The number of million-dollar U.S. homes has dropped dramatically from a record high last year. They now account for 7% of all U.S. houses, down from 8.6% in June 2022, according to an analysis by Dana Anderson at Redfin. This could signal a reversal in the housing market, at least on the luxury side. Prices…
American Mortgage Network is on the hunt for loan officers and processors in key U.S. geographic areas. The mortgage banker has hired three new recruiting executives– TraVaughn Paschal, George DeMare, and Rick Humphery– to lead the initiative. “With so many mortgage lenders forced to adjust their workforces or shut down completely, many talented loan officers…
Fintech LenderClose announced it is rebranding as Coviance, the company announced in a press release. The rebrand “reflects the company’s next phase of growth” as a transformative technology partner that allows lenders to efficiently scale home equity volume and close in a matter of hours. “The evolution of our technology has advanced us into a new…
Reggora updated its order management platform to embed borrower’s appraisal information into a lender’s POS system, the company announced in a press release. The update improves borrowers’ experience by resolving common issues in the appraisal process. Lenders can collect payments, show appraisal status, and schedule inspections within their POS system. Reggora says the update reduces…
Another Motto Mortgage office has opened in Wheeling, WV, the company announced in a press release. Motto Mortgage Valor will now serve markets through West Virginia and Ohio, owned and operated by Michael Hough and Travis Broadwater. They bring a combined twenty years of experience to the office. Razmine Rouse will serve as operations manager…
Americans who bought a home this year are facing rising underwater risk as home prices cool. Black Knight’s October Mortgage Monitor found that 8% of homes bought in 2022 are now at least marginally underwater, while almost 40% have less than a 10% equity stake in their homes. “Make no mistake: negative equity rates continue…
Despite the slew of closings and layoffs, some mortgage lenders continue to expand as the market cools. Planet Home Lending announced it is opening a new branch office in Lehigh Valley, PA. It will be led by Retail Branch Managers Christopher Lewis and Nick DeJesus, and Sales Manager Andrew Keller. The group is known for…
Borrowers once again affirmed that quality of experience matters more to them in the lending process than cost. In a new survey from Reggora, an appraisal management software company, most borrowers said they care most about speed and quality in an appraisal. These were followed by communication and professionalism. The cost of the appraisal was…
Mortgage loan application volume rose last week, responding to a dip in rates, according to the Mortgage Bankers Association’s weekly survey. The adjusted Market Composite Index, a measure of mortgage loan application volume, increased by 2.7%. The 30-year fixed rate once again fell below 7%, propelling potential buyers into action. Rates have been going back…
This Halloween, mortgage brokers have more to fear than your typical ghosts and ghouls. Some economists say the market is rebalancing, while others say the housing slowdown is more severe than a correction. “Last year, sellers could seemingly list their home at any price and see multiple offers roll in above list price within days,”…
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