Old Republic Title and CertifID Sign Agreement to Combat Mortgage Payoff Fraud
April 18 2024 | |
Mortgage payoffs have become the largest source of loss for title and real estate law firms, due to their large transaction size at $247K in median loss, a complex lender landscape and lack of consistent use of technology. The new package offered by Old Republic Title and CertifID is designed to address this significant source of loss risk.
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Existing-Home Sales Descended 4.3% in March
April 18 2024 | |
"Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves," said NAR Chief Economist Lawrence Yun. "There are nearly six million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market."
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ALTA Commends Leadership of House Democrats Questioning Administration's Title Waiver Program
April 17 2024 | |
The American Land Title Association, the national trade association of the land title insurance industry, commends the group of 18 Democratic Members of Congress—led by Rep. Wiley Nickel (D-NC)—who wrote a letter to President Biden expressing concerns regarding the administration’s plan approved by the Federal Housing Finance Agency to waive title insurance on loans purchased by Government Sponsored Enterprises Fannie Mae and Freddie Mac.
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Mortgage Applications Increase in Latest MBA Weekly Survey
April 17 2024 | |
“Rates increased for the second consecutive week, driven by incoming data indicating that the economy remains strong and inflation is proving tougher to bring down. Mortgage rates increased across the board, with the 30-year fixed rate at 7.13 percent – reaching its highest level since December 2023,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
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Housing Starts Fall on Interest Rate, Financing Concerns
April 16 2024 | |
“Builders are grappling on several fronts as the inflation fight continues,” said Carl Harris, chairman of the National Association of Home Builders (NAHB) and a custom home builder from Wichita, Kan. “Higher interest rates are increasing the cost of housing for prospective home buyers and raising the development and construction cost for builders of homes and apartments. At the same time, shelter inflation is rising faster than overall prices due to supply-side challenges.”
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Builder Sentiment Unchanged in April
April 15 2024 | |
“April’s flat reading suggests potential for demand growth is there, but buyers are hesitating until they can better gauge where interest rates are headed,” said NAHB Chief Economist Robert Dietz. “With the markets now adjusting to rates being somewhat higher due to recent inflation readings, we still anticipate the Federal Reserve will announce future rate cuts later this year, and that mortgage rates will moderate in the second half of 2024.”
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Federal Jury Convicts Putnam County Man for FHA Fraud Scheme
April 11 2024 | |
After two days of trial, a federal jury convicted Jason Trador, 46, of Scott Depot, on April 10, 2024, of making a false statement to federal agents, willfully overvaluing property on a loan application, and three counts of making a false statement to the United States Department of Housing and Urban Development (HUD).
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Remodeling Market Sentiment Remains in Positive Territory in First Quarter
April 11 2024 | |
“Demand for remodeling remains solid, especially among customers who don’t need to finance their projects at current interest rates,” said NAHB Remodelers Chair Mike Pressgrove, a remodeler from Topeka, Kan. “Construction costs are still an issue in some places, just as they were toward the end of last year.”
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MBA Statement on the Veterans Affairs Servicing Purchase Program
April 10 2024 | |
“MBA welcomes the release of the VASP program as a new home retention option that will allow mortgage servicers to help more distressed Veteran borrowers stay in their homes via a more affordable and sustainable mortgage payment. This is especially important in the current high interest rate environment."
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Mortgage Applications Increase in Latest MBA Weekly Survey
April 10 2024 | |
“Mortgage rates moved higher last week as several Federal Reserve officials reiterated a patient posture on rate cuts. Inflation remains stubbornly above the Fed’s target, and the broader economy continues to show resiliency. Unexpectedly strong employment data released last week further added to the upward pressure on rates,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
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Stewart Grows Commercial and Affordable Housing Presence with Acquisition of All New York Title Agency, Inc.
April 10 2024 | |
Stewart Information Services Corporation today announced the acquisition of the All New York Title Agency, Inc., based in White Plains, New York. Founded in 1995 by Joseph Petrillo and John Martin, All New York has been one of the leading commercial boutique title companies, serving Affordable Housing, Supportive Housing and Senior Housing clients throughout New York State, in addition to relationships in the residential, condominium and multifamily markets.
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DataTrace Expands Historic Depth of Title Plants in Eight Florida Counties
April 09 2024 | |
"Our ongoing investment in title plant data and automation technology reflects our commitment to help our customers grow and increase efficiency, while providing the most complete, in-depth data in the nation,” said Robert Karraa, president of DataTrace. “DataTrace customers can now access and rapidly search our unmatched historical title data in Florida and the rest of the nation.”
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National Association of Realtors® Announces Partnership With SoFi
April 08 2024 | |
"This partnership amplifies our support for the diverse financial needs of our members," said Rhonny Barragan, NAR vice president of strategic alliances. "SoFi's full range of services can benefit real estate agents and their clients across all stages of life."
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Millennials Reclaim Position as Largest Group of Home Buyers
April 03 2024 | |
"The generational tug-of-war between millennials and baby boomers continued this year, with millennials rebounding to capture the largest share of home buyers," said Dr. Jessica Lautz, NAR deputy chief economist and vice president of research. "This notable rise is attributed to both younger millennials stepping into homeownership for the first time and older millennials transitioning to larger homes that suit their evolving needs."
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Mortgage Applications Decrease in Latest MBA Weekly Survey
April 03 2024 | |
“Mortgage rates moved lower last week, but that did little to ignite overall mortgage application activity. The 30-year fixed mortgage rate declined slightly to 6.91 percent, while the 15-year fixed rate decreased to its lowest level in two months at 6.35 percent,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
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New West Virginia Law Will Protect Homebuyers from Predatory Contracts
April 02 2024 | |
“Since 2018, these unfair service agreements have been recorded in property records as covenants on the title to homes,” said AARP West Virginia State Director Gaylene Miller. “We applaud the West Virginia Legislature and Delegate Lucas for standing up for consumers to safeguard them against fraud, deception and unfair practices."
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Home-Buyer Preferences Shift as Affordability Challenges Remain
April 01 2024 | |
As the housing industry celebrates New Homes Month in April, builders continue to respond to buyer preferences by constructing smaller homes to place homeownership within reach of families planning to buy a home this year. A National Association of Home Builders (NAHB) analysis found that new homes built in 2023 reached their smallest median size in 13 years.
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New Kentucky Law Will Protect Homebuyers from Predatory Contracts
April 01 2024 | |
“Several real estate companies have been using a predatory business model to target seniors and financially insecure homeowners,” said Gary W. Adkins, volunteer state president of AARP Kentucky. “As a former prosecutor, unscrupulous players who intentionally engage in predatory business models targeting and misleading older consumers makes my blood boil."
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