What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

How real estate agents can increase profitability in 2021

As real estate professionals strategize on how to do business in this competitive, fast-paced market, they’ll discover the need for better tools to market their listings.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Mortgage

UWM will partially refund borrowers for late appraisals

Lender will refund 50% of the appraisal cost if work is not completed within 10 business days

United Wholesale Mortgage (UWM) unveiled a new policy this week, telling brokers that appraisals will be completed within 10 business days or they’ll refund 50% of the appraisal cost back to the customer.

The initiative, called “Appraisal Promise,” drops just a week before the wholesale lender’s Wall Street debut on Jan. 22. UWM is merging with a special purpose acquisition company led by Alec Gores. It’s expected to achieve a valuation of $16.1 billion following the merger, the largest SPAC to date.

UWM, the top wholesale mortgage lender and the second largest originator in America, has been trying to generate buzz with its broker set through a series of product launches and sweeteners.

A week ago, it said it will offer 61 basis points on conventional loans through March 8. It’s also offering ultra-low rate mortgages on FHA loans.

UWM’s rule stipulates that only appraisals that go through an approved appraisal management company are eligible for a 50% credit should it not be completed within the 10 business days.


Are borrower-assisted inspections here to stay?

HousingWire recently spoke with CoreLogic’s Chief Appraiser Shawn Telford about re-examining traditional appraisal workflows in light of the changes brought on by COVID-19.

Presented by: CoreLogic

“We are always looking for ways to support our brokers and help them win,” said Mat Ishbia, President and CEO of UWM. “We consistently find opportunities to make the process faster, easier and cheaper. Appraisals are one piece of the process where speed matters, and our new Appraisal Promise will give brokers confidence that enable them to get borrowers into their dream home as quickly as possible.”

When lenders were struggling to meet capacity for most of 2020 and turn times eclipsed 30-plus days, many fingered appraisals as contributing to the logjam.

The Federal Housing Finance Agency is currently considering implementing hybrid appraisals that enlist a third-party – typically an appraiser trainee, home inspector or real estate agent – to collect the data for a lender and certified appraiser once past the automated underwriting system.

According to the FHFA, hybrid appraisals would increase coverage for rural markets and high-volume areas where speed matters. In August, several lenders voiced concern over the appraisal industry’s finite number of appraisers and underwriters as well as quotes taking anywhere from 10 to 27 days to hit the lender’s desk.

Though hybrid appraisals are faster and usually cheaper, adding another cook in the kitchen could complicate matters since a uniform set of standards does not currently exist that hold non-appraisers accountable for their appraisals, the FHFA said in late December.

Leave a comment

Most Popular Articles

FHFA extends forbearance period to 18 months

In an effort to protect homeowners, the FHFA extended forbearance coverage to 18 months and pushed the eviction and foreclosure moratorium to June 30.

Feb 25, 2021 By

Latest Articles

Keller Williams, and brokerage’s diversity shortcomings

Some of Keller Williams’ agents slammed the recent white male musical chairs. But the brokerage is hardly alone in lacking diversity at the top. HW+ Premium Content

Mar 01, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please