Housing Wire

DECEMBER 8, 2022

Appraisal turn times have historically been a pain point in the mortgage process and in boom times, when transaction volumes soar, turn times tend to be one of the first casualties. In 2020 and 2021, for example, some markets saw appraisals take as long as three to six weeks. What’s going on?

Technology 397

Technology Inspection Industrial Closing 397

Housing Wire

APRIL 6, 2023

The Federal Housing Finance Agency (FHFA) will host the Appraisal Subcommittee (ASC) in May for its second public hearing on appraisal bias. At the first ASC hearing in January, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra took aim at the dysfunctional regulatory system that governs the appraisal industry. “I

Industrial 384

Industrial Lending Equity Banks 384

Housing Wire

AUGUST 24, 2022

For the past two years appraisal gap clauses have been de rigueur in many markets , much to the disdain of frustrated homebuyers. On Wednesday, the firm launched Tomo Appraisal Coverage. Tomo, however, is not immune to the volatility in the markets. Mortgage startup Tomo feels, however, that it has a solution.

Pre-approval 384

Pre-approval Mortgages Closing Loans 384

Housing Wire

MAY 23, 2023

In the past few years, appraisal bias has come to the forefront of conversations about appraisals and how they can be improved. At Tavant , they’re taking a look at the past and present of appraisals to prepare for a better future. We often hear the statistic that the average appraiser is a 57-year-old white male.

Technology 384

Technology Lending Inspection As-is 384

Housing Wire

APRIL 6, 2021

Unfortunately, the appraisal put the house’s value roughly $50,000 below than what she paid. Linda had a sizable downpayment but still needed to find a way to close the appraisal gap. She recently had a deal fall apart due to appraisal. That’s common these days. Streamline by combining services.

Title search 540

Title search Loans Title Agents 540

Housing Wire

JULY 12, 2022

Luke Tomaszewski, an appraiser doing home inspections in the aftermath of the housing bust, was traveling as much as an hour across Chicago just to snap exterior photos of bank-owned properties. At $50 to $100 per inspection, according to ProxyPics, it’s certainly less expensive than sending an appraiser. Made to order.

Inspection 410

Inspection Technology Loans Mortgages 410

Housing Wire

AUGUST 14, 2020

For the past two weeks, HousingWire took a deep dive into the effects an accelerated market can have on appraisal turn times and the delta between appraisal ratings and market forecasts. You can’t say to a them, ‘Hey, we can close faster pick our offer,'” Canale said. I’ll be brutally honest.

Closing 485

Closing Lending Loan Officer Title 485

Housing Wire

JANUARY 24, 2022

That was the startling and totally hypothetical analogy made, based on the current structure of the Appraisal Foundation , in a scathing report released this week. Until recently … the appraisal industry seems to have escaped the type of regulation and scrutiny faced by other participants in the mortgage market,” the authors wrote.

Lending 370

Lending Industrial Finance Sales 370

Housing Wire

FEBRUARY 9, 2021

When you go to buy a home , your mortgage lender will almost always order a home appraisal. A homebuyer’s guide to a competitive housing market. Scenario 1: Your home appraises at your full offer price. Many times, the home appraisal goes off without a hitch. Scenario 2: Your home appraisal comes in low.

Earnest money deposit 458

Earnest money deposit Seller concession Loans Lending 458

Housing Wire

AUGUST 5, 2022

With tech solutions and automation dominating more and more of the mortgage experience, the appraisal process can feel a bit dated, often causing significant slowdowns. HousingWire: Why should lenders consider appraisal modernization and how can it benefit borrowers?

Inspection 410

Inspection Lending Industrial Technology 410

Housing Wire

APRIL 9, 2021

closed on the acquisition of appraisal management software firm Appraisal Now for approximately $30.5 Appraisal Now, better known as “ Anow ,” makes an automated appraisal workflow management platform for the global appraisal market. million, the company said this week.

Technology 397

Technology Investor Development Loans 397

Housing Wire

MAY 23, 2022

A piece of legislation introduced in the Senate in mid-May could streamline the appraisal process for VA loans. The legislation would modernize the Department of Veteran Affairs ‘ appraisal requirements by allowing desktop appraisals, and in some circumstances, waving appraisals all together.

VA loan 397

VA loan Loans Lending Finance 397

Housing Wire

DECEMBER 28, 2020

The Federal Housing Finance Agency (FHFA) announced Monday it is requesting input on the appraisal policies, practices and processes of Fannie Mae and Freddie Mac, especially as it relates to the GSEs’ appraisal modernization efforts. The Request for Input (RFI) – open to comment until Feb.

