Rocket Homes has a new plan for encouraging homeownership: showing Americans homes for sale as they’re driving.
Rocket Homes, the real estate service arm of Rocket Companies, made its iOS app available in cars, trucks, and SUVs through Apple CarPlay in order to turn the “everyday commute into an exciting and natural part of the homebuying journey,” company leaders said in a press release.
Users click the “Nearby” tab of the app on CarPlay to pull up homes listed for sale in the area. Drivers can then get directions to the home, call an agent, or save the listing for later viewing on their iPhone.
“The Rocket Homes app is making house hunting more convenient for busy homebuyers on-the-go,” said…
By CHUCK GREEN
Curled up in front of the television watching a Christmas movie, one might romanticize the notion of laying down roots in a holiday-themed town or city.
Believe it or not, there are a number of municipalities in America that have names people might associate with this time of year. Stacker, based on information from the Census Bureau, found 29 of them, including North Pole, New York; Rudolph, Wisconsin; Bethlehem, Pennsylvania; Santa Claus, Arizona; and Christmas, Florida.
Snowflake, located in Navajo County in Arizona, has one of these novel names. Jay Eckhardt, the 2023 president-elect of the White Mountain Association of Realtors, told The Mortgage Note that the name is a talking point but buyers move there for…
By CHUCK GREEN
Home affordability has been a popular topic for the past few years as prices rose and interest rates shot up. First-time homebuyers have complained that they need to spend more to get less than their parents did and industry leaders say they are somewhat right.
Andrew Lokenauth, publisher of BeFluentInFinance.com, said that last year the median home price was $428,700 and that with a 20% down payment of $85,740, the mortgage amount would be $342,960. This would require 34.2% of the median household income of $79,900 to cover the monthly principal and interest payments, he said.
Lokenauth noted that in 1950, the median home price was $7,400. With 20% down, the mortgage amount would be $5,920, requiring…
By KIMBERLEY HAAS
As the end of the year nears, mortgage professionals are hustling, and although it may seem like it takes a lot more to get consumers to say “yes” in 2023, a leading real estate trainer and coach says it’s all about preparing for positive interactions with borrowers.
Ron Vaimberg started in the real estate business in 1983 and founded The New York Mortgage Institute in 1997. Today, he is the president of Ron Vaimberg International in Jefferson Valley, NY, working with professionals in the United States, Canada, and Australia.
Vaimberg said market frustrations – whether they be over a lack of inventory or the fact that borrowers are qualifying for less due to high interest rates –…
By NICOLE MURRAY
The holiday season can be a tricky time of year in the real estate industry. For many agents, business slows down because people generally don’t want to sell, buy, or move during peak celebrations.
But whether it be a new job or a life update, buying and selling during the holiday season happens more than one would think.
The Mortgage Note spoke with real estate industry professionals across the country to discuss the pros and cons of listing during the holiday season and what to know if you do.
To start, there is less inventory on the market and therefore less competition for those who decide to sell.
Shant Banosian, EVP of sales at Guaranteed Rate, said…
By KIMBERLEY HAAS
Cloud-based technology is transforming warehouse lending by eliminating the need for internal system updates and ensuring new functions are available immediately.
This fall, leaders at SitusAMC announced that their warehouse lending system ProMerit is now accessible through a cloud-hosted, software-as-a-service platform that can install monthly release packages to deliver bug fixes and functional enhancements. This over-the-air delivery benefits clients by reducing costs and reliance on internal resources, they said.
ProMerit has been used by lenders for more than 35 years. Measured by volume, it has a 75% share of the warehouse lending market, company leaders say.
Rich Berg, SitusAMC senior director of warehouse and custodial technology, said in a statement that the updated platform was created and…
By KIMBERLEY HAAS
Rocket Pro TPO is kicking off its annual December to Remember event and the executive vice president says it will mean more for mortgage professionals this year than ever before.
Mike Fawaz and his team announced on Nov. 20 that they will again be spreading holiday cheer this month with wins focused on helping the broker community. He said during an interview with The Mortgage Note this week that due to the state of the market in 2023, brokers and loan officers are hustling to finish the year strong.
“To me, this year December to Remember becomes a lot more special than any other year because, for one, December to Remember came to life to help mortgage…
By ERIN FLYNN JAY
Though it has existed since the early 1900s, the rent-to-own concept has gained popularity again and for people who want to buy a home but lack the funds, it can be an alternative route to homeownership despite the costs and risks.
Ritika Asrani, founder and head broker at St Maarten Real Estate, said with tightening lending standards many potential homebuyers are turning to rent-to-own as a way to overcome credit hurdles. She said it offers them a pathway to homeownership without the immediate need for perfect credit.
And while traditional renters typically do not build equity, rent-to-own tenants often accumulate a portion of their monthly payments as equity, which can be used toward the purchase.
What…
By KIMBERLEY HAAS
The second largest bank in the country will pay a $12 million penalty after it was found that hundreds of loan officers falsified forms about mortgage applicants in violation of federal law.
Officials at the Consumer Financial Protection Bureau say that for at least four years, loan officers at Bank of America did not ask mortgage applicants required demographic questions and then falsely reported that the applicants chose not to respond.
They say this violates the Home Mortgage Disclosure Act, enacted in 1975, which requires mortgage lenders to report information about loan applications and originations to the CFPB and other federal regulators. Data collected under the act is used to monitor whether financial institutions serve their communities’…
By NICOLE MURRAY
The goal with any holiday marketing plan is to create connections and remain top of mind with the hopes of gaining future business, but how can professionals do that during one of the most chaotic times of the year?
Industry leaders say it’s important to start by realizing that one of the most predictable marketing tactics seen amongst real estate agents and loan officers is to send gifts to previous and current clients.
While Rob Jensen, broker/owner of the Rob Jensen Company, has seen many successful agents utilize this tactic, he warns that the time and money spent may go unnoticed and offer no return on investment. “Gifting during the holidays is the least memorable time for…
