire.com/articles/38158-housing-affordability-at-the-worst-level-in-seven-years ❤️ #share #mortgage
Goldie Hawn & Kurt Russell List Their Longtime LA Mansion
Fresh from filming new movies, Hollywood super-couple Goldie Hawn and Kurt Russell are letting go of the Los Angeles mansion they’ve owned for the past 12 years. For $7.25 million, the buyer will come home to colorful, comfortable surroundings in the celeb-rich 
Filled with light from French doors and oversized skylights, the home features a living room with built-in bookcases and an eat-in country kitchen - in red, cream and blue - with a farmhouse sink and a giant center island. Both rooms open onto the lushly landscaped backyard.
The 6,400-square-foot home boasts three first-floor bedrooms, including a romantic master suite with a fireplace, spa tub, dry sauna and dual closets. A guest suite offers vaulted ceilings and a large loft.
Exercise in the home gym like Hawn, whose first movie in 15 years is due out next year: a mother-daughter flick with comedian Amy Schumer. This upstairs room is where she does Pilates, jumps on a trampoline while recording for Instagram, and takes in the fruits of her efforts in full-wall mirrors.
There’s also an upstairs media room that overlooks the large pool, spa and entertaining area.
The couple sold their Malibu beach house a few years ago and continue to own a ranch in Colorado and a vineyard in southern California, both of which Russell discusses in GQ’s latest cover story. He’s currently doing promotions for three new movies, “Deepwater Horizon,” “Fast 8” and “Guardians of the Galaxy Vol. 2.”
The listing agent is Kimberley Pfeiffer of Coldwell Banker.
Check out the neighborhood:
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Related:
- Leonardo DiCaprio Lists Second Home in a Month
- Johnny Depp Selling 5-Unit Compound in the Sky
- Tom Hanks Reportedly Lists Side-by-Side Mansions in Pacific Palisades
from Zillow Porchlight http://www.zillow.com/blog/goldie-hawn-kurt-russell-mansion-205800/
The fatal price tag of not investing in digital innovation for Millennials
The coveted group of potential borrowers who were born between 1981 and 2000 are a key variable in why financial institutions need to and should invest their capital in financial innovation. If they choose not to, they lose on the next generation of consumers. So where will most Millennials choose to do business? Nonbank financial services, digital platforms and technology providers http://www.housingwire.com/articles/38161-the-fatal-price-tag-of-not-investing-in-digital-innovation-for-millennials ❤️ #share #mortgage
California cuts ties with Wells Fargo in wake of fake account scandal
The state of California is suspending several of it business relationships with Wells Fargo as the fallout from the bank’s fake account scandal continues. “Wells Fargo’s admission that thousands of its bank employees opened over two million fraudulent consumer accounts is a legal and ethical outrage that cannot go unpunished,” California’s state treasurer, John Chiang, said Wednesday. http://www.housingwire.com/articles/38160-california-cuts-ties-with-wells-fargo-in-wake-of-fake-account-scandal ❤️ #share #mortgage
CFPB: Minority borrowers to receive $9 million from Provident Funding
Hispanic and African-American borrowers who paid higher broker fees than white borrowers on #mortgage loans from Provident Funding Associates from 2006 to 2011 will soon receive their share of a $9 million settlement. http://www.housingwire.com/articles/38159-cfpb-minority-borrowers-to-receive-9-million-from-provident-funding ❤️ #share #mortgage
California home sales flat in August
California home sales wrapped up the summer on a low note, but the news doesn’t come as much of a surprise, Madeline Schnapp, director of Economic Research for PropertyRadar, said in the latest report. Schnapp explained this report similarly to how she unraveled the July report. They key to understanding is in the details. http://www.housingwire.com/articles/38151-california-home-sales-flat-in-august ❤️ #share #mortgage
