Existing-home sales dipped in March after rising the month prior as the housing market remains rate sensitive.
Sales declined by 2.4% to a seasonally adjusted annual rate of 4.44 million from 4.48 million the month prior, according to the latest data from the National Association of Realtors.
Year-over-year, sales are down 22%.
All four major regions saw sales decline year-over-year and three of the four tanked month-over-month. Only the Northeast’s sales were unchanged from February.
The median price for an existing home slid YOY alongside rates, down 0.9% to $375,700. This is just the second YOY decline in years– last month’s dip broke the longest streak on record, 131 consecutive months of price gains.
“Home sales are trying to recover…
Guild Mortgage continues its expansion efforts, announcing a new district in California made up of eight branches.
The branches have 40 new Guild employees, led by district manager John Lowe, who will report to regional vice president Mike Ferreira.
“Guild’s reputation and history of stability were a major draw for our group, giving us the confidence to make the move, become part of one of the best organizations in the industry, and continue to build on the success we’ve achieved together,” said Lowe.
“Guild’s business model and ability to service the majority of its home loans means each member of our team can make a long-term commitment to help every customer beyond the closing of a loan, which is a…
Better.com is starting 2023 with a product leaders there think will revolutionize the industry: a mortgage application with a one-day turnaround.
Better announced the launch of its One Day Mortgage in a press release. The company says its customers can get pre-approved, lock in a rate, and get a Mortgage Commitment Letter completely online and within 24 hours.
“We spent the first seven years bringing the mortgage industry into the digital era, and executing over $100 billion of fully digital online mortgages. Better’s offerings serve to kickstart the slow, opaque, and costly homeownership process. With One Day Mortgage, Better is revolutionizing the mortgage industry once again by empowering its customers, making it not only cheaper, but also faster and easier…
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 era on our mission to perfect the lending experience,” says Omar Jordan, Founder & CEO of Coviance. “Our technology empowers Credit Unions and Community Banks to compete with fintechs, delivering the best borrower experience with a more humanized touch.” Coviance was founded in 2015 by Omar Jordan with the goal of offering community lenders a user-friendly tech solution to lend more efficiently, faster, and at…
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 IT resources required to implement and maintain the integration with a developer-friendly API. “The appraisal is a critical part of the loan process, but, despite all the progress towards a digital mortgage, the appraisal is still done entirely offline,” said Will Denslow, Co-Founder and CTO of Reggora. “There’s a tremendous opportunity for lenders to differentiate by fixing the appraisal experience, and this integration makes it…
Wells Fargo is reducing its home lending footprint, a move that experts say will have major ramifications in the mortgage industry. Formerly the nation’s largest mortgage lender, the bank announced Tuesday that it is exiting the correspondent lending channel and shrinking its mortgage servicing portfolio. “We are making the decision to continue to reduce risk in the mortgage business by reducing its size and narrowing its focus,” Kleber Santos, CEO of Consumer Lending, said in a statement. The company’s correspondent arm accounted for 42% of its loan originations in Q3 2022. Demand is down across the country due to affordability issues and high mortgage rates. Lenders are seeing originations shrink, resulting in closures and layoffs. Wells Fargo has suffered the…
Guild Mortgage is rolling out a new rate buydown program, the company announced in a press release. The program, Payment Advantage, applies to any borrower locking in a conventional mortgage. Guild will then pay 1% of the borrower’s interest rate for one year. The borrower’s monthly payment will increase after that period, but they may then be eligible to refinance. The program is available until March 31, 2023. “Freddie Mac reported that the average commitment interest rate for a 30-year, conventional, fixed-rate mortgage was 6.90% in October, more than double the rate of 2.96% across all of 2021,” said Guild CEO Mary Ann McGarry. “With the rising costs of loans in today’s increasingly competitive housing market, we want to 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 providing a customer-focused, high-touch experience. Planet Home offers down payment and closing cost assistance, as well as rate buydowns. Planet Home continues to expand nationwide after its Q3 earnings report showed a 14.1% boost in loan volume despite market difficulties. “Planet’s efficiencies allow us to deliver what first-time homebuyers expect in the Lehigh Valley market,” DeJesus said. “We were drawn to Planet by the company’s great rates,…
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 ranked as the least important factor. Of the 1,008 respondents, 815 said they didn’t care about the appraisal cost at all when choosing a lender. They focused primarily on interest rates, followed by the borrower’s perception of the loan officer. Having a relationship with the lender or hearing about positive experiences from others were significantly more important than factors like closing costs, special loan considerations,…
Jim Janczy joined NewFed Mortgage as EVP-Chief Production Officer, the company announced in a press release. In his new role, Janczy will be responsible for NewFed’s sales and marketing. He is known for success in startups and building territories, as well as client service that leads to long-term, trust-based relationships. Janczy has received several “Top Producer” awards, and “has earned an impressive loyal following of clients along with a vast network of professional relationships,” the release noted. Janczy brings more than two decades of experience to the position. His most recent role was at Home Point Financial, and his previous experience includes Wells Fargo and Envoy Mortgage. “We are extremely excited to have Jim as part of our company growth…
