Mortgage And Real Estate News

Wednesday, October 10, 2018

Need to boost your credit score for a better mortgage rate? Here's how one woman did it.

A good credit score can land you your dream home without a nightmare mortgage.

Generally, a higher credit score will earn you a lower interest rate with most lenders.

Tuesday, October 9, 2018

The Factors Impacting Jumbo and Conforming Mortgage Loans

A new analysis by CoreLogic shows that while contract rates for jumbo loans appear to be lower than conforming mortgage loans on an unadjusted basis, the gap between the two narrows considerably, when the loans are controlled for loan, borrower, and property characteristics.

Read more... http://themreport.com/daily-dose/10-08-2018/the-factors-impacting-jumbo-and-conforming-mortgage-loans

Once you hit this credit score, going higher is a 'waste of time,' expert says

A 56-year-old government employee from Cleveland named Tom Pavelka had the "highest credit score in America" in 2012, the Daily Mail reported at the time. His near-perfect 848 ranked "higher than 100 percent of U.S. consumers," according to a letter he received from a credit bureau.

JPMorgan Chase Plans 400 Layoffs in Mortgage Business


JPMorgan Chase is reportedly laying off approximately 400 employees in its residential mortgage business.

Read more... https://nationalmortgageprofessional.com/news/68757/jpmorgan-chase-plans-layoffs-mortgage-business

West Coast Inventory Levels Starting to Rise

The number of homes available for sale in major West Coast housing markets dramatically increased last month on an annualized basis after more than six years of a shrinking inventory, according to new data from Redfin.

Read more... https://nationalmortgageprofessional.com/news/68758/west-coast-inventory-levels-starting-rise

Thursday, September 13, 2018

Financial crisis a decade ago made mortgage sector stronger, says exec

California mortgage manager Brandon Moss remembers the "scary time" when the industry fell to its knees during the 2008 financial crisis.

Read more... https://www.cnbc.com/2018/09/12/financial-crisis-a-decade-ago-made-mortgage-sector-stronger-says-exec.html

Sunday, September 9, 2018

The New Mortgage Kings: They’re Not Banks

One afternoon this spring, a dozen or so employees lined up in front of Freedom Mortgage's office in Mount Laurel, N.J., to get their picture taken. Clutching helium balloons shaped like dollar signs, they were being honored for the number of mortgages they had sold.

Read more... https://www.wsj.com/articles/the-new-mortgage-kings-theyre-not-banks-1536242400

New home buyers will pay for Arizona's construction worker shortage

Thursday, September 6, 2018

Freddie Mac Announces $655 Million NPL Sale

Includes an Extended Timeline Pool Offering Targeting Smaller Investors

MCLEAN, Va., Sept. 06, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) announced today an approximate $655 million non-performing loan (NPL) transaction, which is an auction of seasoned non-performing residential whole loans held in Freddie Mac's mortgage-related investments portfolio. The NPLs are currently serviced by Specialized Loan Servicing LLC.

The NPLs are being marketed via four pools: three Standard Pool Offerings (SPO®) and one Extended Timeline Pool Offering (EXPO®), which targets participation by smaller investors, including non-profits and minority or women-owned businesses (MWOBs).

Bids are due from qualified bidders by September 28, 2018 for the SPO pools, and October 16, 2018 for the EXPO pool. The sales are expected to settle in December 2018.

All eligible bidders, including private investors, MWOBs, non-profits and neighborhood advocacy funds are encouraged to bid. To participate, all potential bidders are required to be approved by Freddie Mac and must successfully complete a qualification package to access the secure data room containing information about the NPLs and to bid on the NPL pool(s). The bids are to be made on an all-or-none basis for any pool separately or for any combination of SPO pools together. The winning bidder will be determined on the basis of the economics of the bids, subject to meeting Freddie Mac's internal reserve levels, at Freddie Mac's sole discretion.

