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August New Home Purchase Mortgage Applications Decreased 17 Percent
The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for August 2021 shows mortgage applications for new home purchases decreased 17 percent compared from a year ago. Compared to July 2021, applications increased by 9 percent.
Real Title Services
Share of Mortgage Loans in Forbearance Decreases to 3.00 Percent
The Mortgage Bankers Association's (MBA) latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 8 basis points from 3.08% of servicers' portfolio volume in the prior week to 3.00% as of September 12, 2021. According to MBA's estimate, 1.5 million homeowners are in forbearance plans.
AccuSearch Company
MBA Announces Policy Initiative to Close the Racial Homeownership Gap
The Mortgage Bankers Association (MBA) today announced a new policy initiative, Building Generational Wealth Through Homeownership, aimed at providing industry leadership and direction for reducing the racial homeownership gap; developing and supporting policies that support sustainable homeownership for communities of color; and promoting fair, equitable, and responsible lending for minority borrowers.
Builder Confidence Steadies as Material and Labor Challenges Persist
Builder confidence inched up in September on lower lumber prices and strong housing demand, even as the housing sector continues to grapple with building material supply chain issues and labor challenges.
NAR Report Finds Four Out of Five Real Estate Firms Operated From a Single Office in 2020
The overwhelming majority of real estate firms – 80% – operated from a single office and typically with three full-time real estate licensees in 2020, according to a new survey by the National Association of Realtors®. Nearly nine out of 10 firms – 86% – were independent and non-franchised.
Radian's Blockchain-Backed Title Insurance Offering Launches in Arizona, California, Nevada, Ohio and Pennsylvania
Radian Group Inc. today announced that its innovative title insurance and closing services offering, titlegenius, has launched in Arizona, California, Nevada, Ohio and Pennsylvania, following its initial debut in Florida. titlegenius platform provides a simple, transparent and secure way to order title insurance and closing services online, delivering value for both real estate agents and homebuyers.
Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage applications increased 0.3 percent from one week earlier, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending September 10, 2021.
Student Loan Debt Holding Back Majority of Millennials from Homeownership
Sixty percent of non-homeowning millennials say student loan debt is delaying their ability to buy a home, by far the most affected population, according to a new poll released today by the National Association of Realtors®.
Quick Links
Automated, Secure Real-Estate Settlement via Smart Contracts
The settlement or closing process in traditional real estate is a dynamic operation involving a great deal of time, energy, and attention. The land transfer process stayed the same for decades. However, smart contracts Development with Blockchain for real-estate offers real change and an efficient alternative to the settlement process.

Ohio Passes Mortgage Licensing Fee Increases and Other Changes
The bill also enacts new requirements for title insurance companies that are joint ventures, including that the annual review required of agency accounts must include an assessment of whether or not all members of the joint venture received revenue during the year in question from the title company commensurate to their ownership interest in the title company.

New York Federal Court Holds Insured Not Entitled to Coverage Under Title Policy When Statute of Limitations for Potential Chall
The United States District Court for the Southern District of New York recently granted the defendant title insurance companies' motion for summary judgment and found that the insured was not entitled to coverage when the action giving rise to the alleged title defect occurred in 1982 and the statute of limitations for a challenge to title had run.

Garfield: Ranch owner didn't do homework on road status
Attorneys for Garfield County say that High Lonesome Ranch is blaming the county, federal district court and the Bureau of Land Management for the existence of public roads at issue in an ongoing lawsuit, but Paul Vahldiek Jr., the Texas lawyer who spearheaded the ranch's purchase, failed to do sufficient prepurchase due diligence.

Rocket subsidiary hits eClosing milestone
Rocket group subsidiary Amrock has reached a milestone after completing one million digital closings, the company announced this week.

Compass acquires title insurance company in Texas
Compass, the real estate technology company, on Sept. 14 announced that it has signed a definitive agreement to acquire LegacyTexas Title Co., a leading title insurance company serving Dallas-Fort Worth.

Mortgage giant Fannie Mae to consider on-time rent payments in home-loan approvals
Millions of renters with little or no credit record have long been shut out of the American dream of home ownership. For some, that's about to change for the better. Starting September 18, mortgage giant Fannie Mae will consider the most recent 12-month rent payment histories when lenders run its automated creditworthiness check system.


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