Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

Rohit Chopra pleads the fifth on QM rule

Consumer Financial Protection Bureau Director Rohit Chopra, in his first report to Congress, answered for decisions made by his predecessor, and provided some indication of his priorities going forward.

How servicers can access timely, accurate data insights

Learn how to navigate the challenges in today’s market – for example, the need for ongoing, on-demand access to near-real-time data and the ability to access those data insights in a timely and accurate manner. 

Which core segments of brokerage make the most money

Today’s HousingWire Daily is a RealTrending crossover episode. It features Tracey Velt, editorial director at HW Media Company RealTrends, who interviews Chris Kelly and Christian Wallace.


Closing costs are up, but there’s a catch

Closing costs for single-family properties on average rose by 12.3% in the first half of 2021

The average closing costs for a single-family home increased 12.3% during the first six months of 2021, according to a report published this week by analytics vendor ClosingCorp. And significantly higher home prices were the culprit.

According to ClosingCorp, the average closing costs nationally came in at $6,837 including taxes and $3,836 excluding taxes. The report also found that refi closing costs increased by 4.87% to $2,398 from the reported 2020 average of $2,287.

But things are not always as they seem. Bob Jennings, CEO of ClosingCorp, said that closing costs as a percentage of purchase prices actually declined this year to 1.03% from 1,06% in 2020.

“So, in addition to keeping up with high demand, the mortgage industry is doing a good job in holding down the costs it can control,” Jennings said.

He also added that in June, the average national price hit $373,664 and in July “leading home prices indices registered their highest ever year-over-year gains.”

Are consistently error-free closings within reach for lenders?

In the wake of this unparalleled volume, companies across the housing industry have been working to increase the efficiencies of the entire lending process – including getting closings correct the first time around. Here’s a look at the future of error-free closings. 

Presented by: Snapdocs

“Although the average home price increased by nearly $45,000, the closing costs, excluding taxes, on that property only increased by $400,” he added.

The report also shows that states with the highest average closing costs, including taxes, were District of Columbia ($30,352), Delaware ($17,831), New York ($17,582), Washington ($13,909), and Maryland ($12,056).

Meanwhile, states with the lowest closing costs, including taxes, were Missouri ($2,102), Indiana ($2,193), North Dakota ($2,321), Kentucky ($2,355) and Wyoming ($2,509), the report said.

In order to come to these conclusions, the tech vendor “analyzed data on more than 1.9 million single-family purchase transactions that ran through [their] ClosingCorp Fee platform,” said Dori Daganhardt, chief data officer at ClosingCorp.

“We are reporting ‘market-specific’ rates and fees not just network averages charged by the most active settlement services providers in each geographic area,” Daganhardt said.

ClosingCorp also noted in their report that it uses home price data from CoreLogic to estimate closing costs at the state, core-based statistical area and county levels.

In June, CoreLogic announced that it entered into a definitive agreement to acquire all outstanding shares of ClosingCorp.

The transaction was expected to close in the third quarter of 2021, however since then, no updates have been made public.

Leave a comment

Most Popular Articles

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy. HW+ Premium Content

Oct 25, 2021 By and
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please