Debt – Deland Country Inn http://delandcountryinn.com/ Tue, 05 Jul 2022 11:05:35 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://delandcountryinn.com/wp-content/uploads/2021/05/deland-country-inn-icon-150x150.png Debt – Deland Country Inn http://delandcountryinn.com/ 32 32 PlainsCapital Bank Adds New Trade Credit Professionals in Houston https://delandcountryinn.com/plainscapital-bank-adds-new-trade-credit-professionals-in-houston/ Tue, 05 Jul 2022 11:05:35 +0000 https://delandcountryinn.com/plainscapital-bank-adds-new-trade-credit-professionals-in-houston/

PlainsCapital Bank has hired Philip Ugalde, Jasmine Sadeghpour and Daniel Wheeler as senior vice presidents and senior commercial loan officers in Houston.

“We are very pleased to welcome Philip, Jasmine and Daniel,” said Danny Schroder, Houston Area President of PlainsCapital Bank. “They each have an impressive level of talent and experience that I know will add tremendous value to PlainsCapital’s initiatives to support the business owners, families and individuals we serve across the Lone Star State. “

In his new role, Ugalde will be responsible for new business development, portfolio growth, building and maintaining relationships with referral partners, and expanding the bank’s presence in Texas. He has over 29 years of experience in commercial banking and financial services, most recently as Senior Vice President at Regions Financial.

Sadeghpour will continue to work with commercial real estate developers and investors, focusing on providing debt solutions for all asset types. She was previously at Frost Bank, where she served as vice president of the commercial real estate department for over eight years.

Wheeler will partner with companies to help them achieve their goals. He has over 26 years of experience in commercial and retail banking. Wheeler joined PlainsCapital Bank from Pioneer Bank’s commercial lending group, where he served as senior vice president.

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Today’s Mortgage, Refinance Rate: July 3, 2022 https://delandcountryinn.com/todays-mortgage-refinance-rate-july-3-2022/ Sun, 03 Jul 2022 10:00:54 +0000 https://delandcountryinn.com/todays-mortgage-refinance-rate-july-3-2022/

Last week, the average 30-year fixed mortgage rate fell after three straight weeks of increases. In mid-June, this rate shot up dramatically, from 5.23% to 5.78%. Now it is at 5.7%.

News of inflation rising and higher than expected


Federal Reserve

rate hikes have created


volatility

in the markets, pushing up mortgage rates. Their increase will largely depend on inflation and the reaction of the markets and the Fed.

At the start of the pandemic, mortgage rates fell, encouraging consumers to buy homes at unprecedented rates. The average 30-year fixed mortgage rate hit an all-time low of 2.65% in 2021. Today, that rate is more than three percentage points higher than its all-time low. The added cost of borrowing kept some buyers out of the market, which had a dampening effect on home buying.

Today’s Mortgage Rates

Today’s Refinance Rates

mortgage calculator

Use our free mortgage calculator to see how today’s mortgage rates will affect your monthly and long-term payments.

mortgage calculator

$1,161
Your estimated monthly payment

  • pay one 25% a higher down payment would save you $8,916.08 on interest charges
  • Lower the interest rate by 1% would save you $51,562.03
  • Pay an extra fee $500 each month would reduce the term of the loan by 146 month

By plugging in different terms and interest rates, you’ll see how your monthly payment might change.

Are mortgage rates increasing?

Mortgage rates started to recover from historic lows in the second half of 2021 and may continue to rise throughout 2022.

Over the past 12 months, the consumer price index has increased by 8.6%. The Federal Reserve has been struggling to keep inflation under control and plans to raise the target federal funds rate four more times this year, following increases in March, May and June.

Although not directly tied to the federal funds rate, mortgage rates are often pushed higher by Fed rate hikes. As the central bank continues to tighten monetary policy to reduce inflation, mortgage rates are likely to remain high.

What do high rates mean for the housing market?

When mortgage rates rise, the purchasing power of homebuyers decreases, as more of their projected housing budget must be spent on interest payments. If rates get high enough, buyers can be shut out of the market altogether, cooling demand and putting downward pressure on home price growth.

However, that doesn’t mean house prices will go down – in fact, they’re expected to rise even more this year, just at a slower pace than what we’ve seen over the past two years.

