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Housing News: Financing

Labor Day

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Gone are the days of ‘20% down or no mortgage.’ What could you build with the equity in your house?
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ARMs look very different in 2017 than in 2005, and their popularity is edging back up. Overall, home buyers have preferred FRMs over ARMs in the past decade.
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Reverse mortgages — pitched as a way to ‘age in place’ — are pushing more elderly homeowners into foreclosure
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On Aug. 30, 2017, the Bureau issued a detailed summary of changes and clarifications of the 2017 TILA-RESPA rule . The new summary outlines and explains the changes and clarifications set forth in the 2017 TILA-RESPA Rule.
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Mortgage-buyer Freddie Mac reports that the average rate on a 30-year, fixed-rate mortgage fell to 3.82% this week from last week’s 3.86%.
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What’s Up With Housing?

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The bill working its way through Congress has “significant improvements,” including a commitment to protect current owners from substantial rate increases.
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For the sixth consecutive month, May home prices venture into record territory.
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The CFPB recently loosened rules, and agents now have easier access to the closing disclosure providing certain private information is removed. However now, as before, the lenders decide how to handle it.
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According to Bankrate’s latest Financial Security Index Poll, Americans who have money to set aside for the next 10 years would rather invest in real estate than any other type of investment.
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For the second time in six weeks, a company connected to the same lawyer stood poised to profit from a Pinellas County foreclosure auction that confused even experienced real estate investors.
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It’s cheaper to rent than own a home in 11 states, but Florida’s average monthly rent, $1,543, is still higher than the cost of an average monthly mortgage: $1,376.


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What’s Up With Housing?

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Zillow maintains that more than half the homes it lists sell within five percent of the home value “Zestimates” it gives for them. The Tampa Bay Times looked at 20 houses for sale on both sides of bay to see if that held up.
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People tend to be too optimistic about rental rates, vacancies, management fees, maintenance costs and home value increases.
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With so many generations to serve in Florida’s increasingly attractive housing market, how can developers be sure their product supply will appeal to their target audience?
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The federal consumer bureau says it’s okay for lenders to share buyers’ Closing Disclosure with agents, and it’s announcing soon the how-to-do-it details.
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Report: The number of homeowners (about 1.8M) who still owe more on a mortgage than their home’s current value has hit its lowest point since 2006.


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Introducing TitleCapture… Your New “Go To” App.

TitleCapture AppWe are excited to introduce our TitleCapture App which should soon become one of your favorite and most trusted resources… making your job easier and more productive when assisting your clients.

This one-stop app will provide all the tools you need to give immediate quotes, seller net sheets, and buyer estimates. All of which are TRID compliant, per CFPB’s requirements.

TitleCapture works on desktop, tablet and mobile devices.

Here’s how to get started. Simply click this link and you’re on your way. Follow the directions and you will have access in seconds. You can even customize your app for emailing purposes.

Please let me know if you have any questions. Title Security is here to help you in any way we can.

Enjoy!
Katie


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What’s Up With Housing?

happy-valentines-day-beach-wide-wallpaper

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CFPBChanges loom for U.S. Consumer Watchdog Bureau.
The CFPB, which oversees RESPA, will likely change from semi-independent director oversight to a bipartisan board; and Congress could start setting CFPB’s budget.
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Student HousingDevelopment is Not Keeping Up with the Demand for Student Housing.
Shortage of good sites to build on and difficulty of finding construction financing hindering developers.
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High-Rise Condo SafetyNew High-Rises Could Power Tenants’ Homes for a Week in an Emergency…
Twin NYC apartment towers show how builders are guarding against extreme weather.
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Small Houses AppreciatingSmaller Homes are Experiencing The Fastest Price Appreciation.
NerdWallet attributes this growth to a high demand for starter homes and homes in cities.
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Modular Home AdvantagesCan Modular Construction Solve Labor, Lots, and Lending Issues?
Along with time savings, some modular builders would even say that there is the capability to build better quality homes because the construction process is isolated in a factory-controlled environment.
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Cyber FraudSave This Date:  Our Next Coffee Corner, 2-21-17, 9:30am to 10:30am
“What is Cyber-Fraud? Learn How to Protect Yourself and Your Client in Today’s World”

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http://www.TitleSecurityFL.com


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Why Are Closing Times Continuing to Increase Under TRID?

