Morning Roundup (9/22/2022) – Luxury Takes A Hit

Good Morning! Today is Thursday, September 22. The Fed raised interest rates another 75 points and signaled more increases to come. Rising rates could lead to more unemployment and slower economic growth. New York’s attorney general is suing Trump, three of his children, and their family business, accusing them of “staggering” fraud.  The Mortgage Note Reports Luxury Takes A Hit: Luxury home sales tanked by 28.1% YOY, the biggest drop since 2012, as high-end buyers wait to see if they can score a better deal in a market downturn. Co-Buying Your Dream Home: As first-time buyers struggle to find an affordable home, many Millennials are willing to co-buy in order to access bigger mortgages. Wells Fargo Downsizing: Leadership at Wells Fargo has laid off employees in a move…

Morning Roundup (9/21/2022) – BOA Funding Filmmakers, Existing Home Sales

Good Morning! Today is Wednesday, September 21. Three of the migrants flown to Martha’s Vineyard have filed a class-action lawsuit against Ron DeSantis. A health panel recommended that doctors screen all adult patients under 65 for anxiety. Puerto Rico is still without power after being battered by Hurricane Fiona.  The Mortgage Note Reports Funding Filmmakers: Leaders at Bank of America provided corporate funding for “The U.S. and the Holocaust,” a three-part, six-hour series by Ken Burns running on PBS and online. Editor Kimberley Haas has the story. Existing Home Sales: Existing-home sales dropped for the seventh straight month in August, down 0.4% from July and 19.9% YOY. Loan Volume Up: Mortgage loan application volume increased by 3.8% last week despite rates rising to their highest point since October…

Morning Roundup (9/20/2022) – Hispanic Borrowers, Boost In Starts

Good Morning! Today is Tuesday, September 20. September’s FOMC meeting begins today, and a 75-point hike is expected. The 10-year Treasury yield crossed 3.5% on Monday for the first time since 2011, while the rate on the 2-year Treasury rose overnight to a 15-year high of 3.97%. Adnan Syed, whose murder conviction became famous in the hit podcast “Serial,” has been released from prison.  The Mortgage Note Reports Investing In Hispanic Borrowers: CrossCountry Mortgage is investing in the rapidly-growing future of Hispanic homeownership through a new Spanish mortgage application and a focused Hispanic website. Boost In Starts: Housing starts surprised the industry with a boost in August, though building permits lagged at their slowest pace in the last two years. Is your business helping to better your…

Morning Roundup (9/19/2022) – Home Values Fall, Embrace Hires

Good Morning! Today is Monday, September 19. Queen Elizabeth II’s funeral is today. Russia has begun using Iranian-made attack drones to counteract heavy artillery provided by the U.S. President Biden said in an interview that the “pandemic is over,” though we “still have a problem with Covid.”  The Mortgage Note Reports Puorro Moves To Embrace: Top-ranked originator Michael Puorro has joined Embrace Home Loans in its Basking Ridge, NJ, branch as producing sales manager. Home Value Falls: The typical US home value slipped for the second consecutive month– down 0.3% to $356,054– as mortgage costs continue to sideline buyers. In other mortgage and housing news… New Listings: New listings dropped 8% from July to August to their lowest level since May 2020 and, pandemic aside, their lowest point since…

Morning Roundup (9/16/2022) – Rapper Sentenced, Rates At 6%

Good Morning! Today is Friday, September 16. The late Queen Elizabeth II‘s eight grandchildren will stand vigil beside her coffin in Westminster Hall on Saturday evening. The roughly 50 migrants who were sent by plane to Martha’s Vineyard in Massachusetts by Florida’s governor this week will be transported to a military base to receive shelter and humanitarian support. ABC News reports that Donald Trump is increasingly embracing and endorsing the QAnon conspiracy theory.  The Mortgage Note Reports Rapper Sentenced: Officials at the U.S. Department of Justice say that a Bay area rapper was sentenced to more than seven years in prison for his role in orchestrating a complex loan fraud and identity theft conspiracy. Editor Kimberley Haas has the details. Rates At 6%: Mortgage interest rates and inflation are both…