What is a good mortgage rate?

It can be difficult to know if a lender is offering you a good rate, which is why it’s so important to get pre-approved with several


mortgage lenders

and compare each offer. Apply for pre-approval from at least two or three lenders.

Your price isn’t the only thing that matters. Be sure to compare both your monthly costs and your upfront costs, including lender fees.

Although mortgage rates are heavily influenced by economic factors beyond your control, there are steps you can take to ensure you get a good rate:

  • Consider fixed rates versus adjustable rates. You may be able to get a lower introductory rate with an adjustable rate mortgage, which can be beneficial if you plan to move before the end of the introductory period. But a fixed rate might be better if you’re buying a house forever, because you don’t risk your rate going up later. Examine the rates offered by your lender and weigh your options.
  • Look at your finances. The stronger your financial situation, the lower your mortgage rate should be. Look for ways to increase your credit score or reduce your debt ratio, if necessary. Saving for a larger down payment also helps.
  • Choose the right lender. Each lender charges different mortgage rates. Choosing the right one for your financial situation will help you get a good rate.

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Reliance Capital lenders extend plan submission date to August 10 https://delandcountryinn.com/reliance-capital-lenders-extend-plan-submission-date-to-august-10/ Fri, 01 Jul 2022 21:00:00 +0000 https://delandcountryinn.com/reliance-capital-lenders-extend-plan-submission-date-to-august-10/

Lenders Reliance Capital (RCap) have extended the deadline for submitting the company’s resolution plans by one month to August 10, after five leading bidders pulled out of the race. Although this is the fourth time the submission date has been extended, the process completion date remains unchanged.

The lenders, who met again on Friday to assess the progress of the insolvency proceedings, took the call to extend the date following requests from several existing bidders for “more time” to complete the due diligence process. within reason. Potential bidders also cited a lack of sufficient data to perform entity verification as part of the corporate insolvency resolution process (CIRP), sources close to the development said.

Under the previous plan, the last date by which potential bidders had to submit the resolution plan was July 11. This was itself an extension of the earlier June 20 deadline. However, the date for the completion of the company’s resolution process would be November 2 decided earlier, they added.

Creditors of the former Anil Ambani Group company are claiming Rs 23,666 crore in dues.

Earlier on June 26, five prominent bidders for RCap’s assets withdrew from the race. Currently, only five bidders, including Piramal Enterprises, are actively pursuing the process.

This contrasts with the nearly 54 Expressions of Interest (EOIs) the former Anil Ambani Group company had received in March.
The latest to pull out of the process were private equity firm Blackstone, HDFC Ergo, insurance companies ICICI Lombard and Tata Group and the Adani Group. Tata AIG General Insurance Company, a subsidiary of Tata Sons, had previously raised interest in buying RCap’s general insurance arm.

Besides Piramal Enterprises, potential candidates for resolution (PRA) that are actively engaged with the administrator are Yes Bank and Torrent Group. In addition, Zurich Insurance has expressed interest in RCap’s property and casualty insurance cluster and Cholamandalam Group for its life insurance cluster.

According to the Request for Resolution Plan (RFRP), bidders have two options – either to bid for all of the company’s assets or for one or more of its clusters (subsidiaries). The subsidiaries are Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Asset Reconstruction Company, Reliance Securities, Reliance Commercial Finance and Reliance Home Finance.

On November 29, 2021, RBI replaced RCap’s board following defaults and governance issues, and appointed an administrator for the bankruptcy process. Later in April, Credit Suisse and Axis Bank – two lenders to RCap – dragged the indebted company to the National Company Law Tribunal (NCLT), seeking to recover debts worth Rs 760 crore. In February this year, the administrator invited EoIs to sell the assets of RCap.

