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CoreLogic: Easing Standards for DTI, LTV Underwriting

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Class Appraisal hires new SVP of valuation transformation and engagement

Class Appraisal, a HousingWire Tech100 winner, announced Tuesday that Julie Jones has been appointed senior vice president of valuation transformation and engagement.

Jones is an industry veteran with more than 18 years of experience in the mortgage industry. Prior to joining Class Appraisal, Jones was a member of Fannie Mae’s collateral policy and strategy team, where she led outreach for the team’s initiatives. 

In her new position at Class Appraisal, Jones will report directly to Chief Innovation Officer Scot Rose.

“The company is strategically investing in industry veterans that can help shape the future of the valuation industry, and Julie is an important part of that effort,” Rose said. “In her new role, Julie will help develop innovative solutions and facilitate market adoption of those solutions through training, education, and engagement with all stakeholders.”

Jones said she’s very excited to help spearhead change within the mortgage industry.

Julie Jones Class Appraisal“The company’s new Innovation Organization will focus on much needed research and development in the valuation space,” Jones continued. “Hearing their vision for the future of our industry made this an opportunity I simply couldn’t pass up.”

Last month, the company named Gary Ferguson as its chief technology officer to spearhead its pursuit of tech solutions.

“I’m very impressed with the vision the Class Appraisal leadership team has shared with me,” Ferguson said.

“Complacence is not an option in our space. Class Appraisal understands that it’s all about innovation and optimization, realizing efficiency gains both internally and across platforms to create a better experience for our clients and their customers. As valuation providers, we can have a huge impact if we leverage the right technology. I plan to make certain that we do,” Ferguson concluded.

Need help getting hired or looking to hire? HousingWire wants to help. Our new service, HousingJobs, lists the latest gigs in the housing industry for loan officers, underwriters, processors, loan servicers, and tech and marketing pros.

Article source: https://www.housingwire.com/articles/47398-class-appraisal-hires-new-svp-of-valuation-transformation-and-engagement

Harvard: The average homeowner keeps getting older, and that’s a problem

As the Baby Boomer population ages en masse, the number of older homeowners in the U.S. has grown significantly. According to a report by the Harvard Joint Center for Housing Studies, 63% of U.S. homeowners are now 50 or older.

The study, titled “Housing America’s Older Adults,” breaks down the financial stability and living arrangements of the nation’s older population, revealing that many are unprepared for retirement and burdened by housing costs.

Considering increased longevity and population growth, the authors state that the number of households in their 70s, 80s, and 90s is “set to soar,” meaning that the issues facing this demographic will likely present serious challenges in the years to come.

“We need to address gaps in the affordability and accessibility of our housing stock, both of which are essential to older adults’ independence and wellbeing,” said Jennifer Molinsky, the lead author of the report. “As the number of households in their 80s grows, it will be essential that we strengthen the links between housing, healthcare, and other services.”

In its findings, which are based on U.S. Census data, the report highlights several notable trends among this demographic.

For one, 75% of adults 50-plus live in single-family homes and 76% own their own homes.

Of those 65 and older who own, the average amount of home equity was $143,500. And, more are carrying mortgage debt into retirement than in years past, which the authors call a “potentially troubling trend.”

From 1989 to 2016, the percentage of homeowners over 65 who still had a mortgage nearly doubled to 41%. Loan-to-value ratios also increased, doubling over the same time period to 51% for those ages 50-64, and tripling to 39% for those 65 and older.

“A variety of mortgage market forces have contributed to this shift, including low interest rates and the increased popularity of home equity loans once the 1986 tax reform act eliminated the deductibility of interest on other forms of debt,” the authors explained.

And while older homeowners have significantly more household wealth than renters – even when equity is discounted – an increasing number of older adults in both segments struggle to pay for housing, the report reveals.

“The number of households age 65 and over with housing cost burdens continues to climb. In 2016, 9.7 million households in this age group – nearly a third – spent more than 30% of their incomes for housing,” the report stated. “About 4.9 million were severely burdened, paying at least half their incomes for housing.”