Loans 458

Loans Finance Mortgages As-is 458

Housing Wire

AUGUST 23, 2022

Desktop appraisals became a permanent option for certain loans earlier this year. HousingWire recently spoke with Kenon Chen, Executive Vice President of Corporate Strategy at Clear Capital, about desktop appraisal adoption and appraisal modernization. How willing are appraisers to adopt desktop and hybrid appraisals?

Industrial 370

Industrial Technology Loans As-is 370

Housing Wire

APRIL 30, 2021

In today’s booming housing market, sellers have their pick of home offers. And while this is great for sellers, it leaves buyers asking: “How can I stand out in such a competitive market? And while this is great for sellers, it leaves buyers asking: “How can I stand out in such a competitive market?”

Loans 421

Loans As-is Closing Marketing 421

Housing Wire

FEBRUARY 18, 2022

Fannie Mae recently announced that it will begin to “include a desktop appraisal option in Desktop Underwriter beginning March 19, 2022. Automated Valuation Models (AVMs) are commonly used today in the mortgage industry to help support the appraiser’s concluded value. ” Amazing, right? ” Amazing, right?

Commercial 384

Commercial Renovation Technology Inspection 384

Housing Wire

SEPTEMBER 29, 2020

These include one that temporarily defers appraisal and evaluation requirements for up to 120 days after the closing of certain residential and commercial real estate transactions, the release said. Announced in April, this rule applies only to loans kept in a bank’s portfolio, and originally alarmed appraisers. 31 this year.

Commercial 421

Commercial Residential Equity Banks 421

Housing Wire

MARCH 1, 2021

The closing process, that time between underwriting approval and the actual closing, is the mortgage industry’s not-so-secret Achilles’ heel. That’s not a knock on the good professionals who enact minor miracles choreographing the multi-faceted ballet that is a typical closing. Let’s admit it.

Closing 352

Closing Marketing Title Title search 352

Housing Wire

FEBRUARY 1, 2024

Company Name Company Website Markets Served Company HQ MMI mmi.io/ Loan Origination, Title and Closing Salt Lake City, UT Polly polly.io/ Secondary San Francisco, CA Paradatec paradatec.com/ Servicing, Secondary, Cross Markets and Origination Wilmington, DE Orion Lending orionlending.com/ Loan Origination and Servicing Orange, CA Optimal Blue www2.optimalblue.com/

Mortgages 450

Mortgages Title Loans Closing 450

Housing Wire

OCTOBER 3, 2022

Surprisingly, accounting inefficiencies, particularly in the areas of tracking, collecting, reconciling, and distributing appraisal fees, are costing some lenders tens of thousands of dollars, sometimes even more, every year – dollars that could be going straight to their bottom line. Leader, Marketing at CoreLogic. Leader, Marketing.

Loans 380

Loans Branding Design As-is 380

Housing Wire

APRIL 13, 2021

Austin, Texas might be the hottest housing market in the country. 1 city in population growth for the last eight years and it was the hottest job market in 2019 and 2020, according to the Wall Street Journal. Garrett said aside from cash buyers, he also has clients who have money to offset any appraisal gap.

Marketing 534

Marketing Option period Lending Loan Officer 534

HomeLight

MARCH 29, 2024

The sales comparison approach is where the word “ comp ” comes from in the real estate industry, explains Tom Horn , a leading appraiser in Alabama with more than 34 years of experience. “We We look at other properties that have sold recently that are very similar to the property being appraised.

Sales 104

Sales Renovation Land Construction 104

Housing Wire

AUGUST 31, 2022

As more aspects of the mortgage process venture into the online realm, appraisal remains a bottleneck that regularly causes significant delays and loss in profit. Reggora is facing the issues surrounding modern appraisals head-on with its industry-leading Reggora Appraisal Management Platform.

Loans 370

Loans Loan Officer Mortgages Industrial 370

Housing Wire

APRIL 26, 2022

The watchdog agency will also be working with other federal agencies to intervene in policies and regulation that could impact mortgage lenders and residential appraisers. Mortgage servicers have been a special area of focus for the CFPB under Chopra, but the agency has been scrutinizing them more closely over the past year.

Mortgages 384

Mortgages Banks Lending Residential 384

Housing Wire

MAY 2, 2021

With an increased demand for appraisals across the country, the need for efficiency during the appraisal process is greater than ever. Nationwide Appraisal Network (NAN) is an industry-leading appraisal management company providing residential and commercial valuation services in all 50 states.

