Purchase Biz Sinks as Mortgage Market Index Down

As new mortgage activity softened during the holiday week, weekly purchase-money business sank to the lowest level since January. Government share has significantly widened over the past year.

An indication of upcoming loan closings, the U.S. Mortgage Market Index from Mortgage Daily, was 128 in the seven days that included Columbus Day and concluded on Oct. 13.

A 16 percent decline was recorded versus the for the index, which is determined based on average per-user rate-lock volume at OpenClose. No seasonal adjustments were made.


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From:: Financing

Ready When Opportunity Knocks

By Susanne Dwyer

Smart Expansion Fuels Growth at Berkshire Hathaway HomeServices Anderson Properties

Mike Huff has a simple philosophy when it comes to growth: go to where the opportunities are. It is this mindset that put him on the path to taking Anderson Properties from five agents in Houston to 1,000 agents in 40 locations throughout Texas, Oklahoma and Arkansas. With a focus on consolidation within the firm’s footprint and acquisitions from outside, Huff believes in getting out of the way and letting agents do what they do best: “Do your job and work hard and good things are going to happen.” Find out more about Huff’s winning attitude and the strategies that have led to the firm’s success in this exclusive feature.

Maria Patterson: Tell us a little about how you got started in the business world.
Mike Huff:
I spent most of my childhood in a town that no one’s heard of but everybody knows. Mount Airy, N.C. is the real Mayberry—it’s where Andy Griffith was born and where “The Andy Griffith Show” was conceived. My father had a wholesale distribution business that covered all of Western North Carolina. After graduating college, I got into that business with my father; we had multiple locations and we were very successful. We worked with contractors and dealt in building, plumbing, heating, air conditioning and electrical supplies.

But like most businesses, everything goes through a phase of consolidation, and so did we. When we sold the business, I worked with the new owners for three years. When my contract was not renewed, I had a job offer from a competitor in Houston within an hour, and I joined that firm. But that was a publicly traded company, and I was used to being my own boss. I quit three times and they talked me into staying twice.

MP: How did your career path lead you toward real estate?
MH:
I had gotten my real estate license and started acquiring properties in Houston. I had acquired 100 properties and decided I would start managing them; that grew to 400 properties. I had my license with a small company with just five agents, Anderson Properties. When I got there in the early 2000s, Suzanne Anderson was about to shut the business down, and I got to thinking, this is a chance for me to show what I can do. I was frustrated with the publicly traded company I worked for and felt like this was a chance to put my money where my mouth is and see if what I thought about running a business would really work.

MP: Seems like you made the right decision—the company has certainly grown since then!
MH:
I took those five agents and in 12 years, have grown it to 1,000 agents in 40 locations within three states.

MP: What did your path to growth look like?
MH:
The company did pretty well in Houston the first 3-4 years, and then we had an agent who wanted to move to Austin, so we bought a company there.

When we got to …read more

From:: Real Estate News

NAR Adds New Members Medicare Exchange to REALTORS® Insurance Marketplace

By Susanne Dwyer

Nearly 200,000 members of the National Association of REALTORS® (NAR) are already age 65 or older, and next year, it’s estimated that nearly 100 members will turn 65 every day, according to the NAR 2017 Member Profile. Turning 65 is a milestone event that typically includes eligibility for Medicare; however, most Medicare recipients also purchase supplemental insurance to help pay for medical services that Medicare doesn’t cover.

Recognizing that well-rounded insurance coverage is important for our members, NAR’s REALTOR Benefits® Program is proud to introduce the Members Medicare Exchange, available through REALTORS® Insurance Marketplace. NAR members who are eligible for Medicare (or have family members who are Medicare-eligible) now have an easy way to research and select among a variety of Medicare supplemental insurance options at highly competitive prices.

“The Members Medicare Exchange is our latest effort to assist NAR members aged 65 and older as they explore options that expand their coverage,” explains Shannon Kennedy, president of SASid, Inc. (Smart and Simple Insurance Development). SASid is the administrator of REALTORS® Insurance Marketplace, and a proud partner in NAR’s REALTOR Benefits® Program. “We believe in hands-on personal service, so if at any point a member needs assistance in navigating the Medicare supplemental insurance landscape, our licensed benefit specialists are available to answer questions and provide basic information, including the highlights and differences between the individual plans, basic eligibility, and enrollment information.”