New York announces new requirements for maintenance of zombie homes
The state of New York is taking its fight against zombies homes to the next level, as the state announced a series of new regulations for #mortgage #lenders and servicers that aim to hold the companies “accountable” for the maintenance of abandoned foreclosures. http://www.housingwire.com/articles/38149-new-york-announces-new-requirements-for-maintenance-of-zombie-homes ❤️ #share #mortgage
Sperlonga starts reporting HOA data to Equifax
The latest news from Sperlonga, a data aggregation business for non-standard credit data sources, falls in line with recent industry events to help create a better picture of borrowers’ score. Sperlonga announced it will start reporting homeowner and condominium association payment and account status data to Equifax. http://www.housingwire.com/articles/38147-sperlonga-starts-reporting-hoa-data-to-equifax ❤️ #share #mortgage
Wells Fargo CEO, former executive forfeit millions as bank launches investigation
When Wells Fargo CEO John Stumpf appears before the House Financial Services Committee on Thursday for his next legislator-led beat down, he will do so with a lot less money in his wallet. The bank’s board of directors announced Tuesday evening that it plans to claw back millions in stock options, bonuses, and other financial benefits from Stumpf, although the moves apparently weren’t enough for Stumpf’s loudest critic in Washington. http://www.housingwire.com/articles/38146-wells-fargo-ceo-former-executive-forfeit-millions-as-bank-launches-investigation ❤️ #share #mortgage
Ghosts of subprime: Germany plans Deutsche Bank rescue, or does it?
Should investors not be interested in purchasing additional stake in Deustche Bank? Die Zeit claims the government would need to step in and take as much as a 25% stake, similar to its bailout of fellow German rescue entity, Commerzbank. http://www.housingwire.com/articles/38144-ghosts-of-subprime-germany-plans-deutsche-bank-rescue-or-does-it ❤️ #share #mortgage
MBA: It’s another quiet week for #mortgage applications
#mortgage applications reported a very quiet week, echoing other industry reports. As for what did change, all #mortgage interest rates on #mortgage products declined. Here’s what the latest news from the #mortgage Bankers Association’s latest Weekly #mortgage Applications Survey found. http://www.housingwire.com/articles/38142-mba-its-another-quiet-week-for-mortgage-applications ❤️ #share #mortgage
Why We All Need A ‘Phil Dunphy’ On Our Side
Whether or not you’ve ever seen an episode of Modern Family, or know who Phil Dunphy’s character is, the concept of knowing that you have someone in your corner who is looking out for your best interests is something we all want.
When it comes to buying a home, whether you are a rookie #homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move into, and the trends of the area, should be your goal.
For those who aren’t familiar, the character Phil Dunphy is a Realtor with a huge heart who always strives to do the best for his family and his clients.
In one recent episode, Phil even shared the oath that he created and holds himself to:
“On my honor, I promise to aid in man’s quest for shelter, to recognize I’m not just in the business of houses – I’m in the business of dreams in the shape of houses. To disclose all illegal additions, shoddy construction, murders, and ghosts. And to put my clients’ needs before my own."
While this might seem silly, and it was definitely written with humor in mind, the themes of helping someone achieve the American Dream and putting a clients’ needs above your own are not to be taken lightly.
