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<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" xmlns:georss="http://www.georss.org/georss" xmlns:geo="http://www.w3.org/2003/01/geo/wgs84_pos#" xmlns:media="http://search.yahoo.com/mrss/"> <channel> <title>HousingWire</title> <atom:link href="https://www.housingwire.com/feed/" rel="self" type="application/rss+xml" /> <link>https://www.housingwire.com/</link> <description>HousingWire is the nation's most influential source of news and information on housing and mortgage lending.</description> <lastBuildDate>Fri, 19 Apr 2024 00:48:38 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.4.4</generator> <image> <url>https://www.housingwire.com/wp-content/uploads/2023/10/cropped-favicon-bg.png?w=32</url> <title>HousingWire</title> <link>https://www.housingwire.com/</link> <width>32</width> <height>32</height></image> <site xmlns="com-wordpress:feed-additions:1">165477913</site> <item> <title>Why are existing home prices rising when sales are still so low?</title> <link>https://www.housingwire.com/articles/why-are-exiting-home-prices-rising-when-sales-are-still-so-low/</link> <comments>https://www.housingwire.com/articles/why-are-exiting-home-prices-rising-when-sales-are-still-so-low/#respond</comments> <dc:creator><![CDATA[Logan Mohtashami]]></dc:creator> <pubDate>Thu, 18 Apr 2024 23:36:12 +0000</pubDate> <category><![CDATA[Housing Market]]></category> <category><![CDATA[Real Estate]]></category> <category><![CDATA[Existing home sales]]></category> <category><![CDATA[Home Prices]]></category> <category><![CDATA[National Association of Realtors]]></category> <guid isPermaLink="false">https://www.housingwire.com/?p=456788</guid> <description><![CDATA[Existing home sales fell in today’s report, but home prices are still up year over year, even with higher inventory and higher mortgage rates.]]></description> <content:encoded><![CDATA[<p>Existing home sales fell in <a href="https://www.housingwire.com/articles/existing-home-sales-retreated-in-march-nar/">today’s report</a>, which isn’t surprising, but one headline that shocked some people was that home prices are still up year over year, even with higher inventory and higher <a href="https://www.housingwire.com/mortgage-rates/">mortgage rates</a>.<br><br>From <strong><a href="https://www.nar.realtor/newsroom/existing-home-sales-descended-4-3-in-march">NAR</a>: </strong><em>The median existing home price for all housing types in March was $393,500, an increase of 4.8% from the previous year ($375,300). All four U.S. regions registered price gains</em><strong>.</strong></p> <p>In an <a href="https://finance.yahoo.com/video/getting-mortgage-rates-steady-6-160749671.html">interview today</a> with <strong>Yahoo Finance</strong>, I discussed how home prices are still rising this year. Supply being near all-time lows is one thing, but existing home sales aren’t crashing like they did in 2022. The supply and demand equilibrium changed after November 2022, and that itself has kept prices rising even with existing home sales still trending at the lowest levels ever for the third calender year. </p> <p>Of course this isn’t the healthiest housing inventory story. But one positive reason for the low inventory is that homeowners have great financials and aren’t being forced to sell their homes out of stress. This is a byproduct of the <a href="https://www.consumerfinance.gov/rules-policy/final-rules/ability-to-pay-qualified-mortgage-rule/">qualified mortgage rule</a> of 2010, which has been a game-changer not only for the housing market but for the overall U.S. economy.</p> </script> <p>NAR: <em>Total existing-home sales receded 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March.</em></p> <p>This existing home sales print is slightly above the level I was looking for, but a miss for general expectations. This scenario is similar to 2023 when rates fell. We got one big existing home sales report, and then as rates rose, sales fell the rest of the year. This is why I recently talked about whether existing home sales have already peaked for the year at 4.38 million.</p> <p>The one thing that is positive this year which is different than last year is new listing data is rising year over year, nothing spectacular, but it’s a positive story for housing This means we have more sellers that will be buyers in 2024. So, this might give a bit more cushion to demand as long as rates don’t keep heading higher. However, that hasn’t been the case so far in 2024.</p> <p>NAR: <em>Total housing inventory registered at the end of March was 1.11 million units, up 4.7% from February and 14.4% from one year ago (970,000).</em></p> <p>NAR tracks inventory different than we do here at HousingWire: they have 1.11 million active listings per the last report, we have 526,000 per our last <a href="https://www.housingwire.com/tag/housing-market-tracker/">Housing Market Tracker</a> article. Historically, going back to 1982, the average inventory range is between 2 and 2.5 million, and in 2007, it peaked at 4 million. So, no matter how you measure it, the inventory data is far from ordinary.</p> <p>NAR: <em>First-time buyers were responsible for 32% of sales in March; Individual investors purchased 15% of homes; All-cash sales accounted for 28% of transactions; Distressed sales represented 2% of sales; Properties typically remained on the market for 33 days.</em></p> <p><img fetchpriority="high" decoding="async" width="652" height="368" src="https://lh7-us.googleusercontent.com/44Fdvixmemn4kvbbRZSGZjAV3VILONK_lSg4-_Vf9RVqfZAhuablz-vMw2F36RByQAbLx7kyUeUvywfj_x8CutcgNE4a8bSnLtPA6Dq1YBBVfXnyMm2YXC-B5QIVTVVB-50UwnaHKgetq5c3Qg8xQ2g"></p> <p>One of the reasons I labeled the housing market <a href="https://www.housingwire.com/articles/the-housing-market-is-now-savagely-unhealthy/">savagely unhealthy</a> in 2021 and the early part of <a href="https://www.housingwire.com/articles/the-savagely-unhealthy-housing-market-is-now-a-nightmare/">2022</a> was that the days on the market were at a teenager level. This is never a good thing for housing. This usually means you have a massive credit sales boom that will soon bust. Or, as in this case, it meant we had too many people chasing too few homes. Now that the days on the market are over 30 days, the housing market is healthier. </p> <p>Just remember, this is a very seasonal data line; it falls in the spring and rises toward the end of the year. I would love to see this level at 30 days year-round — we’ll see if I get this wish.</p> <p>Overall, the existing homes was a slight beat of my estimates, but roughly in line with what I was expecting after those two big rebound sale prints in previous months. I’m glad to see the inventory growth in the report, but with the tracker, we knew this was coming. If you’re still surprised that home prices continue to rise with higher rates and inventory, I suggest you follow our weekly tracker data, because we are working with the current live weekly data and early in the year the supply and demand equilibrium was still showing price growth.</p>]]></content:encoded> <wfw:commentRss>https://www.housingwire.com/articles/why-are-exiting-home-prices-rising-when-sales-are-still-so-low/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">456788</post-id> </item> <item> <title>FundingShield’s Ike Suri on the limits of AI in fighting fraud</title> <link>https://www.housingwire.com/articles/fundingshields-ike-suri-on-the-limits-of-ai-in-fighting-fraud/</link> <comments>https://www.housingwire.com/articles/fundingshields-ike-suri-on-the-limits-of-ai-in-fighting-fraud/#respond</comments> <dc:creator><![CDATA[Sarah Wheeler]]></dc:creator> <pubDate>Thu, 18 Apr 2024 21:21:25 +0000</pubDate> <category><![CDATA[Origination]]></category> <category><![CDATA[Technology]]></category> <category><![CDATA[Cybersecurity]]></category> <category><![CDATA[FundingShield]]></category> <category><![CDATA[Wire Fraud]]></category> <guid isPermaLink="false">https://www.housingwire.com/?p=456777</guid> <description><![CDATA[Fundingshield CEO Ike Suri talks about rising fraud risks, what keeps him up at night, and the limits of AI.]]