Technology 221

Technology Lending Development Commercial 221

Keeping Current Matters

JUNE 29, 2021

In today’s real estate market, low inventory and high demand are driving up home prices. Shawn Telford, Chief Appraiser at CoreLogic , elaborates : “The frequency of buyers being willing to pay more than the market data supports is increasing.”. That’s more than double the percentage in each of the two previous Aprils.

Loans 251

Loans Sales Closing As-is 251

Housing Wire

DECEMBER 13, 2021

Mortgage lenders generated more defective loans in the second quarter, reflecting the transition from a refinance to a purchase market, according to ACES Quality Management ’s latest critical defect report. The report is based on post-closing quality control data from around 100,000 unique records.

Marketing 405

Marketing Loans Lending Mortgages 405

Housing Wire

MARCH 18, 2024

Regulators are paying close attention to valuations for many valid reasons. As part of our overall mission to digitize the housing continuum, ICE is marrying technological innovation with our vast data assets to bring transparency and accuracy to a complex, often confusing market.”

Technology 421

Technology Inspection Investor Mortgages 421

Housing Wire

JUNE 4, 2021

Austin is still the nation’s hottest housing market, as tech workers continue to flock to the Lone Star State’s capital. Homes are staying on the market an average of 24 days, Redfin reported. I recently sold a home in Austin that was listed at $565,000 and closed at $715,000,” Dawson said.

Marketing 496

Marketing Finance Loan Officer Lending 496

Housing Wire

JUNE 30, 2021

The right mortgage services provider is essential to helping wholesale lenders and their brokers thrive in this constantly evolving market. ServiceLink, which is backed by Fidelity National Financial, meets the unique needs of wholesale lenders by providing title insurance, appraisals, flood certificates and closing services.

Closing 221

Closing Title Lending Inspection 221

Housing Wire

MARCH 21, 2024

In a letter submitted to FHA commissioner Julia Gordon and FHFA director Sandra Thompson on Thursday, the Community Home Lenders of America ( CHLA ) expressed concern that the cost of employment verifications charged by Equifax is “excessive” as income verification is required for both during loan underwriting and just before closing.

Closing costs 458

Closing costs Loans Title Finance 458

Housing Wire

MARCH 1, 2023

The 2023 Tech100 Mortgage winners are continuing to bring innovation to the mortgage process – from origination to closing, and servicing to secondary markets. These are the companies and solutions helping mortgage professionals capture market share, retain borrowers and improve margins in an ever-changing housing market.

Mortgages 384

Mortgages Title Loans Technology 384

Housing Wire

DECEMBER 21, 2023

VA mortgage loans generally provide veterans and active-duty service members with more favorable terms than other loans on the market. My favorite, and one of the most valuable and underutilized products in today’s low-inventory market , is the VA renovation loan. A lot has changed and it’s time to remove the stigma. Who is eligible?

VA loan 441

VA loan Loans Mortgages Lending 441

Housing Wire

SEPTEMBER 30, 2021

Local markets spotlights 5 different areas across the country, showcasing what is uniquely happening in those housing markets. Local real estate agents, loan officers and appraisers share what characteristics are currently defining their housing markets. Kansas City, Missouri. One kid will give their parent’s car.”

Marketing 370

Marketing Loan Officer Closing costs Inspection 370

Housing Wire

OCTOBER 4, 2023

HousingWire recently spoke to Chris McLain, division president of Valuations for Consolidated Analytics , about the current appraisals market, AI innovation in valuations and valuation products for HELOCs and second-lien mortgages. HousingWire: How is the market for appraisals changing in 2024?

Equity 410

Equity Lending Investor Loans 410

Housing Wire

MARCH 20, 2024

Ally Home , the residential mortgage lending arm of Ally Bank , is offering a $5,000 grant for eligible homebuyers in the select markets of Charlotte, Detroit and Philadelphia, the company announced on Tuesday. The upfront lump sum can be applied toward a down payment, closing costs or other expenses related to the homebuying process.

Banks 431

Banks Closing costs Lending Equity 431

Realty Biz

JULY 11, 2022

The offer will spell out all of the common terms and conditions such as the offer amount, what you’re financing, any contingencies, and the closing date. One of the vital discussions you will probably have with your real estate agent is surrounding the real estate appraisal. Add or Waive an Appraisal Contingency.

Earnest money deposit 83

Earnest money deposit Purchase and sale agreement Marketing Equity 83