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Note to money lenders – Government proposes to lower usury rate caps by end of 2022 https://delandcountryinn.com/note-to-money-lenders-government-proposes-to-lower-usury-rate-caps-by-end-of-2022/ Thu, 30 Jun 2022 09:57:31 +0000 https://delandcountryinn.com/note-to-money-lenders-government-proposes-to-lower-usury-rate-caps-by-end-of-2022/

This is an offense under the Money Lenders Ordinance (Cap. 163;”MLO”) to lend or offer to lend money at an effective rate of interest in excess of 60% per annum. Moreover, a loan agreement whose effective interest rate exceeds 48% per annum is presumed to be exorbitant and the court has the power to reopen the transaction to do justice between the parties. These rates have been in effect since the MLO in its current form came into force in 1980, but the government recently submitted a resolution to the Legislative Council to lower these usurious interest rate ceilings from, respectively, 60% per annum to 48% per year. , and 48% per year to 36% per year.

The proposed cuts were introduced following consideration of changes in the interest rate environment and money lending industry in Hong Kong since, as mentioned, the current two interest limits were set in 1980 For example, the best lending rate for lenders in Hong Kong has dropped significantly from around 14% per year in 1980 to around 5% per year today. Typical annualized percentage rates charged by credit card issuing banks at the end of 2021 were mostly between 33% and 41%. The number of approved lenders has also increased rapidly over the past decade. The government has therefore sought to reduce statutory interest rates in order to better protect borrowers. The impact of the current inflationary environment on these rate changes remains to be seen.

The proposal will be presented to the Legislative Council in July 2022 and, if passed, will come into force on December 30, 2022.

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Goldman Sachs Seeks To Buy Troubled Assets From Celsius, Crypto Lender Seeks Restructuring Advice CryptoBlog https://delandcountryinn.com/goldman-sachs-seeks-to-buy-troubled-assets-from-celsius-crypto-lender-seeks-restructuring-advice-cryptoblog/ Sat, 25 Jun 2022 19:32:25 +0000 https://delandcountryinn.com/goldman-sachs-seeks-to-buy-troubled-assets-from-celsius-crypto-lender-seeks-restructuring-advice-cryptoblog/

After crypto lending platform Celsius halted operations on June 12 at 10:10 p.m. ET, two days later The Wall Street Journal (WSJ) quoted “people familiar with the matter” as saying that Celsius was hiring restructuring lawyers. At the time, the WSJ said Celsius was looking to hire bankruptcy and restructuring law firm Akin Gump Strauss Hauer & Feld LLP. However, a new WSJ report claims Celsius is now working with restructuring consultancy Alvarez & Marsal.

Sources say Celsius may collaborate with restructuring consultancy

The current financial situation of crypto credit company Celsius is still unknown and as of June 12, people still suspect that the company is insolvent. Bitcoin.com News reported on the rumors and speculation surrounding the company as of today and on June 13, crypto lending company Nexo Free to buy Celsius-based assets.

The reason people suspect Celsius is in financial trouble is because of the company’s June 12 tweet. “Due to extreme market conditions, we are announcing today that Celsius is suspending all withdrawals, exchanges and transfers between accounts”, Celsius revealed. There has also been speculation about Celsius having 17,919 WBTC mined in the Maker Protocol which faced liquidation.

On June 14, a WSJ report indicated that Celsius was seeking to hire restructuring law firm Akin Gump Strauss Hauer & Feld LLP. “People familiar with the matter” explained that Celsius was first trying to get help from investors. At the time, Akin Gump did not comment on the matter when asked if the company was involved in Celsius. Now, another WSJ report says Celsius may be collaborating with restructuring consultancy Alvarez & Marsal.

People familiar with the matter say Goldman Sachs has an eye on Celsius network assets

Additionally, Tracy Wang of Coindesk reported that “Goldman Sachs is seeking to raise $2 billion from investors to buy distressed assets from troubled crypto lender Celsius.” Wang said the information came from “two people familiar with the matter”. The report goes on to explain that the two sources said the proposed deal with Goldman Sachs “would allow investors to purchase Celsius’s assets at potentially significant discounts in the event of a bankruptcy filing.”

A Reuters report further clarified that the U.S. Securities and Exchange Commission (SEC) and state regulators were investigating Celsius over the account freeze. Other accounts said Akin Gump and financial giant Citigroup told Celsius they had recommended it file for bankruptcy. The report that discusses the alleged recommendation from Akin Gump and Citigroup says both companies declined to comment on the matter.

