The 2021 five-star conference and exhibition kicked off Sunday with the FORCE rally and the Five Star’s membership reception Federation of REO Certified Experts group. The session was organized by Continental Realtors and co-organized by RealtyTrac, including the EVP Rick sharga delivered the opening speech.
Sharga, one of the nation’s most frequently cited sources on real estate, mortgage and foreclosure trends and a founding member of the Five Star National Mortgage Servicing Association, set the tone for an afternoon at the during which real estate professionals looked at a post-pandemic REO. workflow, considering what volumes will look like in the near future and speculating on when the market might return to more typical levels.
“You’re going to start to see notes on declining home sales year over year… you’re going to see those numbers going down year over year because last year was unusual,” said Sharga. “But if you look at the numbers for 2019 and compare them to 2021, we’re actually going up. Don’t think the housing market is weakening when you read the headlines that say the housing market is down. We’re looking at selling almost 6 million existing homes this year, which is just extraordinary under the circumstances, and it’s especially extraordinary because we are doing so despite having the lowest inventory in decades.
“Right now nationwide, there are about 2.5 months of supply of homes available for sale,” Sharga continued. “In a normal market – a market in equilibrium – that’s about a 6-month supply. House prices go up.
This event brought together FORCE agent and broker members with asset management executives and subject matter experts to discuss the unprecedented changes facing the REO landscape and how best to work together to tackle the challenges while by achieving success.
Owner and Principal Broker at Continental Realtors, Luis Guzman, gave a keynote address and hosted a group of industry executives who divided the evening into three panel discussions.
Sharga, SingleSource’s Stacey Bayley, Word from Ramie from Mr. Cooper, and Eric Will by Freddie Mac examined in depth Where is the accommodation headed during their segment, during which they shattered the market conditions and circumstances that prevail over the business of REO agents in the months and years to come.
Panelists agreed that while homeowners and borrowers across the country are struggling, they don’t expect a huge influx of distressed properties.
“So I mostly get criticism from REO agents about my hopelessly optimistic projections about what’s going to happen in the market,” Will replied. “We probably shouldn’t expect to see a tsunami of foreclosure activity, and probably shouldn’t expect to see a huge wave of REO.”
The word echoed Will’s feelings.
“I think you made a good point earlier that we could kind of see a first wave of pre-pandemic foreclosures that were underway,” Word said. “We shouldn’t lose sight of the fact that a large portion of these are in a restart state, however.”
In their Understand the guidelines panel, Justine Jimenez Garcia of Countywide Properties and Bryce Fendall of Statebridge Company provide information on navigating through engagement details, focusing on understanding asset management valuation, short selling and repair expectations, and investor guidance.
“If I were a broker right now, today I would make sure my social networks were tuned in and up and running,” Fendall said. I would go to the broker sites and make sure everything is up to date… we are looking for an agent who adds value to a transaction.
And during the View from the ground roundtable — Garcia and his fellow FORCE advisory board members Laura Dietz of Merlin Enterprises / Summit Realty, Steven pagano of Pagano Properties / First Hawaiian Realty, Sarah richards of Spring Mountain Realty, and Jeff Russell of Russell Real Estate Group– discusses the methods chosen to secure and maximize business. The panelists answered questions on business development strategies, mastery of its market and diversity, equity and inclusion practices, to name a few.
They also spoke about disaster response.
“If you’re on a property and you get a call saying there’s been a fire, we need to come out and do an appraisal for our client,” Dietz said. “We have to find out what this asset is worth, what do we have to do to make it safe. All my teams, we are trained in the event of a disaster … we have a first responder kit in our safes because it often happens that an emergency occurs on the property.
and finally Mark Johnson, LRES Corporation President, and Brian hennessy, SVP of LRES, spoke on the State of the Industry.
“The dynamic today is a little different than it was 12 to 15 years ago,” Johnson said. “The stock market is at an all time high, interest rates are at an all time high, which means homes are moving fast and the home affordability index is up 15%.
“Home prices are at record highs, but we also have to factor in the housing shortage,” Hennessey said. “The the Wall Street newspaper said we have 10 years of housing shortage problems.
The FORCE Gathering and Reception was the inaugural feature of the 18th annual five-star conference and exhibition on the theme welcome to the house-agenda. The conference, which runs through Tuesday at the Hyatt Regency Dallas, features leading subject matter experts, features hundreds of exhibitors and attracts thousands of mortgage professionals from across the country who share the common goal. to build a stronger residential mortgage industry.
“The conversations at Five Star have never been more critical, and we look forward to helping facilitate them, live and in person,” said Ed Delgado, President of Five Star Global, the parent company of Five. Star Institute.