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  • Loan Officers Furious with Zillow

    Loan Officers Furious with Zillow

    The post Loan Officers Furious with Zillow appeared first on National Real Estate Post.

  • Residential Construction Lags Expectations, Except in the West

    Contrary to expectations, all three of the residential construction measures from the U.S. Census Bureau and the Department of Housing and Urban Development fell in March.  Not only were they lower than in February, but they were down year-over-year, and both permits and housing starts are running behind 2018 on a year-to-date (YTD) basis.  The West was the only region to show any strength. Permits for residential units were at a seasonally adjusted annual rate of 1,269,000 units, a 1.7 percent decrease from the February estimate of 1,291,000.  That estimate was also revised lower from an original estimate of 1,296,000.   The March number was 7.8 percent lower than the rate a year earlier, 1,377,000 units.

  • Fannie Mae: Residential Investment, Home Sales Will Improve in 2019

    For the second month in a row we find ourselves stating that Fannie Mae's forecast, while still predicting a slowdown in economic growth this year, appears overall more upbeat than in the previous month.  The April report is still predicting that growth will slow from 3.0 percent in 2018 (which is itself a revision from the 3.1 percent estimate that prevailed in March) to 2.2 percent this year.  The boost provided last year by the Tax Cuts and Jobs Act is expected to fade, and business investment and consumer spending to slow.  However, the company's economists expect residential fixed investment to recover from last year's decline.

     

  • Zillow Glitch Rattles Loan Officers

    Zillow Glitch Rattles Loan Officers

    The post Zillow Glitch Rattles Loan Officers appeared first on National Real Estate Post.

  • Lower Rates Have Slight Impact on New Loan Stats

    Continuing declines in interest rates had some impact along the margins of loan originations in March.  Ellie Mae's Origination Insight Report for March reports that 30-year fixed-rate mortgages originated during the month had an average interest rate of 4.77 percent, down from 4.86 percent in February and 5.01 percent in January. The company reported that the share of originations that were for refinancing ticked up 1 percentage point to 35 percent during the month while the share among FHA loans jumped 3 percentage points to 23 percent.  FHA's share of all originations also rose 1 point to 20 percent.  The share of conventional and VA loans remained at 64 percent and 11 percent of the total respectively.

     

  • Another Real Estate Co Gets Into Mortgages

    Another Real Estate Co Gets Into Mortgages

    The post Another Real Estate Co Gets Into Mortgages appeared first on National Real Estate Post.

  • Lenders Manage Tiny Profits in 2018 Despite Rate Hikes, Inventories

    Despite their fourth quarter loss reported last month, independent mortgage banks and bank mortgage subsidiaries still managed, albeit barely, to stay in the black last year.  The Mortgage Bankers Association (MBA) said that banks responding to its survey made an average profit of $367 on each loan they originated last year, down from $711 per loan in 2017.  They lost an average of $200 per loan in the last quarter of the year, only the third quarterly loss since MBA began collecting the data in 2008.

     

  • Here Comes the NINA Again

    Here Comes the NINA Again

    The post Here Comes the NINA Again appeared first on National Real Estate Post.

  • Purchase Volume Continues Higher Despite Rising Rates

    It would appear that Refis' time in the sun is listing back towards purchases, as mortgage rates increased for the second straight week and application volume retreated further. The Mortgage Bankers Association's Market Composite Index, a measure of that volume, decreased 3.5 percent on a seasonally adjusted basis from the week ended April 5.  On an unadjusted basis, the Index was down 3 percent.  The Refinance Index decreased 8 percent from the previous week and the share of applications that were for refinancing dropped from 44.1 percent down to 41.5 percent. Falling interest rates had driven the refinancing share over 47 percent at the end of March.

     

  • New Tax Rules May Have Added to Housing Slowdown

    Two New York Federal Reserve Bank economists are asking whether the tax reform act that went into effect at the beginning of 2018 is playing a role in the decline of home sales.  Richard Peach and Casey McQuillan, writing in Liberty Street Economics, say that the broad-based slowing in housing market activity coincided with a roughly 70 basis point rise, from 3.9 percent to 4.6 percent, in the thirty-year fixed-rate mortgage.  During the period in which rates were increasing, from the fourth quarter of 2017 to the third quarter of 2018, new home sales declined 7.6 percent and sales of existing homes dropped 4.6 percent.

