Month: August 2023

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Nestled in Arizona’s picturesque landscape, Prescott is a city that seamlessly blends history, natural beauty, and community spirit. Prescott exudes a sense of timelessness as Arizona’s first territorial capital while embracing modernity. Beyond its charming streets and stunning vistas, this city holds many intriguing facts that have helped shape its character today. Whether you are looking to rent an apartment in Prescott, or purchase a home in the area, this Redfin article will explore five captivating facts about Prescott and its enduring significance in both the past and the present.

1. Prescott was named after someone who had never been to Arizona

Amidst the American West’s expansion, Prescott emerged as a settlement, chosen to serve as the Territorial Capital of Arizona In 1864. This decision was made due to Prescott’s central location and its potential to foster commerce, government administration, and development in the newly carved Arizona Territory. The city’s establishment coincided with the Civil War. It was named in honor of William H. Prescott, one of the most distinguished historians of the 19th century, but who also ironically had never set foot in what would become the great state of Arizona. The city of Prescott served as the capital until 1867 when the designation was moved to Tucson and later to Phoenix.

2. The city has a rich mining history

Prescott’s history is rooted in mining, a legacy that played a vital role in shaping the city’s growth and character. With the discovery of gold in the nearby Bradshaw Mountains during the 1860s, Prescott swiftly evolved into a bustling mining town, drawing prospectors and settlers seeking their fortunes. The Bradshaw Mountains yielded valuable minerals like gold, silver, and copper, fueling a mining boom that transformed Prescott into a regional economic powerhouse. Though the initial rush subsided, mining remained a cornerstone of Prescott’s economy for decades, with the city’s landscape dotted with historic structures from its mining bygone days. 

3. Prescott is part of the “Quad-City” area

Prescott is part of a region known as the “Quad-City” area, a collective term that encompasses four distinct municipalities nestled in the heart of north-central Arizona. Alongside Prescott, this community consists of Prescott Valley, Chino Valley, and Dewey-Humboldt. These cities form a network that shares resources, amenities, and a common identity. The Quad-City area is known for its picturesque landscapes, moderate climate, and harmonious urban and rural living blend. 

4. The Yavapai tribe first inhabited the area of Prescott

The surrounding area of Prescott is the ancestral homeland of the Yavapai tribe, the region’s original inhabitants. Before European settlement, the Yavapai people established communities in the valleys and mountains surrounding present-day Prescott. With a deep connection to the land, they thrived through a lifestyle centered around hunting, gathering, and cultivating resources. The Yavapai’s intricate knowledge of the local flora, fauna, and ecosystems enabled them to flourish within the diverse terrain. Their cultural traditions, spiritual beliefs, and unique way of life created a harmonious relationship between their community and the natural environment. 

5. Half the city burned down in 1900

In 1900, Prescott faced a significant event called the “Great Fire of 1900.” Erupting on the Fourth of July, the fire consumed a substantial portion of Prescott’s downtown area. Fueled by strong winds and dry conditions, the flames swiftly spread through wooden structures, shops, and residences. The fire’s path of destruction altered the city’s landscape, leaving many historic buildings and landmarks reduced to ashes. 

Source: redfin.com

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Indianapolis, IN, is a city steeped in history and holds a treasure trove of intriguing facts to be explored in its vibrant culture. Beyond its renowned sports heritage and iconic landmarks, this captivating metropolis offers a tapestry of stories that underscores its unique character. From its unexpected role in culinary innovation to its electric sports scene, Indianapolis certainly unveils a world of fascinating surprises. Whether you are looking to rent an apartment in Indianapolis or purchase a home in the area, these six fun facts captivate the essence of this remarkable city.

1. Indianapolis as a sports city may be a bit of an understatement

Indianapolis stands proudly as a prominent sports city known for its fervent sports culture and rich history of hosting major sporting events. Home to iconic venues like Lucas Oil Stadium and the Indianapolis Motor Speedway, the city has established itself as a sports enthusiast hub. Indianapolis is notably associated with the Indianapolis 500, one of the world’s most prestigious auto races. Additionally, the city’s devotion to basketball is showcased by hosting the NCAA Men’s Basketball Tournament and its strong support for the Indiana Pacers. 