The authors noted that Social Security will be a key factor to helping older adults shoulder housing expenses, as many rely on it as a main source of income.

“Looking ahead, the ability of many older adults to afford their housing will be closely tied to the fate of the Social Security program,” they asserted.

The authors concluded that addressing the problems facing older Americans will require a coordinated effort from public, private and nonprofit entities.

“Providing safe, affordable, and accessible housing to the nation’s aging population is an immediate challenge,” they wrote.

Article source: https://www.housingwire.com/articles/47396-harvard-63-of-us-homeowners-are-50-and-older

Amazon is a prolonged approach from settling down in the selected N.Y. home

Amazon.com Inc. is headed to New York’s Long Island City, though there’s a lot of work to be finished before it can indeed put down roots in a Queens neighborhood.

The tech hulk is primarily seeking 4 million block feet in Long Island City to accommodate 25,000 new workers in a subsequent decade, and as most as 8 million block feet over 15 years. With only 2.3 million block feet of empty bureau space in a neighborhood, it means they need to get out a shovels.

Amazon’s offer to build a campus along a East River “clearly creates a area some-more appealing and some-more expensive,” pronounced Rob Speyer, arch executive officer of Tishman Speyer, that is building apartments and offices in Long Island City. “Over time, it’s positively going to expostulate incremental direct opposite all sectors, so not only bureau space, though apartments, retail, hotels. It should advantage a whole genuine estate ecosystem.”

Bloomberg News

Amazon has earmarked a organisation of adjacent growth sites, some owned by a city and dual in a hands of singular guilt companies compared with a internal family.

Descendants of plastics lord Louis Pfohl have ties to a entities that possess both sites, open annals show. Pfohl founded Long Island City-based Plaxall Inc. some-more than 70 years ago, according to a association website. Matthew Quigley, one of 3 family members among a company’s third era of leadership, has sealed papers for those properties. Quigley hung adult 3 times on a contributor attempting to strech him for comment.

The location’s distance and vicinity to ferries and subways — not to discuss nightfall views of Manhattan — make it an ideal site for Amazon, pronounced Bill Montana, a comparison handling executive during brokerage Savills Studley. But while a area is developed for development, it will take time.

“This site is nowhere nearby prepared for construction,” Montana said. “All these sites need to be demolished, assembled. There’s a lot of things that’s going to need to start before they’re going to be means consider about constructing anything here.”

When construction does begin, Amazon and a growth partners will be means to take advantage of additional taxation breaks. The whole due campus sits in an event zone, a nomination that allows investors to defer taxes on collateral gains in genuine estate investments. If they reason a skill for during slightest a decade, they can equivocate profitable capital-gains taxes altogether on any of a appreciation.

Amazon might need a proxy alighting place while it develops a new campus, and Citigroup Inc.’s building — a sprawling bureau building that can be seen from midtown Manhattan — might be a ideal place, Montana said. Citigroup pronounced Tuesday that it’s relocating about 1,100 employees out of a property, located during One Court Square, to make room for Amazon.

Amazon could also enhance in other tools of New York, such as Manhattan’s west side, Speyer said, and a entrance in Long Island City could move a inundate of other businesses to that neighborhood, that has seen poignant residential construction though comparatively small blurb development.

“I’ve gotten a lot of calls from investors observant they wish to buy land, so we consider a call of bureau is coming,” pronounced Adelaide Polsinelli, a clamp chair during Compass, a New York-based brokerage. “The subsequent call is retail.”

More restaurants, bars and shops would make a area a some-more appealing place for Amazon employees to live. Supermarkets, home-goods stores and aptness bondage are among businesses that are already display increasing seductiveness in Long Island City, pronounced Aaron Fishbein, a executive focused on sell during Winick Realty Group.

“We’re saying a lot of activity — some-more so than in Manhattan,” he said. “And now with Amazon, obviously, we consider we’re going to start saying some of a inhabitant tenants emerge with a clarity of urgency.”

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Article source: http://www.nationalmortgagenews.com/articles/amazon-is-a-long-way-from-settling-down-in-its-chosen-ny-home

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