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Fannie Mae’s New HomeReady Mortgage Program

The one thing everybody knows about the housing market is that it is constantly changing and evolving. Buyer’s markets turn into seller’s markets, and vice versa, over time. Home values increase and decrease based on several different factors. A mortgage rate update from a week ago is totally irrelevant today. Recognizing this, Fannie Mae is revamping a mortgage program in an effort to better serve today’s realities.

ReloTax: Understanding The New Closing Disclosure Forms

As some of you may already know, there are many significant changes this year, including all new tax rates and tables. Further, the government relocation and FTR rules have been updated including new Canadian tax revisions as well. And, as we’ve discussed for the past few months, the new 2015 Closing Disclosure form – the one replacing the HUD-1 which becomes effective October 3, 2015 is included and discussed in great detail.

UPDATE: RESPA Rules Granted an Extension

UPDATE: This week, the Consumer Financial Protection Bureau (CFPB) issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015. The Bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rule. The Bureau further believes that scheduling the effective date on a Saturday may facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test systems.

Rental Market and Housing Market Lock Horns

We admit, we have been a little obsessed with housing market stories lately. But, who isn’t? It’s a weird time for real estate.  And, what it boils down is this – today’s real estate and rental market needs confidence and equity.  While we are seeing significant appreciation in some markets, it is not due to a significant number of new buyers.  As we have pointed out, the lack of inventory is the real culprit.  For this reason, we are not seeing any let up in the rental market.

Free EBook: 2015 Housing Market Breakdown

Remember a few years ago when there was no one to buy a home? Well, today, things are different. Instead of a lack of buyers, there is a lack of supply. At the same time, with fewer people able to buy due to lack of inventory or financing, more people are renting. Consequently, rental rates are skyrocketing around the country making it difficult for first-time buyers to save – or, in our world, corporate transferees to find short-term housing.

Lack of Supply Haunts the Housing Markets

Pursuant to our last post, and as a lead up to our next EBook, today we wanted to talk about the big, not so subtle elephant in the housing market: a lack of supply. According to Zillow, the lack of new supply is squeezing renters and buyers by keeping housing costs high. In fact, U.S. renters can expect to spend 30.1 percent of their income on rent, while home buyers can expect to spend about 15.3 percent of their monthly income on a mortgage payment.

Zillow: Negative Equity Persists in 21 Housing Markets

Back in March, Zillow released a report showing that, in 21 out of the top 50 U.S. housing markets, some underwater home owners are sinking deeper into debt. This seems contradictory to the face that home values are generally rising across the board around the country. Confused by the paradox, I asked Mike Canning, our real estate guru, to share his thoughts on the article.

What’s the Real Impact of the New RESPA Forms?

In the past week, I have attended two relocation industry conferences, where there were spirited discussions regarding the RESPA changes, slated to take effect this August.  This legislation was designed with two primary objectives: make consumers better aware of charges (anticipated and actual) associated with the closing of their new home; and consolidate several confusing currently used forms into fewer, more concise documents.  Further, within the process, lenders are given additional responsibilities and time frame for providing buyers the anticipating charges.  The final (cost) disclosure statement must be received by the buyer a minimum of 3 days prior to the settlement (which will now be referred to as “Loan Consummation”).  If they are not, or if there are any changes beyond the specifically permitted limits, closing cannot take place until three days after the proper disclosure document is provided.

Is Your Transferee Still Underwater?

A month ago, we released an EBook all about Generation X. While we discussed several of the traits and values of this generation, we also covered some of the specific challenges Gen X may have when it comes to relocation. One of the points that stuck out most to me was the fact that Gen X took the brunt of the economic downturn on the chin and, today, they are still working to stand back up. Most of Gen X angst has to do with the housing market so, today, I wanted to share some information about what to do if your Gen X transferee is still underwater on their home.   

Is it all Doom and Gloom for the 2015 Housing Market?

Last week, we read (and shared) and article by Chicago Agent Magazine titled, “3 Important Trends to follow for the 2015 Housing Market.” I think the article raised some good points – namely, that the rise in home prices will slow down a bit and the rental market will continue to flourish. But, after reading this article, you may find yourself a bit depressed.

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MIKE CANNING
VP, Client Services

RICK CALANNI
VP of Business Development Northeast Region

 

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