2. Sliced bread was invented in Indianapolis

Sliced bread has an unexpected origin in Indianapolis. Otto Frederick Rohwedder, an inventor, introduced the world to sliced bread in 1928 when he unveiled his patented bread-slicing machine in this Midwest city. This groundbreaking invention revolutionized the baking industry by allowing for pre-sliced, consistent, and convenient portions of bread, making it a staple in households nationwide. 

3. The Children’s Museum of Indianapolis is the largest children’s museum in the world

The Children’s Museum of Indianapolis holds the esteemed title of the world’s largest children’s museum. This iconic institution offers an immersive experience with an impressive collection of interactive exhibits spanning diverse topics, from science and history to arts and culture. With its vastness comes the opportunity for children to explore and engage in many hands-on activities, fostering learning through play and exploration. There are many exhibits to explore, from life-sized dinosaur exhibits to simulated space missions.

4. Indianapolis is known as the crossroads of America

Indianapolis, often called the “Crossroads of America,” holds a pivotal and strategic position within the United States transportation network. This well-deserved moniker stems from the city’s unique geographical location at the intersection of major highways, railroads, and air routes that crisscross the nation. Serving as a vital hub for both commercial and recreational travel, Indianapolis offers unparalleled connectivity, making it a central point for the movement of goods, people, and ideas. 

5. Indianapolis is home to the legendary Indianapolis 500

Indianapolis, a city steeped in motorsports history, proudly claims one of the most iconic and prestigious events in the racing world—the legendary Indianapolis 500. Held annually at the historic Indianapolis Motor Speedway, this famous race has captivated racing enthusiasts for over a century. Established in 1911, the Indianapolis 500, often referred to as the “Greatest Spectacle in Racing,” showcases the skill, speed, and endurance of drivers as they navigate the famed 2.5-mile oval track. 

6. The city is home to one of the oldest bars in the state

Established in 1850, the Slippery Noodle Inn is known as an entertainment hub that has hosted countless generations of patrons, including famous musicians and notable figures. With its exposed brick walls, rustic decor, and nostalgic charm, the bar invites visitors to step back while enjoying live music, classic cocktails, and a lively atmosphere.

Source: redfin.com

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The U.S. Department of Justice’s appeal against a lower court’s ruling on its investigation into the National Association of Realtors’ commission and pocket listing policies is heating up.

On Friday, attorneys for the DOJ’s Antitrust Division filed a brief claiming that the lower district court has misinterpreted a letter the DOJ sent to NAR in November 2020, which the agency said said gave  NAR “almost three years of protection in the face of serious concerns of anticompetitive conduct.” 

It’s time for NAR’s rules to be assessed on their own merits, including antitrust violations that cost American homebuyers billions of dollars each year, DOJ said.

The brief was filed in the U.S. Court of Appeals for the District of Columbia Circuit.

Central to the appeal are two documents dating from November 2020. One is a proposed settlement agreement DOJ’s antitrust divisions agreed to after investigating NAR’s Clear Cooperation Policy and Participation Rule. The second is a three-sentence letter the DOJ sent to NAR telling the trade group that it had closed the investigation, absolving the NAR from the obligation  to comply with two previously-issued civil investigative demands (CIDs) requesting information on those rules.

The DOJ, under new leadership in the Biden administration, withdrew the settlement in July 2021 and a few days later issued a new CID to NAR that was similar, as it is looking into the same NAR policies

NAR filed a petition in September 2021 to set aside or modify the DOJ’s probes into the trade group. In late January 2023, Judge Timothy J Kelly of the U.S. District Court for the District of Columbia ruled in favor of NAR, stating that the earlier settlement terms were still valid.

The DOJ appealed the ruling in March and filed its first brief in early June. NAR filed a reply brief in late July.

