Morning Roundup (5/23/2024) — Batter Up

Good Morning! Today is Thursday, May 23. The U.S. Senate will vote again today on a bipartisan border plan. China launched military drills around Taiwan after the island’s new president asserted its sovereignty. Nikki Haley said she will vote for Trump.   The Mortgage Note Reports Batter Up: Professional sports stadiums are an anchor for a growing number of real estate developments as teams capitalize on Americans’ desire for all-encompassing experiences. Writer Chuck Green has the story. New, Existing Sales Slip: Both new and existing home sales dropped last month, surprising analysts who expected to see gains. AI In Industry: Title insurance provider Fidelity National Financial is upping its technology game by naming a Chief Artificial Intelligence Officer.   In…

Morning Roundup (5/22/2024) — Refi Boost

Good Morning! Today is Wednesday, May 22. Donald Trump declined to testify in his criminal trial. Spain, Norway, and Ireland said they would recognize an independent Palestinian state. The Biden administration canceled $7.7 billion in student loans.   The Mortgage Note Reports Refi Boost: Mortgage applications rose again as rates slipped for a third week and refis rallied, though purchase demand remained low. WF Addition: Sandra Ho is joining Wells Fargo as its head of Home Lending Sales.   In other mortgage and housing news… Home Medicine: America’s biggest Medicaid insurer pledged to help build nearly $1 billion of affordable housing, saying housing is one of the biggest determinants of health. IT Failure: HUD’s inspection system for public housing suffered…

Morning Roundup (5/21/2024) — Staying Compliant

Good Morning! Today is Tuesday, May 21. The International Criminal Court’s chief prosecutor requested arrest warrants for Benjamin Netanyahu as well as the leaders of Hamas. The seafood chain Red Lobster has filed for bankruptcy. Storms could bring tornadoes and damaging winds to the Midwest today.   The Mortgage Note Reports Staying Compliant: It is estimated that over 20% of Americans will work remotely by 2025 and lenders are finding new ways to remain compliant as loan officers choose that lifestyle. Still Sidelined: Just as inventory is picking up, a boon for the housing market, the Central Bank is keeping buyers sidelined with “higher for longer” interest rates. FHM Leadership: Tim Whittier has been named president of First Home Mortgage.…

Morning Roundup (5/17/2024) — Rates Fall To 7.09%

Good Morning! Today is Friday, May 17. Gov. Greg Abbott of Texas pardoned a man who fatally shot a Black Lives Matter protester in 2020. Storms around Houston killed at least four people and knocked out power for more than a million. Israel plans to send more troops into Rafah.   The Mortgage Note Reports Economist Perspective: As the spring homebuying season continues, there are concerns about the housing market. Writer Nicole Murray spoke with Patrick Gourley to get a fresh perspective on prices, rates, and the realtors settlement. Rates Fall To 7.09%: Average mortgage rates declined for a second week as inflation moderated in the Fed’s preferred indicator, but remained over 7%. No Money Down: UWM rolled out a…

Morning Roundup (5/16/2024) — Starts And Permits

Good Morning! Today is Thursday, May 16. The prime minister of Slovakia was shot and wounded. Vladimir Putin arrived in China for a summit with Xi Jinping. President Biden and Donald Trump agreed to two debates, in June and September.   The Mortgage Note Reports Starts And Permits: Residential construction saw mixed results in April, with starts rising while permits fell, as builders approached the high-rate environment with caution. Closing Guarantee: Chase Home Lending increased its Closing Guarantee from $5,000 to $20,000 in a bid to entice buyers. Opinion: Nathan Kadisha, founder and principal of K3 Holdings, writes that affordable housing policy should create mutually beneficial solutions for landlords and tenants.   In other mortgage and housing news… “Mixed” Foreclosure…

Morning Roundup (5/15/2024) — Purchases Tumble

Good Morning! Today is Wednesday, May 15. Attackers ambushed a prison convoy near Paris, killing two guards. Orcas sank another boat near the Strait of Gibraltar. A group of TikTok creators sued the U.S. over its plan to either ban the app or force its sale. The Mortgage Note Reports Purchases Tumble: Mortgage applications rose slightly last week, buoyed by a refi turnaround as purchase demand faltered. Reaching Out: Guaranteed Rate will host a free homeownership education day at Chicago’s Ramova Theatre, the first of its new “RateUniversity” offerings. In other mortgage and housing news… Investors Are Back: Real estate investors bought 19% of homes that sold in the first quarter, the highest share in almost two years and the…

Morning Roundup (5/14/2024) — Rocket Settlement

Good Morning! Today is Tuesday, May 14. President Biden will announce higher tariffs on Chinese imports. The U.N. said that a staff member was killed when one of its convoys came under fire in Rafah. OpenAI unveiled a new version of ChatGPT that can respond to voice commands, images, and videos. The Mortgage Note Reports Financial Pressure: Recent homeowners have taken on extra debt to maintain their preferred lifestyle and struggled to make payments on time. myCU Leader: Ben Rempe has been named president of myCUmortgage, a credit union service organization. Tribal Lands: Officials at HUD have reached an agreement with Rocket Mortgage after the company allegedly denied a loan to a couple hoping to buy a home on tribal…

Morning Roundup (5/13/2024) — Feeling The Squeeze

Good Morning! Today is Monday, May 13. Graduates walked out of Duke University’s commencement ceremony ahead of Jerry Seinfeld’s speech as college disruptions continue. A man died two months after he became the first person to receive a kidney from a genetically modified pig. Minnesota and parts of Wisconsin are under an air quality alert because of Canadian wildfire smoke. The Mortgage Note Reports Feeling The Squeeze: Property taxes and insurance costs are going up, but are they enough to force homeowners into foreclosure? Writer Erin Flynn Jay has the story. Rate Locks Rise: Purchase lock counts rose year-over-year in April for the first time since 2022, an encouraging sign in the tough market. Affordability Tool: Zillow Home Loans launched…

Morning Roundup (5/10/2024) — Rates Fall To 7.09%

Good Morning! Today is Friday, May 10. An appeals court rejected Hunter Biden’s effort to dismiss his federal gun charges. The Senate passed legislation to reauthorize the Federal Aviation Administration and hire more air traffic controllers. A new rule aims to speed up asylum processing at the southern border for people suspected of crimes. The Mortgage Note Reports Rates Fall To 7.09%: Average mortgage rates declined for the first time in five weeks following cooling employment, a sign of easing inflation. Housing Grants: The White House and HUD announced $5.5 billion in funding for urgently needed affordable housing and community development. In other mortgage and housing news… Earnings Report: Guild Mortgage’s parent company recorded a 6% increase in originations and …

Morning Roundup (5/9/2024) — How Long Should You Hold Onto Real Estate?

Good Morning! Today is Thursday, May 9. President Biden told Israel that the U.S. would halt some weapons shipments if its military invaded Rafah. Microsoft will build a data center in Wisconsin on the site of a failed Foxconn project from 2017. The House rejected an effort to remove Speaker Mike Johnson from office. The Mortgage Note Reports Time Clock: How long should you hold onto real estate? Alex Capozzolo, co-founder of SD House Guys, shares his opinion. UWM Earnings: UWM reported positive Q1 2024 earnings results, including a company record for first-quarter purchase originations. Income Calculator: Fannie Mae enhanced its Income Calculator tool, available at no additional cost to lenders, to give self-employed borrowers a leg up. In other…