Category: Uncategorized

The digital mortgage revolution is about to hit lightspeed, as nation’s largest mortgage lender is preparing to go digital. That’s right. Wells Fargo is developing its own digital mortgage platform. Actually, Wells Fargo is doing more than preparing to go digital. The bank is already testing its own digital mortgage experience and plans to fully roll it out at some point in 2018. Here’s the full scoop. …read more

From:: Real Estate Wire

Market observers were already predicting that 2017 would be a rough year for mortgages, at least compared to 2016. So it shouldn’t come as a surprise that when Wells Fargo, Citigroup, and JPMorgan Chase reported their financial results for the first half of the year mortgages were not a significant driver of revenue. But a deeper dive into the big banks’ results shows 2017 will not be kind to mortgages, for the big banks at least. …read more

From:: Real Estate Wire

By Susanne Dwyer

The U.S. housing market is a draw for foreign real estate investors, who continue to express assurance in either becoming or remaining active in U.S. real estate. One of the most considerable countries of origin is China, where, according to a new report by Juwai.com, investors are slated to pour $80 billion into international real estate in 2017, with the U.S. at the top of the list.

The projection, though a pull-back from 2016’s record $101.4 billion, is historically one of the largest sums ever.

“2016 [was] the first time in history that Chinese buyers acquired more than $100 billion of international real estate,” says Sue Jong, chief of operations for Juwai.com. “The 2016 total represents a 25.4 percent increase over 2015 and an 845 percent increase over five years. For the Chinese buyer, the United States is a near-perfect market. The United States received more than $50 billion, the greatest share of total mainland Chinese real estate investment, last year.”

China has been the top country of origin for residential real estate investment in the U.S. in recent years, according to the National Association of REALTORS® (NAR), surpassing all other countries in terms of dollar volume. China has also made waves on the commercial side, making the most investment of all countries in the sector in 2016.

“Foreign buyers—especially those from China—continue to see the U.S. as a solid investment opportunity and an attractive place to visit and live,” says Lawrence Yun, chief economist at NAR.

China, in addition, is ranked relatively low globally in terms of foreign real estate ownership, making it ripe for expansion, according to the Juwai.com report, which approximates over $1 trillion in international investments in the next 10 years.

“We believe we estimate conservatively when we forecast that Chinese investors will acquire more than $1.5 trillion of overseas assets in the coming decade or so as they close the underinvestment gap,” Jong says. “Up to half this new investment could go to property.”

Several real estate brands and brokerages have recognized China’s impact on the housing market, forming strategic partnerships with Juwai.com, a Chinese real estate portal, to ensure exposure. They include Berkshire Hathaway HomeServices, Engel & Völkers and Long & Foster Real Estate.

“There is no denying the impact Chinese buyers are having on the North American real estate market,” says Anthony Hitt, CEO of Engel & Völkers North America. “We want to ensure that we are marketing to this population in the right way and we have found that through our relationship with Juwai.com. Empowering our advisors to market to Chinese buyers gives them another competitive edge in winning listings and selling homes.”

Source: Juwai.com

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

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The post For Chinese Real Estate Investors, U.S. Is Tops appeared first on RISMedia.

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From:: Finance and Economy

By Susanne Dwyer

Most homeowners are content with the current status of the housing market, believing not only that they made a smart choice by owning, but also that conditions in their area have gotten better since the recession, according to the results of a new survey.

Ninety-one percent of homeowners and 83 percent of renters surveyed recently by Digital Risk perceive homeownership as “a good investment,” with 87 percent of homeowners seeing their home’s value hold or rise—some more than 20 percent.

Homeowners believe there is room for improvement, however, when it comes to obtaining a mortgage. Although 75 percent of those surveyed report that they supported “efforts over the past decade to make the mortgage process safer and more consumer-friendly,” just 22 percent of homeowners and 13 percent of renters think progress has been made.

“There’s no question that the housing sector continues to be a major driver of growth and recovery in the U.S. economy,” says Jeff Taylor, co-founder and managing director of Digital Risk. “It’s important to remember how far we’ve come in a decade. The fact that the American Dream of owning a home is once again considered a smart investment suggests the housing market has years of strong performance ahead of it—provided that more borrowers clearly understand the criteria and ‘pathway’ to obtaining a mortgage.”

“It’s no secret that Americans support a healthy housing market with clear rules and procedures,” says Rose Bogan, senior vice president of Governance, Risk and Compliance at Digital Risk. “Still, lenders and borrowers alike recognize that consumer protections can be accomplished in a more straightforward, efficient way. The challenge moving forward is for lenders to smartly use technology and procedures to adapt to shifting regulatory requirements as seamlessly as possible.”

Source: Digital Risk, LLC

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The post Survey: Housing Came out on the Other Side—Mortgage Market, Not So Much appeared first on RISMedia.

…read more

From:: Real Estate News

By Susanne Dwyer

Most homeowners are content with the current status of the housing market, believing not only that they made a smart choice by owning, but also that conditions in their area have gotten better since the recession, according to the results of a new survey.

Ninety-one percent of homeowners and 83 percent of renters surveyed recently by Digital Risk perceive homeownership as “a good investment,” with 87 percent of homeowners seeing their home’s value hold or rise—some more than 20 percent.

Homeowners believe there is room for improvement, however, when it comes to obtaining a mortgage. Although 75 percent of those surveyed report that they supported “efforts over the past decade to make the mortgage process safer and more consumer-friendly,” just 22 percent of homeowners and 13 percent of renters think progress has been made.

“There’s no question that the housing sector continues to be a major driver of growth and recovery in the U.S. economy,” says Jeff Taylor, co-founder and managing director of Digital Risk. “It’s important to remember how far we’ve come in a decade. The fact that the American Dream of owning a home is once again considered a smart investment suggests the housing market has years of strong performance ahead of it—provided that more borrowers clearly understand the criteria and ‘pathway’ to obtaining a mortgage.”

“It’s no secret that Americans support a healthy housing market with clear rules and procedures,” says Rose Bogan, senior vice president of Governance, Risk and Compliance at Digital Risk. “Still, lenders and borrowers alike recognize that consumer protections can be accomplished in a more straightforward, efficient way. The challenge moving forward is for lenders to smartly use technology and procedures to adapt to shifting regulatory requirements as seamlessly as possible.”

Source: Digital Risk, LLC

For the latest real estate news and trends, bookmark RISMedia.com.

The post Survey: Housing Came out on the Other Side—Mortgage Market, Not So Much appeared first on RISMedia.

…read more

From:: Finance and Economy

On Dec. 5, 2016, Walter Investment Management Corp.’s stock closed at $7.35. Since then, the nonbank’s stock dropped precipitously. So much so, in fact, that the stock is now trading well below $1 and the NYSE issued a warning stating the company is no longer in compliance with the stock exchange’s rules. …read more

From:: Real Estate Wire