NAR accepted that the DOJ had withdrawn from the settlement agreement and also released NAR from any obligations entailed in the settlement agreement, freeing NAR to resume its prior conduct.

The DOJ argued that the November 2020 letter does not say, as NAR contends, that the Division can only investigate is commission and pocket listing policies if NAR changes them. Instead, the DOJ states that the letter simply memorializes that the DOJ had closed the investigation, but it did not grant  NAR immunity from future investigation. 

The DOJ filing also clarified that a closed investigation can be reopened at its discretion. DOJ attorneys emphasized that the agency did not simply reissue the previous CIDs, but offered a separate one triggering independent legal obligations and procedures under the law.

Additionally, the DOJ stated that in order it to waive its sovereign right to investigate and prosecute potentially unlawful conduct, the law requires the DOJ to explicitly say it’s waiving that right, which the DOJ said it did not do in the November 2020 letter.

Based on prior communications with the NAR, the DOJ claimed the trade group understood the difference between a commitment not to investigate and a letter confirming it has closed an investigation.

The filing states that NAR asking for both statements “underscores that NAR did not believe that a letter memorializing the closing of an investigation would bar a future one and that the Division had no reason to ascribe such a belief to NAR.”

NAR did not return a request for comment by the time of publication.

Source: housingwire.com

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Leonard Giarrano of RE/MAX Alliance Group was recently recognized in the 2023 “America’s Best Real Estate Professionals” rankings by RealTrends + Tom Ferry. That places Giarrano among the top 1.5% of 1.6 million real estate professionals in the United States.

Giarrano generated almost $24 million in sales volume in 2022. He also earned the Chairman’s Club award and was recognized among the top 100 RE/MAX agents in Florida.

To qualify for the RealTrends + Tom Ferry “America’s Best Real Estate Professionals” list, participating agents must have completed at least 50 transactions or closed $20 million in sales volume during the year.

Giarrano has 38 years of real estate experience, specializing in relocation and new homes. He is based in the Sarasota office at 2000 Webber Street, Sarasota, Florida 34239, and can be reached at (941) 724-0690 or [email protected].

RE/MAX Alliance Group is the #1 RE/MAX franchise in Florida and the #1 RE/MAX franchise in Florida for contributions to the Children’s Miracle Network. The company now offers residential and commercial real estate solutions through 13 offices in Sarasota, Manatee, Charlotte, Hillsborough, Pinellas, Pasco and Hernando counties. For more information, please visit https://www.alliancegroupfl.com.

Contact

RE/MAX Alliance Group
Sheila Brannan Longo
(941) 355-3006
https://www.alliancegroupfl.com
Media Contact:
Thomas & Brannan Communications
www.thomasbrannan.com

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Source: realtybiznews.com

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I’ll be in Paris for the next two weeks (landing March 5th), so I thought it would be fun to put together a meet-up to bring together those in the area with an interest in the Proptech sector.

If you’re in the area and interested in meeting up–or live elsewhere but know someone in Paris who you think would be interested)–I’d love to hear from you. Shoot me an email (drew at geekestatelabs dot com).

Source: geekestateblog.com

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The slower housing market and uncertain economic conditions took their toll on the number of real estate brokerages and firms that were named to Inc. Magazine’s 5000 list for 2023, a ranking of the fastest-growing companies in the U.S.

Last year, over 60 real estate brokerage firms or real estate teams made the list, but this number shrank to just 36 in 2023.

The self-reported list ranks U.S. based firms on percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent–not subsidiaries or divisions of other companies–as of December 31, 2029. The minimum revenues required are $100,000 for 2019 and $2 million for 2022.