Bottom Line
When you make the decision to enter the housing market, as either a buyer or a seller, make sure you look for an agent who exemplifies these values and will help you through every step of the process. http://www.simplifyingthemarket.com/en/2016/09/28/why-we-all-need-a-phil-dunphy-on-our-side/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
Tuesday, September 27, 2016
RBS to pay $1.1 billion to NCUA over #mortgage securities settlement
The latest in a series of settlements that date back to the financial crisis will cost the Royal Bank of Scotland $1.1 billion, which it will pay to the National Credit Union Administration in order to settle claims related to faulty #mortgage-backed securities sold to U.S. credit unions. http://www.housingwire.com/articles/38143-rbs-to-pay-11-billion-to-ncua-over-mortgage-securities-settlement ❤️ #share #mortgage
Here's how the new overtime labor law will change the housing industry
Starting Dec. 1, 2016, overtime will have a whole new meaning since the White Collar Exemption salary threshold is about to jump by more than 100%. There’s just over two months until this law goes into effect, and with the housing industry projected to boom up to $2 trillion this year, the need for overtime isn’t going away anytime soon. Something will have to give. http://www.housingwire.com/blogs/1-rewired/post/38140-heres-how-the-new-overtime-labor-law-will-change-the-housing-industry ❤️ #share #mortgage
Appraisal volume remains quiet in September
There’s less than one week left in September, and so far, the month’s recorded quite the roller coaster. However, despite the drastic rise and fall, September still followed season trends, especially given the beginning of the month included the Labor Day holiday. http://www.housingwire.com/articles/38139-appraisal-volume-remains-quiet-in-september ❤️ #share #mortgage
CoreLogic: Cash sales hit record low in June
Cash sales hit a new mark-they decreased to below 30% of total market sales for the first time since 2007. They still have some work to get to the pre-crisis average, which it will reach by mid-2018 if the decrease continues at its current rate. http://www.housingwire.com/articles/38138-corelogic-cash-sales-hit-record-low-in-june ❤️ #share #mortgage
Labor Department launches "top-to-bottom" review of Wells Fargo
Wells Fargo has its hands full these days. The beleaguered megabank is already facing a $185 million fine for the recent fake account scandal, which subsequently led to ongoing investigations from the House Financial Services Committee and the Department of Justice, not to mention a rough appearance before the Senate Banking Committee for Wells Fargo CEO John Stumpf. And now, the bank is facing a thorough review of its labor practices. http://www.housingwire.com/articles/38137-labor-department-launches-top-to-bottom-review-of-wells-fargo ❤️ #share #mortgage
Consumer confidence hits highest level since recession
Consumers are more confident about the economy than they have been on the past nine years. Most of this confidence, according to one expert, stems from the recent increase in labor market conditions. http://www.housingwire.com/articles/38136-consumer-confidence-hits-highest-level-since-recession ❤️ #share #mortgage
NYDFS reportedly looking into Caliber Home Loans
The New York Department of Financial Services is reportedly looking into how Caliber Home Loans handles distressed #mortgages and the #lender’s origination practices for borrowers with less-than-perfect credit profiles. http://www.housingwire.com/articles/38135-nydfs-reportedly-looking-into-caliber-home-loans ❤️ #share #mortgage
Affordability crisis almost over? Household incomes increase faster than home prices
The Case-Shiller results came out today showing home prices increased to just below the July 2006 all-time high. While that may seem like bad news for affordability, the industry’s reaction was positive as they talked about the household income increase. http://www.housingwire.com/articles/38134-affordability-crisis-almost-over-household-incomes-increase-faster-than-home-prices ❤️ #share #mortgage
Case-Shiller results barely miss July 2006’s high
Home prices rose yet again in July, and while not quite as fast as June’s pace, it did come less than a percentage point away from July 2006’s all-time high. Home prices in three cities continue to increase faster than any other city. http://www.housingwire.com/articles/38133-case-shiller-results-barely-miss-july-2006s-high ❤️ #share #mortgage
US Housing Market Moving Further into ‘Buy Territory’
According to the latest Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment.
The BH&J Index is a quarterly report that attempts to answer the question:
In today’s housing market, is it better to rent or buy a home?
The index examines the entire US housing market and then isolates 23 major cities for comparison. The researchers “measure the relationship between purchasing property and building wealth through a buildup in equity versus renting a comparable property and investing in a portfolio of stocks and bonds.”
Ken Johnson, Ph.D., Real Estate Economist & Professor at Florida Atlantic University, and one of the index’s authors explains that:
“Housing prices, in general, continue to slow and when considered in light of the recent trends in the Buy vs. Rent Index signal that ownership remains an excellent investment for the majority of Americans.”
While 15 of the 23 metropolitan markets examined moved further into buy territory since last quarter, Dallas, Denver, and Houston are three of the major cities that are currently deep into rent territory. In these three markets, it is estimated that renting will top homeownership 7 out of 10 times.
