Real estate news

• Urban Institute: 6 ways Fannie and Freddie can better serve the underserved

  02-08-2017 23:19
  Beginning next year, Fannie Mae and Freddie Mac must starting implementing their Duty to Serve Underserved Markets plans. While the comment period the plans ended in June, the Urban Institute outlined six ways the GSEs can better achieve this mission.
  
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• Private equity firm Thomas H. Lee Partners acquires majority interest in Ten-X

  02-08-2017 23:19
  Ten-X, the company formerly known as Auction.com, has experienced significant growth ever since the company received a $50 million investment from Google Capital back in March 2014. Now, the company is setting the stage for its next phase. Ten-X announced Wednesday that Thomas H. Lee Partners, a private equity firm, is acquiring a majority stake in the company. Click the headline to read more.
  
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• FHFA Director: Changing credit score models before 2019 would be serious mistake

  02-08-2017 22:29
  In his speech Tuesday night, Federal Housing Finance Agency Director Mel Watt explained not to expect a change in the credit scoring system before 2019, saying it would be a serious mistake. He explained there are two main factors holding the FHFA back from moving more quickly.
  
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• Marriage Equality and Its Impact on Real Estate

  02-08-2017 21:55
  It has been a bit more than two years since Jim Obergefell, a former Coldwell Banker West Shell agent in Cincinnati who has since moved to Washington, D.C., won his landmark Supreme Court case, Obergefell v. Hodges, that made marriage equality the law of the land.
  Those of us in the National Association of Gay & Lesbian Real Estate Professionals (NAGLREP) were obviously thrilled that one of our own members led the fight that changed our nation—but we also knew the decision would ultima
  
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• Commercial REALTORS® See Gains in Income, Sales Volume

  02-08-2017 21:44
  Commercial REALTORS® are realizing more in gross income and sales volume, with the median annual gross income growing 11 percent to $120,800 and median sales volume rising 19 percent to $3.5 million, according to the National Association of REALTORS®’ (NAR) recently released 2017 Commercial Member Profile. The highest incomes were reported among appraisers and brokers, as well as those with more than 26 years of experience.
  “There has been an uptick in REALTOR® members wh
  
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• 5 of the Best Cities to Flip Houses In

  02-08-2017 21:40
  Flipping a house can be a profitable endeavor—especially in cities where flips thrive. The best cities, according to recently released findings from a study by WalletHub, boast a combination of a desirable quality of life, cost-effective renovation expenses and prime market potential.
  The following cities, based on those criteria, are best for flips:El Paso, Texas
  El Paso earned the No. 1 ranking in WalletHub’s study, with a total score of 69.6. El Paso has the third-lowest bathroom
  
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• CFPB slaps JPMorgan Chase with $4.6M penalty over checking account problems

  02-08-2017 20:14
  The Consumer Financial Protection Bureau hit JPMorgan Chase with a $4.6 million penalty for failures related to information it provides for checking account screening reports. CFPB Director Richard Cordray explained the bureau is imposing the penalty “because Chase did not have the required processes to report this information accurately, and kept consumers in the dark about reporting disputes and application denials.”
  
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• Greg Tallmadge promoted to president of Mortgage Broker Services

  02-08-2017 20:03
  Tallmadge joined Mortgage Broker Services as executive vice president of capital markets and risk management in May. He has more than 25 years of industry experience, including roles in originations, secondary marketing, capital markets and risk management.
  
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• Can 3% down payments really compete in today's tight mortgage market?

  02-08-2017 19:00
  [Commentary] While there are reports that say low down payment mortgages can compete in today’s market, there are still home shoppers out there losing to people with higher down payments. So, does a low down payment hurt their chances against another borrower who puts 20% down?
  
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• Senate to consider bill to end “FICO monopoly” at Fannie Mae and Freddie Mac

  02-08-2017 18:50
  Earlier this year, a bipartisan group reintroduced a bill in the House of Representatives that would allow Fannie Mae and Freddie Mac to consider alternative credit-scoring models beyond the FICO credit score the government-sponsored enterprises currently use. Now, a companion bill is being introduced in the Senate as well, with the backing of Senators from both parties.
  
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• HUD dedicates $38 million to fight housing discrimination

  02-08-2017 18:38
  The U.S. Department of Housing and Urban Development announced it will provide $38 million in grants this year to fight housing discrimination. In a speech Tuesday night, FHFA Director Mel Watt explained the grave consequences to homeownership when fair housing initiatives are not followed.
  
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• Ocwen stays in the red thanks to legal, regulatory expenses

  02-08-2017 18:01
  It was another quarter in the red for Ocwen Financial, albeit a slightly better one than the same time period last year. Ocwen reported its second quarter earnings on Wednesday morning, disclosing that it posted a loss of $44.4 million in the second quarter, with fights against the Consumer Financial Protection Bureau and various state regulators dragging down the company's business.
  
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• Who owns the data relating to an appraisal?

  02-08-2017 18:00
  [Commentary] Being part of a webinar panel for HousingWire recently the discussion revolved around AMCs, fees and eventually technology. Some cogent questions were raised about who owns the data relating to an appraisal as well as how technology will change the industry. In my personal opinion and this is varied, the data belongs to the client.
  
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• ADP predicts solid jobs increase in July

  02-08-2017 15:08
  The National Employment Report from ADP and Moody’s Analytics predicts jobs will increase in July. The predicted increase is higher that the prediction in June, but lower than the nonfarm private employment report’s increase last month. The report also shows an increase in construction jobs, up from last month’s decrease.
  
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• MBA: Mortgage applications post slight decline

  02-08-2017 13:05
  Mortgage applications recorded another quiet week, decreasing from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 28, 2017. Even the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) stayed quiet and remained unchanged.
  
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• Goldman Sachs reaches $725 million in consumer relief in $5 billion settlement

  02-08-2017 00:00
  Goldman Sachs recently moved past the 40% mark in its $1.8 billion consumer relief obligation that is part of the company’s $5 billion settlement reached in April 2016 over toxic mortgage bonds, the settlement’s monitor said in a new report.
  
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