Morning Roundup (5/25/2023) — Seller Concessions

Good Morning! Today is Thursday, May 25. A Twitter malfunction caused twenty minutes of glitches for Ron DeSantis’s presidential announcement. President Biden is expected to nominate the Air Force chief of staff to become the country’s most senior military officer. Tina Turner died at 83. The Mortgage Note Reports Handing Out Freebies: More than 40% of home sellers are giving concessions to buyers as home shoppers shy away from the pricey market. Delinquency Improves: The overall mortgage delinquency rate fell to a record low in March, while serious delinquencies dropped to a 23-year low. Mortgage Fee Fight: Changes to fees for loans backed by Fannie Mae and Freddie Mac continue to be a hot topic as Republicans push to repeal…

Morning Roundup (5/24/2023) — Soft Pull Credit For Lenders

Good Morning! Today is Wednesday, May 24. Florida Governor Ron DeSantis plans to announce his candidacy for president live on Twitter today with Elon Musk. The South Carolina Senate passed a ban on abortion after six weeks of pregnancy. Most of Guam is without power after being hit by a typhoon. The Mortgage Note Reports Apps Down Again: Mortgage applications fell again last week, down almost 5%, as borrowers shrink back from rising rates. Soft Credit Pull: Blend Labs announced new soft credit functionality for the mortgage prequalification process in response to rising credit report prices. More Regulation?: At an industry conference in New York City, MBA CEO Bob Broeksmit said policymakers plan to pile on more enforcement and red…

Morning Roundup (5/23/2023) — Construction Lending

Good Morning! Today is Tuesday, May 23. Speaker Kevin McCarthy and President Biden met to discuss the debt limit again but remained far apart on a deal. TikTok sued to block Montana’s ban of the app, citing the First Amendment. California, Arizona, and Nevada agreed to use less water from the depleted Colorado River. The Mortgage Note Reports Construction Lending: Editor Kimberley Haas sat down with Brian Mingham, the CEO of a national end-to-end risk mitigation company who says their platform opens doors to lenders that want to enter the construction market. Besting Expectations: April brought an increase in new residential sales after revisions put March’s numbers down, a surprise to analysts who expected declines. Korth CEO: Korth Direct Mortgage…

Morning Roundup (5/22/2023) — Rocket 1% Down

Good Morning! Today is Monday, May 22. Republican Senator Tim Scott of South Carolina is officially running for president. The N.A.A.C.P. issued a travel advisory for Florida, cautioning that state policies under Governor Ron DeSantis are not welcoming to Black Americans. Meta was fined $1.3 billion for violating E.U. data privacy rules. The Mortgage Note Reports Rocket Roll Out: Rocket launched a 1% down payment program, ONE+, which includes mortgage insurance at no cost to the borrower. MORGAN Updates: Real estate AI MORGAN can now calculate mortgage rates, communicate with borrowers, and walk them through the application process. Most Popular: Writer Chuck Green’s article about nontraditional spring markets is the most popular with our readers on social media this month.…

Morning Roundup (5/19/2023) — Atlanta Is The Top City For College Grads

Good Morning! Today is Friday, May 19. The Supreme Court upheld a technology law protecting companies from liability over users’ posts, a win for social media platforms. Disney canceled a $1 billion development planned for Orlando, continuing its feud with Gov. Ron DeSantis. Ukraine’s President Zelensky will attend the G7 meeting in Japan. The Mortgage Note Reports College Grads: Professional opportunities, affordability, and fun in the country’s cities are being measured as commencement ceremonies wrap up nationally and Atlanta is coming out on top as the best place for college graduates to move to. Editor Kimberley Haas has the story. Rates Reverse: After falling slightly the week before, mortgage rates shot right back up last week, continuing to fluctuate within…

Morning Roundup (5/18/2023) — Existing Home Sales Down

Good Morning! Today is Thursday, May 18. TikTok has been banned in the state of Montana which will likely prompt a First Amendment legal battle. Lawmakers in Texas banned transgender medical care for minors. Floods in Italy killed at least eight people and left thousands of people homeless. The Mortgage Note Reports Existing-Home Sales: Existing-home sales dipped in April, continuing a downward trend, as high rates and low inventory continue to strangle the market. Nahil At FormFree: Jonathan Nahil has joined mortgage fintech FormFree as CTO. Spring Podcast: TMN’s team has been tracking national trends and the ways companies are attracting buyers and sellers to the market. Check out our spring podcast.   TMN Presents: The Mortgage Meltdown Meter, a…

Morning Roundup (5/17/2023) — Applications Fall Again

Good Morning! Today is Wednesday, May 17. Officials in Ukraine say they shot down six hypersonic missiles, some of Russia’s most sophisticated conventional weapons. North Carolina’s legislature reapproved a 12-week abortion ban, overriding a veto. San Francisco is proposing a reparations plan that includes $5 million in cash payments and housing aid. The Mortgage Note Reports Apps Hurting: Mortgage applications fell last week, wiping out the prior week’s gains, as purchase applications dropped to their slowest pace in a month. Closing The Gap: A Fannie Mae program designed to help build the credit scores of renters is finding success. New Hires: Down Payment Resource announced four new hires to help expand its sales footprint, relationships, and customer base. Spring Podcast: …

Morning Roundup (5/16/2023) — Digital Closings

Good Morning! Today is Tuesday, May 16. President Biden and Speaker Kevin McCarthy are meeting today to try to strike a debt limit deal. An assailant with a baseball bat attacked two aides to a Democratic congressman in Virginia. A gunman killed three people on a residential street in New Mexico before being killed by police. The Mortgage Note Reports Digital Closings: The founder and CEO of the digital closing platform Snapdocs says adopting a technology strategy that reduces costs can help mortgage lenders now and as the market bounces back. Editor Kimberley Haas recently sat down with Aaron King. Chenoa Rebrand: CBC Mortgage Agency is celebrating its 10-year anniversary by rebranding its correspondent investor and Chenoa Fund Program. New…

Morning Roundup (5/15/2023) — Commercial Outlook

Good Morning! Today is Monday, May 15. The Turkish elections will go to a runoff after President Recep Tayyip Erdogan failed to secure a majority of the vote. Millions of people are under a heat advisory in the Pacific Northwest. Vice Media filed for bankruptcy. The Mortgage Note Reports Commercial Outlook Bleak: The MBA once again adjusted its commercial and multifamily outlook for 2023, pushing its expectations down by $9 billion. Neighbors From Hell: Nearly 20% of Americans have moved because of an obnoxious neighbor, with Millennials and Zoomers most likely to pack up and go. Prison Time: A former assistant inspector general for the U.S. Department of Housing and Urban Development has been sentenced to one year and one…

Morning Roundup (5/12/2023) — “Sideways” Rates

Good Morning! Today is Friday, May 12. The F.D.A. ended its ban on blood donations from gay and bisexual men. Travelers to the U.S. no longer need to be vaccinated against Covid to enter the country. A Palestinian group and the Israeli military continue a three-day exchange of rocket and missile attacks across the Israel-Gaza border. The Mortgage Note Reports “Sideways” Rate Trend: Mortgage rates dipped again last week, continuing to fluctuate within the 6% range. Fed “Made A Mistake”: NAR Chief Economist Lawrence Yun believes the latest quarter-point rate hike from the Fed was unnecessary, causing more harm than good. ICYMI: This week, we had an article about the spring season in nontraditional markets, industry reactions to changes in…