Advisors to Freddie Mac on the transaction are Wells Fargo Securities LLC, and The Williams Capital Group, L.P., a minority-owned business.

Freddie Mac's seasoned loan offerings are focused on reducing less liquid assets in an economically sensible way from the company's mortgage-related investments portfolio. This includes sales of NPLs, securitizations of re-performing loans (RPL) and structured RPL transactions. To date, Freddie Mac has sold $7 billion of NPLs and transacted $43 billion of RPLs consisting of (i) $27 billion via fully guaranteed PCs, (ii) $14 billion via Seasoned Credit Risk Transfer (SCRT) senior/sub securitizations, and (iii) $2 billion via Seasoned Loans Structured Transaction (SLST) offerings. Requirements guiding the servicing of these transactions are focused on improving borrower outcomes and stabilizing communities. Additional information about Freddie Mac's seasoned loan offerings is available at http://www.freddiemac.com/seasonedloanofferings/index.html.

The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.


Read more... http://www.freddiemac.com/seasonedloanofferings/index.html

Opendoor Aims to Capture More Market Share

Opendoor, an online marketplace where investors can purchase properties directly from the owners, is expanding its reach across the country, setting a goal of having a presence in 50 U.S. markets by the end of 2020. The company told HousingWire that it plans to operate in 12 new markets in the next year alone. Over the next few months, it will focus on Sacramento, Calif.; Riverside, Calif.; Denver; Portland, Ore.; Austin, Texas; and Jacksonville, Fla. Opendoor says expanding into those markets—along with the 10 cities it currently operates in—will make its service accessible to about 15 percent of the U.S. population.

Read more... https://magazine.realtor/daily-news/2018/09/04/opendoor-aims-to-capture-more-market-share

The Catalyst For A Tech Turning Point: What The Housing Crash Truly Meant

Eighteen years ago, four researchers from Montreat College published a master's thesis detailing the results of a three-month study of "the effects of the internet on real estate" in their county in the spring of 1999. Using direct mail and self-addressed, stamped envelopes, the team surveyed residents of their North Carolina area to determine how internet usage affected their residential real estate transactions. Prior to reporting their results, they set the stage by mentioning a 1995 study, the most recent at that date, by the National Association of Realtors, which cited "consumer demand for more knowledgeable and professional agents" as the biggest need in the real estate industry. The team predicted, "Real estate professionals will no longer be the gatekeepers of real estate information in the future."

Read more... https://www.forbes.com/sites/forbesrealestatecouncil/2018/08/31/the-catalyst-for-a-tech-turning-point-what-the-housing-crash-truly-meant/

Wednesday, September 5, 2018

Daily Interest: A Festering Sore in Consumer Loan Markets

Question: What do home mortgage loans including second mortgage loans, retail installment loans, automobile loans, home improvement loans, and mobile home loans have in common – aside from being loans to consumers?

Read more... https://www.mtgprofessor.com/A%20-%20Simple%20Interest%20Mortgages/Daily-Interest-A-Festering-Sore-in-Consumer-Loan-Markets.html

Friday, August 31, 2018

The $1 billion price cut: Luxury real estate gets slashed

The most expensive real-estate in America just became a little less expensive — with $1 billion in price cuts among America's top listings over the past few months, according to a CNBC analysis.

Read more... https://www.cnbc.com/2018/08/31/the-1-billion-price-cut-luxury-real-estate-gets-slashed.html

Wednesday, August 29, 2018

Ross Stores, Inc. Leases 1,003,071 Square Feet of Industrial Space in the Wonderful Industrial Park

SHAFTER, Calif., Aug. 29, 2018 (GLOBE NEWSWIRE) -- Wonderful Real Estate announced that it has negotiated a lease with Ross Stores, INC (Ross) for 1,003,071 square feet of industrial space at 4100 Express Avenue in Wonderful Industrial Park (WIP), a fully-entitled 1,625-acre, world-class distribution center located in Shafter, California. 

