The signs were all there. It was clear that mortgage originations were trending down as interest rates rose, but it’s still striking to see the results in black and white. According to newly released data, mortgage originations plummeted to a four-year low during the second quarter, driven by a sharp decline in refinances due to increasing interest rates.
There are some changes afoot amongst the executive ranks at Caliber Home Loans as the nonbank lender works to continue its growth. Chief among those changes is the departure of Phil Shoemaker, executive vice president and chief operating officer of production. Sources close to the situation told HousingWire that Shoemaker is leaving Caliber to take the no. 2 spot at Home Point Financial. But that’s not all that’s happening at Caliber.
According to an analysis by Alexandre Tanzi and Rich Miller at Bloomberg, no president has ever been this unpopular when the economy has been this good. Typically, a strong economy bodes well for the party in control at the time, but Republicans are having to fight to suppress displeasure with Trump and play up the great economy to voters as the midterms loom large.
The impending devastation of Hurricane Florence is causing a national stir, forcing many to worry about the potential threat of loss of life and property damage. As the storm inches closer to the Mid Atlantic, The National Association of Realtors is calling on the government to pass a long-term resolution for the National Flood Insurance Program.
The lead generation game is changing so fast, with smaller real estate firms struggling to keep up. As we see a future of big tech companies controlling borrower info, how much is this going to cost the real estate agent? And will it be worth it?
Mortgage technology provider FirstClose has landed funding from Cypress Growth Capital to fuel its mission to capture more market share. While the exact dollar amount was not revealed, FirstClose, which saw its revenue climb 62% last year, said it received a multi-million-dollar investment from the Dallas-based Cypress Growth.
People are fleeing high taxes on the coasts for more affordable markets in the interior. According to a report from Redfin, 24% of Redfin’s website users who were searching for a home in the second quarter looked to move to away to a new metro area. This is a 3% increase in restlessness over last year at this time.
Home prices are rising, inventory is drying up, and although the unemployment rate is at record lows, wages just aren’t increasing at a substantial rate. However, while Millennials are often deterred from entering the housing market, evidence suggests that Generation Z has its eye on homeownership.
In the final installment of the Regtech Report, HousingWire Editor-in-Chief Jacob Gaffney talks with the CEO of LoanLogics, Brian Fitzpatrick, on the next wave of significant mortgage disruption: regtech. Fitzpatrick outlines the roadblocks facing the full end-to-end implementation of the digital mortgage. According to Fitzpatrick, regtech can help us get there in ways that “traditional fintech has failed.”
Rents are still on their way up nationwide. The industry just posted the seventh consecutive month with an all-time high average rent. Here’s a look at the latest nationwide rent data. Plus, a glimpse of where rents will rise the most for the rest of the year.
Karin Comeaux
Compass Realty & Management
8880 W Sunset Rd, Ste 290
Las Vegas, NV 89148
(702) 328-4114
(702) 586-1616