></description> <content:encoded><![CDATA[<p>Editor in Chief Sarah Wheeler sat down with Ike Suri, chairman and CEO of FundingShield, to talk about rising fraud risks, what keeps him up at night, and why AI is still far from helpful in his business of protecting clients. </p> <p><strong>Sarah Wheeler: FundingShield just released its <a href="https://www.housingwire.com/articles/nearly-half-of-loans-processed-in-q1-showed-fraud-risks-fundingshield/">Q1 Fraud report</a>, which showed that nearly half of the loans processed in the first quarter showed fraud risks. These were not just mortgage loans, but were you surprised at how high the numbers were? Wire fraud risk in particular was present in 9.2% of the loans.</strong></p> <p><strong>Ike Suri:</strong> It was the highest we’ve seen for <a href="https://www.housingwire.com/tag/wire-fraud/">wire fraud</a> risk. Are we surprised? No, it’s been hovering around those high levels of risk all along.</p> <p>Part and parcel of the elements that contribute towards the overall fraud risk is all the movement in the industry. There are so many different angles of what affects the market at any given time. With the environment we’re in today, you’ve got attorney states where we see a lot of this fraud happening. The attorneys have a lot of control over the transaction and you can see a lot of regulatory compliance issues being missed so we see a higher risk of concentration in those states in comparison to the non-attorney states.</p> <p>This quarter there was a higher rate of risk for CPL validation errors, with 13.2% of transactions having those kinds of errors. CPL validations cover things like agents being in good standing, data accuracy between lenders and title systems, and agent registration/active status.</p> <p><strong>SW: Is it always the case that you see more risks in attorney states? </strong></p> <p><strong>IS:</strong> Every state is different in their rules and policies when it comes to this industry. The non-attorney states are such a large universe, and often those states have adopted common practice of protecting loans against fraud as far as how policies are written and how they’re adopted. So there has been more success there.</p> <p>When it comes to the attorney states, each attorney one is different from each other and it gets down to the specialists in those states. How good of a job are they doing in regards to volume that’s going through them? How well are they equipped to handle resources? How committed are they to staying compliant? You would imagine they are, but unfortunately, we’re finding these errors and the issues that lead to fraud or risk not being managed.</p> <p><strong>SW: The report calls out wire fraud specifically. What’s the latest here?</strong></p> <p><strong>IS:</strong> We saw wire fraud risks in 9.2% of the loans — that’s a pretty large spike. Of course, one loss to wire fraud is too many. We can’t tolerate even one loss in this industry because it’s someone’s life savings. And that kind of fraud can actually throw off a small IMB or a mid-size IMB because the amount is not small by the time you’re done with penalties, losses, and the investment of time and energy to deal with lawsuits, attorneys, audits and so on.</p> <p><strong>SW: What differentiates FundingShield’s tech?</strong></p> <p><strong>IS:</strong> The fundamental principle of our technology is that we structured ourselves to be seamless plug and play. That means we can plug into any workflow at any given time, with the most appropriate time at <a href="https://www.housingwire.com/tag/closings/">closing</a> because that’s where a lot of fraud is happening.</p> <p>There are new players that get involved at closing and there’s new software that gets involved as vulnerable endpoints. From new players to new software to new integrations — there’s risk there to be mitigated, which is what we’re doing.</p> <p>The industry itself has so many different platforms, different LOSs and different tech stacks. And in the last few years, those who have kept up with a tech stack that is nimble, quick and plug and play — they are then able to move quickly.</p> <p>The same applies for a tech stack when it’s consumer-facing because not all consumers have the resources to protech themselves from fraud. And because they don’t have the resources, they’re the most vulnerable — it’s their down payment! Without them there is no industry. Homebuyers are being attacked, so if you can provide help and protection for them, you have contributed quite a bit to the industry.</p> <p><strong>SW: How is FundingShield <a href="https://www.housingwire.com/tag/artificial-intelligence/">leveraging AI</a>?</strong></p> <p><strong>IS: </strong>We have a business where we cannot tolerate any error or any loss. We’ve been spending a lot of time with AI companies for the last four years and a lot of it is actually <a href="https://www.housingwire.com/tag/machine-learning/">machine learning</a> — it’s not really AI. For AI, you need to get out to the metaverse of collecting data beyond your own castle, and be able to deliver something that’s a lot more valuable, a lot more efficient or a lot more customer-service oriented or solution-provider oriented.</p> <p>Depending on where it is, in our business, we have learned over the last four or five years that AI can only help us with some redundant tasks like machine learning. But when it comes to risk and fraud, it cannot be riding autonomously. It won’t help — we can’t tolerate a 95-96% efficacy from AI. I’ve seen good growth in AI for companies that were extracting unstructured data — going through that speed process of scanning 800 pages per loan and figuring out what they can extract and use. That’s nice way of using some AI on top of your OCR technology.</p> <p>However, when it comes to fraud, it’s more complicated. So in our business, we can use AI on the customer service side, or information gathering and awareness of what’s going on in the market. But it’s too early to say how AI can be relied upon for actual fraud risks.</p> <p><strong>SW: What keeps you up at night?</strong></p> <p><strong>IS:</strong> New schemes being introduced in the market, bad actors out there finding new ways to perform fraud. Fraud-as-a-service has grown to such a large extent that we are fighting a digital war. It’s affecting homebuyers and others in the U.S. that are being attacked every day. We’re so vulnerable from outside state-sponsored agents who are coming in to attack Americans, using our tech to attack us.</p> <p>That’s what keeps us up at night: figuring out the next scheme. And how do we make sure we stay on our toes in an industry that’s going to be constantly evolving, constantly changing?</p> <p><strong>SW: How do you do that?</strong></p> <p><strong>IS:</strong> Well, I think we’ve been lucky to attract a good team like my president, Adam Chaudhary and others from the industry. We have learned a lot from our customers and we evolved with our learnings at <a href="https://www.housingwire.com/directories/mismo/">MISMO</a>. We have customers of all different kinds from different channels — from resi, to commercial to private lending — and we learn from their pain points and put our arms around it. It’s a constant marathon. It’s not a sprint. And we do that by being diligent about committing resources and ensuring that we are running ahead of the problem by looking at each customer’s issues and pain points.</p> <p><strong>SW: What is one thing you wish companies cared more about as it relates to their risk of fraud?</strong></p> <p><strong>IS:</strong> I think for most companies in this industry, their historical experience with technology has been that it’s expensive and time consuming and they are not sure they’re going to get results out of it. It’s also a very volatile, margin-challenged business, so that their trust in tech is not as much as it should be today. Now the industry is in a position where the two biggest priorities for companies is to cut costs and avoid the cyberthreats that can shut them down overnight. And now tech can solve these pain points. It can cut costs, unlike in the past, and it can do it in a plug-and-play manner. And tech can help protect them.