Financials
Financials
Business financials advice, reports, and trends for professional home builders and remodelers.
Business
4 Steps to Prep Your Business for Contraction
How a remodeling company plans ahead for the worst of times (and the best of times)
Leadership
Creating a Company Fire Drill: How to Prepare for the Worst
A disastrous fire could have been a lot worse if the business wasn’t prepared for the unexpected
Women at WIRC
The Fundamentals of Growing Profitably
On this episode of Women at WIRC podcast, Nip Tuck Remodeling Owner April Bettinger shares how she plans for her company's profitable growth
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Election Results Could Affect State-Led Foreclosure Investigation
The results of Tuesday’s elections could have a major effect on the 50-state probe into the country’s foreclosure issues. Two of the investigation’s key proponents, Ohio Attorney General Richard Cordray and Florida Rep. Alan Grayson, lost their bids for re-election, according to a report by the Wall Street Journal.
Americans Less Likely to Spend on Home Improvement When Home Prices are Low
American homeowners may not spend significantly on home improvements in the near future, according to report by the Wall Street Journal. Americans tend to spend more on home improvement as home prices rise, since they are likely to see a return on their investments.
Last Minute Mortgage Credit Checks Could Cause More Headaches for Borrowers
Fannie Mae’s new policy of running a last-minute credit check on borrowers during the last few weeks before closing a mortgage may cause added issues for consumers, according to a report by the New York Times. The guidelines, which were introduced this summer, aim to find out if borrowers changed jobs, applied for other loans or fell behind on bills, like appliances, in between applying for and closing on a mortgage. Freddie Mac has initiated similar guidelines, which will go into effect in February.
Mortgage Bankers Association Predicts Rise in Mortgage Rates
The Mortgage Bankers Association (MBA) predicts that 30-year fixed-rate mortgage rates will rise to 4.7 percent in the first quarter of 2011, and to 5.1 percent by the end of that year, according to a report by the Wall Street Journal. Although the rates will rise, the group notes that a rate of 5.1 percent is still very low historically.The
New Single-Family Home Sales Up in September
Sales of newly built, single-family homes rose 6.6 percent in September, the best rate since June, according to data released by the U.S. Commerce Department, said a press release by the National Association of Home Builders (NAHB). The number of units sold rose to a seasonally adjusted rate of 307,000.
Freddie Mac CEO: Government involvement in housing market must continue
The government will have to continue its involvement in the housing and mortgage markets, as the industry forecast for the next year remains dreary, said Freddie Mac CEO Charles E. Haldeman Jr. The government currently backs nearly nine out of 10 new loans.
Former economic adviser proposes solution to foreclosure crisis
Former White House housing finance issue adviser Peter Swire proposed that senior bank officials personally vouch for the quality of their banks’ mortgage documentation process. Swire, now a law professor at Ohio State University, based his proposal on the Sarbanes-Oxley Act, which required certain disclosures to restore faith in financial statements after the Enron and WorldCom scandals.
States Announce Investigation of Mortgage Companies
A coalition of state attorneys general this week announced that they will be launching an investigation into the mortgage servicing industry, according to a report by the Wall Street Journal. The decision was made due to the recent allegations of fraudulent documents and “robo-signers,” workers who allegedly signed foreclosure documents without reading them.
Financial Times: Wells Fargo May Have Used "Robo-Signers"
The Financial Times has obtained documents that show officials at Wells Fargo may also have engaged in using "robo-signers," the same problem that has caused multiple big banks to halt foreclosures.
Healthcare Reform: Key Questions and Answers
During the interviews for this article, we found that there were several areas that were unclear to many remodelers. Here are the answers to some of…