Eli Beracha, Ph.D., Assistant Professor in the T&S Hollo School of Real Estate at FIU, believes that, in these three markets, the “strong odds in favor of renting to create more wealth should begin to have an impact on the demand for home ownership and from that, impact property prices in these areas.”
Simply put, home prices in these areas will begin to return to more normal levels once residents realize that renting may be a better choice, therefore bringing home affordability back as well.
Bottom Line
The majority of the country is strongly in buy territory. Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year. Protect yourself from rising rents by locking in your housing cost with a #mortgage payment now.
To Find Out More About the Study: The BH&J Index and other FAU real estate activities are sponsored by Investments Limited of Boca Raton. The BH&J Index is published quarterly and is available online at http://business.fau.edu/buyvsrent. http://www.simplifyingthemarket.com/en/2016/09/27/us-housing-market-moving-further-into-buy-territory/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
Monday, September 26, 2016
What Trump, Clinton said about housing in first #debatenight
Today marked the first presidential debate between the two presidential candidates, where they proved once again that housing is not a priority. Here’s a summary of what they said, and what it means. http://www.housingwire.com/blogs/1-rewired/post/38132-what-trump-clinton-said-about-housing-in-first-debatenight ❤️ #share #mortgage
Got tough questions about the CFPB's 900-page #mortgage-servicing rule?
For those wondering if the Consumer Financial Protection Bureau’s #mortgage-servicing rule is published in the Federal Register yet, the answer is no. This gives the industry a little bit of extra time to digest all the details that are in the final rule. Luckily, HousingWire is hosting a Q&A expert webinar to make sure you have all the information you need to fully comply with the rule and properly conduct business. http://www.housingwire.com/blogs/1-rewired/post/38131-got-tough-questions-about-the-cfpbs-900-page-mortgage-servicing-rule ❤️ #share #mortgage
Freddie Mac launches "Deep MI" credit risk-sharing pilot program
Freddie Mac announced Monday that it is prepared to take the next step in the government’s continuing efforts to shed some of the credit risk facing the government-sponsored enterprises through a pilot program featuring deep #mortgage insurance, meaning that more #mortgage risk will be transferred to private #mortgage insurance companies. http://www.housingwire.com/articles/38129-freddie-mac-launches-deep-mi-credit-risk-sharing-pilot-program ❤️ #share #mortgage
EXCLUSIVE: STRATMOR explains increase in mergers and acquisitions
Recently, the #mortgage Bankers Association talked about how mergers and acquisitions are heating up, however STRATMOR, which has an active M&A practice with a focus on midsize Independent #mortgage banks, is quick to add that they wouldn’t characterise the markets as getting hot. Well, not just yet, anyway. http://www.housingwire.com/articles/38128-exclusive-stratmor-explains-increase-in-mergers-and-acquisitions ❤️ #share #mortgage
Fannie Mae sells $20.3m NPLs to familiar non-profit
Fannie Mae broke with tradition recently when it announced plans to sell a pool of non-performing loans through its “Community Impact Pool” program to a private equity firm, rather than the non-profits, small investors and minority- and women-owned businesses it is designed to target. But in its fifth Community Impact Pool sale, Fannie Mae is turning back to a non-profit, and a familiar one at that. http://www.housingwire.com/articles/38127-fannie-mae-sells-203m-npls-to-familiar-non-profit ❤️ #share #mortgage
Leonardo DiCaprio Lists Second Home in a Month
Not to worry: DiCaprio still owns multiple other homes, including in the Hollywood Hills, Palm Springs and New York City. And he’s headed to another home — the White House — next week to discuss climate change with President Obama at South by South Lawn: A White House Festival of Ideas, Art, and Action.
Although it’s no celebrity mansion, the 3,407-square-foot mid-century modern home in Studio City checks all the luxury-living boxes, from the well-appointed chef’s kitchen with vaulted ceilings and exposed beams, to the master suite with a garden tub and French doors that open onto the swimming pool.