</p> <p>But then it comes down to how these companies are built. Because to be able to resolve these two issues, it requires someone who’s not just running ops independently, but it’s tied to risk management and compliance. Then they can make a joint, coordinated decision to achieve those goals and find technology to be a partner — not just to save money, but contribute profits to the bottom line.</p>]]></content:encoded> <wfw:commentRss>https://www.housingwire.com/articles/fundingshields-ike-suri-on-the-limits-of-ai-in-fighting-fraud/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">456777</post-id> </item> <item> <title>Former academy resumes role as Funding Longevity Task Force</title> <link>https://www.housingwire.com/articles/former-academy-resumes-role-as-funding-longevity-task-force/</link> <comments>https://www.housingwire.com/articles/former-academy-resumes-role-as-funding-longevity-task-force/#respond</comments> <dc:creator><![CDATA[Chris Clow]]></dc:creator> <pubDate>Thu, 18 Apr 2024 21:20:15 +0000</pubDate> <category><![CDATA[LendingLife]]></category> <category><![CDATA[Reverse]]></category> <category><![CDATA[Academy of Home Equity in Financial Planning]]></category> <category><![CDATA[Funding Longevity Task Force]]></category> <category><![CDATA[Mutual of Omaha Mortgage]]></category> <guid isPermaLink="false">https://www.housingwire.com/?p=456752</guid> <description><![CDATA[After spending the past few years at the University of Illinois, the former academy is returning to its task force status at Mutual of Omaha.]]></description> <content:encoded><![CDATA[<p>The <strong>Academy for Home Equity in Financial Planning</strong> housed at the <strong>University of Illinois Urbana-Champaign</strong> (UIUC) will return to being known as the <strong><a href="https://www.housingwire.com/tag/funding-longevity-task-force/" target="_blank" rel="noreferrer noopener">Funding Longevity Task Force</a></strong>, and it will “mobilize as needed if there are any regulatory changes or major changes within the reverse mortgage industry,” according to a representative for <strong><a href="https://www.housingwire.com/tag/mutual-of-omaha-mortgage/" target="_blank" rel="noreferrer noopener">Mutual of Omaha Mortgage</a></strong>.</p> <p>To get a better understanding of the transition, RMD spoke with Shelley Giordano, director of enterprise integration at Mutual of Omaha and co-founder of the task force, who offered an overview of the move and what the group will aim to accomplish going forward.</p> <h2 class="wp-block-heading" id="h-return-to-a-task-force">Return to a ‘task force’</h2> <p>The original task force was co-founded in 2012 by Giordano and <strong>Security One Lending</strong>’s Torrey Larsen. Its mission statement included a desire to “champion groundbreaking research focused on reverse mortgages.”</p> <p>When it first became a part of the <strong>American College of Financial Services</strong> in <a href="https://www.housingwire.com/articles/new-partnership-seeks-to-expand-reverse-mortgage-retirement-planning-knowledge/" target="_blank" rel="noreferrer noopener">2016</a>, the organization stated its goal to cultivate “an exploration of a rational and objective understanding of the role that housing wealth can play in prudent planning for retirement income,” Giordano explained at the time.</p> <figure class="alignright size-large is-resized"><img decoding="async" width="488" height="538" data-attachment-id="435785" data-permalink="https://www.housingwire.com/articles/how-education-hurdles-illuminate-reverse-mortgage-distribution-challenges/shelleygiordano_mutualofomaha/" data-orig-file="https://www.housingwire.com/wp-content/uploads/2024/01/shelleygiordano_mutualofomaha.jpg" data-orig-size="488,538" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="shelleygiordano_mutualofomaha" data-image-description="<p>Shelley Giordano, director of enterprise integration at Mutual of Omaha Mortgage.</p>" data-image-caption="<p>Shelley Giordano</p>" data-medium-file="https://www.housingwire.com/wp-content/uploads/2024/01/shelleygiordano_mutualofomaha.jpg?w=272" data-large-file="https://www.housingwire.com/wp-content/uploads/2024/01/shelleygiordano_mutualofomaha.jpg?w=488" src="https://www.housingwire.com/wp-content/uploads/2024/01/shelleygiordano_mutualofomaha.jpg?w=488" alt="Shelley Giordano, director of enterprise integration at Mutual of Omaha Mortgage." class="wp-image-435785" style="width:200px" srcset="https://www.housingwire.com/wp-content/uploads/2024/01/shelleygiordano_mutualofomaha.jpg 488w, https://www.housingwire.com/wp-content/uploads/2024/01/shelleygiordano_mutualofomaha.jpg?resize=136,150 136w, https://www.housingwire.com/wp-content/uploads/2024/01/shelleygiordano_mutualofomaha.jpg?resize=272,300 272w" sizes="(max-width: 488px) 100vw, 488px" /><figcaption class="wp-element-caption">Shelley Giordano</figcaption></figure> <p>In 2019, the group <a href="https://www.housingwire.com/articles/funding-longevity-task-force-moves-out-of-the-american-college-of-financial-services/" target="_blank" rel="noreferrer noopener">exited the American College</a> and <a href="https://www.housingwire.com/articles/funding-longevity-task-force-gets-new-name-and-home-adds-karin-hill/" target="_blank" rel="noreferrer noopener">reformed</a> as the Academy for Home Equity in Financial Planning at the UIUC. It continued to contribute data and academic information about the reverse mortgage product and its potential use as a retirement planning tool.</p> <p>“We had an opportunity to collaborate with other lenders and fund the academy with Dr. Craig Lemoine,” Giordano said. “That funding support has come and gone, but Mutual of Omaha is steadfast in its commitment to supporting the concept that housing is a real asset to secure retirement for many Americans.”</p> <p>The group will continue under the auspices of Mutual of Omaha, which currently stands as <a href="https://www.housingwire.com/articles/the-top-10-reverse-mortgage-lenders-of-2023/" target="_blank" rel="noreferrer noopener">the second-largest lender</a> in the reverse mortgage industry behind <strong><a href="https://www.housingwire.com/tag/finance-of-america-reverse/" target="_blank" rel="noreferrer noopener">Finance of America Reverse</a></strong> (FAR). The lender will work to keep bringing academic experts together to continue compiling and sharing data about the use — and potential use cases — of home equity in retirement.</p> <p>“The research is irrefutable at this point that the house can truly be an asset for people in retirement,” Giordano said. “So, we just want to continue that, but it will be something that we are doing at Mutual of Omaha solely.”</p> <p>The group’s work, however, will continue to be shared with other industry participants. Different issues that could arise in the future will determine when the group mobilizes, she explained.</p> <p>“If there’s an issue that comes up that we feel that we need to come together and have a discussion about, then we will do so,” she said. “But by definition, a task force comes together for a specific goal, and then could lay low for a while until needed again. That’s what we want to continue to do.”</p> <h2 class="wp-block-heading" id="h-work-in-illinois">Work in Illinois</h2> <p>Lemoine, who serves as the director of UIUC’s financial planning program, remains interested in the deployment of home equity, Giordano said.</p> <p>“He’s been a great partner and, in fact, we’d like to publicly thank him for his leadership over the last few years,” Giordano said. “He did some great work and we did some great work together.”</p> <p>Giordano cited a survey demonstrating how certified financial planners (CFPs) had some positive attitudes about reverse mortgages as a planning tool, as well as the creation of <a href="https://www.housingwire.com/articles/academy-for-home-equity-releases-model-reverse-mortgage-compliance-language-for-financial-planners/" target="_blank" rel="noreferrer noopener">model guidance language</a> for broker-dealers and investment advisory firms to use in governing a planner’s interactions with reverse mortgage products.