Rank Company Growth (3-yr Avg.) HW Media Category
186 CityLight Homes 2,870% Brokerage
188 RedBird Realty 2,842% Brokerage
531 Keeton & Co Real Estate 1,101% Brokerage
580 DASH Carolina 1,012% Brokerage
602 The Tarry Team 975% Team
711 United Real Estate Group 826% Brokerage
1,416 Spyglass Realty 411% Brokerage
1,452 1st Class Real Estate 396% Brokerage
1,501 Axios Real Estate Group 383% Brokerage
2,101 Cory Home Team 267% Team
2,284 Engel & Völkers Chicago 241% Brokerage
2,369 Mark Spain Real Estate 233% Teamerage
2,781 huntington & ellis, A Real Estate Agency 192% Brokerage
2,848 YOUR HOME SOLD GUARANTEED REALTY 187% Brokerage
2,905 Worth Clark Realty 181% NaN
3,168 Neal & Neal Team 162% Team
3,307 Rogers Healy and Associates Real Estate 153% Brokerage
3,393 Lamacchia Realty 148% Brokerage
3,581 The Hiller Group 137% Team
3,619 Skender-Newton Realty 135% Brokerage
3,629 ONE Sotheby’s International Realty 134% Brokerage
3,818 At World Properties / @properties 123% Brokerage
3,977 Realty Group 116% Brokerage
4,054 Anderson Real Estate Group 113% Team
4,111 Nathan Clark & Associates 110% Team
4,137 The Realty Agency 109% Brokerage
4,143 Matt Smith Real Estate Group 109% Team
4,165 Professional Realty Services International 108% Brokerage
4,304 Your Home Sold Guaranteed Realty – Laflin & Wolfington Team 101% Team
4,625 Lake Homes Realty 88% Brokerage
4,666 Jenny Maraghy Team 86% Team
4,734 VOYAGE Real Estate 84% Brokerage
4,822 Fulton Grace Realty 80% Brokerage
4,895 Landro Realty 77% Brokerage
4,929 The Salas Team 76% Team
4,939 HomeSmart Holdings 76% Brokerage
Source: Inc. 5000 – 2023

CityLight Homes came in as the top-ranked real estate brokerage or team in 2023, claiming the No. 186 spot on the Inc. 5000 list, with a 3-year growth rate of 2,870%. This is the first year CityLight Homes, which was founded in 2012 by Robert Berry, has made the list. The firm is based in Peabody, Massachusetts and serves clients in Massachusetts, New Hampshire, Florida, Arizona and Utah.

RedBird Realty (No. 188), and Keeton & Co Real Estate (No. 531) rounded out the top-three fastest growing real estate brokerage firms or teams, with 2842% and 1101% three-year growth rates, respectively.

Last year’s top ranked real estate brokerage firm, DASH Carolina, dropped from No. 436 in 2022 to No. 580 in 2023, with a 1012% growth rate.

At No. 711, United Real Estate Group was the highest ranked brokerage or team also ranked by RealTrends. In 2023, the Dan Duffy-helmed firm reported an 826% growth rate. The brokerage also recorded 50,565 transaction sides in 2022, for a total of $20.887 billion in sales volume, helping United Real Estate take the No. 7 spot on the 2023 RealTrends 500 transaction side rankings.

Other RealTrends-ranked brokerages to make the Inc. 5000 this year include Worth Clark Realty (No. 2,905), Rogers Healy and Associates Real Estate (No. 3,307), Lamacchia Realty (No. 3,393), ONE Sotheby’s International Realty (No. 3,629), @properties (No. 3,818), Realty Group (No. 3,977), Professional Realty Services International (No. 4,165), and HomeSmart Holdings (No. 4,939).

Rogers Healy, whose Dallas-based firm made the Inc. 5000 for the sixth time in 2023, said he is looking forward to the future growth of his firm.

“Our incredible team of real estate agents, staff, and those by our side every step of the way are who to thank for this achievement,” Healy wrote in an email.

Matt Widdows, the CEO and founder of HomeSmart, was also pleased with his firm’s performance.