Set on a third of an acre, it’s a rare forested hideaway in the city, with bamboo floors and walls of glass for taking in the lush landscape. The open floorplan includes expansive living and family rooms, each with a fireplace. They flow into a formal dining room right off the kitchen, which includes a breakfast nook.
A mirrored built-in bar in the family room calls to mind a more gracious era, while floor-to-ceiling windows across the entire back of the house lend a sense of nature and the great outdoors even while you’re cozy inside.
Many of the windows are actually doors that open onto a large lawn with a deck and pergola for Hollywood-style outdoor entertaining.
The listing agent is Michael Okun of Sotheby’s International Realty. Hat tip to TMZ for finding the listing.
Tour Hollywoodland with us:
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Related:
- Warner Bros. Mansion on the Market for $40M
- Clintons Buy the House Next Door in Chappaqua
- Nate Berkus and Jeremiah Brent List Remodeled Vintage LA Home
from Zillow Porchlight http://www.zillow.com/blog/leonardo-dicaprio-lists-second-home-205699/
Conference dispatch: The overall non-agency #mortgage market struggles, successes
Last week, owing to an apparent breakdown in internal communications, one of the industry’s leading conference producers held two competing securitization conferences on the East and West coasts. A few determined conference goers, including Mark Hughes, executive vice president with Clayton Holdings, racked up frequent flyers miles to attend both, giving HousingWire the scoop on what went on. http://www.housingwire.com/blogs/1-rewired/post/38126-conference-dispatch-the-overall-non-agency-mortgage-market-struggles-successes ❤️ #share #mortgage
Here’s proof Airbnb is destroying the New Orleans housing market
Airbnb is on the rise, but is it destroying any local housing markets in the U.S.? A story in the September edition of HousingWire’s magazine gives compelling evidence that it is — at least in the first metro we selected to review. This evidence is so compelling, in fact, that HousingWire is now making an unprecedented decision to bring the story to you. http://www.housingwire.com/blogs/1-rewired/post/38125-heres-proof-airbnb-is-destroying-the-new-orleans-housing-market ❤️ #share #mortgage
Meet Dee Williams: She Lives in 84 Square Feet
When Dee Williams wakes up, she climbs down a skinny ladder and pours water from a ceramic jug. After making a cup of tea on her single-burner stovetop, she soaks a towel in the leftover hot water and washes her face, pretending she’s in the shower.
Later, the Olympia, WA resident takes her dog, Olukai, for a walk and reads on the front porch. It’s an ordinary day for Williams, who has been living this way - the tiny-house way - for the past decade.
“The corncob-pipe lifestyle has worked nice for me,” she said. “For others, it might push them beyond bending to breaking.”
Williams’ home is just 84 square feet. Her bedroom is lofted above a small kitchen counter and sitting area. There’s no running water or refrigerator, which means Williams composts her waste and keeps perishables such as milk and beer in a blue cooler under the front porch.
“I think I would be fairly miserable if I didn’t love camping,” she said. “But my bed is a lot more comfortable [than sleeping in a tent].”
After owning a 3-bedroom house in Portland, OR, Williams loves having fewer belongings and expenses. She doesn’t have an electricity bill because she uses solar power, and she doesn’t have a mortgage.
However, saving money isn’t why Williams set out to build her tiny home 10 years ago.
“I was diagnosed with heart muscle disease [or cardiomyopathy],” she explained. “I wanted to be able to live close to friends who would end up taking care of me as I got sicker.”
Williams admits building a tiny home wasn’t some well-devised plan or a cure-all. But with a newly-implanted defibrillator in her chest, she knew she needed to slow down and live closer to friends and family.
“I was sitting in my doctor’s office and read an article about a guy [Jay Shafer] that built a little house on wheels,” she said. “His reason for building was to avoid building code restrictions for the minimum size of an accessory dwelling unit. It’s hard to get permission to build less than 400 to 500 square feet.”