     

  • eBuyer Opendoor 10% Commission?

    eBuyer Opendoor 10% Commission?

    The post eBuyer Opendoor 10% Commission? appeared first on National Real Estate Post.

  • Non-Bank Lender CEO on Why Companies Like His Could Cause Next Crisis

    In an opinion piece published by MarketWatch, the president of the nation's third largest non-bank lender says institutions such as his could find themselves in a tough situation should liquidity dry up. So tough, in fact, it could endanger the entire financial system.

    Sanjiv Das, CEO of Caliber Home Loans, says rising home prices which have made owning a home less affordable has also made life difficult for mortgage lenders. Originations have fallen, and after lenders reduce costs then "they are faced with the decision of whether to lower margins or credit standards

    A "race to the bottom" such as occurred before the housing crisis isn't the only danger Das sees.  Another is liquidity risk, the inability of a firm to meet short-term financial obligations such as a payroll. This risk is particularly acute in the housing sector because non-bank lenders originate more than 50 percent of home loans compared to 9 percent in 2009 and account for 45 percent of servicing.

  • Buyer Traffic Improves, Builders Still Leery of New Home Market

    Builder confidence levels as reported by the National Association of Home Builders (NAHB) remained in the low 60s in April, a space it has now occupied for three months.  The NAHB/Wells Fargo Housing Market Index (HMI) a measure of confidence in the market for new homes, rose 1 point to 63, continuing to slowly recover from the three year low of 56 it reached in December. "Builders report solid demand for new single-family homes but they are also grappling with affordability concerns stemming from a chronic shortage of construction workers and buildable lots," said NAHB Chairman Greg Ugalde.

     

  • Time to Kick Your Own Ass?

    Time to Kick Your Own Ass? CLICK HERE for Jeffrey Gitomer

    The post Time to Kick Your Own Ass? appeared first on National Real Estate Post.

  • Homeowners Expecting Higher Appraisals than They Get

    Homeowners are and should be proud of their homes, but that often leads them to think it has a higher value than does an appraiser and the difference between the two opinions increased significantly in March.  Quicken Loans says the gap in its Home Price Perception Index grew by 25 percent compared to February. Part of the difference might be accounted for by a decline in home prices of 0.20 percent during the month although prices rose 3.37 percent over the previous 12 months. Nationwide, appraised values came in at 0.78 percent of what homeowners expected compared to 0.50 percent in February.

  • $25 Million Fine for Moving LO Database to New Company

    $25 Million Fine for Moving LO Database to New Company CLICK HERE for Housing Wire Story Here is the info my friend sent me: “Personal information” is broadly defined under the CCPA to mean “information that identifies, relates to, describes, is capable of being associated with, or could reasonably be linked, directly or indirectly, with […]

    The post $25 Million Fine for Moving LO Database to New Company appeared first on National Real Estate Post.

  • 2018 Set Record for Commercial/Multifamily Lending

    Multifamily properties led the list of investments in what was a record year of of commercial and multifamily lending in 2018.  Commercial and multifamily mortgage bankers closed $573.9 billion in loans during the year according to results from a Mortgage Bankers Association (MBA) survey.  The total represents an 8 percent increase from the volume in 2017. Multifamily lending accounted for $266.4 billion in lending volume. This category was followed by office buildings, retail properties, industrial, hotel/motel and health care.  Ninety-six percent of the volume was in senior lien lending. 

     

  • Offerpad Compared to Traditional Sale

    Offerpad Compared to Traditional Sale

    The post Offerpad Compared to Traditional Sale appeared first on National Real Estate Post.

  • eBuyer Companies Hosing Down Consumers

    eBuyer Companies Hosing Down Consumers

    The post eBuyer Companies Hosing Down Consumers appeared first on National Real Estate Post.

  • Higher Rates Hit Mortgage Apps After Last Week's Epic Run

    The rally in mortgage application volume that sent several of the Mortgage Bankers Association's (MBA's) metrics to recent highs at the end of March faded last week as interest rates reversed course.  The unexpected boom in refinancing ratcheted down, and purchase applications returned to more modest gains.  MBA said its Market Composite Index, a measure of loan application volume, declined by 5.6 percent on a seasonally adjusted basis during the week ended April 5, erasing the about a third of the previous week's gains.  The index was down 5 percent on an unadjusted basis.