“Despite the current challenges of the residential market, we have stayed true to our vision – giving HomeSmart agents the tools and systems that enable them to provide their buyers and sellers outstanding service, all at the lowest brokerage fees in the industry,” Widdows wrote in an email. “Traditional brokerages simply cannot compete with the value that HomeSmart provides. Our dedication to the evolution of our industry has paid off and we’re honored to be recognized as one of the fastest-growing companies in the U.S. for over a decade.”

Several real estate teams also made the Inc. 5000 list this year. Claiming the No. 602 spot and the title of top-ranked team was North Syracuse, New York-based, The Tarry Team, which was founded in 2013 by Thomas Tarry. This is the Tarry Team’s first year on the Inc. 5000 list.

“We were hoping to debut in the top 1000 and we ended up at 602 which led to some champaign being popped,” Tarry wrote in an email. “The ranking is the result of our unique approach to helping our clients buy and sell homes: we work as one unit. In our team approach someone is always available to show a home and we offer one stop shopping for every need a buyer or seller would have during the process. From showing homes to inspectors to attorneys to insurance services to moving services we bring all of these assets to bear on every transaction.”

The Cory Home Team (No. 2,101) and Mark Spain Real Estate (No. 2,369) rounded out the top-3 highest ranked real estate teams in 2023.

In addition to a spot on the Inc. 5000, Mark Spain Real Estate also claimed a spot on the 2023 RealTrends The Thousand rankings, coming in as the No. 2 mega team in the U.S. after recording 11,211 transaction sides and $3.854 billion in sales volume in 2022.

Other RealTrends-ranked teams to make the Inc. 5000 list include the Missouri-based eXp Realty mega team the Matt Smith Real Estate Group (No. 4,143) and the Jenny Maraghy Team (No. 4,666), a Virginia-based mega team brokered by Compass. The Hiller Group (No. 3,581) also ranked as the 46th largest medium-size team in the RealTrends 2023 rankings.

The Neal & Neal Team (No. 3,168), Nathan Clark & Associates (No. 4,111), the Laflin & Wolfington Team (No. 4,304), and The Salas Team (No. 4,929), also made the Inc. 5000, but did not make the RealTrends rankings.

Sarah Marx contributed reporting.

Source: housingwire.com

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This morning, Freddie Mac released a new tool called “MiMi,” which stands for Multi-Indicator Market Index.

Put simply, it measures the stability of the housing market on the national, state, and metropolitan level and determines whether it’s within its historical stable range.

At the moment, the national housing market is considered “weak” because it has a MiMi value of -3.08 points. In order to be considered stable and “In Range,” the MiMi value must fall between -2 and +2.

The good news is that the national MiMi improved by 0.03 points from December to January, and 0.81 points from a year ago.

In other words, we are getting closer and closer to our historic, stable range, where fundamentals align to create a healthy housing market.

The nation’s all-time low reading of -4.49 occurred in November 2010 when the housing market was determined to be at its weakest level.

What Kind of Data Is Behind MiMi?

There are four indicators that when combined create a composite MiMi value for each housing market, including:

– Home purchase application volume
– Payment-to-income ratio
– Proportion of on-time mortgage payments
– Local employment picture

Which State Housing Markets Are the Most Stable?

Though the housing market has improved tremendously over the past several years, only a handful of states are in range and stable. Just 11 to be exact, though others are on the cusp.

Thanks to a flourishing energy sector, North Dakota is considered the most in range, with a value of -0.44.

In short, an improved employment picture along with income growth gives prospective buyers more purchasing power, keeping payment-to-income ratios at a reasonable level.

The District of Columbia, Wyoming, Alaska, and Louisiana rounded out the top five at the state level.

However, if home prices surpass wage growth and become too overheated, the MiMi could become “elevated” and signal danger in the corresponding market.  This tends to happen when purchase applications go haywire and payment-to-income ratios surge, which can occur when home prices and mortgage rates rise rapidly.

At the state level, Nevada was considered the most unstable state with a MiMi value of -5.85, though this number is down from -7.69 a year earlier.

It’s considered a weak but improving market, with low purchase application volume, along with poor employment and an elevated number of mortgages still delinquent.

