Headlines

Renters are finally setting their sights on homeownership, according to an analysis released on Thursday. In Q1 of 2017, the share of home shoppers who were either non-homeowners or renters rose markedly over years past. Will the trend continue? And what does it mean for lenders and multi-family property investors?

OrangeGrid, a provider of highly configurable business process workflow solutions to the financial services industry, announced that Barry Owens, a seasoned professional with nearly three decades industry experience, has joined its growing team as VP of business development.

With housing prices continuing to climb, and the housing shortage steadily creeping forward, more metros are seeing a significant majority of their homes hit the million dollar mark. And while that doesn’t necessarily mean homebuyers get less for more, it does mean that “affordable” housing in certain highly desired areas of the country might come with an extra zero on its price tag. See what metros had the largest share of million dollar homes.

Vendor Resource Management, Inc. announced that the U.S. Department of Veterans Affairs has awarded the company with a 10-year contract for program management, marketing, and other real estate services on the VA’s portfolio of sing-family residential real estate. Headquartered in Carrollton, Texas, VRM is a nationwide financial services solution and REO services company helping lenders, servicers, investors and government agencies increase compliance, reduce operational and reputational risk, decrease loss severity and improve origination and servicing returns.

Most mortgage borrowers don’t shop around for a lender, according to a recent survey. In fact, 36 percent of borrowers only looked at one lender when buying their home, while the remaining 64 percent only compared two. The reason for the lack of research is likely because of referrals and existing relationships. Nearly 80 percent of borrowers used their existing bank, a referral from their real estate agent, or a personal referral when choosing a mortgage lender. A mere 9 percent used an internet search.

Mortgage lenders are taking increased credit risks similar to those of the early 2000s, according to a new report released on Tuesday. The level of credit risk taken by lenders in Q1 of 2017 was about the same as the average risk taken between 2001 and 2003. According to the report, the shift toward riskier lending standards is a result of declining refinances, rising mortgage rates, and increased investor, condo, and co-op share of purchase loans.

Cost of living is on the rise across the country, according to a report released on Monday that lists the top 10 cities in the country with the fastest rate of increase in the cost of living over a one year period between 2016 and 2017. The study used two main metrics to rank the cities: the increase in the cost of living index—food, rent, utilities, and transportation costs. It also measures the increase in the amount of income that was needed to “live comfortably,” which is defined by the amount of money a household has to make in a year to account for necessities, savings, and discretionary spending.

Purdy Enterprise has selected FotoNotes as its technology solution for managing property inspections, maintenance work orders and other field service activities. FotoNotes’ mobile app and cloud platform solution provides companies full visibility and control of HUD FSM inspections, work orders, and field service operations. FotoNotes also provides solutions for a wide variety of other use cases, including estimating, construction, renovations, and turns.

Inventory was on everyone’s mind last week, and in the week ahead the New Home Sales Report and Existing Home Sales Report for May will be released Friday and Wednesday, respectively. With home buying putting undue stress on first time homebuyers, and a severe lack of inventory due to an unwillingness to sell and fewer new houses being built, it is becoming increasingly difficult for those that desire to purchase. The previous New Home Sales report was at nearly half a million—569,000—while existing homes counted 5.57 million sales, not enough to provide a relief for the growing market.

Potestivo & Associates, P.C., who specializes in the real estate finance and credit industry, is pleased to announce two attorneys from their Chicago team have been promoted to partner, effective June 12. Kimberly J. Goodell and Caleb J. Halberg will each serve in their new capacity as Assistant Vice President – Managing Attorney and are the newest members of the firm’s Omni Executive Committee.