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Prospect Mortgage settled with the Multi-State Mortgage Committee on behalf of 50 state mortgage regulators after investigators uncovered a pattern of improperly disclosed and unsupported fees that were paid to the company’s affiliate, C2C Appraisal Services, HousingWire reported Nov. 19. Prospect will pay more than $10 million in fines and restitution.
Some investment managers report worrisome signs in commercial mortgage-backed securities due to loosening underwriting standards, and while they said the market appears “frothy” as a result of high commercial valuations, they aren’t forecasting a bubble, Bloomberg Business reported Nov. 18.
The discrepancy between appraiser and homeowner opinions of home values is shrinking, but October still was the ninth consecutive month in which homeowner estimates exceeded those of appraisers, Quicken Loans reported Nov. 10 in its Home Price Perception Index.
Homes with host-owned solar photovoltaic energy systems sell for a premium compared to homes without PV systems, according to a study authored by Appraisal Institute member Sandra K. Adomatis, SRA, and released Nov. 12 by the U.S. Department of Energy’s Lawrence Berkeley National Laboratory.
Averaged fixed mortgage rates rose for the second consecutive week, amid continued expectations of a rate increase by the Federal Reserve and a stronger than expected October jobs report, Freddie Mac reported in its Primary Mortgage Market Survey on Nov. 12.
Nearly half of home-purchase loans were originated with nondepository independent mortgage companies last year, the largest share of mortgages held by non-banks since 1995, according to Federal Reserve data, Realtor Magazine reported Nov. 5.
Charlotte, North Carolina, is the nation’s best market for investors looking to purchase single-family rental properties, according to a study released Nov. 12 by real estate investment management firm HomeUnion. Other top markets: Orlando-Kissimmee-Sanford in Florida and Baltimore-Columbia-Towson in Maryland.
A 12 percent rise in foreclosure starts led to a 6 percent increase in foreclosure filings in October, the largest month-over-month increase since August 2011, according to the U.S. Foreclosure Market Report released Nov. 11 by analytics firm RealtyTrac. However, experts note that foreclosure increases in October are not unusual.
Total U.S. construction starts for 2016 are expected to increase 6 percent to $712 billion, with construction of single-family homes expected to increase 17 percent and commercial buildings expected to increase 11 percent, according to the 2016 Construction Outlook from data firm Dodge Data & Analytics, MBA NewsLink reported Nov. 12.
Industry experts speculate that 2016 may be the last year of expansion for the hotel sector, although market demand still is strong and occupancy rates are at record highs, according to brokerage firm Marcus & Millichap, National Real Estate Investor reported Nov. 9.
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