Low mortgage rates and record-low housing inventory has driven home price increases throughout the year. The National Association of Realtors is saying that the median single-family home price grew year over year in all 181 metro areas it tracks. In
People movers: Opendoor, Offerpad, Waterstone Mortgage, Planet Home Lending
Starting off this week’s people mover announcements, Opendoor announced another executive-level hire, naming Andrew Low Ah Kee as its new president. Low Ah Kee joins the Opendoor executive team to help drive operations across the company, especially as it expands
FHA Commissioner on the MMI fund capital ratio growth to 6.1%
The Federal Housing Administration’s flagship Mutual Mortgage Insurance (MMI) Fund is in the best condition since before the financial crisis with a combined capital ratio for FY 2020 at 6.1% – only .3% away from levels seen in 2007. Under the National Housing
Streamline the refinance process with a solution that facilitates borrower data and document collection
In this low interest rate environment, many borrowers are jumping at the chance to refinance, and lenders are working around the clock to capture these opportunities and close as many loans as possible, as quickly as possible. However, as lenders
David Brickman to step down from Freddie Mac
Just weeks before President-elect Joe Biden’s administration is sworn into office, Freddie Mac CEO David Brickman will step down as head of the government sponsored enterprise, the company disclosed in a filing on Friday. Brickman, who took over as CEO
Zillow: There’s no going back from RON
In its most recent earnings report, Zillow revealed a significant number of its Zillow Offers users are turning to remote online notarization. In fact, the company reports that more than 60% of its Zillow Offers customers closed on their home
US Housing Market Forecast 2020 & 2021: No Crash Impending!
Here are the updated housing market trends & predictions for 2020 & 2021. As of now, the housing market remains a hot seller’s real estate market, with annual price growth reaching record highs and inventory continuing to fall. After a
Student loans hinder saving for a down payment, NAR finds
What is holding back potential homeowners from buying? According to the National Association of Realtors 2020 Profile of Home Buyers and Sellers, 47% of potential homebuyers said student loan debt was the biggest obstacle in saving for a downpayment. In
Southeastern housing markets have homes “singing out the door”
Vacation areas and luxury housing markets aren’t the only ones benefitting from a wave of pandemic buyers: southeastern locales are also filling up. Metro areas with the biggest increases in net inflow in the third quarter included Little Rock, Arkansas;
Better.com, valued at $4B, prepares for IPO in 2021
Add another lender to the IPO clown car: venture-backed Better.com. The digital lender, run by CEO Vishal Garg, selected Bank of America and Morgan Stanley to prepare an initial public offering slated for 2021, according to sources cited by Bloomberg.
FHFA will continue to buy loans in forbearance through Dec. 31
The Federal Housing Finance Agency announced on Thursday that Fannie Mae and Freddie Mac will continue to buy qualified loans in forbearance, extending the temporary policy until Dec. 31, 2020 in order to continue its support of homeowners and mortgage lenders. Originally announced
Biden transition team brings back key CFPB players
President-elect Joe Biden is creating transition teams as he prepares for Inauguration Day in January, and there is a very familiar name at the top of the transition team for the Consumer Financial Protection Bureau: Leandra English, the hand-picked successor
Buying a home? Boost your FICO score first
If you’re thinking about buying a home, then boosting your FICO score should be at the top of your to-do list. Not only does a prime credit score improve your chances of getting approved for a mortgage, but it also
Why Jay Farner is “puzzled” by Rocket’s disappointing stock price
You can understand Jay Farner’s frustration: Rocket Companies just had the most productive quarter in the history of residential mortgage lending. It thumped competitors with a record $89 billion in originations in the third quarter, and made $3 billion in
JPMorgan Chase has a plan to increase purchase mortgage business
In April, with the coronavirus pandemic raging across the country, leaders at JPMorgan Chase made the call: the bank was going to significantly tighten mortgage lending standards. Borrowers weren’t going to get a new mortgage without a 700 or higher
Boston Real Estate Market Trends & Investment Outlook
The Greater Boston housing market is hot right now and both prices and sales are rising. Sales of single-family homes and condominiums rebounded in September across the Greater Boston area, climbing for the first time in at least six months
Mortgage rates rise from record low to 2.84%
The average U.S. mortgage rate for a 30-year fixed loan rose this week to 2.84%, Freddie Mac said in a report on Thursday – up 6 basis points from the previous all-time record low set last week. The average fixed rate for a 15-year mortgage also
Despite moratoria, foreclosures increase 20% in October
Despite foreclosure moratoria holding steady in several states, a recent foreclosure report from ATTOM Data Solutions revealed a total of 6,042 U.S properties began the foreclosure process in October. That number is up 21% from a month ago, but still
Can’t Sell Your House? 6 Mistakes You Might Be Making
In a perfect world, the home selling process would be straightforward and quick. You’d list your home for sale, schedule house tours, receive multiple offers, and sell your home fast and above list price. Unfortunately, selling your house isn’t always
AIME expands grant program to include veterans, military spouses
The Association of Independent Mortgage Experts isn’t done helping others. After announcing the creation of Spark in September – a vertical aimed at creating paths for women and minorities in the mortgage industry – AIME’s newest program, Military in Mortgage,
What are first-time homebuyers looking for?
Today’s first-time home buyers are a unique bunch. They are typically millennials, budget-conscious, and looking for smaller and less expensive homes. Many have been renting for a long time — longer than they wanted to — and when they get
Endpoint receives $40 million in additional funding from First American
Mobile-first title and escrow company, Endpoint, has announced it received an additional investment of $40 million from its parent company, First American Financial Corporation. This investment brings the total funding received to date to $70 million. Endpoint said that this
6 DIY Home Repair Mistakes to Avoid Before Selling Your House
DIY (do it yourself) is a common approach to home repairs for a variety of reasons, from budget to perceived simplicity. For those preparing to sell their home, pinching pennies can be a common motivation for tackling fixes without professional
Mortgage applications decrease slightly, but refinance index jumps
Mortgage applications decreased 0.5% last week after a 3.8% jump at the end of October, according to a report from the Mortgage Bankers Association (MBA). That’s despite the 30-year fixed rate decreasing to 2.89% — an all-time survey low. The refinance index,