Industry briefs from DocMagic, LenderLogix and NewDay USA.
Category: News and Trends
Redfin: Homes Selling Above Asking Prices Again Amid Low Supply
Redfin, Seattle, reported the average U.S. home is selling over its asking price for the first time in almost a year.
People in the News July 7, 2023
People in the news from Cenlar FSB, Loan Vision and Dovenmuehle Mortgage.
MBA Weekly Survey July 6, 2023: Mortgage Applications Decrease
Mortgage applications decreased 4.4 percent from one week earlier, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 30, 2023.
Quote: July 7, 2023
“The lack of supply is making it feel almost like 2021 all over again, but higher rates mean bidding wars are happening more in the $500,000 range than the $700,000 range because people can afford less.”
–Portland, Ore., Redfin Agent Jeremy Lucas.
MBA Premier Member Profile: Lenders One
One in a continuing series of profiles of Premier Members of the Mortgage Bankers Association.
Construction Spending Increases for Fifth Consecutive Month
The Census Bureau on Monday reported construction spending increased in May to a seasonally adjusted annual rate of $1,925 billion, 0.9 percent above the bureau’s revised April estimate.
Fitch Ratings: Non-Bank Mortgage Lenders to Withstand Liquidity, Funding Pressures
U.S. non-bank mortgage companies are positioned to withstand liquidity and funding pressures amid the fallout from recent bank failures, growing recessionary risks and tightening lending standards, reported Fitch Ratings, New York.
Veterans Optimistic About Homebuying, Survey Finds
Veterans United Home Loans, Columbia, Mo., found 55% of veterans and service members surveyed feel homebuying is within reach.
Incenter’s Piercy, Dowell and Hamrick: Optimizing MSR Trades While Minimizing Risks
Mortgage servicing rights trading has remained brisk thus far in 2023. To help buyers and sellers capitalize on this important strategy while minimizing their risks, MBA NewsLink interviewed Tom Piercy, Managing Director, and Bob Dowell, Managing Director, Analytics, with Incenter Mortgage Advisors and Pamela Hamrick, President of Incenter Diligence Solutions.