After Celsius suspended withdrawals, there hasn’t been much word from the company, except for a blog post that tells the Celsius Network community that “the company’s goal continues to stabilize our liquidity and operations.” Celsius added that the “process will take time” but the message did not detail what type of process it meant. In the comments section, Celsius gets a lot of criticism on the matter.

“Basically, you haven’t added anything to what you’ve already said. Which is, in and of itself, already very little,” one person wrote in response to the company’s statement. “The lack of transparency is very concerning,” another person said. “Choosing Celsius was the worst choice of my life,” an average user called “Crypto Cooper” wrote five days ago. CEL, the native token of the Celsius network, is down 80.9% in the past 12 months and 86.3% below the asset’s all-time high.

Keywords in this story

17919 WBTC, Akin Gump, bankruptcy, CEL, Celsius, Celsius customers, celsius network (CEL), Celsius restructuring, CitiGroup, Crypto Cooper, Goldman Sachs, stop withdrawals, insolvency, insolvent, investors, law firm, restructuring, restructuring Celsius, Rumors, Seeking Help, Sources, Speculators, Tracy Wang, Withdrawals, WSJ

What do you think of the report that Goldman Sachs is looking to buy distressed assets from crypto lender Celsius? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Manager at Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News about disruptive protocols emerging today.




Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Inhabet offers mortgage lenders compliant property appraisals https://delandcountryinn.com/inhabet-offers-mortgage-lenders-compliant-property-appraisals/ Fri, 24 Jun 2022 03:08:52 +0000 https://delandcountryinn.com/inhabet-offers-mortgage-lenders-compliant-property-appraisals/

Equity Valuation Partners (EVP), a provider of real estate valuation services, valuation tools and property value data for the real estate industry, has launched Inhabet, a unique platform that allows lenders to generate their own consistent estimate of residential and commercial value. real estate properties (CRE).

Because the demand for home appraisals far exceeds the supply of appraisers, many lenders are experiencing delays in closing real estate transactions. Using the internal valuation bank regulatory exclusion, Inhabet removes these barriers by using data and a valuation platform to allow lenders to come up with their own valuation estimates in a controlled environment.

“When appraisal management companies emerged after the financial crisis, I saw an opportunity to transform appraisals for appraisers, banks, credit unions and portfolio lenders with a product that didn’t require not an appraiser’s inspection,” said Drew Watson, Executive Vice President, Founder, CEO and Director of Inhabet, in a statement. “Today, with the unveiling of the Inhabet platform, we have enabled a lender’s trained staff to self-assess value.”

The Inhabet platform is self-contained and includes the comparable sales data, app-based inspection platform and rating platform. No third-party login is required for Inhabet, and there is no software to install. Instead, users with basic knowledge of real estate transactions are guided through a multi-step process that leverages Big Data to simulate the valuation process.

After collecting property data, such as its age, square footage, interior condition, and surrounding neighborhood characteristics, Inhabet helps lenders select and appraise comparable properties.

Following refinements to comparable adjustments, Inhabet’s reconciliation process completes the conforming value estimate. If a lender finds that they are unable to complete an assessment themselves, they can forward the assessment to EVP for completion in one click.

While much of EVP’s business is in residential valuations, including automated valuation models (AVMs) and hybrid models, Inhabet also enables CRE valuations, allowing banks to standardize data so that they can be more easily analysed. Given the high cost of CRE valuations, CRE investors stand to benefit greatly from the platform, especially since the commercial real estate industry previously had no standardized data.

Watson noted that while there are other real estate valuation data providers, Inhabet is the only one in that it is a valuation system with multiple data sources and the only platform. form that allows a lender’s staff to prepare appraisal reports themselves, using a consistent process and set of standards across their entire product line.

Photo: Phil Hearing

]]> Crypto lender Maple Finance latest to warn of ‘insufficient liquidity’ amid market turmoil https://delandcountryinn.com/crypto-lender-maple-finance-latest-to-warn-of-insufficient-liquidity-amid-market-turmoil/ Tue, 21 Jun 2022 22:33:00 +0000 https://delandcountryinn.com/crypto-lender-maple-finance-latest-to-warn-of-insufficient-liquidity-amid-market-turmoil/

  • The news comes as Orthogonal Trading admits there is a $10 million loan to Babel Finance from the Orthogonal USD coin pool on Maple
  • Maple Finance lent more than it borrowed – the company reports just over $1.5 billion in loans and about $929 million in deposits

Maple Finance is the latest crypto lending platform to face liquidity pressures, the company announced on Tuesday.