Williams visited Shafer and then decided to take the tiny plunge. She spent $10,000 on the materials needed to construct a cedar-clad, eco-friendly house. To avoid possible building code restrictions, Williams also built hers on wheels.
“I wanted to build super-small so I could live close to friends but not inconvenience them too much,” she said. “Hugh and Annie - they are my friends - and Hugh’s aunt Rita lived next door. I kind of slid between these households sharing a common backyard.”
Williams also seamlessly slid into their lives, watching “Wheel of Fortune” with Rita until she passed away, playing with the neighborhood kids and doing yardwork for Hugh and Annie, whom she pays a small amount each month in exchange for using their water and other household facilities.
“We get sidetracked by the size of things,” she said. “I know it seems weird to live in a smaller space in a community with people like this, but it works for me.”
Williams says the local library has become her bookshelf, and the laundromat is her laundry room. “I look at places differently than I used to.”
She also teaches workshops about the tiny-house movement and has written a book, “The Big Tiny: A Built-It-Myself Memoir,” about her experience.
“I’ve grown very attached to the backyard,” she said. “I trust the wind will come from the southwest like it does every winter. I love the spot I’m at. I don’t want to move.”
Originally published May 29, 2014.
Related:
- Living With Less: Homes Under 600 Square Feet
- House of the Week: Hobbit-Sized Home Built by Hand
- Micro-Apartments: Living in Less Than 300 Square Feet
from Zillow Porchlight http://www.zillow.com/blog/living-in-84-square-feet-152810/
It's official: Fannie Mae moves to open credit box with trended credit data
After much anticipation, this weekend marked the official launch of Fannie Mae’s Desktop Underwriter Version 10.0, implementing the long-awaited use of trended credit. So what’s with the big hype around trended credit data? For starters, it’s a game-changer for borrowers, helping them obtain greater access to #mortgage credit. http://www.housingwire.com/articles/38124-its-official-fannie-mae-moves-to-open-credit-box-with-trended-credit-data ❤️ #share #mortgage
Political battleground states see highest rise in property values
At this point in the election cycle, eight states are now considered swing states, as they could be the keys in this year’s election. A deeper look into those states shows that home prices increased more than in traditionally Republican or Democratic states. In one battleground state, home prices increased by 78% since 2011. http://www.housingwire.com/articles/38123-political-battleground-states-see-highest-rise-in-property-values ❤️ #share #mortgage
New home sales drop in August
New home sales dropped in August after July witnessed its most significant increase since the housing crisis. Annually, however, new homes sales in August still increased. Industry experts talk about the report, and why it still shows positive signs for the housing market. http://www.housingwire.com/articles/38122-new-home-sales-drop-in-august ❤️ #share #mortgage
The Tricky Thing About Buying a Tiny Home
Buying a tiny house is a huge undertaking - particularly from a financing perspective.
Tiny house hunters are typically looking for homes that range from 100 to 500 square feet. Many of these home buyers are millennials, who don’t want the hassle of maintaining a large house, says Matt Parker, a real estate agent in Seattle and author of “Real Estate Smart: The New Home Buying Guide.”
“Owning a large home on a large plot of land is a relic of the American dream,” Parker says.
TV shows like FYI’s “Tiny House Nation” and HGTV’s “Tiny House Hunters” have helped the movement gain traction.
However, these programs don’t delve into the process of procuring a loan for a tiny home, says Todd Nelson, business development officer at LightStream, a lending division of SunTrust Bank that offers loans for tiny-home buyers.
“Many tiny homes are uniquely built and don’t conform to the mortgage requirements for a traditional house,” says Nelson.
If you’re looking to buy or build a tiny home but don’t have enough cash on hand to foot the whole bill, here’s what you need to do to successfully finance your purchase.
Opt for a home on wheels
Tiny homes are frequently purchased using recreational vehicle (RV) loans, which are unsecured, fixed-rate mortgages that typically have two- to seven-year payoff plans. Generally, these loans have no application fees or closing costs.
