U.S Mortgage Rates Hit Reverse as Applications Fall and the FED Delivers Stability
Over the previous 2-weeks, lenders had raised rates to combat a surge in applications. Freddie Mac had reported a fall in demand going into last week, however, which allowed lenders to lower rates.
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Do real estate agents provide an essential service?
The real estate industry not only helps provide homes for millions of Americans, but it also creates millions of job opportunities, making the industry a massive driver of the U.S. economy. But with more state and local governments implementing stay-at-home orders, real estate agents are having to redefine how they do business, as they find ways to meet with clients and also maintain the health and safety of all parties involved.
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What Does the Closure of Clerk and Recorder's Offices Mean for Real Estate Closings and Title Insurance Coverage?
The inability to record documents or a delay in timely recording documents can lead to issues with title insurance coverage.
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Recording Office Closures Could Stymie Construction Loans, Disrupt Title Commitments
Across the country, counties and municipalities have been shutting down places of work in efforts to encourage social distancing and stem the spread of the novel coronavirus. This includes county and city government recording offices that facilitate the processing of critical commercial real estate documents - such as deeds of title and mortgage records - that are ultimately responsible for the closing of commercial real estate transactions.
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No deed, no deal: Pa. real estate industry stymied by move online
Deed recording is one of the oldest county government functions, meaning the stoppage is likely the first time the city has indefinitely suspended the in-person deed transfers in its 337-year history. Dunn said officials were unsure if the city had ever suspended live deed recordings in the past.
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Mortgage applications drop by biggest amount in 11 years
The number of people applying for a mortgage - either to refinance or buy a home - plunged by the largest amount in more than 11 years, according to the Mortgage Bankers Association.
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Are notaries considered essential businesses?
As more states and localities implement "stay at home" or "shelter in place" orders that allow only essential businesses to operate, companies and the customers they serve are having to figure out whether they fall into this category. According to the National Notary Association, notaries do provide an essential service.
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