By SCOTT KIMBLER
It’s a mixed bag when it comes to predictions for the mortgage market as the economy continues to balance out after the pandemic.
ATTOM recently held a conference where research performed by their company, Altos Research, and others were compiled to provide a more complete picture of what the remainder of 2023 may look like in terms of new home construction, home sales, and mortgage rates. Inflation, the job market, supply and demand, as well as the steady rising of rates by the Federal Reserve, along with other factors, were taken into account.
Unlike some predictions of 2023 that paint a picture of a distraught housing market, this research shows the year as having mortgage challenges, but…
By PATRICK LAVERY
Interest rates are rising as the spring homebuying season starts in many parts of the country.
Federal Reserve Chair Jerome Powell indicated in his testimony before U.S. lawmakers this week that although the central bank’s policymakers have yet to decide how large their next rate hike will be, “the ultimate level of interest rates is likely to be higher than previously anticipated” based on the latest economic data. They will be meeting on March 21 and 22.
“As I have mentioned in my testimony, the data we have seen so far this year suggests that the ultimate level of rates will need to be higher. We still have some more data to come in between now and…
By KIMBERLEY HAAS
As sellers become savvier about return on investment opportunities before putting their house on the market, the presale home renovation company Revive is expanding nationally.
Leaders at the California-based business announced on Tuesday that they have partnered with NextHome, a real estate franchise with more than 5,500 agents in 610 offices across 48 states.
“Presale renovations offer homeowners a $300 billion additional profit opportunity,” Dalip Jaggi, Revive co-founder, said in a statement.
Sellers can leave between 15% and 20% of potential profits on the table when selling a home as-is and, on average, earn $186,000 more than the cost of their renovations, Jaggi noted.
Tuesday’s announcement comes less than a month after it became public that Revive…
By KIMBERLEY HAAS
Leaders at Rocket Pro TPO are extending their promotion on 30-year conventional purchase loans at or under $200,000 as they gear up to be more competitive in that market this year.
During an IGNITE: Live! webinar on Monday, Executive Vice President Mike Fawaz announced that they are continuing their 37.5 BPS credit on these loans.
Fawaz said they want to make sure that they listen to their broker partners and their feedback.
“This is something we have been extending every single month since December. And the feedback continues to be incredible and positive and broker partners want it,” Fawaz said.
Fawaz explained the philosophy behind the promotion.
“When you think about it, we are very competitive when…
The FinTech company Knock is partnering with lenders and real estate agents to offer homeowners a chance to leverage the equity in their property so they can buy another house before selling their current one.
Based on the amount of equity in their property, a homeowner can use a Knock Home Swap Equity Advance loan for an up to 30% down payment, to buy down the mortgage rate, and to cover closing costs on their new house.
They can also use that equity to cover up to $35,000 in renovations and to pay up to six months of mortgage payments on their current property, according to a press release.
Knock was founded by CEO Sean Black, COO Jamie Glenn, and…
By PATRICK LAVERY
As the retail giant Walmart makes news with their plans to close underperforming locations, urban designers see an opportunity to discuss repurposing retail properties.
A recent Nexstar Media wire report confirmed that despite a strong holiday shopping season to end 2022, Walmart was preparing to close seven stores in three states – including three in Illinois, all in the Chicagoland vicinity.
The big box giant referred to these locations, also in Arkansas, Florida, New Mexico, and Wisconsin, as “underperforming.” One of them, in Lincolnwood, Ill., was a pickup and delivery-only store that opened in 2019.
While that kind of model made sense during the retail restrictions of the Covid pandemic, it seems to be one that Walmart…
By CHUCK GREEN
More people in business, including those in lending, are returning to in-person work after the pandemic.
According to a survey released by Resume Builder last fall, 90% of companies will require employees to return to the office in 2023.
Disney laid down the law at the start of the year, making it mandatory for corporate employees to show up at the office – starting March 1 – four days a week. Starbucks corporate employees were told to report to work in person at least three days a week by the end of January.
Based on data from employers in 10 major U.S. cities, badge-swipe tallies collected by security firm Kastle Systems indicated office occupancy reached 50.4% for…
By KIMBERLEY HAAS
Officials at the Consumer Financial Protection Bureau are taking action against a California-based mortgage lender that allegedly sent misleading advertisements to military families.
According to a press release, RMK Financial Corporation falsely represented that the company was affiliated with the Department of Veterans Affairs and the Federal Housing Administration.
RMK Financial does business as Majestic Home Loan and is licensed as a mortgage broker or lender in at least 29 states. Officials say that although the company originated loans guaranteed by the VA and mortgages insured by the FHA, they are not affiliated with these agencies.
Officials warned RMK about misleading consumers in 2015 but say the company engaged in a series of repeat offenses, leading to…
By SCOTT KIMBLER
Since early 2022 officials at the Federal Reserve have been raising interest rates as a means of combatting inflation but the trickle-down effect is making life hard for the lending industry. More specifically for non-bank lenders.
This is according to financial experts and industry observers such as Dr. Rohan Ganduri of Emory University’s Goizueta Business School.
Ganduri says there are really only two types of lenders, bank and non-bank lenders. In the current mortgage climate the smaller, non-bank lenders have a landscape that is changing rapidly and not in the favor of those employed by such lenders, he told The Mortgage Note.
“A non-bank lender differs from a bank lender in several ways,” says Ganduri. “The biggest…
By KIMBERLEY HAAS
Craving some sunshine? You are not alone as the migration to the Sun Belt continues past the pandemic.
Data from U-Haul and North American Van Lines shows that the Carolinas, Florida, and Texas were among the top inbound states for migration last year. That trend is expected to continue.
And as the state of North Carolina sees an influx of new residents, the coastal city of Wilmington has been attracting accolades. It was listed as the second best place to live in North Carolina by Forbes Advisor last fall, coming in after Raleigh, the state’s capital.
In January, the median listing home price in Wilmington was $435,700, trending up 18.1% year-over-year. The median home sold price was…