</p> <p>“Those are two of the things that the academy was very pleased to have been part of, and we really appreciate Dr. Lemoine,” Giordano said.</p> <p>RMD reached out to Lemoine for comment about potential future collaborations but did not immediately receive a response.</p> <h2 class="wp-block-heading" id="h-looking-ahead">Looking ahead</h2> <p>As for what the future holds, financial planners remain a critical constituency for the reverse mortgage industry to establish referral partnerships with. And the task force remains focused on clearing up misconceptions they may have about the product category, Giordano said.</p> <p>“We are all still disappointed that financial advisers as a whole have not moved forward with reverse mortgages,” she said. “We have to be honest; that’s the reality. I think the message is becoming more powerful and convincing. But as we’ve said from the very beginning, it takes loan officers sitting [face-to-face with advisers] to really get the message across.”</p> <p>In August 2023, Mutual of Omaha <a href="https://www.housingwire.com/articles/survey-suggests-reverse-mortgage-misconceptions-remain-rampant/" target="_blank" rel="noreferrer noopener">released the findings of a survey</a> of roughly 400 respondents, which found that 74% had either never heard of the phrase “reverse mortgage,” knew the phrase but nothing about the product, or categorized themselves as having “a little” knowledge. Lingering product concerns, including those about the “bank owning the home,” continue to persist in large numbers.</p> <p>But Giordano remains confident in the data that the group has found over the years, she explained.</p> <p>“We’ve got all the ammunition. Loan officers have to get out there and make it relevant to the financial advisers in their communities,” she said. “It’s not easy, as we’ve seen. Just because we can demonstrate that using a reverse mortgage line of credit mitigates sequence-of-returns risk doesn’t mean that financial advisers are going to put all their clients into the line of credit. </p> <p>“Unfortunately, the <a href="https://www.housingwire.com/tag/hecm/">HECM</a> line of credit is a great shock absorber, particularly for a long-term care event, and how that can preserve wealth for people. The data is there.”</p>]]></content:encoded> <wfw:commentRss>https://www.housingwire.com/articles/former-academy-resumes-role-as-funding-longevity-task-force/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">456752</post-id> </item> <item> <title>U.S. Treasury’s financial crimes network warns of elder exploitation</title> <link>https://www.housingwire.com/articles/us-treasurys-financial-crimes-network-warns-of-elder-financial-exploitation/</link> <comments>https://www.housingwire.com/articles/us-treasurys-financial-crimes-network-warns-of-elder-financial-exploitation/#respond</comments> <dc:creator><![CDATA[Chris Clow]]></dc:creator> <pubDate>Thu, 18 Apr 2024 20:57:23 +0000</pubDate> <category><![CDATA[Regulatory]]></category> <category><![CDATA[Reverse]]></category> <category><![CDATA[Yahoo Finance]]></category> <category><![CDATA[Department of the Treasury]]></category> <category><![CDATA[Federal Bureau of Investigation]]></category> <category><![CDATA[HUD]]></category> <guid isPermaLink="false">https://www.housingwire.com/?p=456758</guid> <description><![CDATA[In a new trends report, FinCEN says it received more than 155,000 reports about elder financial exploitation from mid-2022 to mid-2023]]></description> <content:encoded><![CDATA[<p>The Financial Crimes Enforcement Network (FinCEN), a division of the <a href="https://www.housingwire.com/tag/department-of-the-treasury/" target="_blank" rel="noreferrer noopener"><strong>U.S. Department of the Treasury</strong></a>, is sounding the alarm over challenges faced by elder financial exploitation (EFE).</p> <p>In a newly released trends report, FinCEN highlighted more than $27 billion worth of “suspicious activity” across more than 155,000 filings of Bank Secrecy Act (BSA) data with FinCEN between June 15, 2022 and June 15, 2023.</p> <p>The data is linked to elder financial exploitation, “or the illegal or improper use of an older adult’s funds, property, or assets.” Within the $27 billion-plus in reported suspicious activity, EFE could include both actual and attempted transactions that “may affect personal savings, checking accounts, retirement savings, and investments, and can severely impact victims’ well-being and financial security,” the report stated.</p> <p>This is a follow-up to <a href="https://www.housingwire.com/articles/u-s-treasury-department-issues-elder-financial-exploitation-advisory/" target="_blank" rel="noreferrer noopener">a prior notice issued by FinCEN in June 2022</a>, which aimed to alert financial institutions of a rising trend of EFE. FinCEN noted that companies should be aware of these activities and attempt to counteract them through both internal mechanisms and reporting to authorities.</p> <p>“FinCEN has long recognized the threat that [EFE] poses and the need to protect the older adult population from financial abuse,” FinCEN Director Andrea Gacki said in a statement. “FinCEN’s analysis highlights the critical role of financial institutions in helping to identify, prevent, and report suspected [EFE]. We are grateful for their vigilance and for the BSA information they have filed — and continue to file — in response to FinCEN’s 2022 advisory.”</p> <p>Seventy-two percent of all EFE filings included in the data were filed by banks, with two banks alone accounting for 50,670 (33%) of all filings. The most commonly cited typology of the EFE incidents were “account takeovers,” and adult children of the elder victims were the most common perpetrators, according to the report.</p> <p>“BSA filers reported adult children as the perpetrators of elder theft in nearly 40% of cases, based on a manual review of EFE-related filings,” the report explained.</p> <p>Perpetrators also relied primarily on what FinCEN refers to as “unsophisticated means,” or those that “minimize direct contact with financial institution employees” and which include “using previously compromised identifying information and/or passwords, guessing passwords, or mass spam emails that elicit replies containing sensitive information.”</p> <p>This is because direct involvement with financial institution personnel would increase the likelihood of being caught, since workers at these institutions “would likely identify EFE activity more frequently if victims or perpetrators conducted transactions in person, and presumably not permit the requested transactions.”</p> <p>Financial institutions also filed significantly more reports related to scams targeting seniors, most frequently including “tech support” scams in which a perpetrator falsely claims to offer technical assistance, or “romance scams” in which a perpetrator attempts to present themselves as a potential romantic partner to the victim.</p> <p>Real estate scams are also included in the typology of the report, although it does not mention reverse mortgages specifically. The <strong><a href="https://www.housingwire.com/tag/hud/" target="_blank" rel="noreferrer noopener">U.S. Department of Housing and Urban Development</a></strong> (HUD) Office of the Inspector General (OIG) <a href="https://www.housingwire.com/articles/hud-oig-warns-about-reverse-mortgage-scams-in-updated-bulletin/" target="_blank" rel="noreferrer noopener">previously identified</a> reverse mortgage scams as a potential vehicle for perpetrators to target elderly victims.</p> <p>Late last year, the <strong>FBI </strong><a href="https://www.housingwire.com/articles/fbi-warns-of-increase-in-elder-financial-abuse-cbs-news/" target="_blank" rel="noreferrer noopener">warned the public</a> about a problematic rise in instances of elder financial abuse. <a href="https://www.housingwire.com/articles/government-industry-members-highlight-issues-with-elder-financial-abuse/" target="_blank" rel="noreferrer noopener">Seniors are common targets</a> of financial scammers, and authorities consistently warn the public to safeguard the financial accounts and assets of their loved ones.