How It Works
After obtaining Original Medicare through the federal government, Medicare-eligible NAR members who want to explore their coverage options can use the Members Medicare Exchange to quote, shop and enroll in a variety of supplemental Medicare insurance products.

The new Exchange includes a resource center with a variety of educational tools to assist NAR members in understanding Medicare overall, in addition to available plan options. These resources include:

  • Educational articles and videos
  • FAQs and glossary of terms
  • Savings calculators and coverage checklists
  • Caregiver resources
  • A prescription drug tool (to assist in selecting the best plan based on prescriptions used)

Members can benefit from these resources, regardless of whether they decide to select a plan through REALTORS® Insurance Marketplace or elsewhere. Complimentary consultation and personal assistance from a licensed benefits specialist is included as a benefit of NAR membership.

Open Enrollment: It’s on Now
While many of the products offered through REALTORS® Insurance Marketplace can be purchased year-round, it’s important to note that the annual open enrollment period for Medicare is on now, running from October 15 to December 7.

Take note though: If this is the year you turn 65, you can enroll in supplemental Medicare coverage at any point in the three months up to or after the month of your birthday.

To access the Members Medicare Exchange, visit RealtorsInsuranceMarketplace.com/Medicare or call 877-267-3752.

Discover ALL Your Benefits
Designed with you in mind, the REALTOR Benefits® Program is your official (NAR) member benefits resource, bringing you savings and special offers just for REALTORS®. Program partners are carefully selected, so you can be assured they understand the unique needs of real estate professionals and are committed to your …read more

From:: Real Estate News

Building Green No Longer a Specialty

By Susanne Dwyer

Builders anticipate green homes will comprise more than half of their business in five years, moving to necessity from specialty, according to a recently released report by the National Association of Home Builders (NAHB). Energy-efficiency is in demand, as well as a “healthy indoor living environment,” the report reveals.

“These findings show that green building has become an established part of the residential construction landscape,” says Granger MacDonald, chairman of the NAHB. “It is no longer a niche business; our members recognize the value of building green and are incorporating these elements into their standard business practices.”

Net zero or zero energy homes are also popular, the report shows. Twenty-nine percent of builders report they have constructed a net zero home, some with solar panels, in the last two years.

Builders, the report shows, are embracing green for many reasons, including: “appraisers recognizing greater value in green homes;” “customer demand;” and “greater availability and affordability of green products.”

Source: National Association of Home Builders (NAHB)

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

The post Building Green No Longer a Specialty appeared first on RISMedia.

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From:: Real Estate News

Richard “Dicky” Mopper: Rooted in the Real Estate Community

By Susanne Dwyer

Mopper_Richard

Being in the real estate business for nearly 40 years, Richard “Dicky” Mopper, partner with Engel & Völkers Savannah, has made an endless number of relationships in Georgia’s historic coastal city, and looks forward to each and every day of work.

“What I love is helping people find the right house for themselves, or the right properties for whatever their venture is going to be on the commercial side of things,” says Mopper. “To me, the key is the personal relationship you can build, and the ability to actually make friends.”

Dedicated to Savannah’s real estate industry, Mopper is a valuable contributor to the area’s professional organizations. He’s a life member of the Distinguished Sales Society, a member of the local, state and national Board of REALTORS®, and a past officer of the Savannah Board of REALTORS®.

Having run his own firm for most of his time in the business, Mopper made the decision to become part of Engel & Völkers about two years ago.

“It’s been the best decision we ever made. Our growth has increased significantly, and our average price per listing has increased more than $100,000 since the change,” he says. “I had never had any desire to be part of a franchise, but the more I got to visit with Engel & Völkers, the more I realized they were very similar to our small firm. They’re family-oriented, their ethical standards are enormous, and their work ethic is the best I’ve ever seen.”

Hoping to add a second office to the firm’s footprint within the next 24 months, Mopper is currently looking at sites.