New Jersey, Illinois, Georgia, and Florida rounded out the bottom five.

San Antonio Is the Most Stable Metro in the Nation

At the metro level, San Antonio (-1.28) is the big winner thanks to low unemployment and solid purchase application numbers, aka demand.

Houston, Austin, and New Orleans were the only other stable metros in the nation, and Pittsburgh rounded out the top five, though it’s just outside the stable range.

The weakest metros were Las Vegas, Atlanta, Orlando, Chicago, and Tampa.

Sin City is failing on all metrics, with low purchase apps, high payment-to-income ratios, tons of delinquent mortgages, and heightened unemployment.

It should be noted that MiMi does not factor in all-cash home sales (which are probably widespread in Vegas) or jumbo-financed homes that exceed the conforming loan limit or high-cost loan limits.

But Freddie Mac has a generous range of -2 to +2 where a housing market is still considered to be “in range,” so that should cancel out any noise from data shortcomings.

A MiMi Time Series

Check out the graphic above for the Miami metro. It details how a housing market that is out of range can be dangerous if weak or elevated.

During the bubble, purchase apps were surging and mortgage payments were well above incomes, signaling a great fall that we all know came shortly after…

Source: thetruthaboutmortgage.com

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When you really get down to it, Halloween is about two things: costumes and candy. While some trick or treaters aim to get praise for their creative costumes, most Halloween goals revolve around candy.

Often times, kids will measure the success of their Halloween haul by how many pounds of candy they collected, but as my seventh grade social studies teacher often preached, “Quality is better than quantity.”

After all, no one wants 10lbs of peanuts, pretzels, and candy corn. So to make sure you get the tastiest of treats this Halloween, here are four tips to help you find the best candy houses.

1. They have great decorations 

If a household is willing to transform their front yard into an eerily perfect haunted graveyard, there’s a good chance that they’re going to put in the extra effort with their candy.

I’m not saying that there’s always a direct relationship between the amount of decorations and the quality of the candy, but it’s true enough to warrant an investigation of any house with more than just a few jack o lanterns.

2. Lots of kids are going there

I understand that you don’t know what you’re going to get until you walk up to the door, but if a house is flooded with trick or treaters, I’d be willing to bet that they aren’t serving up fun size granola bars.

The key here is to hone in on the details; use all of your senses to try and get a read on the crowd. Are they excitedly skipping down from the front steps? Do you hear high pitched giggles? Smiling faces are the surest sign, but with masks, makeup, and the dark of night, you can’t always count on visual clues.

3. Talk to other trick or treaters

It might seem a little odd to engage in a conversation with a masked stranger, but talking to other trick or treaters is the ultimate way to ensure you are hitting all of the top candy houses.

Maybe try breaking the ice with a comment about their costume. After that, you could get the candy conversation going by talking about one of the best houses you’ve visited so far.

Stepping outside of your comfort zone is definitely worth the satisfaction you will feel when you have a pillow case filled to the brim with king sized candy bars. Who knows, you might even make some new friends.

4. Use an App

For the technologically advanced, you can check out the app Nextdoor, which allows neighbors to post about their surrounding houses.

There’s probably not going to be information on every single house, but it’s worth looking into if you’re really trying to cover all of your angles. You could even get some good karma by posting about the houses you’ve gone to.

Bottom Line

Using a little common sense and some critical thinking will go a long way when you’re out on the candy hunt. Just be safe out there, and after you’ve chowed down on your seemingly endless supply of quality treats—make sure to brush your teeth!

Photos via residencestyle and zliving.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.

Source: totalmortgage.com

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Reaction to a recent decision by Fannie Mae to not go forward with a proposed title-waiver pilot is drawing both praise and pushback from stakeholders in the space.

The government-sponsored enterprise first floated a potential program this spring that would have waived title insurance requirements on some loans sold to it in the secondary market. 

