Morning Mortgage Notes

Good Morning! Today is Wednesday, May 31. Theranos founder Elizabeth Holmes reported to prison to begin her 11-year sentence for fraud. Tara Reade, the former Senate aide who accused Biden of sexual assault, moved to Russia and said she was seeking citizenship there. The owners of Purdue Pharma will receive full immunity from all civil legal claims over its role in the opioid crisis. The Mortgage Note Reports Profit Margins: To home sellers who agonizingly watched the prices of their abodes recede recently, there’s little to say but “ouch.” But it’s not all bad news. Writer Chuck Green has the story. Unsatisfied Shoppers: Americans who bought homes in 2023 are unhappy with their experiences and their new houses, saying they…

Good Morning! Today is Tuesday, May 30. Russia attacked Kyiv for two days and Ukraine retaliated by using drones to strike Moscow. Tech leaders warned that A.I. “poses an extinction risk for humans.” Theranos founder Elizabeth Holmes is expected to report to prison today. The Mortgage Note Reports Farner Retires: After a 27-year career, Rocket Companies CEO Jay Farner is retiring and he will be remembered as a keen businessman who helped make mortgages more accessible. Editor Kimberley Haas has the story. Prices Up In March: Data released today shows a modest increase in home prices took place in March, signaling that home price declines may be over. Elon On Home Values: Elon Musk said he expects pressure on commercial…

Good Morning! Today is Friday, May 26. There will be no newsletter on Monday in recognition of Memorial Day. Ron DeSantis’s campaign said it raised $8.2 million in his first 24 hours as a presidential candidate. Federal prosecutors are investigating whether Senator Robert Menendez (D-NJ) received unreported gifts. Hyundai and LG will build a $4.3 billion electric vehicle battery plant in Georgia. The Mortgage Note Reports Rates Respond To Capitol Hill: Mortgage rates increased again last week, reaching 6.57%, due to a heap of political and financial news. Home Sales Flat: April brought no change at all in pending home sales, NAR said, due to continuing inventory and affordability concerns. Spring Podcast: TMN’s team has been tracking national trends and…

Good Morning! Today is Thursday, May 25. A Twitter malfunction caused twenty minutes of glitches for Ron DeSantis’s presidential announcement. President Biden is expected to nominate the Air Force chief of staff to become the country’s most senior military officer. Tina Turner died at 83. The Mortgage Note Reports Handing Out Freebies: More than 40% of home sellers are giving concessions to buyers as home shoppers shy away from the pricey market. Delinquency Improves: The overall mortgage delinquency rate fell to a record low in March, while serious delinquencies dropped to a 23-year low. Mortgage Fee Fight: Changes to fees for loans backed by Fannie Mae and Freddie Mac continue to be a hot topic as Republicans push to repeal…

Good Morning! Today is Wednesday, May 24. Florida Governor Ron DeSantis plans to announce his candidacy for president live on Twitter today with Elon Musk. The South Carolina Senate passed a ban on abortion after six weeks of pregnancy. Most of Guam is without power after being hit by a typhoon. The Mortgage Note Reports Apps Down Again: Mortgage applications fell again last week, down almost 5%, as borrowers shrink back from rising rates. Soft Credit Pull: Blend Labs announced new soft credit functionality for the mortgage prequalification process in response to rising credit report prices. More Regulation?: At an industry conference in New York City, MBA CEO Bob Broeksmit said policymakers plan to pile on more enforcement and red…

Good Morning! Today is Tuesday, May 23. Speaker Kevin McCarthy and President Biden met to discuss the debt limit again but remained far apart on a deal. TikTok sued to block Montana’s ban of the app, citing the First Amendment. California, Arizona, and Nevada agreed to use less water from the depleted Colorado River. The Mortgage Note Reports Construction Lending: Editor Kimberley Haas sat down with Brian Mingham, the CEO of a national end-to-end risk mitigation company who says their platform opens doors to lenders that want to enter the construction market. Besting Expectations: April brought an increase in new residential sales after revisions put March’s numbers down, a surprise to analysts who expected declines. Korth CEO: Korth Direct Mortgage…

Good Morning! Today is Monday, May 22. Republican Senator Tim Scott of South Carolina is officially running for president. The N.A.A.C.P. issued a travel advisory for Florida, cautioning that state policies under Governor Ron DeSantis are not welcoming to Black Americans. Meta was fined $1.3 billion for violating E.U. data privacy rules. The Mortgage Note Reports Rocket Roll Out: Rocket launched a 1% down payment program, ONE+, which includes mortgage insurance at no cost to the borrower. MORGAN Updates: Real estate AI MORGAN can now calculate mortgage rates, communicate with borrowers, and walk them through the application process. Most Popular: Writer Chuck Green’s article about nontraditional spring markets is the most popular with our readers on social media this month.…

Good Morning! Today is Friday, May 19. The Supreme Court upheld a technology law protecting companies from liability over users’ posts, a win for social media platforms. Disney canceled a $1 billion development planned for Orlando, continuing its feud with Gov. Ron DeSantis. Ukraine’s President Zelensky will attend the G7 meeting in Japan. The Mortgage Note Reports College Grads: Professional opportunities, affordability, and fun in the country’s cities are being measured as commencement ceremonies wrap up nationally and Atlanta is coming out on top as the best place for college graduates to move to. Editor Kimberley Haas has the story. Rates Reverse: After falling slightly the week before, mortgage rates shot right back up last week, continuing to fluctuate within…

Good Morning! Today is Thursday, May 18. TikTok has been banned in the state of Montana which will likely prompt a First Amendment legal battle. Lawmakers in Texas banned transgender medical care for minors. Floods in Italy killed at least eight people and left thousands of people homeless. The Mortgage Note Reports Existing-Home Sales: Existing-home sales dipped in April, continuing a downward trend, as high rates and low inventory continue to strangle the market. Nahil At FormFree: Jonathan Nahil has joined mortgage fintech FormFree as CTO. Spring Podcast: TMN’s team has been tracking national trends and the ways companies are attracting buyers and sellers to the market. Check out our spring podcast.   TMN Presents: The Mortgage Meltdown Meter, a…

Good Morning! Today is Wednesday, May 17. Officials in Ukraine say they shot down six hypersonic missiles, some of Russia’s most sophisticated conventional weapons. North Carolina’s legislature reapproved a 12-week abortion ban, overriding a veto. San Francisco is proposing a reparations plan that includes $5 million in cash payments and housing aid. The Mortgage Note Reports Apps Hurting: Mortgage applications fell last week, wiping out the prior week’s gains, as purchase applications dropped to their slowest pace in a month. Closing The Gap: A Fannie Mae program designed to help build the credit scores of renters is finding success. New Hires: Down Payment Resource announced four new hires to help expand its sales footprint, relationships, and customer base. Spring Podcast: …