     

  • Builder Applications Hint at Strong Spring New Home Sales

    Applications for financing new home purchases were up significantly in March.  The Mortgage Bankers Association (MBA) reports that Builder Application Survey (BAS) data for the month shows a 7 percent increase in those applications compared to March 2018 and a 19 percent gain over February.  The application data is not adjusted for seasonal variations.  "With a strong job market, rising wages and lower mortgage rates, housing demand remains strong, as shown by the solid 7 percent growth in new home purchase applications in March," said Mike Fratantoni, MBA Senior Vice President and Chief Economist. 

  • Recession and Rates with Barry Habib

    Recession and Rates with Barry Habib

    The post Recession and Rates with Barry Habib appeared first on National Real Estate Post.

  • Home Buyers (And Sellers) Much More Upbeat in March

    A few couple of warm days, the appearance of a few tulips, and wham, homebuyer sentiment goes through the roof.  At least the results from the March National Housing Survey (NHS) seem to support that theory.  Net positive responses to whether it is currently a good time to buy and/or sell a home shot up 7 and 13 percentage points respectively in March, driving Fannie Mae's Home Purchase Sentiment Index (HPSI) up by 5.5 points.

    The Index rose to 89.8 percent, 1.5 points higher than in March 2018 after a winter of relative consumer pessimism.  The index plunged 12 points to an all-time survey low of 83.5 in December and had risen only slightly since then.  The March recovery was also aided by survey responses reflecting slowing appreciation in home prices and newly low interest rates.

  • Mortgage Delinquencies Down, Other Consumer Debts Creep Up

    CoreLogic says mortgage delinquencies in January were the lowest for that month in 20 years.  Meanwhile, in a separate report, they note that non-mortgage consumer debt has been edging up, due in part to a deterioration in lending standards. The company's Loan Performance Insights Report for January puts the national delinquency rate (the percentage of outstanding mortgage loans that were 30 or more days past due including loans in foreclosure) at 4.0 percent, down from 4.9 percent in January 2018.  In 2010, at the height of the financial crisis, the January delinquency rate hit a peak of 12.0 percent. This continues a trend that started last March.  

  • What Other Options Do Lenders and Realtors Have?

    What Other Options Do Lenders and Realtors Have?

    The post What Other Options Do Lenders and Realtors Have? appeared first on National Real Estate Post.

  • Be the Red Hat in a Sea of Blue Hats

    Be the Red Hat in a Sea of Blue Hats

    The post Be the Red Hat in a Sea of Blue Hats appeared first on National Real Estate Post.

  • Fannie and Freddie Building $650MM New Headquarters?

    Fannie and Freddie Building $650MM New Headquarters?

    The post Fannie and Freddie Building $650MM New Headquarters? appeared first on National Real Estate Post.

  • Jumbo Credit Access Benefits From Recent Drop in Rates

    Borrowers had a bit of an easier time getting a loan in March, especially those looking for Jumbo products.  The Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) rose 1.1 percent from February to a reading of 182.1.  A decline in the index indicates that lending standards are tightening while an increase means a loosening of credit. The Total MCAI has component indices representing various loan types.  The Conventional MCAI increased 3.6 percent while the Government version was down 1.2 percent.  The two sub-indices within the Conventional MCAI both moved higher.  The Jumbo index increased 5.2 percent and the Conforming MCAI was up 1.4 percent. 

  • Zillow Expands Mortgage Reach

    Zillow Expands Mortgage Reach

    The post Zillow Expands Mortgage Reach appeared first on National Real Estate Post.

  • UI Says GSE "Patch" has Race, Income Implications

    Last fall the Urban Institute (UI) published a paper asking, "What, if anything, should replace the QM Patch?"  Now Laurie Goodman, UI's Vice President, Housing Finance Policy, is writing that, as the patch's expiration nearing, new evidence shows an answer to that question is becoming crucial. The "patch" is part of the qualified mortgage (QM) rule developed by the Consumer Financial Protection Bureau (CFPB) to implement the Ability to Repay (ATR) portion of The Dodd-Frank Wall Street Reform and Consumer Protection Act. 

