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Quarterly Commercial/Multifamily Mortgage Bankers Originations Index
Commercial and multifamily mortgage loan originations increased 72 percent in the first quarter of 2022 compared to the same period last year, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. In line with seasonality trends, originations during the first three months of 2022 year were 39 percent lower than the fourth quarter of 2021.
Real Document Solutions
Home Builders Warn of Significant Affordability Declines
Housing affordability posted a modest gain for average conditions in the first quarter of 2022 as a strong jump in national median income helped to offset a gradual rise in interest rates. However, home builders warn of current deteriorating conditions as a sharp jump in mortgage rates in March and April coupled with ongoing building material supply chain disruptions, labor shortages and high inflation drive up housing costs.
Real Title Services
First American Financial Corporation Appoints Marsha A. Spence to Board of Directors
Over the course of her distinguished 45-year career in title and settlement, Spence’s skillful leadership has consistently produced high-performing teams and profitable growth at Mother Lode Holding Company, a California-based provider of title insurance, underwriting and escrow services for residential and commercial real estate transactions known for its strong employee-centric culture.
Redfin Reports a Shrinking Pool of Buyers Snatch Up Homes at Record Pace
Pending sales fell 6%, the largest year-over-year decline since June 2020 when the initial pandemic shock to the housing market was just wearing off. Many of the buyers who haven’t yet been priced out by skyrocketing housing costs have been rushing to snag homes before they become even more expensive. The typical homebuyer’s monthly mortgage payment is now $2,427, a record high and up 44% from $1,685 a year earlier.
Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage applications increased 2.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 6, 2022.
First American TaxSource® Honored as a Gold Stevie® Award Winner in 2022 American Business Awards®
First American Data & Analytics, a division of First American Financial Corporation and a leading national provider of property and ownership data and advanced analytic solutions, announced today that its First American TaxSource® solution has won a Gold Stevie®award at the 20th annual American Business Awards®in the aggregation platform category.
Leader of Nevada City-Based Mortgage Fraud Scheme Sentenced to 15 Years in Prison
Between April 22, 2010, and Nov. 18, 2011, Castle was the leader of a conspiracy that ran a “mortgage elimination program” that purported to help distressed homeowners avoid foreclosure. The conspirators fraudulently altered the chain of title on residential properties, sold the properties, and received the sales proceeds.
ALTA Reports Full-year, Q4 2021 Title Premium Volume
Driven by historic mortgage origination activity and substantial increase in home values, the American Land Title Association reported title insurance premium volume increased 35.9% during 2021 when compared with 2020.
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For some homebuyers, rising mortgage rates could be a silver lining
Demand for properties tends to soften as mortgage rates climb, eventually leading to a decline in home prices. If mortgage rates continue rising to 7%, Sykes estimates home prices in some parts of the U.S. could fall as much as 40%. "You might, depending on your situation, actually have a better shot at getting a home at an affordable price with these higher rates," she told CBS News.

Mortgage rates continue to climb
Mortgage rates moved higher this week, continuing an upward trend that has kept rates above 5% since mid-April. The 30-year, fixed-rate mortgage averaged 5.30% in the week ending May 12, up from 5.27% the week before, according to Freddie Mac. It is the highest since 2009 and well above the 2.94% average from this time last year.

Blend: We plan to outperform the decline in origination volume
While adjusting cost structures, Ghamsari highlighted the company's focus is on long-term growth - investing in fully integrated software, delivering consumer banking products, and building a platform that powers the end-to-end value chain and homeownership. In April, Blend rolled out three closing products that aim to shorten closing cycles and lower error rates. The new solutions include Blend eVault, a repository of electronic promissory notes available through the platform; Blend Signing Room, Blend's remote online notarization (RON) solution; and Blend RON Eligibility Engine, which provides RON-eligibility information.

Refinance closing costs increase but remain below inflation rate
The national average closing costs for a single-family property refinance increased by $88 to $2,375 in 2021, data from CoreLogic showed. While refinance closing costs were 3.8% higher than 2020's reported amount of $2,287, they were less than 1% of the average refinance loan amount of $304,909. Refi closing costs were also relatively lower compared to the average closing costs for purchase transactions, which require title insurance and several inspection fees.

CoreLogic: Jump in home-purchase closing costs outpaces refi loans
Closing costs for homeowners who jumped on the refi wave in 2021 increased at less than one-third the pace of closing costs for home purchases as homebuyers had to cope with a hot market that fueled higher home-sale prices and related settlement costs. The national average closing costs for a single-family property refinance in 2021 was $2,375, up $88, or 3.8%, from the previous year, according to CoreLogic's ClosingCorp.

CANADA: Long delays at Alberta Land Titles office slowing down real estate transactions
Transferring property from one owner to another is taking a lot longer in Alberta than it used to. According to the provincial government's land titles website, the office is currently registering land title documents received on Feb. 4 and survey plans and documents received on March 2. Lou Pesta, a Calgary real estate lawyer with Parlee McLaws, said the typical turnaround time during his 40-year career has been two-to-five days and as long as two weeks during peak times.

Lower mortgage volume drives title earnings down, Doma layoffs
Earnings at the publicly-traded title insurers trended down in the first quarter as business waned, going in a different direction as their brethren in the mortgage insurance industry. Both industries rely on mortgage origination volume but while only certain transactions require MI, namely most conforming loans with less than 20% down, title insurance touches practically all transactions.

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