Wonderful Industrial Park is a rail-served industrial development entitled for 26 million square feet and currently has 7.6 million square feet of completed buildings. Shafter is 18 miles north of Bakersfield on CA-99 and about 20 minutes to Interstate 5 in California’s Central Valley.

http://www.wonderfulindustrialpark.com/tour-the-park.html

“We are very pleased that Ross chose Wonderful Industrial Park for its expansion. They have enjoyed success here, as have other retailers, manufacturing and distribution companies because of the ready access to a dependable labor pool living within minutes of the park. Further, occupants of WIP have benefitted by having exceptionally large trailer and equipment parking space that has increased the efficiency of importing goods from the Ports of Los Angeles and Long Beach,” said Joe Vargas, President of Wonderful Real Estate Development.

The industrial park’s location allows access to 14 percent of the U.S. population within 300 miles and same-day delivery to 30 million Californians. It has a FedEx Ground hub onsite and a UPS ground hub in Bakersfield, CA with Meadows Field Airport located only seven miles away.

Ross has been an occupant of Wonderful Industrial Park since 2014 and currently owns a 1.7 million square foot distribution center located near 4100 Express Avenue. WIP is also home to corporate industrial users including Target, American Tire Distributors, Essendant, DMSI, MRC Global, and Formica. The park features an onsite rail yard with more than 17,000 feet of track to accommodate unit trains with direct access to Burlington Northern Santa Fe (BNSF) Railway’s mainline.

The Wonderful Company develops, manages and invests in a diversified portfolio of real estate, with a particular focus on office and industrial properties. Wonderful Real Estate and its affiliates have invested almost $2 billion since 2008 for commercial real estate development, facility improvements, processing equipment and real estate acquisitions. 

Monday, August 27, 2018

Study: Most Millennials Don’t Have a Qualifying Credit Score

Millennials could stand to make some improvements to their credit files. Only 39 percent of millennials without a mortgage have a prime or better score, and the majority are facing higher delinquency rates on personal loans, shows a newly released study from Experian, an information services company.

Read more... https://magazine.realtor/daily-news/2018/08/24/study-most-millennials-don-t-have-a-qualifying-credit-score

Sunday, August 19, 2018

Some not-so-tiny obstacles in the growing market for tiny houses

When Tom Alsani heard about plans for a tiny-home community in St. Petersburg, he got so excited he immediately wanted to know more.

Read more... https://www.tampabay.com/news/business/realestate/Some-not-so-tiny-obstacles-in-the-growing-market-for-tiny-houses_170085959

Ready to rent a home? Beware of these new scams

Renting an apartment or a single-family home may seem easier than buying one, especially as so much of the process is now streamlined online.

Read more... https://www.cnbc.com/2018/08/09/ready-to-rent-a-home-beware-of-these-new-scams.html

Friday, August 17, 2018

A New Home for $90,000? Manufactured Housing Is Making a Comeback

While others walked away from manufactured homes, Don Glisson Jr. stuck around.

He's seen the industry's ups and downs in his 36 years working at Triad Financial Services, the third-biggest lender to buyers of factory-made houses in the U.S. The rock-bottom was in the early 2000s, when rival firms were getting fat on subprime loans.


Read more... https://www.bloomberg.com/news/articles/2018-08-16/cheap-and-sleek-manufactured-housing-is-primed-for-a-comeback

Sunday, July 22, 2018

Rosa Parks family house set for auction next week

PROVIDENCE, R.I. — 

The house where civil rights icon Rosa Parks sought refuge after fleeing the South amid death threats is scheduled for auction next week with a minimum bid of $1 million.


Read more... https://www.ajc.com/news/national/rosa-parks-family-house-set-for-auction-next-week/Z9pLLmvYakKrRA5voFPlVL/

Sunday, July 15, 2018

May 2018 Foot Traffic per NAR Research

Demand is unrelieved as supply shortages continue to impede home sales.

