Welcome to Mobility Minute, a newsletter published every Friday by Worldwide ERC® for the benefit of members and the global mobility and relocation industry as a whole. If you get Mobility Minute weekly, please forward this issue to colleagues in the workforce mobility industry. If this was shared with you, click here to get your own free subscription and access the archives.
What's happening?
Here's a quick glimpse of what you'll find in this week's Mobility Minute:
Share Your Insights on Transfer Volumes and Costs
International Buyers Return to U.S. Housing Market
A Brief History of Appraisal Modernization Efforts
House Passes E-Notarization Bill
Help Shape the 2022 GWS Keynote Address
Share Your Insights on Transfer Volumes and Costs
From the pandemic to economic disruptions, the past few years have created a whirlwind of change—especially in terms of relocation—for workforce mobility professionals. That is why Worldwide ERC® has just opened our 2022 Transfer Volume & Cost (TVC) Survey. The brief survey compiles responses from organizations across a variety of industries about U.S. domestic short-term assignments and permanent transfers.
Why is this important?
Whether a corporate or industry service provider, the TVC Survey will deliver the vital information you need to plan for what’s to come. It includes all significant total move costs and costs by key provisions, such as home sales, household goods shipments, and temporary living. Now is your chance to take the TVC Survey and be a part of the most cited industry survey for information on U.S. domestic relocations.
International Buyers Return to U.S. Housing Market
Foreign purchasers are once again participating in the U.S. real estate market. During the first quarter of 2022, international buyers purchased $59 billion worth of residential property in the United States. According to data released by the National Association of Realtors, sales rose 8.5% in April from a year earlier, the first increase in three years.
Why is this important?
Despite the lack of international buyers, the housing market in the United States rose dramatically during the pandemic because of a lack of available houses and low mortgage rates that fueled bidding wars across the country. There have been indications lately that the market is cooling as the slowing economy and higher borrowing costs prevent more prospective buyers from entering. This news may indicate that it will become less challenging for transferees to find homes whether they are relocating from within or outside the United States.
Factories across the United States, Europe, and Asia struggled for momentum in July as flagging global demand and China's strict COVID-19 restrictions slowed production, likely adding to fears of economies sliding into recession. — Reuters
A second Trump term could have a significant impact on legal immigration, including the admission of high-skilled professionals. Unlike any president before him, Trump made broad use of executive authority under section 212(f) to restrict legal immigration and suspend the entry of many categories of immigrants and temporary visa holders. In 2020, this prevented the entry of workers and professionals on employment-based visas. — Forbes
The sprawling bill that Congress finally passed last week, the CHIPS and Science Act, contains $52 billion in subsidies and tax credits for any global chip manufacturer that chooses to set up new or expand existing operations in the United States. — The New York Times
London remains a key destination for international firms looking to spread their proverbial wings, with U.S. unicorns and public companies revealing inaugural or upsized offices in the U.K. capital in recent months. — Tech Crunch
A Brief History of Appraisal Modernization Efforts
Appraisal modernization efforts began in the late 1990s with the development of various automated valuation models (AVMs) and appraisal waivers for conventional loans delivered by Fannie Mae and Freddie Mac. Initially authorized for use in eligible refinance transactions, both technologies were eventually approved for use in eligible purchase transactions. Although each enterprise interpreted the data from AVMs differently, it was a step toward modernizing the traditionally labor-intensive and time-consuming appraisal process.
Why is this important?
The appraisal process for transferees may be getting easier. The Federal Housing Finance Agency (FHFA) announced that it would accept appraisals conducted remotely—without the physical presence of an appraiser for qualifying Fannie Mae or Freddie Mac-backed mortgages as a regular course of business. The FHFA also made hybrid appraisals a permanent method for completing appraisals for loans delivered to the enterprises. With a hybrid appraisal, an appraiser completes the valuation remotely based on the information provided by a third party through a physical inspection.
On the evening of July 27, the U.S. House of Representatives passed under the suspension calendar the Securing and Enabling Commerce Using Remote and Electronic Notarization Act (H.R. 3962). The legislation now goes to the Senate, which has yet to move its own bill.
Why is this important?
On May 25 and July 19, Worldwide ERC® joined the American Land Title Association and 16 other national trade associations that are part of the SECURE Act Coalition in sending letters of support for consideration of the bill. The legislation would provide a national framework of minimum standards to allow for the use of remote online notarization.
H.R. 3962 was introduced on May 25 by Representatives Madeleine Dean (D-PA) and Kelly Armstrong (R-ND) and currently has an additional 127 co-sponsors.
Help Shape the 2022 GWS Keynote Address
Eric Boles is the keynote speaker for the 2022 Global Workforce Symposium (GWS). A former NFL athlete and president of The Game Changers Inc., Boles challenges organizations to navigate uncharted waters by developing the skills and attitude of a leader. If ever there was a time for the right attitude and a leader’s mindset, now is it. Boles wants to know: What are a few issues in mobility that if everyone got behind them, we could make a big change together? Click here to send us a video, audio clip, or text answer of what’s on your mind, and we'll share your answers with Boles as he prepares his GWS keynote.
SIRVA and BGRS announced the successful completion of their previously announced merger agreement, creating a newly formed company named SIRVA BGRS Worldwide Inc. SIRVA BGRS will have the unparalleled footprint, capabilities, and expertise to service a global customer base of any size.
The Paxton Companies is proudly celebrating its 75th anniversary this year. The company is a fourth-generation owned and operated business with the Paxton family still at the helm.
Silver Door Apartments has released the 2022 Global Serviced Apartment Industry Report for those working in serviced accommodation, global mobility, and business travel. Read more via silverdoorapartments.com.
If you have news about Worldwide ERC® members and our industry, send your updates tomobility@worldwideerc.org.
On Tap
2022 Global Workforce Symposium, Oct. 25–28, 2022 — GWS2022 will be the largest mobility industry gathering, attracting over 1,000 attendees seeking connections and expert knowledge focused on domestic and international moves, immigration policies, tax issues, cutting-edge technology trends, hot topics, and much more. Join us this fall as we build the game plan for how mobility responds. Learn more about the 2022 Global Workforce Symposium.
Worldwide ERC® Member-Only LinkedIn® Groups: Benchmark with the best in the industry with three of our member-only LinkedIn® groups: Young Professionals Member-Only Forum, Corporate/HR Benchmarking Member-Only Forum, and our Member-Only Open Forum. This is your private, member-only community to exchange questions, answers, industry announcements, and sharing ideas with other relocation professionals! Click here to join to learn more about each Forum group.
New Client and Transferee Portal — Morreale Real Estate Services Inc.recently announced the launch of the updated MSite for clients, transferees, and partners. The MSite portal is a simple, easy-to-use platform that will make the process of signing documents and returning them more advanced.