“There may be instances where there is insufficient liquidity in the pools,” the company wrote in an updated note Tuesday.

Maple Finance lenders must await repayments from borrowers, the company said.

“As loans mature over the coming weeks, borrower repayments will increase available capital in pools which can then be drawn down by lenders,” the note said. “Lenders will continue to earn interest and MPL [Maple token] rewards during this period.

Delegates, who manage the liquidity pools on Maple, plan to handle all withdrawals over the “coming weeks,” similar to how the lender handled withdrawals when Terra USD crashed in May. said a Maple Finance spokesperson.

“By design of the protocol, money can only be withdrawn when it is available – we have not frozen withdrawals,” the spokesperson said. “Cash continues to flow in from deposits and redemptions, so it should balance out in the near future. [We] felt it was important to share the news with protocol participants in advance.

Maple Finance’s loan pools and activity are publicly available, the company said in the memo. Currently, Maple Finance has lent more than it has borrowed. The company reports just over $1.5 billion in loans and about $929 million in deposits.

The news comes as investors continue to speculate on the future of Babel Finance after the crypto lender revealed liquidity pressures and halted withdrawals following the collapse of others in the space including Celsius and Three Arrows Capital.

Orthogonal Trading, a cryptocurrency hedge fund, has acknowledged that there is a $10 million loan to Babel Finance from the Orthogonal USD coin pool on Maple.

“Orthogonal has been in daily contact with Babel management since Babel halted withdrawals and is focused on protecting the interests of lenders,” Maple Finance said in a statement. Tweeter Tuesday.

Maple’s warning comes as members of the cryptocurrency industry worry about potential contagion risks, which will only increase as liquidity pressures continue and lenders try to dodge. avoid shopping.

“There is no easy solution, but more robust liquidity is a good starting point for struggling crypto institutions,” said Timo Lehes, co-founder of blockchain infrastructure firm Swarms. “The U.S. Fed is holding its final banking stress test later this week, which is a timely reminder that this liquidity is only really arrangable with some kind of oversight.”

The situation highlights the need for greater regulatory oversight of the industry, Lehes added.


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  • Casey Wagner

    blockages

    Senior Reporter

    Casey Wagner is a New York-based business journalist who covers regulation, legislation, digital asset investment firms, market structure, central banks and governments, and CBDCs. Prior to joining Blockworks, she reported on markets at Bloomberg News. She graduated from the University of Virginia with a degree in media studies. Contact Casey via email at [email protected]

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Live updates: Primark sales jump as UK stores reopen https://delandcountryinn.com/live-updates-primark-sales-jump-as-uk-stores-reopen/ Mon, 20 Jun 2022 06:58:59 +0000 https://delandcountryinn.com/live-updates-primark-sales-jump-as-uk-stores-reopen/

A train sits at North Acton station in London. The Metro faces another staff walkout © John Sibley / Reuters

What started with misery at the pumps due to rising fuel prices, then air travel disruption due to understaffing will this week spread to problems on trains – in the country that gave you this mode transport. A series of nationwide rail strikes and, in London, another underground strike, threaten to cripple the network.

The dispute centers on wage demands and the impact on jobs of efficiency savings made more urgent by falling incomes during pandemic shutdowns. Government ministers, who as this article notes now effectively control all rail funding following changes made during the pandemic, declined to speak directly with the RMT, the main union calling for action.

Whether this will have a big impact on Thursday’s two UK by-elections – this week’s top election news – is a moot point given that the poll already points to a double whammy for the Tories – a “red wall” and a “ blue wall” constituency – amid anger at their leader and the country’s Prime Minister, Boris Johnson.

The aviation industry will also be in the spotlight this week as the annual general meeting of the International Air Transport Association (Iata) is held in Doha. The news here is unlikely to be very positive. Last October, Iata predicted that 2.3 billion people would fly in 2021 and 3.4 billion in 2022, compared to 4.5 billion people who traveled in 2019.