</p>]]></content:encoded> <wfw:commentRss>https://www.housingwire.com/articles/us-treasurys-financial-crimes-network-warns-of-elder-financial-exploitation/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">456758</post-id> </item> <item> <title>Floify integrates with verifications platform Truv </title> <link>https://www.housingwire.com/articles/floify-integrates-with-verifications-platform-truv/</link> <comments>https://www.housingwire.com/articles/floify-integrates-with-verifications-platform-truv/#respond</comments> <dc:creator><![CDATA[Sarah Marx]]></dc:creator> <pubDate>Thu, 18 Apr 2024 20:38:14 +0000</pubDate> <category><![CDATA[Mortgage]]></category> <category><![CDATA[Origination]]></category> <category><![CDATA[Technology]]></category> <category><![CDATA[Income verification]]></category> <guid isPermaLink="false">https://www.housingwire.com/?p=456757</guid> <description><![CDATA[The partnership is designed to enable lenders to streamline the application and verification process ]]></description> <content:encoded><![CDATA[<p>Digital mortgage automation solutions provider <strong><a href="https://www.housingwire.com/tag/floify/">Floify</a></strong> is partnering with <strong>Truv</strong>, a consumer-permissioned data platform, the company announced on Wednesday. The integration allows<a href="https://www.housingwire.com/tag/mortgage/" target="_blank" rel="noreferrer noopener"> mortgage lenders</a> to verify income and employment seamlessly as borrowers apply for a loan.</p> <p>Procuring <a href="https://www.housingwire.com/tag/income-verification/">verification of income</a> (VOI) and verification of employment (VOE) reports at the point of application help lenders accelerate and streamline the application process. According to Floify’s news release, Truv can electronically verify income and employment for 95% of the U.S. workforce. Moreover, with borrower permission, it can retrieve two years worth of W-2s, paystubs, bank statements and 1099s.</p> <p>“From our perspective, the timing of this integration will be welcomed by lenders looking to scale back costs, saving 60-80% compared to traditional verification providers,” Kirill Klokov, CEO at Truv, said in a statement. “Lenders now have the opportunity to maximize pull-through of the applications they receive, realize a substantial increase in conversion, and reduce risk and fraud end-to-end.”</p> <p>In March, <a href="https://www.housingwire.com/articles/floifys-new-platform-aims-to-provide-flexible-pricing-for-mortgage-lenders/" target="_blank" rel="noreferrer noopener">Floify</a> launched a mortgage point-of-sale (POS) platform for lenders. Floify Lender Edition aims to increase lender profitability through its automated processes and efficiency tools, the company said. It is configured to give independent mortgage banks, federally insured banks and credit unions the needed tools at an accessible price point</p> <p>The government-sponsored enterprise <strong><a href="https://www.housingwire.com/tag/freddie-mac/" target="_blank" rel="noreferrer noopener">Freddie Mac</a></strong><a href="https://www.housingwire.com/articles/freddie-mac-approves-payroll-income-verification-vendor-truv/"> approved</a> Truv as a lender tool for payroll verifications and consumer-permissioned income data in December 2023.</p>]]></content:encoded> <wfw:commentRss>https://www.housingwire.com/articles/floify-integrates-with-verifications-platform-truv/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">456757</post-id> </item> <item> <title>Major homebuilder objects to proposed NAR settlement</title> <link>https://www.housingwire.com/articles/major-homebuilder-objects-to-proposed-nar-settlement/</link> <comments>https://www.housingwire.com/articles/major-homebuilder-objects-to-proposed-nar-settlement/#respond</comments> <dc:creator><![CDATA[Chris Clow]]></dc:creator> <pubDate>Thu, 18 Apr 2024 19:25:51 +0000</pubDate> <category><![CDATA[Legal]]></category> <category><![CDATA[Real Estate]]></category> <category><![CDATA[Anywhere]]></category> <category><![CDATA[Commission Lawsuit]]></category> <category><![CDATA[Keller Williams]]></category> <category><![CDATA[PulteGroup]]></category> <category><![CDATA[RE/MAX]]></category> <guid isPermaLink="false">https://www.housingwire.com/?p=456717</guid> <description><![CDATA[PulteGroup, one of the largest U.S. homebuilders, says it requires more information before deciding to remain in the class.]]></description> <content:encoded><![CDATA[<p>Atlanta-based <strong><a href="https://www.housingwire.com/tag/homebuilders/" target="_blank" rel="noreferrer noopener">PulteGroup Inc.</a></strong>, one of the largest <a href="https://www.housingwire.com/commission-lawsuits/" target="_blank" rel="noreferrer noopener">homebuilders</a> in the U.S., has filed an objection in the Sitzer/Burnett <a href="https://www.housingwire.com/commission-lawsuits/" target="_blank" rel="noreferrer noopener">commission lawsuit</a> following settlements with <strong>Anywhere</strong>, <strong>RE/MAX</strong> and <strong>Keller Williams</strong>.</p> <p>PulteGroup says that the company does not have enough information to adequately determine the amount of money it could recover, among other issues, according to a court filing reviewed by HousingWire.</p> <p>Filed in the <strong>U.S. District Court for the Western District of Missouri</strong>, attorneys for PulteGroup explained in a court filing submitted on April 12 that certain “procedural factors” have impacted the company’s decision to remain in the case’s settlement classes.</p> <p>“First, the settlement agreements exclude key information about the method of allocating funds, details necessary for Pulte to evaluate its expected recovery,” the company’s attorneys said in the filing. “Second, the settlement agreements envision claims made through a hand-filled claim form, a needless and time-consuming complication for a homebuilder that will be downloading this information from computer databases.”</p> <p>Finally, the filing notes that “apparent breakdowns in providing notice to the class” resulted in PulteGroup never receiving direct notice, which have raised “concerns that this settlement will not survive due process scrutiny,” the attorneys said.</p> <p>The core questions surrounding the “magnitude” of the company’s potential recovery, the work that would be required to receive it, and whether the settlement will survive due process considerations are key questions that could determine the company’s ongoing presence in the class. But these questions have yet to be answered, the filing asserts.</p> <p>“Because the deadline is here and Pulte has seen no answers to these questions, Pulte objects,” the filing reads, adding that the parties involved have not made the information available.</p> <p>“Pulte has not seen any information about class size, expected claim rate, or the claim administrator’s evaluations in dividing up settlement funds,” the filing reads. “Most of this information typically would be provided in a Plan of Allocation, a document routinely provided before the opt-out date.”</p> <p>The agreement also “provides no mechanism for homebuilding claimants to reduce the burden of claim submission,” saying there are “unnecessary hurdles” that make filing a claim “needlessly difficult.”</p> <p>Since the company also never received notice about the involved settlements — <a href="https://www.housingwire.com/articles/keller-williams-settles-the-sitzer-burnett-commission-lawsuit-for-70-million/" target="_blank" rel="noreferrer noopener"><strong>Keller Williams</strong> settled for $70 million</a>, while <strong>Anywhere</strong> and <strong>RE/MAX</strong> <a href="https://www.housingwire.com/articles/final-approval-hearing-date-set-for-re-max-anywhere-commission-lawsuit-settlements/" target="_blank" rel="noreferrer noopener">collectively settled</a> for $138.5 million — other parties could also be disadvantaged.</p> <p>“If Pulte, with thousands of claims, did not receive direct notice of settlement, individual home sellers with many fewer sales likely did not receive notice either,” the filing reads. “Those individual home sellers may also lack legal counsel and would be less likely to learn about their class membership through the news.”