Real Estate Closings
National Association of Realtors says closing times in November exceeded last year’s timelines; here’s why:

Did loans take an unusually long time to close in November, or was that simply your imagination?

You probably didn’t dream it up.

Although real estate closings haven’t been the 45-day odyssey some expected them to be following the October 2015 launch of the Consumer Financial Protection Bureau’s (CFPB) TRID (aka the “Know Before You Owe”) rule, the time to close a loan rose slightly in November compared to the same period last year, according to ongoing research by the National Association of Realtors (NAR).

The trade association shared this surprising finding this week on realtor.org as part of its ongoing analysis of how the sweeping mortgage industry regulation, also known as the TILA-RESPA Integrated Disclosure, or TRID, rule is affecting the business of real estate.

‘Add 15 days to closing timelines’

In the two-year lead-up to TRID’s implementation on Oct. 3, 2015, NAR had advised its members to expect to add at least 15 days to their customary closing timelines to accommodate for the rule’s various disclosure and delivery deadlines, fee tolerances and any last-minute snafus that might require a total reset of the process.

Some compliance experts and industry leaders, however, said the new closing process could take up to 45 days to complete, especially as mortgage, real estate and settlement service providers adjusted to the new requirements and ironed out the kinks in their software and employee workflows.

The delays proved to be much less of a pain point for real estate agents than expected, with NAR reporting that the twelve-month average time to close was about 36.7 days in November 2015, the first full month following TRID implementation.

Why aren’t closing times shrinking?

However, although one might expect closing times to continue to shrink as the industry gets more comfortable with the post-TRID world, this does not seem to be the case, according to NAR’s analysis.

The twelve-month time-to-close in November of this year rose to 40.5 days, about four days longer than the same period last year.

This is “a surprise relative to the recent easing pattern,” said Ken Fears, NAR’s manager of Regional Economics and Housing Finance Policy.

So what happened?

Fears said the increase could be related to a busy September and October selling season, with many of those contracts closing in November, as well as the aftereffects of the presidential election, when mortgage rates rose nearly 50 basis points, spurring buyers and refinancers who may have been dragging their feet to move into the market.

“These delays should ease in the coming months as refinance volume eases and as lenders continue to adapt to the new settlement process, but a longer average time-to-close may be part of the new normal,” Fears said.

via Amy Tankersley, Inman News


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Interesting Housing News From This Past Week

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Developer TaxesHow Real Estate Developers Pay Less Tax
Donald Trump’s taxes, or lack thereof, spotlight how real estate developers legally avoid taxes that companies in other businesses would ordinarily have to pay. These tax laws keep real estate business in play, which means they can continue employing workers and hiring contractors and investing in new projects.

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Solar Panels in FloridaFlorida is the Sunshine State. Why Is It So Hard to Get Solar There?
To make solar panels affordable, many rooftop solar users sell excess electricity back onto the grid. But Florida doesn’t allow that yet.
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Housing InventoryHousing isn’t running out of steam despite low inventory.
Between household balance sheets being healthy and the labor market continuing to make progress, Goldman Sachs says it believes the “fundamentals of the housing recovery remain solid.”
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CFPB LogoCourt: Consumer Watchdog Structure Ruled Unconstitutional.
A federal appeals court ruled CFPB’s structure – the U.S. consumer bureau with oversight over RESPA rules and most financial companies – is unconstitutional because it gives too much power to a single agency director.
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Future City DevelopmentSix Things You Should Know About Future City Development.
The past decade and a half has been marked by the “back to city movement,” and young people are leaving suburbs in droves.
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http://www.TitleSecutiryFL.com