As competition for limited housing inventory intensifies, buyers are bidding up home prices. But many have found that the tactic of making an aggressive bid to beat out other offers backfires, as the appraised value of the home falls well below the agreed price. The National Association of Realtors’ latest Confidence Index Survey, based on
Fannie Mae to allow third-party homeownership education courses
October 10, 2021 by
Fannie Mae has said it will allow third-party operators to provide the homeownership education courses that many buyers are compelled to take to secure a mortgage. The organization said the third-party homeownership education providers will have to be aligned with the National Industry Standards for Homeownership Education and Counseling or with the Department of Housing
Zillow finalizes ShowingTime acquisition despite opposition to the deal
October 5, 2021 by
Zillow has closed on its $500 million acquisition of the home viewing scheduling platform ShowingTime, despite the deal facing opposition and intense regulatory review. Zillow first announced its plans to buy ShowingTIme in April, however the deal was held up when the Federal Trad Commission announced it was carrying out a review to ensure the
Consumer complaints over credit reporting and loan originations jumped during pandemic
September 30, 2021 by
Consumer complaints over credit reporting and loan originations jumped significantly during the past 18 months, as the COVID-19 pandemic hit and interest rates plummeted to historic low levels which is one of the reasons you can now get a loan with just 18% interest rate. A lengthy report from the Consumer Financial Protection Bureau looked
Report warns mortgage industry is unprepared for climate change
September 26, 2021 by
A report has raised concerns that stakeholders in the U.S. mortgage market, including lenders, investors and insurers, are woefully unprepared for accelerating climate change and the risk it brings. Not only are lenders and others unprepared to mitigate their risk, but according to the report from the Mortgage Bankers Association’s Research Institute for Housing America,
Mortgaged homes gain almost $3 trillion in equity in Q2
September 24, 2021 by
American homeowners with mortgages gained a combined $2.9 trillion in equity during the second quarter, up 29.3% from the same period one year ago. That amounts to an average equity gain of $51,500 per borrower over the last year, according to a report from CoreLogic this week. In its report, CoreLogic determines the amount of
Mistakes to avoid before closing on a home
September 17, 2021 by
Avoid these mistakes before closing on home loan
Rapid home equity growth calms foreclosure crisis fears
September 15, 2021 by
As government backed foreclosure moratoriums edge closer to expiration, the number of borrowers who’re still under some kind of bailout program is declining fast. But the future is not as bleak as some may have feared for those who’re still in trouble. Data from Black Knight shows there were 1.618 million American borrowers still in
UWM details plan to offer in-house appraisal services
September 13, 2021 by
United Wholesale Mortgage has said it’s rolling out a new program that allows lenders to work directly with appraisers, instead of using an independent appraisal management company. The new program is called Appraisal Direct and will roll out on October 1 nationwide. Under the program, it will oversee the entire appraisal process, from scheduling the
LendingHome rebrands as “Kiavi” and moves into investor loans
September 7, 2021 by
Mortgage financing and rental loan provider LendingHome is rebranding itself as “Kiavi” as it looks to expand into providing lending options for real estate investors. The company said the name Kiavi is derived from the Italian word “chiave”, which means “key” in English. The company says it has seen a big jump in demand for
