The New, All-In-One Co-Living Space | A New Home for Millennials

As housing and rent prices rise and construction staggers, developers are partnering with startups like Ollie, Common and WeLive to address the housing crunch in major cities. They cater to millennials, offering co-living situations to single, young, mobile professionals. “We’ve been driven by a desire to help build meaningful relationships and bring a little more Read More

Rising Rate Environment | Mortgage Rates Hit Seven-Year High

Mortgage rates hit their highest level in seven years — since the week of April 14, 2011 — according to Freddie Mac’s latest Primary Mortgage Market Survey. The 30-year fixed-rate mortgage jumped 19 basis points to 4.90 percent. “Mortgage rates are drifting upward again and represent continued affordability challenges for prospective buyers –especially first-time buyers,” Read More

Home Equity Reaches New Heights | An AMC Nationwide Appraisal

Total home equity just passed $6 trillion for the United States’ 44 million homeowners, and the average homeowner gained $16,000 in home equity in one year alone. US homeowners possess 21% more equity than in 2006, before the housing bubble popped, and three times more than in 2012, when the market bottomed out. However, homeowners Read More

HECM Valuation Rule | Appraisal Management Companies Weigh In

The Federal Housing Administration enacted a mandate effective October 1 requiring a second appraisal on every HECM loan that their system flags as having an inflated property valuation. Various appraisal management companies discussed what effects the new rule will have on HECM loan processes. Here’s what loan officers need to know. Turn-times on HECM loans Read More

Real Estate Appraisal Process | Price Per Square Foot Valuations?

What role do price-per-square-foot valuations play in the real estate and appraisal processes? Real estate agents often provide price-per-square-foot valuations when showing properties to homebuyers. But if their valuations differ from that of the appraiser, homebuyers can become confused and frustrated. So are price-per-square-foot valuations really accurate measures of market value? It turns out that Read More

Home Appraisal and Mortgage Industry Innovation | The March Toward the Digital Mortgage

The digital mortgage will simplify the homebuying process, accelerate the mortgage cycle and change the appraisal and mortgage industries. But even if much of the technology is already there, key legislators can be slow to act. For example, until recently, states haven’t needed to update notarial laws, which serve three purposes: To ensure that the Read More

Housing Industry Update | Construction Spending Increased and Prices Rose

The US Census Bureau announced that construction spending in July 2018 was estimated at a seasonally adjusted annual rate of $1.32 trillion, 0.1% above the revised June estimate and 5.8% above the July 2017 estimate. Both public and private residential construction contributed to the increase. Public sector residential spending was 0.7% more than in June. Read More

Changes to Appraisal Valuation | Fannie Mae No Longer Requires 1004MC

On July 31st at the Appraisal Institute Annual Conference, Fannie Mae announced that it would no longer require the 1004MC form for home appraisal valuation. On August 7th, Fannie Mae’s Selling Guide indicated the form was unnecessary, effective immediately. Introduced in 2009 following the housing crisis, the form standardized appraisal reporting and market conditions analysis Read More

The Home Inspection and Appraisal | Educating Mortgage Applicants

There’s often a lot of confusion from the homeowner’s perspective about the difference between home inspections and appraisals. The responsibility falls on lenders’ shoulders to educate mortgage applicants, so homebuyers can navigate the process as smoothly as possible. Below are the most important points your homebuyers need to hear: A real estate appraisal is the Read More

Trump Shakes Up the Mortgage Industry | Upcoming Changes in the Appraisal Process

The Trump administration has called for substantial changes in the country’s financial and mortgage systems that would affect industry technology, the current regulatory environment and mortgage lending and appraisal processes. The Department of the Treasury released the broad-ranging report last Tuesday, which addresses non-bank financial institutions and industry innovation. Of particular note, the Treasury recommends Read More

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