     

  • Affordability Gripes Slowing--But Not Derailing--Price Growth

    CoreLogic says its Home Price Index (HPI) for February reflected an increase of 0.7 percent from January to February and that home prices nationwide were up by 4.0 percent. The monthly gain was higher than in January (up 0.1 percent), perhaps reflecting the approaching spring market, but there is definite deceleration on an annual basis.  In February the year-over-year change was 4.0 percent, down from 4.4 percent in January and significantly lower than the February 2017 to February 2018 change, 6.7 percent. 

    North Dakota was the only state that did not have an annual increase in home prices.  The largest gains were in Idaho (10.2%), Nevada (8.9%) and Utah (8.7%).

  • Refinancing Soars Up 39% as Rates Decline

    Borrowers have apparently been paying attention.  The 22-basis point drop in mortgage rates per Freddie Mac, the largest one-week decline in more than 10 years, triggered a surge in mortgage applications last week, especially for refinancing. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume, jumped 18.6 percent on a seasonally adjusted basis during the week ended March 29 and was 18.0 percent higher on an unadjusted basis. The response from those seeking to refinance was especially strong, returning to levels not seen for several years.  

  • LO Compensation Needs to be Equal Across the Board

    LO Compensation Needs to be Equal Across the Board

    The post LO Compensation Needs to be Equal Across the Board appeared first on National Real Estate Post.

  • Total Construction Spending Up 1%, Mostly Thanks to Public Sector

    Total construction spending rose in February however the increase was almost totally in the publicly funded sector.  The Census Bureau said total spending was up 1.0 percent from January to a seasonally adjusted rate of $1.320 trillion compared to $1.307 trillion in January and was 1.1 percent higher than the rate in February 2018. Privately funded spending, at a rate of $994.546 billion, represented only a 0.2 percent gain over the $992.961 billion rate in January and fell 1.9 percent year-over-year.  In contrast the much smaller part of the industry represented by public spending jumped 3.6 percent from January and 11.5 percent year over year. 

     

  • Lenders Attacking Lenders Over Veterans

    Lenders Attacking Lenders Over Veterans

    The post Lenders Attacking Lenders Over Veterans appeared first on National Real Estate Post.

  • Black Knight: Refi Pool Increases 50% in a Single Week Thanks to Lower Rates

    There are two strong headlines in Black Knight's new Mortgage Monitor.  One is that the pool of homeowners for whom a refinance makes sense increased by 50 percent in a single week due to the sudden drop in interest rates.  Another is the second consecutive quarterly decline in tappable equity nationwide. After rising more or less steadily for 14 quarters (starting in the third quarter of 2012), tappable equity retreated in both the third and fourth quarters of 2018.  Tappable equity is the amount that a homeowner can withdraw through refinancing or a home equity loan (HELOC) without raising the loan-to-value ratio above 80 percent. 

     

  • Strong New Home Sales Report Puts Data Back on Schedule

    With the third set of new home sales data in 21 days it seems the Census Bureau has caught up from the partial government shutdown.  Whether because of the delay, or just in the normal course of revisions, changes to the December numbers were dramatic enough to mention.  First reported at a seasonally adjusted rate of 621,000 units, a surprising 16.9 percent increase, they were revised even higher to 652,000.  Now a second revision has lopped more than 60,000 units off that pace, reducing it to 588,000 and erasing the entire percentage gain.

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  • Facebook Busted by HUD

    Facebook Busted by HUD

    The post Facebook Busted by HUD appeared first on National Real Estate Post.

  • Pending Home Sales Shed a Bit of January's Momentum

    Pending home sales fell again in February. The National Association of Realtors® said its Pending Home Sales Index (PHSI) declined by 1.0 percent compared to January to a level of 101.9.  The index is now 4.9 percent lower than a year earlier, marking the 14th straight month of annual decreases.  The South and the West posted slight gains while the other two regions lost ground. Analysts were not particularly bullish about the index's February prospects.  Those polled by Econoday had a wide range of expectations, from -3.0 percent to 3.2 percent. The consensus was for a slight 0.8 percent increase.

