Does an outdated and sluggish appraisal system give an outsized advantage to cash buyers ? A recent panel discussion sponsored by the Urban Institute (UI) led to that conclusion. Four experts gathered by UI concluded that "The real estate appraisal industry must streamline the appraisal process, reevaluate professional requirements for new appraisers, and embrace new technology to meet the demands of today's housing market." A summary of the panel discussion was written for the Institute's Urban Wire blog by Sheryl Pardo, Associate Director for Communications. Pardo says obtaining an appraisal, a necessity for a homebuyer who needs a mortgage, has become a longer process in recent years, creating a challenge for those who can't afford to pay in cash. The discussion, moderated by UI Housing

June 12, 2017 Download our Mobile App: Download our Mobile App: Housing News UI: Appraisal Process Disadvantages Mortgage Borrowers Does an outdated and sluggish appraisal system give an outsized advantage to cash buyers ? A recent panel discussion sponsored by the Urban Institute (UI) led to that conclusion. Four experts gathered by UI concluded that "The real estate appraisal i... (read more) MBS Commentary MBS Live Week Ahead: Densely-Packed Week Promises to Impact Bond Markets It would be miraculous to see bond markets escape this week without experiencing some sort of reaction to the plethora of data and scheduled events.  From a market movement potential standpoint, respect must first be given to Wednesday afternoon... (read more) Rob Chrisman Tech Survey; Vendor Updates - Partnerships Abound; Ellie and HMDA Readiness There is news out that Brian Brooks, general counsel for Fannie Mae, will be nominated as deputy secretary of the U.S. Treasury. Brooks worked at California bank OneWest with Treasury Secretary Steven Mnuchin. Seeing a trend? Vendor news While the LO... (read more) Mortgage Rate Watch Mortgage Rates Continue Modestly Higher Mortgage rates moved higher for the second straight day amid a general lack of actionable information. Some investors noted that the results of the elections in the U.K. were surprising, but not in a way that was any help to interest rates. In genera... (read more) Housing News Credit Access Mixed by Loan Type Access to mortgage, as measured by the Mortgage Credit Availability Index (MCAI), decreased in May. The Mortgage Bankers Association said the MCAI pulled back 1.1 percent to 181.0 . The index was benchmarked at 100 in March 2012 and a decline indicat... (read more) MBS Commentary MBS Live Recap: Did Someone Say "Absence of Volatility?" Yesterday's recap was titled "Surprising (or Not?) Absence of Volatility."  Fool me once, shame on me.  Fool me twice... won't be fooled again. The UK election was billed as a big-ticket event for traders, but in hindsight, it's clear t... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.78% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.78% +0.01 0.00 15 Yr. Fixed 6.04% +0.01 0.00 30 Yr. FHA 6.36% +0.01 0.00 30 Yr. Jumbo 6.90% 0.00 0.00 7/6 SOFR ARM 6.25% 0.00 0.00 30 Yr. VA 6.38% +0.02 0.00 Updates Daily - Last Update: 7/23 15 Yr. Fixed Rate 6.04% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.75% +0.03 0.00 15 Yr. Fixed 5.92% +0.06 0.00 Updates Weekly - Last Update: 7/17 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.84% +0.02 0.62 15 Yr. Fixed 6.14% +0.03 0.69 30 Yr. Jumbo 6.75% -0.06 0.70 Updates Weekly - Last Update: 7/23 MBS / Treasuries UMBS 30YR 5.5 99.41 -0.10 Price / Yield Change MBS UMBS 5.5 99.35 -0.15 UMBS 6.0 101.28 -0.12 GNMA 5.5 99.62 -0.16 GNMA 6.0 101.22 -0.11 Pricing as of: 7/23 1:04PM EST 10 Year US Treasury 4.3758 +0.0298 Price / Yield Change US Treasury 2 YR Treasury 3.877 +0.048 5 YR Treasury 3.931 +0.046 7 YR Treasury 4.145 +0.047 10 YR Treasury 4.390 +0.044 30 YR Treasury 4.957 +0.041 Pricing as of: 7/23 1:04PM EST Latest Video 3-Year Treasury note auction yield: 1.5% White House cannot wave a magic wand and make regulations go away: Expert Treasury to release report urging a revamp of regulations Around the Web FDIC FDIC Consumer News Issues Warning About 10 Scams Targeting Bank Customers CNN The very dark warning from billionaire investor Ray Dalio CNBC Secret Service reportedly has no Trump tapes Gallup US Investors Taking Basic Steps to Build, Protect Finances CNBC US budget deficit jumps in May as spending outpaces revenue Bloomberg Expected Inflation Falls Close to Record Low, Fed Survey Shows PR Newswire Global Economy Shows Improvement for 2017 NAHB Eye on Housing Consumer Credit Expands, But At A Slower Pace Bloomberg Fed Getting New Rules of the Road Ready for Balance Sheet Unwind Fannie Mae Fannie Mae Prices $985.3 Million Multifamily DUS REMIC ... CNBC The 12 best states for first-time home buyers CNBC ECB to extend QE into 2019, says SocGen Bloomberg In Detroit, Anyone Can Be a Real Estate Developer

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