Morning Mortgage Notes

Good Morning! Today is Tuesday, October 3. Rep. Matt Gaetz called for a vote on removing Kevin McCarthy as House speaker for working with Democrats to prevent a shutdown. A North Dakota state senator and members of his family died in a Utah plane crash. Trump called for the judge to be disbarred on the first day of his NY civil fraud case.   The Mortgage Note Reports Who Is Suzanne Okun?: Opinion writer Jared Whitley is on the hunt for the identity of the mysterious ‘Suzanne Okun,’ and her connections to UWM’s Mat Ishbia and longtime AIME ally Anthony Casa. Prices Rising: Home prices rose again in August, with New England seeing a spike as affordability-minded buyers look for…

Good Morning! Today is Monday, October 2. Foreign ministers from E.U. member countries are gathering in Kyiv for a surprise meeting. The Supreme Court returns today for a new term. FTX founder Sam Bankman-Fried will stand trial this week for fraud. The Mortgage Note Reports Limits Lifted: Rocket Pro TPO has increased the limits for conventional loans, and in doing so, leaders there say getting ahead of the curve will benefit mortgage professionals and their clients. Empty Houses: Nearly 5.5 million homes are sitting vacant in the U.S.’s largest metros, largely vacation homes and rentals awaiting tenants. Francis At Go: Eric Francis has been named VP of Finance at Go Mortgage. Opinion: Tobias Peter at the American Enterprise Institute’s Housing…

Good Morning! Today is Friday, September 29. Dianne Feinstein, the longest-serving female US senator in history, has died at the age of 90. Biden accused Trump and other “MAGA extremists” of threatening the Constitution in a speech. More than 50 people died in a suicide bombing at a religious gathering in Pakistan. The Mortgage Note Reports Rates Shoot Up: Mortgage rates jumped to 7.31% last week, a more than two-decade high, exacerbating creeping financial troubles for many would-be buyers. Loan Simple CMO: Industry veteran Jim Anderson is joining Colorado-based Loan Simple as its new chief marketing officer. In other mortgage and housing news… “The Long View”: Thinking ahead is essential for lender success in the current market dynamic, including keeping…

Good Morning! Today is Thursday, September 28. House Republicans will hold their first public hearing about impeaching President Biden today. Senator Robert Menendez pleaded not guilty to federal corruption charges and refused to resign. A NASA astronaut returned to Earth after spending 371 days in space. The Mortgage Note Reports No Matter The Cost: The Federal Reserve will likely hike rates one more time this year and average American homebuyers and sellers are being impacted by their decisions. Writer Chuck Green has the story. Pending Sales: Pending home sales shrank by more than 7% in August, reversing a two-month trend of increases and reflecting worsening affordability. Last Year’s Struggles: As affordability sank in 2022, potential buyers were increasingly denied loans…

Good Morning! Today is Wednesday, September 27. The Senate passed a bipartisan bill that would keep the government open into November and aid Ukraine. Donald Trump will not attend the Republican debate tonight. Hunter Biden sued Rudy Giuliani, accusing him of illegally spreading personal data from a laptop left at a repair shop. The Mortgage Note Reports Applications Turn Tail: Mortgage applications fell last week by 1.3%, stepping back after a spike as rates reached 20-year highs. Prism Launch: Lender Toolkit announced the launch of Prism, an AI-driven income calculator that integrates with Encompass. In other mortgage and housing news… New Resources: Fannie Mae announced new resources and programs to address the Latino homeownership gap, including HomeView en Español. Company…

Good Morning! Today is Tuesday, September 26. President Biden will join striking autoworkers on the picket line in Detroit today. Senator Robert Menendez, a New Jersey Democrat facing corruption charges, said he would not resign. Ukraine officials say they killed the commander of Russia’s Black Sea Fleet in a missile strike on Crimea. The Mortgage Note Reports Taxpayers On The Hook?: A recent WSJ opinion piece claims taxpayers are standing behind trillions of dollars in risky mortgages due to the way that student loan debt is calculated during the mortgage process. Writer Erin Flynn Jay looked into this and has the story. New Residential Sales: New home sales sank in August as homebuyers faced soaring prices and rates, reversing a…

Good Morning! Today is Monday, September 25. Striking Hollywood writers reached a preliminary agreement with studios. House Republicans remain split on spending, leading the government closer to a shutdown. The F.B.I. is investigating police abuse at a “torture warehouse” in Louisiana. The Mortgage Note Reports Real Buying Power Down: As home prices spike and interest rates stay elevated, affordability has fallen to its lowest point in more than three decades. Homebuyer Education: KeyBank and non-profit Operation HOPE have teamed up to empower underserved Americans on their homebuying journeys. College Coworking: As the future of traditional office spaces remains unclear, the coworking industry is seeing growth, and college students could boost this market. In other mortgage and housing news… Four Shocks…

Good Morning! Today is Friday, September 22. House Republican holdouts blocked a military spending bill for the second time this week. Volodymyr Zelensky met with Biden at the White House. Supreme Court Justice Clarence Thomas is once again under scrutiny for secretly attending conservative donor events hosted by the Koch network. The Mortgage Note Reports How To Prevent Remorse: Many buyers have regrets after making quick decisions, but experts say there are plenty of ways to bring joy back to homebuying. Sales Slip: Existing home sales slipped overall in August by 0.7%, as poor performances in the South and West overshadowed activity in the Midwest and Northeast. Rates React To Fed Pause: Mortgage rates stayed put last week, barely moving…

Good Morning! Today is Thursday, September 21. Russia struck at least five cities in Ukraine with missiles, damaging energy infrastructure. The Biden administration will let Venezuelans living in the U.S. work legally for 18 months. The White House plans to recruit 20,000 young Americans to work in jobs to fight climate change. The Mortgage Note Reports FOMC: The Federal Reserve Board voted Wednesday to maintain the federal funds rate target range set after the FOMC’s previous meeting. Writer Patrick Lavery has the story. Flipping Profit Boom: Home flipping rates are falling thanks to the high rate environment blocking out some investors, but as home prices are soaring, so are profits. In other mortgage and housing news… Doom And Gloom: Fannie…