Home repair subscription service Super raises $20 million

Super, a home repair subscription service, announced recently that it raised $20 million to expand its service into new markets. Homeowners subscribe to the service, which both covers the cost of repairs on several common household appliances and manages the repair process on other items.
Source: HousingWire Magazine

It's one of the richest towns in America. Now some say you can't give away a house there.

It’s one of the richest towns in America, a regular stomping ground for Wall Street elite. But now, few people are shopping for homes in this tony East Coast community, and its sprawling mansions are hitting the auction block.
Source: HousingWire Magazine

Comment on Persistent Appraisal Failures: Part 1 by William Bert Craytor

The GSEs have never gotten any of this right. Neither their previous relative nor the current fixed Q1-Q6 quality or C1-C6 condition standards work. You need RELATIVE percentage 00%-99% property ratings for the subject and all market area sales transactions. You can develop these ratings quite objectively for all past sales transaction in a market area through residual analysis using a tool like MARS (Multivariate Adaptive Regression Splines). You need accuracy down to single percentage point to develop values for the upper-end (luxury) and lower-end (fixer) homes, as the value/condition and value/quality curves are typically quite steep in those areaa. For example, in the case of fixers, we have significant cost of remediation/repair issues that correspondingly impact market value. The lack of competence in this area is appalling.

Source: Working RE Magazine

Why aren't more people tapping into their home equity?

Homeowners have a nice stockpile of pent-up wealth in their homes and home prices continue to appreciate. And, it seems that every quarter a new startup emerges promising to disrupt the home equity space by giving homeowners a better, faster, cheaper or even debt-free way to tap into the wealth in their homes. And yet, so many Americans appear to be reluctant to take this route. What gives? We talked to a number of experts for their take.
Source: HousingWire Magazine

HUD announces new rules for down payment assistance on FHA mortgages

The Department of Housing and Urban Development announced this week that it is issuing new rules for down payment assistance on mortgages insured by the Federal Housing Administration. Click the headline for a full breakdown of which rules are changing and why.
Source: HousingWire Magazine

Home sales will be stymied in 2019 by high prices and "underbuilding"

A shortage of entry-level homes will stymie the housing market this year, nullifying much of the impact of lower mortgage rates, according to a forecast by Diane Swonk, Grant Thornton chief economist. “The housing market will tread water in 2019 as supply constraints and affordability problems offset any gains from slightly lower mortgage rates,” Swonk said.
Source: HousingWire Magazine

Zillow planning expansion of its home buying business in Southwest

It’s been just over a year since Zillow expanded its business from simply facilitating the home sale to actually buying houses itself. Zillow has big plans for its home buying business, recently revealing that its current goal is to be able to buy 5,000 homes per month within as little as three years. To get there, Zillow will have to fortify and expand its home buying operations, and the online real estate giant took a step in that direction.
Source: HousingWire Magazine

Fintech lender Prosper to pay $3 million fine for misleading investors

Prosper, a longtime player in the personal lending space, announced plans in November to enter the mortgage arena with a digital HELOC product that promised to disrupt home equity lending. But there’s a chance these plans could be put on hold. The SEC announced Friday that Prosper has agreed to pay a $3 million fine to settle charges that it misled to investors by reporting inflated returns.
Source: HousingWire Magazine

Marketer Intel: Keosha Burns with Chase Home Lending on reaching new buyer groups

In this installment of Marketer Intel, we talk with Keosha Burns, head of public relations at Chase Home Lending, on the challenges of reaching new buyer groups, specifically Millennials. Keosha built her career in Washington, D.C., joining the industry at the Financial Services Roundtable, then working for nearly five years as the senior manager of media and external relations at Fannie Mae. In her current role at Chase, she leads PR strategy and has an extra passion for first-time homebuyers.
Source: HousingWire Magazine

JPM exec shuffle, U.S. Bank’s first digital chief, CFPB and debt collection: Top stories of the week

Whether JPMorgan tipped its hand on a succession plan; U.S. Bank hires its first chief digital officer; all eyes on CFPB as it modernizes its debt collection rules; and more from this week’s most-read stories.
Source: American Banker