Wednesday, 08 April, 2020

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Category: HousingWire

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With the coronavirus continuing to reshape the face of the country and the economy, the biggest players in the mortgage business are moving to make it easier to lend under these extraordinary circumstances. Last week, Fannie Mae and Freddie Mac relaxed their standards for both property appraisals and verification of employment on the loans they buy. And late last week, Read more…


The Senate recently passed a $2 trillion federal rescue package that was signed into law by President Donald Trump Friday evening. The largest-ever stimulus bill in U.S. history includes $250 billion in direct checks to Americans and boosts unemployment benefits to help people pay their bills, including mortgages, while the nation struggles with the COVID-19 pandemic. The legislation also includes Read more…


Whether it’s the side of the road we drive on, our preferred system of measurement or how we define “football,” America always seems to distinguish itself from Britain. Sapan Bafna, Guest Author Despite this, American lenders unanimously adopted the London Inter-bank Offered Rate (LIBOR) index for U.S. adjustable-rate mortgages (ARMs). And after nearly 40 years, LIBOR has become the most Read more…


JPMorgan Chase & Co. is shifting half of its home-equity staff to mortgages to keep up with demand, according to Bloomberg. “More and more customers are buying and refinancing their homes with Chase,” Chase spokeswoman Amy Bonitatibus said to HousingWire. “As such, we’re shifting resources to handle the increased volume and continue to close loans fast and on-time. This week, Read more…


Lenders want to understand what’s most important to top producing loan officers, which is why we’re excited to feature Jennifer Micklos, a top 1% originator and branch leader at Movement Mortgage, as a speaker at the engage.talent summit Feb. 6. Micklos has been ranked in the top 1% of mortgage originators nationally every year since 2016, and has also been Read more…


The U.S. homeownership rate rose in the fourth quarter to the highest level in six years as low mortgage financing costs helped more people to buy properties. The share of Americans who own their own home was 65.1%, rising from 64.8% in the same period a year earlier, the Census Department said in a report on Thursday. The homeownership rate Read more…


The 2010s marked a tectonic shift in the way real estate agents conduct business. It wasn’t the most tumultuous decade in real estate history. The 2000s have that distinction because of the record-setting crash that started in 2007. But looking at the way agents spend their days, few 10-year stretches have seen such change. Here’s a look back: Once upon Read more…


Recent analysis from Realtor.com suggested that spring homebuying season now actually starts in the middle of winter, but perhaps it’s starting even earlier than that this year. According to a monthly survey from ShowingTime Showing Index, November was the fourth consecutive month that home showings increased. This is the longest run of increasing showing activity since October 2017 through January Read more…


Just in time for the holidays, Openly launched on Tuesday, equipped with $7.6 million from its seed round of funding. The tech-enabled home insurance provider likely has Gradient Ventures on its list of things to be thankful for, as Google’s AI-focused venture fund led the funding round.  According to Openly, the company aims to empower agents and simplify the home Read more…


Just over a year ago, mortgage rates nearly hit 5%, levels that hadn’t been seen since the early part of this decade. But as we get ready to move into a new decade, mortgage rates are more than a full percentage point lower than that, comfortably back in the 3-4% range. And according to a new forecast from Freddie Mac, Read more…


In a time where nearly everything can be done with a tap on your phone or a click of a mouse, more consumers still say they would still prefer their real estate closings to be done in person. In fact, 81% of consumers say they would still do a mortgage closing in-person versus digitally, a new survey from Solidifi said. Read more…


The Federal Reserve cut its benchmark rate by a quarter of a percentage on Wednesday in a bid to keep the decade-long U.S. economic expansion going while signaling it likely was done, for now. It was the Fed’s third consecutive quarter-point cut as the central bank tries to bolster the economy while preserving ammunition that would be needed if the Read more…


Mortgage Contracting Services, a national provider of mortgage-related services, is acquiring Miami-based M&M Mortgage Services, the company announced Tuesday.  Over the past few years, MCS, which provides property preservation services, inspections, REO property maintenance and valuations for the financial services industry, has made a series of acquisitions. In the spring of 2016, the company acquired EPIC Real Estate Solutions, which Read more…


The U.S. foreclosure rate fell to the lowest level in two decades in July as a strong labor market made it easier for Americans to pay their bills. The share of mortgages in foreclosure fell to 0.4%, compared with 0.5% a year earlier, CoreLogic said in a report on Tuesday. Other measures including the delinquency rate also fell. The share Read more…


Although the nation’s trade war is projected to weaken future economic growth, Freddie Mac’s September Forecast indicates the housing market is likely to maintain its strength well into the fall. “Despite fears of an economic slowdown, the housing market continues to be a bright spot in the economy,” said Sam Khater, Freddie Mac’s chief economist. “While mortgage rates have ticked up in Read more…