Morning Roundup (2/29/2024) — UWM Releases Results

Good Morning! Today is Thursday, February 29. Mitch McConnell will step down in November as the Senate Republican leader. The Supreme Court agreed to hear Trump’s claim that he is immune from prosecution, delaying his criminal case. Congressional leaders reached a deal on a short-term spending bill to avert a government shutdown. The Mortgage Note Reports UWM Releases Results: The CEO of United Wholesale Mortgage said 2023 wasn’t one of the company’s best years financially but they will continue to assert market dominance in 2024. Buyers Sitting Out: Pending home sales fell by 4.9% month-over-month in January as rate-sensitive buyers skipped out despite increasing inventory. Homeownership Highlighted: HUD commemorated Black History Month at its close by highlighting its impact on…

Morning Roundup (2/28/2024) — Apps Down

Good Morning! Today is Wednesday, February 28. More than 100,000 Michigan Democrats voted “uncommitted” in protest of Biden’s support of Israel. Four eye ointments sold at Walmart and CVS are being recalled due to risk of infection. People in Texas and Oklahoma were forced to evacuate due to wildfires. The Mortgage Note Reports Apps Down: Mortgage applications fell for another week as rates remained above 7% and high home prices kept buyers on the bench. Home Rewards: Newrez announced a new incentive program offering homebuyers and sellers closing cost kickbacks and other concierge services. In other mortgage and housing news…   Value Boost: The total value of U.S. homes jumped 5% to $47.5 trillion, the biggest gain in nearly a…

Morning Roundup (2/27/2024) — New Record Home Price High

Good Morning! Today is Tuesday, February 27. Michigan is having its presidential primaries today. Biden said negotiators were close to a deal to release hostages held by Hamas in exchange for a temporary cease-fire. Sweden will join NATO after Hungary’s Parliament voted to accept it. The Mortgage Note Reports High Prices: Home prices rose month-over-month and YOY after seasonal adjustment in December, the seventh straight month to hit a record high. New Home Sales: Buy Before You Sell fintech Knock is letting individuals invest in the company before it goes public or gets acquired. Embracing Tech: The COO at Blue Sage Solutions says they have more prospects in their pipeline than ever before as lenders turn to technology. Editor Kimberley…

Morning Roundup (2/26/2024) — Besties Buying

Good Morning! Today is Monday, February 26. The Supreme Court will hear arguments today in two cases on free speech. Ronna McDaniel, the leader of the Republican National Committee, will step down next week. Congress failed to pass legislation to keep the government funded past Friday and avoid a partial shutdown. The Mortgage Note Reports Besties Buying: They may not be your typical neighbors, but they could be moving next door soon: Friends who have carpooled their way into homeownership. Writer Chuck Green has the story. Great Migration: Both taste and costs influenced interstate migration after the pandemic, but price moved people the most, with cheaper Southern states netting the most new residents. New Home Sales: New home sales improved…

Morning Roundup (2/23/2024) — Saved By AI

Good Morning! Today is Friday, February 23. Alabama health providers have halted I.V.F. after the state’s Supreme Court ruled that frozen embryos are children. The U.S. Supreme Court allowed the Boy Scouts of America to move forward with settling sex abuse lawsuits. The FCC is investigating after an AT&T outage interrupted cell service. The Mortgage Note Reports Saved By AI: After Rocket Companies reported their 2023 earnings, the CEO said they will achieve scaled growth and profitability through their AI-fueled homeownership strategy. Rates Rise Again: Mortgage rates edged closer to 7%, averaging 6.90% last week, the result of strong economic and inflation data. GSE Leadership: Fannie Mae appointed a new EVP and Chief Operating Officer, Morgan Stanley exec Peter Akwaboah.…

Morning Roundup (2/22/2024) — Property Investment

Good Morning! Today is Thursday, February 22. President Biden canceled another $1.2 billion in student debt for more than 150,000 borrowers. The head of Boeing’s 737 Max program is leaving the company after high-profile mechanical problems. Stocks in Japan rose to a record high. The Mortgage Note Reports Property Investment: Both fix-and-flip investors and rental property owners stand to make money this year, but their outlooks are vastly different. Writer Erin Flynn Jay finds out why. Home Retention Option: FHA introduced a new offering to help struggling homeowners avoid foreclosure, the Payment Supplement. Sales Up In January: Existing-home sales rebounded in January, increasing 3.1% from December, registering rate decreases that started late last year. In other mortgage and housing news……

Morning Roundup (2/21/2024) — Rates Top 7%

Good Morning! Today is Wednesday, February 21. President Biden will impose more sanctions on Russia in response to Alexei Navalny’s death. The U.S. voted against a U.N. resolution that would have called for an immediate cease-fire in Gaza. A girl died after a deep hole she and a boy were digging on a South Florida beach collapsed. The Mortgage Note Reports Disappointing News: Rates topped 7% last week and sent mortgage applications spiraling, sidelining homebuyers and forcing refis to a standstill. Modernizing Mortgages: LoanCare revealed a new mobile app, My LoanCare Go, designed to simplify and modernize loan management. In other mortgage and housing news…   Magic Number: Four out of 10 Americans looking to buy a home in the…

Morning Roundup (2/20/2024) — Winning Team

Good Morning! Today is Tuesday, February 20. The U.S. and U.N. are negotiating a resolution calling for a temporary ceasefire in Gaza. Capital One will buy Discover in an all-stock, $35M deal. More serious rain is expected in California this week. The Mortgage Note Reports Winning Team: Having motivated mortgage professionals has helped Agave Home Loans grow since it was founded at the beginning of 2020. Co-owner Marshall Gottlieb talked with Editor Kimberley Haas about how they have found success. Ardley Autopilot: Mortgage tech company Ardley rolled out an automatic underwriting engine that creates instant conditional loan approvals for qualified buyers. Building Slowdown: Multifamily construction slowed last month as developers pulled back, dragging down overall residential construction numbers. In other…

Morning Roundup (2/16/2024) — Renters’ Plight

Good Morning! Today is Friday, February 16. Donald Trump’s criminal trial over payments to Stormy Daniels was set for March 25. OpenAI previewed Sora, an AI video generator. Authorities in Kansas City are keeping two teenagers in custody after the Super Bowl celebration shooting. The Mortgage Note Reports Renters Plight: Compared to homeowners, renters feel bad about their finances, but in most of the country renting is the more affordable option right now. Writer Erin Flynn Jay has the story. Rates Increase: Tough inflation data led to mortgage rates increasing for a second straight week, hitting 6.77%. Guild + Academy: Guild Mortgage is acquiring its friendly competitor Academy Mortgage, gaining 200 branches and more than 600 LOs in the process.…

Morning Roundup (2/15/2024) — Better VA Loans

Good Morning! Today is Thursday, February 15. One person was killed and at least 21 were wounded in a shooting at the Kansas City Chiefs’ Super Bowl celebration. The Senate is planning to reject the House’s impeachment of Biden’s homeland security secretary. Privately-owned Odysseus, a lunar lander, launched overnight. The Mortgage Note Reports Better VA Loans: Better launched a fully digital zero-down VA loan program designed to expedite and simplify the buying process for veterans. Aging In Place: Older Americans are choosing to age in their current homes, keeping average tenure at more than a decade and inventory tight for buyers. In other mortgage and housing news… Bills Pile Up: Arbor Realty Trust fueled a Sunbelt apartment boom, but many…