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Wednesday, May 02, 2018

NYC Tech Startup Saves Homebuyers Money with Commission Rebate Platform | 2018-05-01 | HousingWire

NYC Tech Startup Saves Homebuyers Money with Commission Rebate Platform | 2018-05-01 | HousingWire: The affordability of buying an apartment in New York City may seem challenging due to high prices relative to the rest of the country. Luckily, that’s changing thanks to a real estate technology startup that offers cash back with a commission rebate in NYC.

Prevu, a NYC-based real estate technology platform on a mission to save homebuyers money, has created an online buying experience that guides you through your home buying journey, plus offers up to 2% of your purchase price cash back with its Smart Buyer�commission rebate. That’s up to $30,000 cash back if you buy a $1.5 million�apartment.

Appraisal-free home loans save millions for buyers - Chicago Tribune

Appraisal-free home loans save millions for buyers - Chicago Tribune: Sounds great. But to some key players in the home financing arena, the savings look ominous — potentially risky for taxpayers and financially nightmarish for the professionals who provide the service being eliminated.

Last year, the two largest sources of American mortgage financing — federally backed Fannie Mae and Freddie Mac — began accepting home-purchase loans that carried no formal property appraisal. Instead, the valuations supporting the mortgages were performed by Fannie and Freddie in-house, using proprietary analytics and deep stores of property data. Only highly select loans were eligible for appraisal waivers, primarily those with sizable down payments (20 percent and up) plus previous appraisals on file. Buyers, refinancers and lenders were not permitted to request waivers; Fannie and Freddie were the ones that identified eligible properties and offered waivers at the application stage.