     

  • HUD Sues Facebook Over Housing Discrimination

    Facebook, which has been accused recently of everything short of disappearing Jimmy Hoffa, is in more hot water.  The U.S. Department of Housing and Urban Development (HUD) announced today that it is charging Facebook with violating the Fair Housing Act.  HUD said the huge social media platform had encouraged and enabled and thus has caused housing discrimination. The Charge, filed though HUD's office of Administrative Law Judges states that, " Because of the way [Facebook] designed its advertising platform, ads for housing and housing-related services are shown to large audiences that are severely biased based on characteristics protected by the Act, such as audiences of tens of thousands of users that are nearly all men or nearly all women. "

     

  • White House Chimes in on Housing Finance Reboot

    As the Senate Banking Committee wound up its second day of hearings on Chairman Mike Crapo's (R-ID) outline for housing finance reform the White House issued its own memorandum.  In a memo addressed to all cabinet members and the heads of several housing related agencies, the President laid out the recent history of the system including the conservatorship of Fannie Mae and Freddie Mac (the GSEs) and the Treasury's involvement in supporting them during the housing crisis.  It then says it is time for the country to reform the system "to reduce taxpayer risks, expand the private sector's role, modernize government housing programs, and make sustainable home ownership for American families our benchmark of success."

     

  • Should We Even Care About GSE Reform?

    Should We Even Care About GSE Reform?

    The post Should We Even Care About GSE Reform? appeared first on National Real Estate Post.

  • Freddie Mac Mortgage Portfolio Increased by $200M in February

    Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 3.0 percent in February, growing from 1.2 percent the previous month.  The portfolio balance at the end of the period was $2.190 trillion compared to $2.184 trillion at the end of January and $2.096 trillion a year earlier.  Purchases and Issuances totaled $24,566 billion and Sales were ($424.0) billion. The January numbers were $23,713 billion and ($909) billion respectively.  The 3.0 percent annualized growth rate for February was considerably higher than the February 2018 rate of 0.7 percent.

     

  • Low Volume and Competition Hurt Q4 Mortgage Profits

    The balance sheet turned red again for mortgage lenders who reported financial data for the fourth quarter to the Mortgage Bankers Association (MBS).  On average the independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks surveyed for MBA's Quarterly Mortgage Bankers Performance Report reported a net loss of $200 per loan, down from a reported gain of $480 per loan in the third quarter of 2018.  It was the second quarterly loss in the last 12 months and only the third since MBA began collecting the data in 2008.

     

  • No Surprise: Ambitious Plan to "Fix" Entire Housing Market Met With Mixed Reaction

    Does the entire housing market need fixing?  Senator Mike Crapo thinks so, and he has a gargantuan reform proposal on the table to prove it (covered here in February).  Witnesses called to testify before The Senate Committee on Banking, Housing, and Urban Affairs this week weren't universally convinced, but acknowledged potential in several areas.  

    Crapo's prepared remarks pointed out that ten years after the government put the GSEs Fannie Mae and Freddie Mac into conservatorship, they remain "stuck [there] with taxpayers still on the hook in the event of a housing market downturn.  It appears that the old, failed status quo is slowly beginning to take hold again, with the government in some ways expanding its reach even further, entering new markets where it has never been before." 

  • Technology Blamed for Higher Loan Costs

    Technology Blamed for Higher Loan Costs

    The post Technology Blamed for Higher Loan Costs appeared first on National Real Estate Post.

  • Home prices Surging or Fading? Depends Whom You Ask

    The S&P CoreLogic Case-Shiller indices and the Federal Housing Finance Agency's (FHFA's) Housing Price Index paints two different pictures of the housing market in January.  The former calls the appreciation in that month "the smallest in four years," while FHFA's index posted a January price surge.  Case-Shiller's U.S. National Home Price Index, covering all nine U.S. census divisions, reported a 4.3 percent annual gain in January on a non-seasonally adjusted (NSA) basis.  In December the annual increase was 4.6 percent.  On a seasonally adjusted (SA) basis prices grew 0.2 percent, but the NSA index lost 0.2 percent compared to December.

     

     

  • FHA Reinstates Manual Underwriting for Some Riskier Loans

    FHA is reversing an earlier decision to remove the rule requiring manual underwrit