</p> <p>PulteGroup concludes the filing with three requests: that the opt-out date is deferred until “after 30 days after the class receives notice of a plan of allocation,” that the court requires the involved parties to provide “an efficient method for claimants to submit bulk claims through an electronic spreadsheet,” and that it monitor future notices “to ensure class members receive actual notice.”</p> <p>A response by the judge has not yet been filed as of Thursday.</p>]]></content:encoded> <wfw:commentRss>https://www.housingwire.com/articles/major-homebuilder-objects-to-proposed-nar-settlement/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">456717</post-id> </item> <item> <title>How AI will transform the mortgage and appraisal industries</title> <link>https://www.housingwire.com/articles/how-ai-will-transform-the-mortgage-and-appraisal-industries/</link> <comments>https://www.housingwire.com/articles/how-ai-will-transform-the-mortgage-and-appraisal-industries/#respond</comments> <dc:creator><![CDATA[Gareth Borcherds]]></dc:creator> <pubDate>Thu, 18 Apr 2024 19:17:02 +0000</pubDate> <category><![CDATA[Sponsored Content]]></category> <category><![CDATA[Artificial Intelligence]]></category> <category><![CDATA[Jaro]]></category> <guid isPermaLink="false">https://www.housingwire.com/?p=456660</guid> <description><![CDATA[Artificial intelligence is allowing the mortgage industry to under go a transformation, redefining how mortgages are processed and appraised.]]></description> <content:encoded><![CDATA[<p><p class="MsoNormal" style="margin: 0in; line-height: 18.56px; font-size: 12pt; font-family: Aptos, sans-serif; white-space-collapse: collapse;"></p><p class="MsoNormal" style="margin: 0in; line-height: 18.56px; font-size: 12pt; font-family: Aptos, sans-serif; white-space-collapse: collapse;"></p><p class="MsoNormal" style="margin: 0in 0in 8pt; line-height: 18.56px; font-size: 12pt; font-family: Aptos, sans-serif; white-space-collapse: collapse;"></p></p> <p>Every business is on the brink of significant transformation driven by the potential of <a href="https://www.housingwire.com/technology/">Artificial Intelligence (AI)</a> and workflow automation, and the <a href="https://www.housingwire.com/mortgage/">mortgage</a> industry is no exception. With AI’s capacity to perform complex reasoning and manage autonomous operations, it is critical to explore how this technology can reshape industry standards, enhance operational efficiency, and how we as an industry manage its inherent risks.</p> <p>At <strong><a href="https://hubs.ly/Q02tcTWP0">Jaro</a></strong>, our commitment to integrating AI automation alongside the traditional appraisal process is not just about keeping pace with technology — it’s about making the process of <a href="https://www.housingwire.com/appraisals-valuations/">appraising</a> and valuing properties better for every stakeholder: from lenders, to borrowers, appraisers and everyone in between.</p> <p><strong>HousingWire</strong> spoke with <a href="https://www.linkedin.com/in/gborcherds">Gareth Borcherds</a>, <a href="https://www.housingwire.com/winner-profile/2023-rising-star-gareth-borcherds/">managing director</a> at <strong>Ascent Software Group</strong> about how AI is speeding up processes in the mortgage industry.</p> <p><strong>HousingWire: How is the use of artificial intelligence (AI) changing the mortgage industry</strong></p> <p><strong>Gareth Borcherds: </strong>The <a href="https://www.housingwire.com/mortgage/">mortgage</a> industry has long been characterized by complex processes and meticulous evaluations. However, with the integration of <a href="https://www.housingwire.com/technology/">artificial intelligence</a> (AI), the industry is undergoing a profound transformation, redefining how mortgages are processed and appraised. AI’s capacity for complex reasoning and autonomous operations is revolutionizing the mortgage landscape, enhancing efficiency, accuracy, and reliability across various industry segments.</p> <p>AI, primarily through machine-learning algorithms and data analytics, serves as the linchpin of this transformation. Lenders and <a href="https://www.housingwire.com/appraisals-valuations/">Appraisal</a> Management Companies (AMCs) now leverage advanced AI tools to automate tasks, analyze vast datasets for <a href="https://www.housingwire.com/housing-market/">market</a> trends, and identify potential risks with unprecedented efficiency. This automation not only alleviates the burden of manual labor, but also significantly reduces the risk of human errors, creating a more robust and reliable mortgage ecosystem.</p> <p><strong>HW: What are some of the opportunities of using AI to speed up processes in the mortgage industry?</strong></p> <p><strong>GB: </strong>The integration of AI presents numerous opportunities to accelerate processes in the <a href="https://www.housingwire.com/origination/">mortgage</a> industry. AI can automate repetitive tasks, such as data collection and analysis, significantly reducing turnaround times for appraisals and loan approvals. Additionally, AI-powered tools can enhance the accuracy of appraisals by providing objective insights and identifying relevant market trends. By leveraging AI, stakeholders can optimize resource allocation, improve operational efficiency, and deliver faster and more reliable mortgage services to clients.</p> <p><strong>HW: What myths around AI would you like to set straight?</strong></p> <p><strong>GB: </strong>Despite its transformative potential, several myths and misconceptions continue to hinder the widespread adoption of AI in the <a href="https://hubs.ly/Q02tcTWP0">mortgage</a> industry. One prevalent myth suggests that AI will replace human appraisers entirely. However, AI should be viewed as a complementary tool that enhances human capabilities rather than replacing them. Human oversight and validation remain essential to ensure the accuracy and reliability of AI outputs. </p> <p>The misconception that AI is only accessible to large institutions with substantial resources is far from true. Many AI solutions are scalable and affordable, catering to lenders and AMCs of all sizes. Additionally, concerns about AI introducing bias into the appraisal process can be mitigated through proper training and calibration of AI algorithms, which standardize data analysis and decision-making processes.</p> <p><strong>HW: How is Jaro smoothing out the edges around AI use and workflow automation?</strong></p> <p><strong>GB: </strong>In the realm of AI and workflow automation, <a href="https://hubs.ly/Q02tcTWP0">Jaro</a> emerges as a pioneering force, setting new standards for appraisal quality and efficiency. Through a suite of tech-enabled services, including <strong>JaroDesk</strong>, <strong>JaroKit</strong>, and <strong>JaroInspect</strong>, Jaro integrates AI and machine-learning technologies to proactively address appraisal quality control challenges. </p> <p>By leveraging AI, Jaro streamlines appraisal workflows, reduces the need for manual interventions, and ensures that human expertise is focused on high-complexity or high-risk cases. Ultimately, Jaro’s approach to AI and workflow automation aims to optimize appraisal quality while improving overall productivity and reducing turnaround times, thereby revolutionizing the mortgage industry from within.</p> <p>The integration of <a href="https://www.housingwire.com/videos/gareth-borcherds-talks-building-new-tech-in-a-challenging-market/">artificial intelligence</a> represents a paradigm shift in the mortgage industry, promising to redefine traditional processes and enhance overall efficiency. By leveraging AI’s capabilities, stakeholders can deliver superior mortgage services to clients while dispelling myths and misconceptions surrounding AI. Embracing AI as a powerful ally is essential for realizing its full potential in driving excellence within the mortgage industry and beyond.