Another international gathering this week will be the delayed meeting of Commonwealth Heads of State in Rwanda. The venue will provoke uncomfortable questions for Prince Charles, who will attend on behalf of the Queen, given the UK’s deal with the country to take in British asylum seekers, a policy the heir to the throne had described as “appalling” according to a report in the Times newspaper.

The week will end with German Chancellor Olaf Scholz hosting his counterparts from other G7 nations for a summit at Bavaria’s secluded Schloss Elmau castle, the same venue his predecessor Angela Merkel chose in 2015. The most notable point here, however , is special guest , India’s Narendra Modi, and whether it will help the Western powers – Australia will do something similar during a state visit to India earlier in the week – in the battle for allies to counter the growing closeness between Russia and China.

Economic data

Polls are the theme this week with a series of Purchasing Managers’ Index reports, regional announcements from the Fed in the US and Ifo Business Confidence figures in Germany.

The culmination of speeches by central bankers — and there are a few this week — will be Jay Powell’s semiannual appearance before the Senate Banking, Housing, and Urban Affairs Committee to present his report on monetary policy. And in case you don’t have enough cost of living data, we’ll also get more inflation updates from Germany, Canada, the UK and Japan.

Companies

A Carrefour in Saint-Herblain, on the outskirts of Nantes

Among the speakers at the Consumer Goods Forum, Alexandre Bompard, CEO of Carrefour © Loïc Venance/AFP/Getty Images

Cost of living and shopping trends will be at the heart of discussions among global retail groups meeting in Dublin this week for the Consumer Goods Forum. The business leaders of Unilever, Coca-Cola, Carrefour, Tesco and walmart are on the list of speakers.

Not many results announcements this week. FedEx will release fourth-quarter numbers on Thursday, but that was anticipated last week as the U.S. delivery company shrugged off concerns about the economy when it announced a dividend increase and two new board members.

Read the full schedule for the coming week here

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Wake County home prices rise in May even as lending activity declines https://delandcountryinn.com/wake-county-home-prices-rise-in-may-even-as-lending-activity-declines/ Fri, 17 Jun 2022 14:30:51 +0000 https://delandcountryinn.com/wake-county-home-prices-rise-in-may-even-as-lending-activity-declines/

RALEIGH- Mortgage interest rates rose again and lending activity slowed. Still, the median price of Wake County real estate sold in May 2022 hit a new high, according to the Wake County Deeds Registry.

The report shows the median sale price for a parcel of Wake County real estate was $462,000 in May 2022.

That’s an increase of $8,000 from April 2022, when the median sale price was valued at $454,000.

Wake County Median Home Prices, Monthly, 2022. Image from the Wake County Deeds Registry.

The Wake County Deeds Registry uses statistics derived from legal instruments registered at the Wake County Office
The registry of deeds and the value and sale prices of real estate are measured by the excise tax imposed on the sale and transfer of real estate in accordance with the laws of North Carolina.

The methodology is different from that used by the Triangle Multiple Listing Service, which released data for Wake County and other Triangle areas earlier this week. Data from TMLS revealed that, in Wake County, the median sale price of homes remained at $485,000 in May 2022, the same median sale price measured from April 2022.

And while the median property price in County Durham in May 2022 was $424,250, down from the median sale price of $426,000 in April 2022, local real estate agents are still forecasting prices houses in the Triangle will increase over time.

Wake County real estate market sees price pause – agents still predict prices will rise

A primer on the 30 year fixed mortgage

When mortgage rates rise, the cost of borrowing to finance the purchase of a home also rises. Where homebuyers think is in their monthly payments. Some may even choose to stop buying a home because the cost and the monthly payment become too high.

A 30-year mortgage is amortized, meaning the debt is paid off over time, and a monthly mortgage payment consists primarily of interest payments – the cost of borrowing funds – and principal, the amount total loan borrowed. For many lenders, taxes and insurance are also paid into an escrow account on a monthly basis, but the majority of monthly payments are made up of principal and interest payments.

So while the Federal Reserve decided to raise interest rates by three-quarters of a percentage point yesterday – a move that many analysts, investors and lenders have been waiting for in order to curb soaring inflation and cool the appreciation in the prices of many consumer goods – the typical mortgage interest rates had already risen in expectation. Mortgage News Daily measured average rates on a 30-year fixed loan over 6% on Tuesday and Wednesday.

