U.S. mortgage demand declined last week following the first rise in mortgage rates in nine weeks. According to the Mortgage Bankers Association's seasonally adjusted index, total mortgage application volume fell by 6.2% compared to the previous week. The average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.72% from 6.67%, while points,...
One of the nation’s leading reverse mortgage lenders, Finance of America (FOA), on Thursday announced the appointment of two new members to its board of directors — including a former U.S. senator. Andrew Essex Andrew Essex, whom the company describes as a leader in marketing and brand strategy, formerly served as CEO of advertising agency Droga5. The company aims to leverage his expertise in...
The top executives at Freddie Mac, along with a top HR official at the Federal Housing Finance Agency (FHFA), were fired today, according to a report on SEMAFOR. The publication reported that Freddie Mac’s CEO, COO and head of HR plus the FHFA’s COO and head of HR were all fired on Thursday. The news was first reported by Semafor reporter Eleanor Mueller on social media platform X as well as in...
Lessons from California wildfires and other natural disasters California’s wildfires highlighted the chaos that natural disasters continue to unleash – not just on homeowners, but also on the mortgage servicers tasked with supporting them and the insurance industry that covers the cost of rebuilding. From wildfires to hurricanes, floods and earthquakes, each crisis tests a servicer’s ability to...
Policies related to appraisal appeals, or reconsiderations of value (ROV), were rescinded Wednesday by the Federal Housing Administration (FHA). “While the adoption of a standardized ROV policy was one that real estate appraisers understood and was generally good for appraisers and consumers, the issues associated with appraisal appeals will continue to evolve without the FHA policy,” said Bill...
Let’s start with the bad news: The U.S. housing deficit is currently between 1.5 million and 8 million homes (estimates among experts vary widely). And worse, the core reasons for such a shortage cannot be easily or quickly addressed. But there is good news, too, speakers said Wednesday at the U.S. Housing Supply Summit in Washington, D.C: There is finally widespread political acceptance that we have...
Call me biased, but I can’t think of anything more inviting than a Ranch-style home with adobe elements and Spanish influences. Yet a newly listed Santa Barbara home raises the bar, adding oceanfront living to the mix, with wide-reaching water views and picture-perfect sunsets unfolding past its windows. Listed for a hefty $19,995,000, the Santa Barbara property offers a piece of California’s...
Spot problems with your foundation early so you can make repairs before they...
There was a lot these homeowners liked about their 2002 Spanish-style kitchen: the overall layout, rich stone tile flooring, decorative wood ceiling beams and its pro-style appliances. But overly ornate details on the cabinets, backsplash tile and green granite countertops didn’t fit their desired...
Curtains and drapes are soft window treatments that perform the same duties as the cousins they’re often paired with — shades, blinds and shutters — by providing privacy and light control and being a crucial part of a room’s design. But the wide variety of fabrics, patterns, colors and decorative...
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