Every month SentriLock, LLC. provides NAR Research with data on the number of properties shown by a REALTOR®. Lockboxes made by SentriLock, LLC. are used in roughly a third of home showings across the nation. Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future. This infographic shows the latest index data along with trends and changes.


Read more... https://www.nar.realtor/research-and-statistics/research-reports/foot-traffic/infographic-may-2018-foot-traffic

Friday, July 13, 2018

Gilbert will auction off controversial town-owned land

Gilbert plans to auction off 138 acres of land nearly a decade after the town took heat for buying the property without a certified appraisal and at a price far above the going rate. 

Read more... https://www.azcentral.com/story/news/local/gilbert/2018/07/12/gilbert-auction-off-controversial-town-owned-land/772484002/

Saturday, July 7, 2018

She tried to make extra payments on her student loans, then almost lost thousands of dollars

After nearly two decades of student loan payments, Lisa Wickman saw the light. Her new fiance offered to help her put an end to the persistent debt. And so the elementary school teacher from Grand Blanc, Michigan, mailed a $7,000 check in February to Navient, one of the country's largest student-loan servicers.

Read more... https://www.cnbc.com/2018/07/05/she-tried-to-make-extra-payments-on-her-student-loans-she-almost-lost.html

Thursday, July 5, 2018

Top 10 Cities with Million-Dollar Homes

Homes costing over $1 million are not as common as one would think. But there are some cities that have more real estate costing a million dollars or more, according to a study by LendingTree, which ranked the top 50 cities by the share of homes valued over $1 million.

Read more... http://themreport.com/daily-dose/07-04-2018/top-10-cities-with-the-most-million-dollar-homes

Tuesday, July 3, 2018

How Long It Takes Your Credit Score to Recover from a Drastic Drop

How long does it take for your credit score to rebound from a "soft inquiry?" That's what Tiffany wants to know for this week's Money Monday:

Read more... https://twocents.lifehacker.com/how-long-it-takes-your-credit-score-to-recover-from-a-d-1827178418

Sunday, July 1, 2018

Phoenix City Council sells property on Central and Adams for hotel

The Future of Credit Risk Transfers - DSNews

Fannie Mae and Freddie Mac's credit risk transfer programs (CRT), initiated in 2013, are likely to experience declines due to rising interest rates and declining origination volumes, according to research from the Urban Institute. However, Laurie Goodman of the Urban Institute calls the programs "a huge success" and foresees potential growth "from outside GSE space" in the future.

Read more... https://dsnews.com/daily-dose/06-26-2018/future-credit-risk-transfers

Monday, June 25, 2018

3 Things Home Buyers Should Know About the New Lending Reform Law

On Thursday, President Donald Trump signed legislation rolling back some of the lending restrictions enacted in response to the housing boom and bust. While the new law doesn't entirely do away with those financial reforms, it does have some significant implications for home buyers.

Read more... https://www.realtor.com/news/real-estate-news/home-buyers-know-about-new-lending-reform-law/

5 Reasons People With Excellent Credit Scores Get Denied

You are proud of your credit score. Yet, when you apply for a credit card, you are denied. How can that happen? Despite what many of us believe, an excellent credit score is not a guarantee of acceptance. Here are five reasons why you could get declined, even if you have an excellent score.

Read more... https://www.forbes.com/sites/nickclements/2018/03/16/5-reasons-people-with-excellent-credit-scores-get-denied/

Saturday, June 23, 2018

How to Buy a Home in USA

Nothing says you're truly an American like owning a home. And just over half of all foreign-born households living in the U.S. own their own home.

