Mortgage Roundup (7/22/20) – Suburbs, Vacations & Redlining

Good morning! Today is Wednesday, July 22. While far higher than expected, the coronavirus infection rate in the U.S. is far below what is required for community immunity. The White House and Congress remain at odds over another coronavirus relief package. Europe is looking at bringing fans back to sporting events.  And in mortgage and housing news … URBAN FLIGHT: While there is anecdotal evidence of people moving from urban environments to the suburbs and beyond, it could take several years before a full data picture to show whether the COVID-19 pandemic led to an urban flight. VACATION HOME MARKET: Real estate investors are scrutinizing second-home markets in the hunt for growth opportunities.  FANNIE MAE WORTH: Fannie Mae could be worthless to public shareholders, according to its…

Mortgage Roundup (7/21/20) – Goals, Forbearance & Relief

Good morning! Today is Tuesday, July 21. New York enters “phase 4” of reopening; indoor dining and malls remain closed. Georgia Democrats nominated the state party’s first Black chairwoman, Nikema Williams, to succeed the late civil rights icon Rep. John Lewis. Baseball fan and top epidemiologist, Dr. Fauci will throw out the first pitch for Washington Nationals’ opening day.  And in mortgage and housing news … FHFA GOALS: The Federal Finance Housing Agency announced 2021 housing goals for Fannie Mae and Freddie Mac that are identical to the mortgage purchase goals that were in place for the last three years. FORBEARANCE NUMBERS: The share of US homeowners whose mortgages are in forbearance dropped for the fifth straight week. UNEMPLOYMENT EXPIRATION: Some homeowners expect to struggle to…

Mortgage Roundup (7/20/20) – Casa, Prices & Suburbs

Good morning! Today is Monday, July 20. The House and Senate return to work today with a second stimulus plan on the agenda. Major League Baseball held exhibition games across the nation in front of empty stands. The NBA’s exhibition games are slated to start July 28 at Disney World.  And in mortgage and housing news … DOOR OPEN FOR CASA: After Anthony Casa took a leave of absence from the Association of Independent Mortgage Experts for sending lewd video texts, his (at least) temporary replacement vowed to keep the organization on track and seemed to keep the door open for Casa’s return. RURAL PRICE INCREASES: Rural real estate prices rise as more people consider leaving cities.  COVID SUBURBS: Five ways the coronavirus pandemic has changed suburbs.  …

Mortgage Roundup (7/17/20) – Casa Out, 3% & Recovery

Good morning! Today is Friday, July 17. Looming layoffs at airlines have unions and some lawmakers pushing for more government aid. The FBI is looking into the Twitter hack of some of the most famous accounts. Scientists say a new ocean is being born, as part of the African continent is slowly peeling apart. And in mortgage and housing news … CASA TAKES LEAVE FROM AIME: Anthony Casa announced he will take a leave of absence from his role as the head of the Association of Independent Mortgage Experts – but stopped short of resigning after it was disclosed he sent lewd and misogynistic video texts about the wife of a rival. BREAKING BARRIERS: Mortgage rates crashed through the 3 percent floor for the first…

Mortgage Roundup (7/16/20) – AIME, CFPB & PPP

Good morning! Today is Thursday, July 16. A Bitcoin scam breached some of world’s most prominent Twitter accounts, including Bill Gates, Barack Obama and Elon Musk. Oklahoma’s governor tests positive for COVID-19. The nation’s largest online marketplace for babysitters and other caregivers will pay $1 million to settle allegations it misrepresented background checks and auto-renewals without consent.  And in mortgage and housing news … AIME LOSES SPONSORS: The Association of Independent Mortgage Experts is hemorrhaging key sponsorsin after the disclosure that its leader sent lewd and misogynist video texts about a Quicken Loans executive’s spouse earlier this month. CFPB SUES CHICAGO LENDER: The Consumer Financial Protection Bureau filed a lawsuit against a Chicago-based mortgage lender for allegedly discouraging Black applicants from applying for…