“It’s a straight installment loan,” explains Nelson, who says that borrowers usually need a FICO score of at least 670 to qualify.
However, RV loans typically have higher interest rates than traditional home loans (LightStream’s loans start at 2.99 percent but go up to 9.94 percent), are often capped at a $100,000 maximum, and - unlike traditional mortgages - are not tax deductible.
Find a mortgage lender that specializes in tiny home loans
Although the tiny home movement is gaining speed, it’s still a relatively niche market.
“You don’t see a ton of appetite among traditional mortgage lenders” to offer loans for tiny homes, says Nelson, since many mortgage lenders have minimum loan amounts that are above $100,000 and only offer mortgages for homes on permanent foundations.
Thus, you want to work with a lender that focuses on tiny home loans.
Be mindful of zoning laws
When you’re buying land, you need to first make sure there are no restrictions on what type of structures you are allowed to build, advises Ryan Mitchell, owner of a 150-square-foot home and founder of The Tiny Life, an online resource for tiny home buyers.
This involves looking at local, county, and state zoning laws. Some zoning regulations give minimums for lot size and square footage of houses, as well as restrictions on how many residences can occupy a lot or given area.
The American Tiny House Association offers a comprehensive list of state-by-state regulations.
“If a parcel of land doesn’t meet all of the zoning requirements, we can’t approve the loan,” says Nelson. Knowing where you can - and can’t - build your tiny home is crucial.
Factor in all of the costs
Costs can vary significantly for tiny homes, so before you apply for a RV loan, you should analyze your budget. Tiny House Community provides a useful spreadsheet you can use to calculate the various expenses you’ll incur.
Some good news: if you’re using an RV loan to build a tiny home, you have a lot of financial freedom in terms of how you choose to spend the money.
In addition to using the cash to buy a parcel of land and pay for construction costs (including building materials and labor), you can put the money toward home furniture, landscaping, and solar paneling.
Moreover, as with any home purchase, you need to consider ongoing maintenance costs once you’re living in the home. (Yes, even homes with smaller footprints require routine upkeep.)
One cost to budget for: Many tiny houses have stained siding that requires re-staining every two to three years.
Consider your time horizon
Determining your best financing option will depend on your life plans. If you’re willing to stay in your current home for a few more years, it might make sense to wait until you’ve built enough savings to buy a tiny home with all cash.
In fact, 68 percent of tiny homeowners have no mortgage, compared to 29 percent of all U.S. homeowners, according to research compiled by The Tiny Life.
Want expert advice? Meet with a fee-only financial planner to assess your finances and your goals. You can find one through the National Association of Personal Financial Advisors.
Related:
- 10 Questions to Ask Before Choosing a Tiny Home
- Here’s the Wackiest Tiny Home You’ve Ever Seen
- Tiny Home Traits: 5 Features Every Small Space Needs
from Zillow Porchlight http://www.zillow.com/blog/tricky-buying-a-tiny-home-204504/
4 Reasons to Buy This Fall
It’s that time of year; the seasons are changing and with them come thoughts of the upcoming holidays, family get-togethers, and planning for a new year. Those who are on the fence about whether or not now is the right time to buy don’t have to look much further to find four great reasons to consider buying a home now, instead of waiting.
1. Prices Will Continue to Rise
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.5% a year for the next 5 years.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
2. #mortgage Interest Rates Remain at Historic Lows
Freddie Mac’s Primary #mortgage Market Survey shows that interest rates for a 30-year #mortgage have remained at or below 3.5% for 13 consecutive weeks. The #mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.
Any increase in rates will impact YOUR monthly #mortgage payment. A year from now, the percentage of your income that you spend on housing will increase substantially if you choose to wait.
3. Either Way You Are Paying a #mortgage
Everyone should realize that, unless you are living with your parents rent-free, you are paying a #mortgage - either your #mortgage or your landlord’s. As a paper from the Joint Center for Housing Studies at Harvard University explains:
“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”
4. It’s Time to Move on with Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current #mortgage rate. It appears that both are on the rise.