Read more... https://www.houselogic.com/buy/first-time-home-buyer/how-to-buy-home-usa/

Friday, June 8, 2018

Brandywine Homes to Hold Grand Opening at Bradbury, a Gated Community in La Puente, Calif., on Saturday, June 9

LA PUENTE, Calif., June 07, 2018 (GLOBE NEWSWIRE) -- Brandywine Homes will hold a grand opening at Bradbury, a new infill community in La Puente offering 45 single-family detached homes on 3.87 acres, on Saturday, June 9. Interested home buyers are invited to view the model homes from 10am to 6pm.

"With easy access to all the urban amenities of Los Angeles and the serenity and safety of a gated community, Bradbury is the perfect choice for young professionals and families," said Dave Barisic, principal in charge of sales and marketing at Brandywine Homes, a pioneer of infill development in Southern California. "We're excited to show homebuyers these beautiful, timeless and low-maintenance new homes."

Bradbury is located at 747 Del Valle Avenue. The gated community, which includes a community recreation area, is offering two-story homes with three bedrooms and three bathrooms.

These stylish residences are designed with Spanish, Craftsman and Farmhouse architecture, and range in size from 1,843 to 2,087 square feet on 2,500-square-foot lots. The homes have great rooms, lofts, private yards, patios and two-car garages. The gourmet kitchens feature large islands with breakfast bars, and spacious master suites include large soaking tubs and walk-in closets.

La Puente, an up-and-coming city with a population of about 40,000, has very limited housing stock. The last new home housing tract was built almost 40 years ago, according to city officials. Close to Puente Hills Mall, Mt. San Antonio College, California State Polytechnic University, Pomona, the Dwight D. Eisenhower Golf Course and more, Bradbury offers convenient access to the 60, the 605 and the 10 freeways.

"Bradbury offers families a very rare opportunity to own a home in La Puente, which is consistently named one of California's safest places to live," Barisic said. "We don't expect these homes to stay on the market for long."

Interested homebuyers can receive more information about Bradbury here.

About Brandywine Homes
Brandywine Homes is a residential homebuilder based in Irvine, Calif., with over two decades of experience in developing challenging infill sites, revitalizing some of Southern California's oldest and most established neighborhoods. Founded in 1994, the family-owned and operated company has built or developed almost 60 small- and mid-sized infill communities totaling $1.1 billion in revenues. The company builds homes that respect and complement the heritage, values and architectural integrity of existing neighborhoods and the people who live there - making a positive contribution to the community. www.brandywine-homes.com. Social media: Facebook, Twitter, LinkedIn, YouTube and Brandywine Blog.


Thursday, June 7, 2018

Freddie Mac Announces the Issuance of a New Five-Year Reference Notes Security

MCLEAN, Va., June 07, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB:FMCC) announced today that it plans to issue a new five-year USD Reference Notes® security, CUSIP number 3137EAEN5, due on June 19, 2023. The issue will be priced on Friday, June 8, 2018, and will settle on Monday, June 11, 2018, at benchmark size.

The new five-year Reference Notes security will be offered via a syndicate of dealers headed by Nomura Securities International, Inc., TD Securities LLC and Wells Fargo Securities LLC.

This announcement is not an offer to sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac's Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (SEC) on February 15, 2018; all other reports Freddie Mac filed with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) since December 31, 2017, excluding any information "furnished" to the SEC on Form 8-K; and all documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information "furnished" to the SEC on Form 8-K.

Freddie Mac's press releases sometimes contain forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond the company's control. Management's expectations for the company's future necessarily involve a number of assumptions, judgments and estimates, and various factors could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements. These assumptions, judgments, estimates and factors are discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2017, and its reports on Form 10-Q and Form 8-K, which are available on the Investor Relations page of the company's Web site at www.FreddieMac.com/investorsand the SEC's website at www.sec.gov. The company undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date of this press release.

The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMacand Freddie Mac's blog FreddieMac.com/blog.


Monday, May 28, 2018

Fed's Dudley urges quick shift from scandal-hit Libor rate

World financial markets must continue to quickly and safely shift from the scandal-plagued Libor reference rate to alternatives including a U.S. option that was born just last month, a Federal Reserve official leading the transition said on Thursday.