Mortgage Roundup (7/15/20) – Casa, Homebuilding & FHFA

Good morning! Today is Wednesday, July 15. The first COVID-19 vaccine tested in the U.S. shows promising immune response ahead of a large trial. The White House is urging the National Guard to play a role in coronavirus data gathering, taking the CDC out of loop. International college students will not be required to attend in-person classes to remain in the country.  And in mortgage and housing news … MORTGAGE APPS: Mortgage applications jumped 54.1 percent in June over a year ago, according to a report released by the Mortgage Bankers Association. CASA FALLOUT: The attorney for a woman suing AIME boss Anthony Casa for lewd and misogynistic statements spoke to the Detroit Free Press, calling Casa’s apology “insulting.” HOMEBUILDING SURGE: Sales of newly built…

Mortgage Roundup (7/14/20) – AIME Fallout, Bidding Wars & Data

Good morning! Today is Tuesday, July 14. Los Angeles and San Diego schools will remain online only in the fall. Harvard and MIT have a high-stakes court hearing today over whether the federal government can force overseas students to move to a school with in-person teaching, or leave the country. The NFL is testing mouth shields to prevent the spread of COVID-19 during games.  And in mortgage and housing news … AIME FALLOUT: A day after news broke that Association of Independent Mortgage Experts Founder and CEO Anthony Casa sent degrading video messages about the wife of a Quicken Loans executive, member companies reacted in very different ways. FORBEARANCES DROP: The share of mortgage loans in forbearance in the United States dropped for…

Mortgage Roundup (7/13/20) – Lewd Lawsuit, Fed & Results

Good morning! Today is Monday, July 13. Florida breaks another record for the most new coronaviruses cases reported in one day. Disney World opens in Orlando with reduced capacity and precautions. The Washington Redskins football team will retire team name today.  And in mortgage and housing news … LEWD MESSAGES: The head of the Association of Independent Mortgage Experts sent a mortgage company executive expletive-filled video messages falsely alleging the man’s wife performed sexual acts on a rival industry executive. SIZE MATTERS: What’s more important when applying for a mortgage: excellent credit or 20 percent down payment?  REFINANCING: Why home equity matters when you try to refinance your mortgage. FED & TREASURY: Disagreements between leaders at the Federal Reserve and Treasury have slowed the start of their…

Mortgage Roundup (7/10/20) – Credit, Rates & Records

Good morning! Today is Friday, July 10. New coronavirus cases in the U.S. hit another daily record, including more than 1,000 TSA agents. The pandemic is speeding meatpackers’ shift from human meat cutters to automated ones. New York City cancelled all large events until October.   And in mortgage and housing news … DEMOCRATIC HOUSING PLAN: Opposing wings of the Democratic Party released sweeping housing policy recommendations, including proposals to reverse policies and practices that “have made homeownership all but impossible for millions of working families.”  FEELING BETTER: The Fannie Mae Home Purchase Sentiment Index increased 9 points in June to 76.5, driven by more optimistic views of homebuying and selling conditions, as well as positive views about the potential for home price appreciation.…

Mortgage Roundup (7/9/20) – Pricy Homes, Lending & Gentrification

Good morning! Today is Thursday, July 9. New Jersey Gov. Phil Murphy is requiring masks be worn outside. At least 24 states are pausing re-openings as COVID-19 cases pass the three million mark. The Labor Department will release its weekly report on unemployment benefits today.  And in mortgage and housing news … PRICY HOMES: After cratering in April and May, new listings for high-end homes are making a comeback on the market this summer, according to Zillow.  MORTGAGE APPLICATIONS: As interest rates sit at record lows, mortgage applications increased slightly last week, according to a report released by the Mortgage Bankers Association. MAIN STREET LENDING: More than three months after the Fed announced a new effort to shore up the economy aimed at…