Good Morning! Today is Wednesday, November 15. The House passed a bill to extend government funding into next year. President Biden and China’s Xi Jinping are meeting today. A cargo plane was forced to return to JFK Airport after a horse onboard got loose.
The Mortgage Note Reports
Loss Mitigation Works: Distressed homeowners who get behind on their mortgage bills are avoiding foreclosure. Editor Kimberley Haas has the story.
Application Boost: Mortgage applications jumped by 3% last week as buyers took advantage of lower rates.
GSE Leadership: Fannie Mae President David Benson is retiring in 2024, while Chief Administration Officer Jeffery Hayward will step down at the end of this year.
In other mortgage and housing news…
Another Loss: …
Good Morning! Today is Tuesday, November 14. The U.N. said its fuel reserves in Gaza could run out as soon as today. The Supreme Court adopted an ethics code for its nine justices after some took undisclosed gifts and property deals. Donald Trump called his political opponents “vermin” and threatened to “crush” them if elected again.
The Mortgage Note Reports
Buy Then Sell: Non-QM wholesaler LendSure Mortgage introduced a new reverse 1031 exchange product with a bridge loan for investors.
CV3 C-Suite: CV3 Financial named Robert Callaway its new CFO, while Ken Jacobson will serve as SVP, Capital Markets.
In other mortgage and housing news…
Appraisal Rule: The CFPB said the 2024 threshold for higher-priced mortgage loans subject to…
Good Morning! Today is Monday, November 13. The United States attacked armed groups in Syria. Senator Tim Scott suspended his campaign for the 2024 Republican nomination. The FBI is investigating whether NYC Mayor Eric Adams pressured officials to sign off on a new Turkish consulate despite safety concerns.
The Mortgage Note Reports
Artificial Intelligence: Rocket is embracing AI and leaders there say it will be a game changer in the lending industry. CIO Brian Woodring recently sat down with Editor Kimberley Haas to talk about the technology they’re developing.
Simplify The System: In an opinion piece, Rob Zimmer, head of external affairs at the Community Home Lenders of America, argues it is time to streamline the CSBS state exam…
Good Morning! Today is Friday, November 10. Senator Joe Manchin (D-WV) won’t seek re-election next year. Government funding is once again set to lapse next week. The Vatican said transgender people could be baptized and become godparents.
The Mortgage Note Reports
Earnings Snapshot: Earnings for the third quarter of 2023 are out. Here’s a snapshot of how some of the nation’s top lenders fared during this difficult summer.
Rates Down: Mortgage rates sank by a quarter point, the largest single-week decline since last November, as treasury yields slipped.
Commercial Property: With vacancy levels at a 30-year high nationally, the city of Atlanta is holding its own as company leaders and commercial property owners there are rethinking the modern workplace.…
Good Morning! Today is Thursday, November 9. House Republicans subpoenaed Hunter and James Biden as part of an impeachment case. America’s first commercial plant to pull carbon dioxide from the air has opened. U.S. warplanes bombed a Syrian weapons facility linked to Iran in retaliation for attacks against American forces.
The Mortgage Note Reports
Best Time To Buy?: In a year of housing market horrors for buyers, recent rate and price cooldowns, plus an uptick in inventory, may make this the best time to buy in 2023.
Mortgage Machine Hire: Crystal Stanton has joined Mortgage Machines Services to manage customer success and onboarding.
UWM Gearing Up: The CEO of United Wholesale Mortgage says they are investing in technology and…
Good Morning! Today is Wednesday, November 8. Democrats held the governor’s office in Kentucky and took control of the Virginia House of Delegates yesterday. Ohio voters passed a referendum enshrining abortion access in their state constitution. In a bipartisan vote, the U.S. House censured Rep. Rashida Tlaib (D-Mich.) over comments viewed as antisemitic.
The Mortgage Note Reports
Rates Plunge: Mortgage rates took their biggest one-week drop in more than a year last week.
VA Loan Awareness: Seven out of ten veterans are unaware that they are eligible for a zero-down payment plan for their mortgage.
ICYMI: Technology alone may not be able to solve the problem of racial bias in home appraisals.
In other mortgage and housing news…
FHFA Report: …
Good Morning! Today is Tuesday, November 7. It’s Election Day. Israel pushed further into Gaza City, sending troops into an urban Hamas stronghold. WeWork filed for bankruptcy after its stock fell more than 98% this year. Iowa’s Republican Gov. Kim Reynolds has endorsed Ron DeSantis for president.
The Mortgage Note Reports
Spirit Of Giving Back: Team members at Rocket step up to better the communities they serve. Editor Kimberley Haas sat down with Laura Grannemann, executive director of Rocket Community Fund, to learn more about the company’s initiatives and how they encourage employees to donate their time and talents.
New Lender: Newrez announced a new venture mortgage company, Carnegie Mortgage Partners, another partnership with Keller Williams.
Smith At loanDepot: Military…
Good Morning! Today is Monday, November 6. Donald Trump will testify today at his civil fraud trial in Manhattan. Tyson recalled nearly 30,000 pounds of dinosaur chicken nuggets after people found metal pieces in them. A mass shooting in Cincinnati left five injured and one child dead.
The Mortgage Note Reports
Luxury Explosion: Well-to-do buyers are avoiding high interest rates with cash purchases, pushing luxury home price growth 3x higher than typical homes.
Still Fighting: Disturbing new research shows how Americans without access to credit are blocked from homeownership, especially in Black neighborhoods.
In other mortgage and housing news…
Rates Sinking: Mortgage rates are dropping fast after a shock jobs report set off a series of dominoes on Wall Street. …
Good Morning! Today is Friday, November 3. Secretary of State Antony Blinken is in Tel Aviv to advocate for a cease-fire. A jury convicted Sam Bankman-Fried of stealing billions of dollars from FTX customers. Ukraine’s top military commander said the war with Russia is at a stalemate.
The Mortgage Note Reports
Rates Edge Back: Borrowers struggling with rampant unaffordability saw some relief as mortgage rates cooled off, ending an upward swing.
Recession Watch: Some analysts see a housing recession as inevitable in the face of a 1980s-style market dealing with high financing costs and low inventory.
Home For The Holidays: Home shoppers who are sensitive to mortgage interest rates near 8% may resist the idea of buying before Thanksgiving, hoping…
Good Morning! Today is Thursday, November 2. Bolivia cut diplomatic ties with Israel over the air strikes in Gaza, while Chile and Colombia recalled their ambassadors. The House voted down a resolution to expel George Santos over fraud charges. Teachers in Portland, Oregon went on strike, closing schools.
The Mortgage Note Reports
Man Versus Machine: The question of whether technology alone can eliminate racial bias during the home appraisal process came up during a hearing held in Washington, DC. Editor Kimberley Haas reports the answer is not yet.
Flood Insurance: Guaranteed Rate announced a new private flood insurance API connection, allowing agents to provide flood quotes in all zones from multiple providers.
VOE/I Updatae: CoreLogic and Experian Verification Solutions have…