And yesterday’s weekly report from Freddie Mac shows that the previous week the average mortgage rate for a 30-year fixed loan rose 0.55% and was 5.75%.

A year ago, the average mortgage rate was 2.93% on a 30-year fixed loan for the week ending June 17, 2021, and in 2020 the average loan product rate was 3.13% for the week ending June 18, 2020, based on data from Freddie Mac.

Prepare for a bidding war: Most Triangle home sales list prices, some over $100,000

Impact on Triangle’s real estate market

“Moving a mortgage rate up to 6% will have a significant effect on who can afford housing,” Greg Brown, executive director of the Kenan Institute of Private Enterprise and Sarah Graham Kenan professor emeritus of finance, told UNC Kenan. . -Flagler Business School during a virtual briefing earlier this month. “I would imagine that would be heading towards a cooling of price pressures.”

So, when the cost of borrowing money increases, fewer people are expected to seek to borrow money. In the housing market, competition for homes for sale may slow as interest rates rise. But the Triangle is still in the throes of bidding wars as buyers seek to place homes under contract.

Still, Brown said, there are other factors impacting the Triangle’s housing market, and affordability is always a concern.

“But overall there’s a huge housing shortage,” Brown said. “The cost of housing has increased, it may continue to increase.”

A Raleigh entrepreneur thinks there is another possible solution: communities of small houses at affordable prices.

In Wake County, there is a growing gap in the real estate market

Lending activity down in Wake County – but that doesn’t mean fewer homes sold

Data from the Wake County Deed Registry shows a slowdown in mortgage activity, as measured by trust deeds registered in May 2022.

“Home lending activity in May 2022 was down 3.1% from the April 2022 level and compared to May 2021 was down 31%,” the report said. “There were 4,507 trust deed transactions in May 2022, while April 2022 trust deed transactions showed 4,680.”

Deeds and Deeds of Trust. Data and image: Wake County Deeds Registry.

Still, the data shows that more deeds were filed in May than in April, meaning there were more property deals completed in May. Thus, the report’s conclusion notes that mortgage activity has not slowed in the new home market, rather it has fallen in the refinance market.

“[R]Funding activity continued to slow in May 2022,” the report notes. The deed-to-deed ratio, a metric used by the Wake County Deed Registry to track new purchase mortgages versus refinance or second mortgage activity, is now 1.29 , down 3.7% from the prior month, and down from its broadest measure. ratio gap of 2.5 in February 2021.

Raleigh entrepreneur seeks to develop a small village for digital nomads

Buyer beware?

Real estate economist Ken H. Johnson, co-developer of an index that measures real estate markets considered overvalued relative to historical price data, ranked Raleigh among the 15 most overvalued markets nationwide in a recent analysis conducted end of May 2022.

“Right now, my concern, if I was looking in Raleigh and looking to buy, is that I would be buying at the peak of the housing cycle,” Johnson told WRAL TechWire earlier this month. Others disagree, including UNC Charlotte economist John Connaughton, who suggested that if one was looking to buy a house, the time would be before interest rates rise. Connaughton’s advice came before the recent rise in average mortgage interest rates, however.

But what’s more likely to happen, Johnson said, is market easing as mortgage interest rates rise. A meltdown and meltdown similar to 2007-2010 is unlikely, at least in Raleigh and other similar metro areas where net migration remains high and jobs are added to the local economy.

Thinking of buying a house? Do it now as costs continue to soar, economist says

“If you look at the last peak, which was in 2007, it would take until about early 2016 to be able to sell at the same value,” Johnson warned. “The holding period, or the period that you would own the property, would have been nine years.”

But the Triangle could be immune to a downturn in the real estate market, even if that were to happen in other markets across the country, he said.

This is due to the region’s continued population growth. Additionally, Johnson said, housing inventory remains low.