Along with fellow GSE Freddie Mac, Fannie Mae has actively looked for solutions to address affordability and widen homeownership opportunities across the country. Among several developments emerging in the past several months are new underwriting guidelines as well as decisions by both Fannie Mae and Freddie Mac to allow the use of attorney-opinion letters in lieu of title insurance in limited cases. But the suggestion of waiving insurance requirements altogether drew criticism and challenges from the title industry.

Upon learning of Fannie Mae’s decision to not move the proposal forward, the American Land Title Association lauded the outcome. 

“This is a significant achievement to protect consumers, lenders and the housing finance system, and showcases the benefits of our products, industry and your business,” the trade group said in a message to its members last week.

“We will also continue to collaborate with Fannie Mae and Freddie Mac to deliver innovative and cost-effective title insurance products and solutions that best protect lenders and consumers,” ALTA stated. 

Providers of attorney-opinion alternatives also came forward this week to clarify that the end of the title-waiver pilot had no connection to the products they offer. 

“Certain title alternatives, such as the attorney opinion letter (AOL), have been deemed acceptable alternatives to title insurance by agencies and investors,” said Stacy Mestayer, chief compliance officer at Voxtur Analytics, in a statement sent to National Mortgage News. 

“Importantly, the recent reports related to halting title waiver initiatives has no impact on existing agency approvals of title alternatives, including Fannie Mae’s approval of AOLs,” she said. 

Harsher words came from Theodore Sprink, founder of iTitle Transfer and a former executive at insurers Fidelity National and First American Financial. A frequent critic of ALTA, Sprink alleged the trade group “fabricated the title waiver ‘pilot’ program,” in multiple LinkedIn posts.

“ALTA created a solution in search of a problem,” he wrote, adding the waiver program had “nothing to do with AOLs as an alternative to costly and unnecessary title insurance.”

Fannie Mae’s title-waiver proposal emerged as both GSEs were tasked with introducing equitable housing plans in late 2021 to help close homeownership and disparity gaps. Subsequently, both Fannie Mae and Freddie Mac took a closer look at alternatives to title insurance, such as attorney-opinion letters, which they began accepting last year. 

The use of AOLs, similarly, has drawn its share of critics from within the title industry. But the GSEs’ announcement it would begin to consider them also drew increased interest from major industry names, such as United Wholesale Mortgage, in providing such options at the tail end of 2022.  

Adding further fuel to recent title industry discussions was a recent blog post by mortgage banking consultant Rob Chrisman, who highlighted an article claiming less than 5% of money collected from title insurance premiums went to claims, “the rest of it going to fat profits.” ALTA and mortgage industry lawyers attempted to refute the findings in following days. 

In 2022, the title industry collected approximately $21 billion off of premiums based on mortgage volume totaling $2.25 trillion, ALTA reported. Insurers also paid $596.1 million in claims last year, representing an increase of 25% from 2021. 

In the second quarter, five publicly-traded title insurers reported profits, recovering from a lackluster start to the year. But only two saw their profits increase on an annual basis as mortgage originations slowed substantially.

Source: nationalmortgagenews.com

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The average U.S. mortgage rate for a 30-year fixed loan fell to 2.81% this week, the lowest in Freddie Mac’s survey history, the mortgage giant said in a report on Thursday. The rate fell six basis points from the week prior and is now five basis points lower than the original all-time low set in mid-September.

The average fixed rate for a 15-year mortgage was 2.35%, falling from last week’s 2.37% — matching the record set three weeks ago.

There have now been 12 consecutive weeks when average mortgage rates have been below 3% and this is the tenth record broken this year, said Sam Khater, Freddie Mac’s chief economist.

“Low mortgage rates have become a regular occurrence in the current environment,” Khater said. “Many people are benefitting as refinance activity remains strong. However, it’s important to remember that not all people are able to take advantage of low rates given the effects of the pandemic.”

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Although mortgage applications fell seven basis points last week, purchase applications have now boasted 21 weeks of year-over-year gains.

In September, the Federal Reserve predicted that rates will remain low through 2023.

Source: housingwire.com