Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

Road to the one-click mortgage

This white paper will outline how leveraging a credential-based data provider can save money for lenders, reduce friction for borrowers, speed time to close, and overall bring lenders one step closer to a one-click mortgage.

Mortgage

Understanding the Current Market

HousingWire Editor-In-Chief, Sarah Wheeler, sits down with Doug Duncan, senior vice president and chief economist at Fannie Mae, to walk attendees through the latest update on the housing market and share a few predictions for the future along the way.

Here is a small preview of the session, which has been lightly edited for length and clarity:

Sarah Wheeler: Doug, thank you so much for being here. It has been an incredible year for housing, but before we get into the specifics of our industry, I want to get a feel for the larger economic picture. Where are we in terms of recovering from the COVID-19 slowdown of last year, specifically on jobs? 

Doug Duncan: We’ve made substantial progress, the unemployment rate has come down dramatically. We’re still a ways off, and you heard the chairman of the Fed say there’s still a million jobs he would like to see recovered. And the bulk of the recovery that remains is in the service sector, which was the hardest sector, that’s hourly wage earners. And typically, they’re not homeowners, they’re more renters. I think the homeownership rate in that space is about 40%, as compared to the national average of around 65%. So that’s why you’re hearing a lot of discussion about eviction notices and things like that, because they tend to be more on the renter. But we’re seeing a pickup in that service sector, like for example, restaurants are almost back to normal levels. According to the OpenTable data, you see the airlines are within 20% of where they were before the COVID. So that’s been picking up. And of course, people are talking about how that goes into inflation, just as companies are recovering pricing that they lost in the course of the downturn. So making good progress. We actually think growth this year will be something like 7%, which we will not have seen since the early 1980s. That’s very good news. For the economy.

Watch the full session below. To go back to the full HousingWire engage.marketing 2021 on-demand summit, go here.

Panelists:

  • Doug Duncan, SVP & Chief Economist, Fannie Mae
  • Sarah Wheeler, Editor in Chief, HousingWire

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