<br><br>To learn more about Jaro, visit <a href="https://hubs.ly/Q02tcTWP0">tryjaro.com</a><br></p>]]></content:encoded> <wfw:commentRss>https://www.housingwire.com/articles/how-ai-will-transform-the-mortgage-and-appraisal-industries/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">456660</post-id> </item> <item> <title>First Federal Bank to acquire Watson Mortgage Corp.</title> <link>https://www.housingwire.com/articles/first-federal-bank-to-acquire-watson-mortgage-corp/</link> <comments>https://www.housingwire.com/articles/first-federal-bank-to-acquire-watson-mortgage-corp/#respond</comments> <dc:creator><![CDATA[Flávia Furlan Nunes]]></dc:creator> <pubDate>Thu, 18 Apr 2024 19:10:38 +0000</pubDate> <category><![CDATA[Mortgage]]></category> <category><![CDATA[Origination]]></category> <category><![CDATA[Community Bank]]></category> <category><![CDATA[Florida]]></category> <category><![CDATA[mergers and acquisitions]]></category> <guid isPermaLink="false">https://www.housingwire.com/?p=456713</guid> <description><![CDATA[Watson platform will transition to the First Federal brand ’within a few months of closing,’ the community bank reported]]></description> <content:encoded><![CDATA[<p><span data-preserver-spaces="true" style="font-size: revert; color: initial;">Florida-based </span><strong style="font-size: revert; color: initial;">First Federal Bank</strong><span data-preserver-spaces="true" style="font-size: revert; color: initial;"> announced on Thursday that it struck a deal to <a href="https://www.housingwire.com/articles/the-2024-mortgage-ma-playbook/" target="_blank" rel="noreferrer noopener">acquire</a></span><strong style="font-size: revert; color: initial;"> Watson Mortgage Corp</strong><span data-preserver-spaces="true" style="font-size: revert; color: initial;">., expanding its mortgage <a href="https://www.housingwire.com/tag/retail-lending/" target="_blank" rel="noreferrer noopener">retail lending</a> footprint in the communities in which it operates. The financial details of the deal were not disclosed. </span></p> <p><span data-preserver-spaces="true">First Federal Bank has 25 branches in the Southeast and operations in the Midwest, including mortgage centers in Jacksonville, <a href="https://www.housingwire.com/articles/as-insurance-costs-rise-florida-homeowners-are-given-a-new-option/" target="_blank" rel="noreferrer noopener">Florida</a>; Alpharetta, Georgia; Madison, Wisconsin; and Overland Park</span>, Kansas.</p> <p><span data-preserver-spaces="true">Last year, the community bank originated about $435 million in mortgage volume, per mortgage data platform </span><strong>Modex</strong><span data-preserver-spaces="true">.</span> N<span data-preserver-spaces="true">early 58% of this total was conventional loans and 55% was <a href="https://www.housingwire.com/articles/first-time-homebuyers-made-up-a-record-share-of-agency-purchase-loans-in-2023/" target="_blank" rel="noreferrer noopener">purchase loans</a>. As of Thursday, the bank had 155 sponsored loan officers, according to the </span><strong>Nationwide Multistate Licensing System </strong><span data-preserver-spaces="true">(NMLS).</span></p> <p><span data-preserver-spaces="true">President and CEO John Medina said in a prepared statement that the First Federal Bank has a mission to <a href="https://www.housingwire.com/technology/" target="_blank" rel="noreferrer noopener">provide solutions</a> from a “financially stable institution,” and the acquisition <span data-preserver-spaces="true">“</span>underscores our commitment<span data-preserver-spaces="true">“</span> to the residential mortgage sector.</span></p> <p><span data-preserver-spaces="true">Under the agreement, First Federal Bank will serve Watson’s customers throughout the Watson Realty footprint and the Watson platform will transition to the First Federal brand</span> <span data-preserver-spaces="true"><span data-preserver-spaces="true">“</span>within a few months of closing,<span data-preserver-spaces="true"><span data-preserver-spaces="true">“</span></span></span> <span data-preserver-spaces="true">the parties said in a statement. </span></p> <p><span data-preserver-spaces="true">First Federal Bank has plans to retain the <span data-preserver-spaces="true"><span data-preserver-spaces="true">“</span></span>vast majority<span data-preserver-spaces="true"><span data-preserver-spaces="true">“</span></span></span> <span data-preserver-spaces="true">of employees at the acquired lender. Per NMLS, Watson Mortgage had 17 sponsored LOs as of Thursday, and Modex shows that the lender originated about $78 million in mortgage volume last year. </span></p> <p><span data-preserver-spaces="true">Watson Mortgage Corp. was established in 1994 and is part of Florida-based </span><strong>Watson Realty Corp.</strong><span data-preserver-spaces="true">, a family-owned company since 1965. The lender is being acquired by a bank that has about $3.9 billion in total assets. </span></p> <p><span data-preserver-spaces="true">Bill Watson, chairman of Watson Realty Corp., said the agreement permits the team to <span data-preserver-spaces="true"><span data-preserver-spaces="true">“</span></span>continue providing mortgage solutions to our customers and serve our teams with valuable mortgage expertise.<span data-preserver-spaces="true">“</span></span></p> <p><span data-preserver-spaces="true"><span data-preserver-spaces="true">“Watson’s</span> strategic plan for 2024 includes a strong focus on helping customers secure homes in a <a href="https://www.housingwire.com/articles/elevated-mortgage-rates-home-prices-harm-affordability-redfin/" target="_blank" rel="noreferrer noopener">challenging rate environment</a>,<span data-preserver-spaces="true"><span data-preserver-spaces="true">“</span></span></span> <span data-preserver-spaces="true">Watson added. </span></p> <p>First Federal Bank has engaged in previous M&A deals. In 2023, it acquired the mortgage division of <strong><a href="https://www.housingwire.com/articles/first-federal-bank-to-acquire-bnc-national-banks-mortgage-business/" target="_blank" rel="noreferrer noopener">BNC National Bank</a></strong>. The deal included the bank’s consumer-direct technology platform. </p>]]></content:encoded> <wfw:commentRss>https://www.housingwire.com/articles/first-federal-bank-to-acquire-watson-mortgage-corp/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">456713</post-id> </item> <item> <title>Elevated mortgage rates, home prices harm affordability: Redfin</title> <link>https://www.housingwire.com/articles/elevated-mortgage-rates-home-prices-harm-affordability-redfin/</link> <comments>https://www.housingwire.com/articles/elevated-mortgage-rates-home-prices-harm-affordability-redfin/#respond</comments> <dc:creator><![CDATA[Sarah Marx]]></dc:creator> <pubDate>Thu, 18 Apr 2024 18:06:05 +0000</pubDate> <category><![CDATA[Housing Market]]></category> <category><![CDATA[Mortgage]]></category> <category><![CDATA[Mortgage Rates]]></category> <category><![CDATA[Home Prices]]></category> <category><![CDATA[Mortgage Rates Center]]></category> <category><![CDATA[Redfin]]></category> <guid isPermaLink="false">https://www.housingwire.com/?p=456706</guid> <description><![CDATA[The median monthly housing payment for U.S. homebuyers rose to a record $2,775 during the four-week period ending April 14.]]