By ERIN FLYNN JAY As artificial intelligence plays an increasingly important role in the mortgage business, industry leaders are figuring out ways to harness its power to revolutionize homebuying. Dan Weisman, director of innovation strategy at the National Association of Realtors, said AI brings enhanced automation, efficiency, and transparency to the process. People who can…
By CHUCK GREEN and KIMBERLEY HAAS The full impacts of legal actions being taken against the National Association of Realtors are still not clear, but industry leaders are advocating for agents, saying they offer valuable expertise. In October, a Missouri jury ordered the association and two of the nation’s biggest real estate brokerages to pay…
By KIMBERLEY HAAS Leaders in lending are talking about the possible ramifications of the legal actions being taken against the National Association of Realtors, including the president and CEO of United Wholesale Mortgage. In October, a Missouri jury ordered the association and some of the nation’s biggest real estate brokerages to pay almost $1.8 billion…
U.S. mortgage rates took their biggest one-week drop in more than a year last week. The Mortgage Bankers Association reported the contract rate on a 30-year fixed mortgage fell 25 basis points to 7.61%. That’s the lowest level since the end of September. Market watchers point to the Federal Reserve’s decision last week to hold…
Borrowers struggling with rampant unaffordability are seeing some relief as mortgage rates cool, ending an upward swing. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.76%, down from 7.79%. A year ago at this time, the 30-year FRM averaged 6.95%. The 15-year fixed rate remained unchanged at 7.03%. A year ago,…
By PATRICK LAVERY When the Federal Open Market Committee meets this week analysts will be looking for signs of what’s next and it may be anyone’s guess. At the Mortgage Bankers Association’s annual convention and expo in Philadelphia this month, MBA Chief Economist Michael Fratantoni told attendees that they expect the Feds will maintain the…
By CHUCK GREEN As Americans remain determined to climb the homeownership ladder despite affordability challenges and a lack of inventory, the link between buying a house and success is strengthening, but that may not be benefitting society or the people who have to sacrifice to compete in the current market. Roger Valdez, director at the…
By KIMBERLEY HAAS The president and CEO of the Federal Reserve Bank of Philadelphia knew he was facing a tough crowd when he took the stage during a Monday morning session at the Mortgage Bankers Association’s annual convention and expo. “I stand here this morning fully aware of the mood in this room and I…
By CHUCK GREEN The housing market has been slowing down due to interest rate hikes, but that likely won’t stop officials from pushing further in their fight against inflation. And average American homebuyers and sellers will be affected by their decisions as affordability continues to be a concern nationwide. Last week, the Federal Reserve Board…
By ERIN FLYNN JAY Return to the office mandates and the continued desire for a better quality of life are affecting Americans as they decide where to move in 2023. Companies that allowed employees to work remotely during and immediately after the Covid pandemic are reversing course this year. On Sept. 5, Meta’s requirement that…
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