A recent National Association of Realtors (NAR) study found that areas with declining homeownership have a higher rate of wealth inequality (Inequality). It indicates that in the markets where fewer people are buying homes, people have less money than in areas with a higher home-ownership rate. Makes sense, people with better incomes and more savings are buying homes in markets…
Underwriters & Appraisers Doing FHA Business Take Note – Rare Live Training Opportunity in Detroit This Week. HUD’s Office of Single Family Housing and the City of Detroit, Michigan Land Bank are conducting a live Training Forum for Thursday, May 7, 2015 at HUD’s Detroit Field Office – McNamara Federal Building, 477 Michigan Avenue, 17th Floor. This all day, FREE…
Yesterday, I wrote about a Gallup Poll that indicated people were not optimistic about homeownership. Well, today we hear that banks are excited about a resurgence on home purchases (Home Purchases). What does it all mean? Who do you believe? Take a minute and read this article and you may get more confused. Refinances were good in January and February,…
It must be true because I read it in the newspapers. Right? Not necessarily. Headlines and related articles can be written to be deceiving. Take this headline (Optimism). Based on the headline, one would be led to believe that today, according to a Gallup Poll, people are not too optimistic about owning a home. Gallup is a pretty reputable polling…
A recent study conducted by Inman, a real estate information firm, found that almost 50% of the realtors surveyed preferred to do business with a Mortgage Broker, over a Bank or Independent Mortgage Banker (Preference). Surprised? Maybe you shouldn’t be. Brokers have become a little more flexible when it comes to courting Realtors and other business sources, than other mortgage…
FHA Will Soon Be Sending Out “eFindings Letters” HUD/FHA processes Post-Endorsement Technical Reviews (PETRs) on a certain percentage of loans that they insure. In this regard, whenever serious underwriting and/or appraisal deficiencies are observed and a case is rated “Unacceptable,” a Findings (or Deficiency) Letter is generated outlining the defects and requesting that the lender respond to each of the…
