AUGUST 2020 SPECIAL EDITION
Linda Aparo and Mark Short will be emceeing sessions at this year’s NS3 conference! Make sure to register for the conference and check out reQuire’s booth in the virtual exhibit hall. But, first, watch our special guest interview with October Research’s CEO Erica Meyer, where we discuss what to expect at NS3.
It’s hard to believe that we’re more than halfway through the year, and what a year it’s been so far. Even beyond the COVID-19 pandemic, our industry is facing unprecedented times. Interest rates are at an all-time low. In fact just this month, one large lender announced a 1.99% rate for a 30-year fixed mortgage for both purchase and refinance. No wonder refinance applications recently jumped 47% year-over-year and new home purchase applications increased 39% year-over-year according to the Mortgage Bankers Association.
Additionally, there are also some early signs of a mass exodus from the cities to the suburbs. The latest data from Realtor.com shows that suburban ZIP codes grew 13% in May, nearly doubling the pace of growth in urban areas. Better.com said it is seeing record purchase demand in Florida, California, Arizona, and Texas and a continued trend of first-time homebuyers applying for mortgages in suburban areas. There is an obvious appetite for home buying, but the biggest bottleneck at the moment is being caused by the lack of housing inventory. In a recent article, the CEO of Berkshire Hathaway HomeServices CEO, Chris Stuart, noted that in contrast to the last recession in 2008 and 2009 when there were 10 months of inventory, the nation has only about three months right now. As a result, markets are heating up, bidding wars are happening and homes are selling faster than sellers can list them—so closing and settlement agents need to be agile.
Why? Because business, as we all know, is booming. Closing and settlement agents are, for the foreseeable future, going to be busier than ever. Maybe it’s time to consider outsourcing your release tracking. It will help you keep up with the volume, give your over-worked staff a break and eliminate one of the main causes of delayed deals—title defects. Often sellers aren’t even aware of the title issues, but these issues are becoming more and more common and can cause delays, anxiety, and even kill deals. Release tracking and title curative services are the most effective ways to safeguard these delays. Having a strong professional team in your corner is paramount and alleviates the stress of dealing with the post-closing process, allowing you to put all your effort into assuring quick and painless closings.