Morning Roundup (5/8/2024) — Mortgage Apps Rally

Good Morning! Today is Wednesday, May 8. Stormy Daniels testified at Donald Trump’s criminal trial. TikTok sued the U.S. over a law that would ban the app unless it is sold to another company. Panera Bread will stop selling its caffeinated lemonades after two wrongful-death lawsuits. The Mortgage Note Reports Good News: Mortgage applications rallied last week as a slowing jobs market and positive indications from the Central Bank led to rates plummeting. 1% Down: Panorama Mortgage Group rolled out a new down payment-plus-grant program for first-generation homebuyers. Tech Talk: Although artificial intelligence is getting lots of attention in the mortgage industry, there is still plenty of room for automation, according to Floify’s president. In other mortgage and housing news……

Morning Roundup (5/7/2024) — AI Advances

Good Morning! Today is Tuesday, May 7. The Israeli military took control of the Gaza side of a key crossing into Egypt as negotiations for a truce and hostage release intensified. Vladimir Putin was sworn in for another term as Russia’s president. Adult film actress Stormy Daniels took the witness stand Tuesday in the unprecedented criminal trial of former President Donald Trump. The Mortgage Note Reports AI Driven: As Rocket Companies makes advances in AI, leaders there announced they hired Shawn Malhotra as their first group chief technology officer. I In Team: Writer Jared Whitley says the latest allegations against United Wholesale Mortgage show CEO Mat Ishbia talks about creating teamwork, and then plays a different game. In other mortgage…

Morning Roundup (5/6/2024) — Mother-Daughter Lending

Good Morning! Today is Monday, May 6. Israel called for civilian evacuations in Rafah. Chinese leader Xi Jinping is visiting Europe this week. ABC News President Kim Godwin stepped down, saying she will retire from broadcast journalism. The Mortgage Note Reports Loving Partners: Mother-daughter lending teams across the country will be celebrating their teamwork, business success, and love for each other this Mother’s Day. Writer Erin Flynn Jay has the story. All-Time High: The recent surge in home prices pushed U.S. homeowners’ tappable equity to a record $11 trillion, and homeowners are financially primed to use it. Making Moves: Mortgage exec Ian Aubourg joined AnnieMac Home Mortgage’s leadership team as SVP of Retail Sales. In other mortgage and housing news……

Morning Roundup (5/3/2024) — Rates Jump

Good Morning! Today is Friday, May 3. President Biden condemned violence and intimidation on college campuses. Political leader for Hamas said the group was studying Israel’s latest cease-fire proposal with a “positive spirit.” The U.S. accused Russia of using chemical weapons against Ukrainian troops. The Mortgage Note Reports Rates Jump: Average mortgage rates increased for a fifth consecutive week to 7.22% just as spring buying season entered its peak months. Rocket Earnings: Rocket Companies gained momentum in the first quarter as leaders continue to push advances in the latest technology. In other mortgage and housing news… Employment Report: The US economy added 175,000 jobs last month, less than expected, leading analysts to bet on a September rate cut from the…

Morning Roundup (5/2/2024) — FOMC Holds Rates

Good Morning! Today is Thursday, May 2. The Arizona legislature voted to repeal the state’s nearly total ban on abortions. Manhattan prosecutors said they would retry Harvey Weinstein on sex crime charges after a court overturned his conviction. Senate Democrats reintroduced legislation that would legalize marijuana. The Mortgage Note Reports No Rate Change: As predicted, the Federal Open Market Committee will maintain its target range for the federal funds rate at 5.25% to 5.5%. Writer Patrick Lavery has the story. Reigning Region: The Northeast and Midwest have gained buyer attention in recent months, but that could change as the South doubles down on affordable inventory. MMI CFO: Mobility Market Intelligence named Ron Ross as its new CFO. Opinion: Carly Peroutka …

Morning Roundup (5/1/2024) — Apps Fall Again

Good Morning! Today is Wednesday, May 1. Protesters at Brown University dispersed after university officials agreed to discuss divestment from support for the Israeli military. Other schools continue to have protests. Mississippi lawmakers reached a deal to expand Medicaid. Elon Musk laid off hundreds of Tesla employees. The Mortgage Note Reports Apps Fall Again: Mortgage applications declined again last week as rates continued their upward march, reaching 7.29%, their highest point since November 2023. Fannie Mae Profits In Q1: Although Fannie Mae’s Q1 earnings fell short of expectations it still turned a profit last quarter, reporting $4.3 billion in net income. In other mortgage and housing news… Mind Games: A CFPB report says that consumers tend to pay more when…

Morning Roundup (4/30/2024) — Junk Fees

Good Morning! Today is Tuesday, April 30. Protesters at Columbia University have occupied a building on campus and built barricades. Donald Trump was held in contempt for violating a gag order in his criminal trial. A former NSA worker was sentenced to nearly 22 years in prison for selling classified information to an undercover FBI agent. The Mortgage Note Reports Junk Fees: As the Biden administration’s war on “junk fees” continues, industry leaders say closing costs are not the source of home affordability challenges. Writer Erin Flynn Jay has the story. Price Jump: Home prices soared to a new record high in February, accelerating on both an annual and monthly basis, a reversal from January. VA Info: loanDepot introduced a…

Morning Roundup (4/29/2024) — Watching The Fed

Good Morning! Today is Monday, April 29. Police have arrested more than 800 campus protesters across the country. Severe storms in Oklahoma and Iowa killed at least five people. The Rolling Stones kicked off the latest tour of their more than 60-year run. The Mortgage Note Reports Watching The Fed: It’s unlikely the Federal Reserve will cut rates this week or at their next meeting. Writer Patrick Lavery breaks down what that means. Second Swing: Hunterbrook Media took a second swing at UWM last week, claiming that an executive there helped a shell company establish Philadelphia-based UMortgage. Hottest Markets: The Northeast and Midwest dominate the list of hottest markets for the year, proving affordability and climate concerns remain top of…

Morning Roundup (4/26/2024) — Rates Rise To 7.17%

Good Morning! Today is Friday, April 26. New York’s highest court overturned Harvey Weinstein’s 2020 conviction for sex crimes. A ruling council took office in Haiti as its Prime Minister resigned. The Senate voted to dismiss impeachment articles against DHS Secretary Mayorkas. The Mortgage Note Reports Up Again: Mortgage rates increased last week to 7.17%, worsening affordability and setting the market up for a slump as the spring buying season progresses. LD Leader: Jeff Wilkish has been named Regional VP for New England at loanDepot. In other mortgage and housing news… Worsening Finances: IMBs lost an average of $1,056 on each loan they originated in 2023 as costs escalated to a study-high $11,258 per loan. PCE: A key inflation measure …

Morning Roundup (4/25/2024) — Importance Of AI

Good Morning! Today is Thursday, April 25. President Biden signed a bill with aid for Ukraine, Israel, and Taiwan. Benjamin Netanyahu called student protesters at universities “antisemitic mobs.” New Jersey Congressman Donald Payne Jr. died at 65. The Mortgage Note Reports Importance Of AI: The co-founder and president at Nexval Group in Miami sat down with Editor Kimberley Haas to talk about AI, saying it is an essential tool moving forward. Servicers Under Fire: The CFPB is once again targeting “junk fees” in the mortgage sector, this time addressing illegal actions by servicers. Good News: Pending home sales improved in March, seeing their best performance of 2024, but low inventory remains a challenge to affordability. In other mortgage and housing…