></description> <content:encoded><![CDATA[<p>The median monthly housing payment for U.S. homebuyers rose to a record $2,775 during the four-week period ending April 14, up 11% year over year, according to a <strong>Redfin</strong> <a href="https://www.redfin.com/news/housing-market-update-home-prices-mortgage-rates-increase/" target="_blank" rel="noreferrer noopener">report</a>. </p> <p>The recent hotter-than-expected <a href="https://www.housingwire.com/articles/inflation-rose-again-in-march-its-another-blow-for-the-mortgage-industry/" target="_blank" rel="noreferrer noopener">inflation reading</a> sent mortgage rates upward. On Thursday, <a href="https://www.housingwire.com/mortgage-rates/" target="_blank" rel="noreferrer noopener">HousingWire’s Mortgage Rates Center</a> showed the average 30-year fixed rate for conventional loans at 7.31%, up from 7.19% a week earlier. </p> <p>Additionally, <a href="https://www.housingwire.com/tag/federal-reserve/" target="_blank" rel="noreferrer noopener"><strong>Federal Reserve</strong></a> Chair Jerome Powell made statements at the <a href="https://www.youtube.com/watch?v=QqwuXkUUJwc" target="_blank" rel="noreferrer noopener">Washington Forum</a> on <a href="https://www.housingwire.com/articles/powell-makes-it-clear-no-rate-cuts-anytime-soon/" target="_blank" rel="noreferrer noopener">Tuesday</a> that indicate there will be no rate cuts anytime soon because the economy and the labor market continue to run hot and inflation has remained sticky. </p> <p>Furthermore, the median price for all types of <a href="https://www.housingwire.com/articles/existing-home-sales-retreated-in-march-nar/" target="_blank" rel="noreferrer noopener">existing homes</a> rose to $393,500 in March, an increase of 4.8% from the median price of $375,300 in the same month last year, according to the <strong>National Association of Realtors</strong> (NAR). </p> <p>Despite the challenging housing market, demand isn’t fading. Mortgage applications, for instance, <a href="https://www.housingwire.com/articles/mortgage-demand-ticks-up-for-second-consecutive-week/" target="_blank" rel="noreferrer noopener">increased</a> for the second week in a row on the back of a strong economy.</p> <p>According to Chen Zhao, Redfin’s economic research lead, some house hunters are eager to buy now as they fear a further increase in mortgage rates. Meanwhile, others have grown accustomed to elevated rates and have accordingly factored the inflated rates into their home purchase budget. </p> <p>“Home sales are slower than usual, but there are still people buying and selling because if not now, when?” Connie Durnal, a Redfin Premier agent in Dallas, said in a news release. “I’ve had a few prospective buyers touring homes for the last several years, since mortgage rates started going up, and they wish they would have bought last year because prices and rates are even higher now. </p> <p>“My advice to them: If you can afford to and you find a house you love, buy now. There’s no guarantee that rates will come down soon.” </p> <p>At the end of March, NAR reported that total housing inventory sat at 1.11 million units, up 4.7% from February and up 14.4% from one year ago. </p>]]></content:encoded> <wfw:commentRss>https://www.housingwire.com/articles/elevated-mortgage-rates-home-prices-harm-affordability-redfin/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">456706</post-id> </item> <item> <title>FHFA annual report highlights GSE actions on affordable housing</title> <link>https://www.housingwire.com/articles/fhfa-annual-report-highlights-gse-actions-on-affordable-housing/</link> <comments>https://www.housingwire.com/articles/fhfa-annual-report-highlights-gse-actions-on-affordable-housing/#respond</comments> <dc:creator><![CDATA[Chris Clow]]></dc:creator> <pubDate>Thu, 18 Apr 2024 17:54:02 +0000</pubDate> <category><![CDATA[Mortgage]]></category> <category><![CDATA[Regulatory]]></category> <category><![CDATA[Affordable Housing]]></category> <category><![CDATA[Fannie Mae]]></category> <category><![CDATA[FHFA]]></category> <category><![CDATA[Freddie Mac]]></category> <category><![CDATA[Government-Sponsored Enterprise]]></category> <category><![CDATA[Low-Income Housing Tax Credit]]></category> <category><![CDATA[Rental Assistance]]></category> <guid isPermaLink="false">https://www.housingwire.com/?p=456700</guid> <description><![CDATA[The report details actions taken by Fannie Mae and Freddie Mac to improve housing affordability, homeownership access and credit building.]]></description> <content:encoded><![CDATA[<p>The <a href="https://www.housingwire.com/tag/fhfa/"><strong>Federal Housing Finance Agency</strong></a> (FHFA) this week released its annual <a href="https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Releases-Housing-Mission-Report-for-2023.aspx">Housing Mission Report</a>, offering insights into the actions the agency took in 2023 on a host of issues.</p> <p>These include oversight of the government-sponsored enterprises (GSEs) <a href="https://www.housingwire.com/tag/fannie-mae/"><strong>Fannie Mae</strong></a> and <a href="https://www.housingwire.com/tag/freddie-mac/"><strong>Freddie Mac</strong></a>, mortgage purchases designed to improve affordability for low-income homeowners, vendor partnerships and investments in the <a href="https://www.housingwire.com/tag/low-income-housing-tax-credit/">Low-Income Housing Tax Credit</a> (LIHTC) program.</p> <p>All told, the GSEs purchased more than 136,000 single-family <a href="https://www.housingwire.com/mortgage/">mortgages</a> to low- and moderate-income homebuyers last year through the HomeReady and Home Possible programs. They also added “enhancements” to the programs themselves, including the addition of “a credit of $2,500 for very low-income borrowers that lenders must pass through to borrowers by applying it to the down payment or closing costs,” the report stated.</p> <p>The GSEs also purchased 15,000 Special Purpose Credit Program (SPCP) loans “through both lender-sponsored initiatives and their proprietary SPCPs.” These are designed to support homeownership efforts for borrowers in underserved communities.</p> <p>Through the HomeReady First SPCP, Fannie Mae acquired 921 loans with a total of more than $5 million in down payment or closing cost assistance, the report stated. Seventy-nine percent of participating borrowers self-identified as “members of historically underserved groups.” Fannie also purchased 4,747 loans through lender-sponsored SPCPs in which 81% of borrowers self-identified as part of such groups.</p> <p>Freddie Mac’s BorrowSmart Access SPCP saw the acquisition of 2,462 loans “with close to $4 million in down payment or closing cost assistance,” according to the report. The GSE also purchased 6,828 loans originated through lender-sponsored SPCPs. More than half (57%) of these loans were “obtained by underserved borrowers.” Nearly 9,300 households took advantage of either Freddie Mac’s program or its support for lender-sponsored SPCPs.</p> <p>Stemming from its equitable housing finance plans, FHFA also oversaw the GSEs’ partnerships with certain vendors to make more rent-payment data available to credit bureaus from participating multifamily housing property owners.</p> <p>Rent payment data gives renters a more efficient avenue to either establish or strengthen their credit profiles. Nearly 3,000 multifamily properties were added last year to the GSEs’ programs. Through Fannie Mae, 27,845 renters established credit profiles while 117,182 renters strengthened their existing profiles. Freddie Mac had 55,300 renters establish profiles and 304,194 strengthen them, according to the report.</p> <p>The GSEs also “invested over $1.7 billion last year in [LIHTC] equity, including transactions that support housing in Duty to Serve-designated rural areas, preserve <a href="https://www.housingwire.com/tag/affordable-housing/">affordable housing</a>, support mixed-income housing, provide supportive housing, or meet other affordable housing objectives.”</p> <p>More than 90% of these LIHTC investments by the GSEs, or some $1.6 billion, were made in “targeted transactions,” meaning they were investments that either support housing in Duty to Serve-designated rural areas or “meet other affordable housing objectives defined by FHFA,” the report explained.</p> <p>“FHFA maintains a keen focus on ensuring the entities we regulate fulfill their missions to support access to housing opportunities in a safe and sound manner,” FHFA Director <a href="https://www.housingwire.com/tag/sandra-thompson/">Sandra Thompson</a> said in an announcement of the report. “Ongoing affordability challenges throughout the country only heighten the importance of this responsibility.”</p>]]></content:encoded> <wfw:commentRss>https://www.housingwire.com/articles/fhfa-annual-report-highlights-gse-actions-on-affordable-housing/feed/</wfw:commentRss> <slash:comments>0</slash:comments> <post-id xmlns="com-wordpress:feed-additions:1">456700</post-id> </item> </channel></rss> If you would like to create a banner that links to this page (i.e. this validation result), do the following:
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