In The News

In the News  

Presented by Frank Pellegrini, CEO, Prairie Title     

June 1, 2018    

New Disclosure Rule Delayed to July 1, at Least

The Illinois Department of Professional and Financial Regulation has announced implementation of a new rule on the Disclosure of Financial Interest form. Initially the change was to become effective in May. Following input from the industry, IDFPR has postponed implementation until at least July 1. For more information, click here to view the online form, and here for instructions on filling out the form.

Springfield update: Amazingly, the state legislature adjourned yesterday after passing a full budget on time, and Gov. Rauner has said he will approve it. Two bills of  interest to the real estate community were passed, one that legislates predictive recording fees for Cook County and another limiting the selection of title insurance and settlement services and the splitting of title policies in any residential transaction ("bifurcation"). The governor is expected to sign both.

In Washington: After many fits and starts, updates to Dodd-Frank are now law, to the applause of many in our industry. Unfortunately, there’s been no movement forward on the House-passed bipartisan ALTA-supported legislation that corrects the inaccurate disclosure of title insurance premiums on the TILA-RESPA Integrated Disclosures. As we grind toward the November election, odds will fade that the Senate will take up and pass this bill, but there’s still hope.

Tech talk. The MReport recently published an article on homebuyers and technology, based on a survey by owners.com. The upshot? “Homebuyers are increasingly looking at their real estate agent for expertise and tech-based tools to keep them organized during their home search.” Read the full article here. I also recommend a recent article about how blockchain and cryptocurrency are changing commercial real estate published by REJournals.com. 

April existing home sales tumble. There’s no way to sugarcoat this: “The affordability issue is kneecapping strong demand,” declared Housing Wire in a recent story. The article quoted NAR Chief Economist Lawrence Yun, “The root cause of the underperforming sales activity in much of the country so far this year continues to be the utter lack of available listings on the market to meet the strong demand for buying a home.” Ugh.

Is Gen X making its mark on CRE? While homeownership among younger adults is not nearly as robust as we’d like in a vibrant economy, NAIOP recently published an interesting article noting that Gen Xers (born between 1965 and 1981) are helping boost commercial real estate develop-ment as companies strive to meet their preferences in housing, office space and entertainment options. I’m always looking for a silver lining.

Technology and Real Estate

In the News   Presented by Prairie Title  

March 14, 2017

         

Tech Talk and the Real Estate Business

According to survey results released in December by Fannie Mae, demand for and use of mobile mortgage products almost doubled over the course of 12 months. The survey covered 1,200 consumers who bought homes in the last year and have a mortgage guaranteed by Fannie Mae.

“This is a startlingly large increase reflecting the pervasive and growing use of mobile technology among consumers at all income levels,” wrote Steve Deggendorf, director of market insights research for Fannie Mae. “Although this research focused on low- and moderate-income homebuyers, our prior research suggests the results would be even larger for mobile usage and interest among higher-income consumers.” 

Fannie Mae’s findings help draw a picture of how the real estate market is moving rapidly toward maximum use of technology, often driven by customers.

Recently, loanDepot, which bills itself as “a fast-growing national consumer lender, announced the launch of its end-to-end proprietary digital lending platform as part of an $80 million investment in technology. The platform features three distinct components: a web-based consumer portal, a mobile point of sale system, and a fully digital mortgage loan application. All will be integrated into loanDepot’s web-based loan origination system, which consumers and lenders can use via mobile or desktop devices. 
Development of these types of systems can be both exciting and a bit scary. For all of us, regardless of our specific roles in the industry, survival depends on embracing technology with all its built-in challenges. To put a twist on the old saying from academia: When it comes to technology, we all need to produce or surely we will perish.
What’s your point of view? Call me, email me, or write a comment below.

Other stories we’re following: 

Affordability is main hurdle for aspiring home buyers.

Sales up, consumer sentiment down.

Three factors affecting millennial home ownership – negatively.

Limited inventory, quick sales.