“Those two things are dramatically different now than they were in 2007,” Johnson concluded. “It could be a drop in prices and a long-term trend towards a lack of affordable housing,”

Homes in Raleigh and Charlotte are among the most ‘overvalued’ in the US, report says

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Advent of technology in loans and mortgages will increase business opportunities for electronic mortgage companies, assesses Fact.MR https://delandcountryinn.com/advent-of-technology-in-loans-and-mortgages-will-increase-business-opportunities-for-electronic-mortgage-companies-assesses-fact-mr/ Wed, 15 Jun 2022 14:00:00 +0000 https://delandcountryinn.com/advent-of-technology-in-loans-and-mortgages-will-increase-business-opportunities-for-electronic-mortgage-companies-assesses-fact-mr/

DONE.MR

The landscape of conventional mortgage processes will be completely overtaken by electronic mortgage technology, creating many market opportunities in the future.

USA, Rockville MD, June 15, 2022 (GLOBE NEWSWIRE) — According to the latest report from Fact.MR, a market research and competitive intelligence provider, the overall request Electronic Mortgage Market is expected to reach a valuation of $46.2 billion by the end of 2022 and grow at a CAGR of 18.2% over the valuation period (2022-2032).

Banks, fintech, NBFC and others are riding the wave of digitalization. This has enabled improved customer experience and cost savings to a much higher level, as well as better decision making. Lenders and customers are opting for a hassle-free, fast and more reliable digital experience, as well as convenience and security.

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According to the report, nearly 90% of lenders believe technology can help improve mortgage application processes. In addition, the entire process minimizes data entry operations by 2/3, while reducing the time required by 70% compared to conventional mortgage processes. Thus, the adoption curve of e-mortgage technology will show full penetration of the loan and mortgage market over the next few years.

Why is the e-mortgage market poised to explode?

“Increasing digitization in banking and lending”

End-consumer demand for electronic mortgages has grown exponentially in recent years. In 2018, nearly 17,000 electronic promissory notes were registered. After just one year, the number rose to around 95,000 in 2019, registering an increase of around 500%. This continued with a month-long tally reaching around 19,240 eNotes in February 2020.

The main reason is the security, speed and cost-effective attributes of electronic mortgages compared to traditional paper-based mortgages. The overall process and loan documents, including electronic notes, are created, signed, transmitted and stored electronically, which limits the risk of misplacement or theft and allows automated verification of data covered by a single platform.

This complete end-to-end digitalization has resulted in double-digit growth in e-Mortgage and will also continue to drive the adoption of personal finance mobile apps in the coming years.

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Key segments covered by the e-Mortgage Industry survey

Competitive landscape

Major players operating in the e-mortgage market are AmoCRM, BNTouch, Calyx PointCentral, Cimmaron, Encompass, Floify LLC, HubSpot, ICE Mortgage Technology, Inc, Jungo, Keap, Maxwell Financial Labs, Inc., MLO Shift, Pipedrive, Podium, RealINSIGHT, Salesforce, Simple Nexus, Surefire, TeamSupport, Total Expert, Turnkey Lender, Unify, Velocify LoanEngage, Whiteboard, and Zendesk Sell

Market players are on the continuous path of providing next-generation services by offering additional and faster APIs and high-end customization skills with electronic tools and forms. The ability to originate, manage and execute loans with exceptions and improved customer experience have been the top strategy of market leaders.

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The key players in the e-Mortgage Market

Main takeaways from e-Mortgage Market research

  • Global e-Mortgage is poised to grow at a CAGR of 18.2% to reach a valuation of US$46.2 billion by 2032.

  • Based on the type of lender, the market is expected to be dominated by fintech, which is expected to account for around 50% market share by 2032.

  • North America is likely to be the most attractive region for electronic mortgage technology and is expected to create an absolute dollar opportunity of US$9.2 billion by the end of 2032.

  • The purchase segment is expected to grow by 4.2X while the refinance segment is expected to grow by 6.1X during the forecast period.

  • Banks are estimated to exceed a market valuation of US$8.3 billion by 2032; however, this segment is expected to lose 328 bps over the next ten years.

About Fact.MR Technology Division

Expert analysis, actionable insights, and strategic recommendations from Fact.MR’s highly experienced technology team help customers around the world meet their unique business intelligence needs. With a repository of over a thousand reports and over a million data points, the team has analyzed the tech industry in over 50 countries for over a decade. The team provides unparalleled end-to-end research and advisory services. Contact us to find out how we can help you.

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