But what if they weren’t? Would you wait?
Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings. http://www.simplifyingthemarket.com/en/2016/09/26/4-reasons-to-buy-this-fall/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage
Sunday, September 25, 2016
Monday Morning Cup of Coffee: Wells Fargo employees file class action lawsuit
The presidential candidates in Monday’s debate will be asked questions on “achieving prosperity, securing America and America’s direction," which means that housing policy could theoretically be discussed, although I wouldn’t create a drinking game around it. A surer bet would be attacks on "Wall Street banks” in general and one big bank in particular: Wells Fargo. http://www.housingwire.com/blogs/1-rewired/post/38121-monday-morning-cup-of-coffee-wells-fargo-employees-file-class-action-lawsuit ❤️ #share #mortgage
Friday, September 23, 2016
FTC permanently bans more #mortgage relief scammers
For the second time this month, the Federal Trade Commission announced that one of the subjects of a sweeping enforcement action from 2014 is permanently banned from operating in the #mortgage loan modification and debt relief business. http://www.housingwire.com/articles/38120-ftc-permanently-bans-more-mortgage-relief-scammers ❤️ #share #mortgage
What's after HAMP? MBA proposes loan modification program
With the end of both the Home Affordable Modification Program and the Home Affordable Refinance Program getting close, the government is working to come up with new refinance options for borrowers. The latest program proposal comes from the #mortgage Bankers Associations. The MBA’s Task Force revealed a program proposal on Friday that is designed to be successor program to the Home Affordable Modification Program. http://www.housingwire.com/articles/38119-whats-after-hamp-mba-proposes-loan-modification-program ❤️ #share #mortgage
CNBC blog: What a rate hike means, and doesn’t mean, for housing
As many in the industry guess at when the Fed will raise rates after putting off the decision at the last FOMC meeting, one blog from CNBC questions the attention. According to this blog, housing has more important things to worry about. http://www.housingwire.com/articles/38118-cnbc-blog-what-a-rate-hike-means-and-doesnt-mean-for-housing ❤️ #share #mortgage
Bernie Sanders: Wells Fargo's business model is fraud
In what some might consider as much of a foregone conclusion as when Sen. Elizabeth Warren, D-Mass, expectedly lambasted Wells Fargo CEO John Stumpf when given the chance, Sen. Bernie Sanders took to the internet this week to share his views of Wells Fargo, and let’s just say the former Democratic presidential candidate isn’t a fan of the megabank either. http://www.housingwire.com/articles/38117-bernie-sanders-wells-fargos-business-model-is-fraud ❤️ #share #mortgage
Clintons Buy the House Next Door in Chappaqua
The 3,631-square-foot home, which formerly belonged to architect Charles Chepigin, has 3 bedrooms and 4 baths - just enough space for daughter Chelsea and her growing family to enjoy when they visit.
Set on 1.5 acres next to the 1889 farmhouse that the Clintons bought near the end of Bill’s presidency, the renovated ranch home features an open floor plan with pecan hardwood floors. There’s a chef’s kitchen with an eating area that’s reminiscent of the White House kitchen table that was the center of the Clintons’ family life in the 1990s.
The master suite boasts a renovated bathroom, two spacious walk-in closets and French doors that open onto gracious grounds with a swimming pool surrounded by low stone walls. Across the expansive yard and behind mature trees that are just turning color stands a tall white fence that surrounds the couple’s original property.
The Clintons also own a home near the British Embassy in Washington, D.C.
The listing for their newest home was held by Douglas Elliman.
Photos courtesy of Trulia.
Related:
- Two Former Donald Trump Homes Hit the Market
- Live Like Jackie and JFK at Their Former Country Estate
- Jackie O’s Childhood Estate in the Hamptons Lists for $39M
from Zillow Porchlight http://www.zillow.com/blog/clintons-house-next-door-205640/
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