Mopper notes that it’s been a “really interesting” time in the Savannah market, with varied neighborhoods and multiple types of properties available. Values have been steady and sales have been brisk so far this year, with low interest rates proving to be an enormous help.

“We’re seeing enormous growth in new construction in the Savannah area in those areas we consider bedroom communities,” he adds.

The biggest change Mopper has noticed throughout the course of his career is the industry’s transition from a broker-controlled business to more of an agent-centric business—and that’s changed his job description as a broker/owner.

“Part of the challenge is finding and keeping good agents because they’re constantly being asked to move to other firms,” he says. “We’re very fortunate that we’ve been in business for a long time and have very strong community relationships. We have a policy of non-aggressive recruiting; our reputation has caused a number of people to just come to our door.”

Once new agents join the firm, Mopper believes they stay because of the firm’s family atmosphere and the 24/7 broker policy where someone is always available to provide help or answer questions.

There’s also a lot of training available to agents, with a Lunch and Learn program that explores a different topic designed to increase business held every two weeks.

“In today’s world, it’s really important for anyone in the real estate industry to stay up with the standards in the market and understand and …read more

From:: Real Estate News

Chinese peer-to-peer lender Paipaidai files IPO documents

PPDAI Group Inc. hopes to raise $350 million in its initial public offering, according to documents filed with the Securities and Exchange Commission late Friday. The China-based company said it intends to list American depository shares on the New York Stock Exchange under the ticker symbol “PPDF.” It has been rumored to be going public for some time, with The Wall Street Journal reporting it was formulating plans in 2016. The $350 million it hopes to raise is likely a placeholder and per the Journal report was valued at roughly $2 billion in 2016. Known as Paipaidai, the company offers unsecured peer-to-peer loans and said that it had 48 million registered users as of June. In the first six months of 2017, the company logged a net loss of $60 million on sales of $255 million. Credit Suisse, Citigroup and Keefe, Bruyette & Woods are listed as underwriters.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

MGIC Improves M.I. Pricing

Changes being made by Mortgage Guaranty Insurance Corp. will result in improved prices on mortgage insurance premiums for some borrowers.

On residential loans that are in excess of $450,000, Milwaukee-based MGIC is eliminating the loan amount premium adjustment.

In addition, the mortgage insurance company is also doing away with the loan amount premium adjustment on mortgages that exceed $650,000.


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From:: Financing

TransEnterix shares soar on FDA clearance of robotic surgery device

TransEnterix Inc. shares soared in the extended session Friday after the Food and Drug Administration gave marketing clearance to the company’s robotic surgery device. TransEnterix shares jumped 63% to $2.38 on after-hours volume of more than 1 million shares. Late Friday, the FDA announced it had granted marketing clearance to TransEnterix’s Senhance System that gives surgeons a 3-D high-definition view of the surgical field and remote control of three robotic arms to perform procedures.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

PNC’s Mortgage Income, Lending Off From Year Ago

While The PNC Financial Services Group Inc.’s mortgage earnings and originations weakened from a year earlier, third-party mortgage servicing has grown during the period.

In the three months ended Sept. 30, the Pittsburgh-based company earned over $1.5 billion before income taxes and non-controlling interests, according to its third-quarter earnings report.

Income improved compared to the same three-month period in 2016, when PNC earned $1.3 billion. Earnings also were up from nearly $1.5 billion the preceding quarter.


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From:: Financing

VoIP provider Bandwidth files IPO documents

Bandwidth Inc. hopes to raise $85 million in its initial public offering, according to documents filed with the Securities and Exchange Commission late Friday. The Raleigh, N.C.-based company said it intends to list on Nasdaq under the ticker symbol “BAND” and will have two share classes. Bandwidth is a cloud-based communications platform that offers VoIP services, as well as text messaging to enterprise-sized customers. For the first six months of 2017 the company logged a net income of $4.9 million on sales of $79.2 million. The company said it has 865 customers, and includes Microsoft Corp. and Alphabet Inc. . Morgan Stanley, Keybanc Capital Markets and Baird are among the underwriters listed.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News