Read more... https://www.reuters.com/article/us-usa-fed-dudley/feds-dudley-urges-quick-shift-from-scandal-hit-libor-rate-idUSKCN1IP150

Monday, May 21, 2018

Buying a rental property: One landlord's advice to potential owners

"Location, location, location" might be the mantra when selecting a promising house or condominium in which to live. But when it comes to purchasing rental homes, other factors also weigh heavily, according to one Phoenix landlord with different types of properties in Las Vegas.

Read more.... https://www.azcentral.com/story/money/real-estate/2018/05/21/buying-rental-property-landlords-jeremy-kisner-advice-potential-owners/617691002/

Sunday, May 20, 2018

Blackstone’s Canadian housing cousin says rentals just heating up

Last quarter, Tricon Capital Group Inc. used proprietary software to scrape 100,000 house listings in the U.S. Sunbelt states. It put offers on 1,500 and ended up buying about 400. This quarter, the Canadian firm expects to buy up to 600 more

Read more... https://www.bnnbloomberg.ca/blackstone-s-canada-housing-cousin-says-rentals-just-heating-up-1.1077782

Saturday, May 19, 2018

Yun: What’s Holding Back Real Estate Sales

Short-term and longer-term predictions about real estate markets along with a substantive give-and-take about the proposed association dues increase were among the lively topics at the 2018 REALTORS® Legislative Meetings & Trade Expo on Thursday.

Read more... http://realtormag.realtor.org/daily-news/2018/05/18/yun-what-s-holding-back-real-estate-sales?utm_source=dlvr.it&utm_medium=twitter

Monday, May 7, 2018

Central Phoenix's Madison Grove Apartments sold for $21 million

A central Phoenix apartment complex fetched more than $21 million in a recent sale after the property had been renovated.

Read more... https://www.bizjournals.com/phoenix/news/2018/05/07/central-phoenix-apartments-sell-for-21-million.html

Saturday, May 5, 2018

Tuesday, April 24, 2018

What’s Restricting Home Affordability?

Home prices increased 2.9 percent in February 2018 according to the latest data from First American's Real Home Price Index (RHPI) that was released on Monday. The data revealed that homes became 5.1 percent more expensive compared to the same period last year, even as consumer house-buying power, how much one can buy based on changes in income and interest rates, declined 2.6 percent in February.

Read more... http://themreport.com/daily-dose/04-23-2018/whats-restricting-home-affordability

Saturday, April 21, 2018

Zillow to start buying and selling metro Phoenix homes

Valley homeowners know Zillow for its online valuations. People either love or hate Zestimates, depending on what it says about their own house. 

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2018/04/21/zillow-start-buying-and-selling-metro-phoenix-homes/526146002/

Where Did Home Prices Rise the Most?

The one thing steady about the U.S. housing market post-Q1 is that it continues to be defined by a dynamic that almost sounds like it's stuck on repeat: historically low inventory is driving fewer sales and rising prices in most markets.

Read more... http://themreport.com/daily-dose/04-17-2018/where-did-home-prices-rise-the-most

How Blockchain is Bringing Technology Conversations Back in Lending

James Vinci joined Equator in 2010 and is the VP and Chief Technology Officer of the Equator business unit for Altisource. Vinci is also responsible for ensuring the successful performance of the company's business mission through development and advance preparation of the company's products and services. Vinci's role also includes foreseeing, company's service offerings as a web-based business, execution of the latest web-based technologies, and advance planning for future risks and growth. Prior to working at Equator, Vinci was President and Enterprise Architect at RedWire IT, SVP of Professional Services at Lydian Technology Group, and SVP of Professional Services at WellFound Decade Corp. He is a graduate of Columbia University.

Read more... http://themreport.com/daily-dose/04-17-2018/how-blockchains-bringing-technology-conversations-back-in-lending

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