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…
Good Morning! Today is Wednesday, September 20. India denied killing a Sikh separatist in Canada, escalating tension between the two countries. Hard-line House conservatives sank a procedural vote on a Pentagon funding bill. Pennsylvania will automatically register eligible voters when they get a new driver’s license or state ID.
The Mortgage Note Reports
Applications Up: Mortgage applications spiked last week, with both purchase and refinance loans seeing a boost, despite rates increasing to 7.31%.
Haven Leadership: Mortgage tech company Haven Servicing appointed Daniel Wallace as its new CEO, while current CEO Jonathan Chao will transition to CPO.
In other mortgage and housing news…
AI Rules: The CFPB issued guidance on legal requirements for AI, reminding lenders that consumers must …
Good Morning! Today is Tuesday, September 19. The FOMC begins its two-day meeting today. Iran freed five Americans it had detained on spying charges. In exchange, the U.S. will allow Iran to access $6 billion in seized oil revenue. Hunter Biden sued the IRS, saying it had violated his privacy by disclosing tax information.
The Mortgage Note Reports
Looking For Clues: Indications are that the Federal Reserve will pause hiking its federal funds rate and investors will be watching closely to see if Chairman Jerome Powell gives any indication as to what they might do to end the calendar year. Writer Patrick Lavery has the story.
Recession Coming: Despite recent optimism surrounding the Federal Reserve’s “soft landing” strategy, economists…
Good Morning! Today is Monday, September 18. Britain will outlaw the American bully XL dog breed after a series of fatal attacks. Iran and the US are to swap detainees after $6 billion was unfrozen. Hurricane Nigel is spinning over the Atlantic and is expected to become a Category 3 storm.
The Mortgage Note Reports
One-On-One: CV3 Financial Services, a private lender providing financing for fix-and-flip and rental properties, was recently launched and CEO William Tessar says they aim to be leaders in the business purpose loan industry. Editor Kimberley Haas sat down with him for a one-on-one interview.
All-In-One: Mortgage Machine Services launched Mortgage Machine, an end-to-end loan origination system designed to support the digital origination process.
Dark…
Good Morning! Today is Friday, September 15. The United Auto Workers union is on strike against General Motors, Ford, and Stellantis, the first-ever action against all three companies at the same time. Hunter Biden was indicted on charges that he lied about his drug use when he bought a handgun in 2018. Residents of New England are bracing themselves for the impact of Hurricane Lee, which is expected to weaken.
The Mortgage Note Reports
Rates Back On The Rise: Mortgage rates increased to 7.18% last week, breaking a two-week streak of declines and cementing their +7% status for a while longer.
loanDepot Leadership Update: Dan Hanson has been named executive director of enterprise partnerships and acquisitions at loanDepot, a…
Good Morning! Today is Thursday, September 14. Senator Mitt Romney of Utah said he won’t seek re-election. Elon Musk, Mark Zuckerberg, and other tech leaders met with members of Congress to discuss regulating AI. Hurricane Lee is expected to hit Bermuda before moving on to New England and Canada.
The Mortgage Note Reports
5 Minute Approval: Guaranteed Rate is hoping to blow the Same Day Mortgage out of the water with its latest speed-centric mortgage product, the 5 Minute Approval.
Student Loan Burden: As the student loan forbearance program comes to an end, Americans are terrified that resuming payments will force them into greater debt.
Housing Upgrades: HUD has awarded funding from a program established by the Inflation Reduction…
Good Morning! Today is Wednesday, September 13. House Speaker Kevin McCarthy opened an impeachment inquiry into President Biden. Flooding in Libya led to dams bursting and more than 5,000 deaths. Bernard Looney resigned as chief executive of oil and gas company BP after failing to disclose past relationships with colleagues.
The Mortgage Note Reports
Applications Sink: Mortgage applications continued to sink last week despite a small uptick in adjusted purchase applications, driven down by weak refinances.
Saso At US Mortgage: Three-decade industry veteran Nino Saso has been named Chief Production Officer of US Mortgage Corporation.
In other mortgage and housing news…
Moving For Work: Back-to-office mandates are motivating one out of every ten home sellers, not the biggest reason,…