Morning Roundup (9/15/2022) – Metaverse Concerns, Business Development

Good Morning! Today is Thursday, September 15. Railroad companies and unions reached a tentative deal to avoid a strike. F.B.I. agents seized the phone of MyPillow’s Mike Lindell as part of an investigation into vote-machine tampering. Florida’s Governor Ron DeSantis is claiming credit for sending planes carrying migrants to Martha’s Vineyard on Wednesday.  The Mortgage Note Reports Metaverse Concerns: It is estimated that by 2026, 25% of people will spend at least one hour a day on the metaverse for work, shopping, education, social activities, or entertainment. As businesses and investors buy up virtual land on the metaverse, how do they keep themselves safe? Writer Tyrone Townsend and Editor Kimberley Haas report. Business Development: Tom Dempsey, senior vice president of business development at Rocket Mortgage,…

Morning Roundup (9/14/2022) – Rates Exceed 6%

Good Morning! Today is Wednesday, September 14.  The S&P 500 fell 4.3%, its biggest one-day drop in more than two years, partly in response to the inflation numbers. Senator Lindsey Graham introduced a bill to ban abortions nationwide after 15 weeks of pregnancy. West Virginia’s legislature passed a bill banning nearly all abortions.  The Mortgage Note Reports Rates Hit 6%: Mortgage loan application volume fell last week as mortgage rates topped 6% for the first time since 2008, nearly doubling YOY. MCCU VP: Denise Miller has been promoted to Vice President, Controller, at Monroe Community Credit Union. Share your promotions! Email Editor Kimberley Haas at [email protected] In other mortgage and housing news… Producer Price Index: Wholesale prices fell slightly in August, a mild respite from inflation pressures that are threatening…

Morning Roundup (9/13/2022) – Robotic Furniture, loanDepot Hire

Good Morning! Today is Tuesday, September 13. The DOJ has expanded its Jan 6. criminal investigation, seizing the phones of two Trump associates and issuing about 40 subpoenas. Officials are racing to prevent a strike by freight railroad workers that could further strain the supply chain. Nonbinary athletes will be able to run the 2023 Boston Marathon without having to register with the men’s or women’s divisions.  The Mortgage Note Reports Robotic Furniture: Supporters argue that the technology, which is reminiscent of the Murphy bed, might help alleviate the mounting housing shortage. Writer Tyrone Townsend has the story. Worth It?: Borrowers with 15-year fixed rate mortgages can save $215,000 in interest across the loan’s lifetime. But who do these loans help the most? loanDepot Hire: Former Fannie…

Morning Roundup (9/12/2022) – Fraud Risk Report

Good Morning! Today is Monday, September 12. Russia acknowledged that it had lost ground as Ukraine’s lightning advance took back more than 1,000 square miles. Antigua and Barbuda announced that they would hold a referendum on becoming a republic. Prices fell for gasoline, airfares, and lodging, though food and other costs kept climbing.  The Mortgage Note Reports Peachtree Execs: Atlanta-based Peachtree Group has promoted Brian Waldman to chief investment officer and appointed Jeremy Stoler to EVP, debt capital markets. Fraud Risk: Mortgage fraud risk dropped 7.5% YOY in Q2 2022, though certain types of fraud associated with purchase loan applications are increasing. ICYMI: Alleged bad behavior and fraudulent activity in the mortgage industry have made news headlines in recent years and despite attempts to get lending leaders to…

Morning Roundup (9/9/2022) – Putting People First

Good Morning! Today is Friday, September 9. Queen Elizabeth II died at age 96. Her son, Charles, succeeds her. Steve Bannon was charged with financial crimes related to a crowdfunded border wall project. The F.D.A. approved Daxxify, a facial injection for wrinkles and a competitor to Botox. The Mortgage Note Reports Put People First: Three providers of customer relationship management services say that as the market changes and technology becomes better, focusing on the people behind the transactions pays off. Editor Kimberley Haas sat down with them to learn more. Interest Rate Record: Mortgage rates hit their highest point in almost 14 years last week, up from 5.66% to 5.89%. Climate Change: America is building more homes in high-risk areas, with 55% of homes built today facing fire risk compared…