Good Morning! Today is Friday, January 20. Abortion opponents are holding an annual march in Washington, DC today. Google’s parent company, Alphabet, says it’s planning to cut 12,000 jobs. Alec Baldwin will be charged with involuntary manslaughter in the ‘Rust’ shooting. The Mortgage Note Reports Rates Keep Tumbling: The 30-year fixed rate slipped to 6.15% last week— its lowest point since last September — as inflation continued to moderate. Sales Slip Again: Existing-home sales dropped for the eleventh straight month in December, down 1.5% from November and 34% YOY. Automated Valuations: A new automated valuation model that recently hit the market uses a national property database, geospatial comparable data, and artificial intelligence to help users evaluate properties. Editor Kimberley Haas has the story. Fighting Discrimination: A new proposed…
Good Morning! Today is Thursday, January 19. The U.S. is expected to hit its $31.4 trillion borrowing limit today. Microsoft will lay off 10,000 people, its largest cut in eight years. A protester was killed and a Georgia state trooper was wounded during a confrontation over a planned police training center in Atlanta. The Mortgage Note Reports The Hangover: Three prominent figures in the mortgage industry recently got together to discuss the challenges for lenders in 2023. Writer Scott Kimbler has the story. Housing Starts: Housing construction slid again in December to its lowest point since July, but an increase in single-family starts may signal improvement to come. Planet Home Lending: Planet Home lending opened a new branch in Kissimmee, FL, led by Branch Manager Ricardo…
Good Morning! Today is Wednesday, January 18. Investors are seeking billions of dollars in damages in a trial over Elon Musk’s tweets from 2018 proposing to take Tesla private. A helicopter crash near Kyiv killed at least 18 people. Harvard Medical School is withdrawing from U.S. News and World Report rankings. The Mortgage Note Reports Fighting For Broker Freedoms: The new executive vice president of Rocket Pro TPO took to social media on Tuesday to question the actions of United Wholesale Mortgage’s CEO, saying one of the most powerful benefits of being a mortgage broker is independence. Editor Kimberley Haas has the story. Loan App Boost: Mortgage loan application volume saw a double-digit increase last week as buyers chasing sinking rates begin returning to the market.…
Good Morning! Today is Tuesday, January 17. China’s population declined for the first time since 1961. Armed insurgents kidnapped 50 women in Burkina Faso, a landlocked country in West Africa. A New Mexico Republican who ran for a State House seat was arrested for allegedly orchestrating shootings that caused damage to the homes of elected Democratic leaders. The Mortgage Note Reports Price Growth Cools Again: Annual single-family home price growth dipped from Q3 to Q4 2022 as demand and the number of homes for sale dwindled. Sellers Feel The Pain: As housing cools, homeowners who choose to sell aren’t riding the same high as people who cashed in during the red-hot pandemic market. Writer Chuck Green has the story. LenderClose Rebrand: Home equity fintech LenderClose is rebranding…
Good Morning! Today is Monday, January 16, Martin Luther King Jr. Day. President Biden spoke at Ebenezer Baptist Church in Atlanta yesterday. The chairman of the Joint Chiefs of Staff says the U.S. military’s new, expanded combat training of Ukrainian forces has begun in Germany. The Mortgage Note Reports Redlining Settlement: Officials at the U.S. Department of Justice announced on Thursday that they have secured over $31 million from City National Bank to resolve allegations of redlining in Los Angeles County. Buyers Perking Up: The typical home is taking longer to sell than in any period since April 2020, but online searches and tour requests are picking up. Listen To Our Podcast: Editor Kimberley Haas has been interviewing some of the leaders in the country. This podcast highlights the…
Good Morning! Today is Friday, January 13. Attorney General Merrick Garland named a special counsel to investigate how classified documents had ended up in Biden’s home and office. A new rule could give House lawmakers a tax-free $34,000 pay bump. Storms and tornadoes left a trail of damage across the South and killed at least seven people. The Mortgage Note Reports WF Income Down 50% YOY: Wells Fargo’s net earnings dropped in Q4 2022, pushed down by a settlement payout, a shrinking economy, and low mortgage demand. Price Growth Cools: The 30-year fixed rate dipped last week after inching up in the first weeks of the new year, but the market remains “hypersensitive” to changes. TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the…
Good Morning! Today is Thursday, January 12. President Biden’s aides found more classified documents at a second location associated with him. Flights in the U.S. were halted yesterday after a system to alert pilots to safety issues went down. Californians are searching for a 5-year-old who was swept out of his mother’s arms by flood waters. The Mortgage Note Reports Lukewarm Reaction: Leaders at Wells Fargo announced this week that they are reducing their home lending footprint and some people are saying it may be big news in the lending space, but will likely not make much of a difference to the average consumer. Editor Kimberley Haas has the story. Price Growth Cools: Home price growth cooled to the single digits for the first time in…
Good Morning! Today is Wednesday, January 11. At least 17 people have died as rain caused flooding in Los Angeles. Allen Weisselberg, the Trump Organization’s former chief financial officer, was sentenced to five months in prison for tax fraud. The House voted to create a special committee on the “weaponizing the government” designed to investigate perceived wrongdoing by the federal government. The Mortgage Note Reports WF Steps Back: Wells Fargo is reducing its lending footprint, saying it will exit the correspondent lending channel and shrink its mortgage servicing portfolio. Refi Gains: Mortgage loan application volume rose in the first week of 2023, driven by a flurry of refinancing as homeowners take advantage of slipping rates. Meet The GenZer Making Strides: Editor Kimberley Haas sat down with…
Good Morning! Today is Tuesday, January 10. Biden’s lawyers discovered classified documents in his former office in November. America’s carbon emissions inched up last year, even as renewable energy surpassed coal power. Football player Damar Hamlin, the Buffalo Bills safety who collapsed during a game last week, was released from intensive care. The Mortgage Note Reports New Lows: Rate lock volumes took a beating in December as continuing affordability problems and elevated rates exacerbated typical seasonal patterns. “Swift And Unprecedented”: Multifamily saw a stunning reversal in 2022 as apartment supply outstripped demand, especially in pandemic hotspots. TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape. In other mortgage and housing news… Thousands Of…
Good Morning! Today is Monday, January 9. Supporters of Brazil’s former president stormed the country’s Congress and presidential offices over false claims of a rigged election. President Biden made his first visit to the southern border since taking office. Winds knocked out power for hundreds of thousands of people in Sacramento. The Mortgage Note Reports Zitlow At CHL: Kelly Zitlow is rejoining Cornerstone Home Lending as its EVP of Sales and Engagement. Housing Sentiment: Consumers are feeling slightly more optimistic as mortgage rates ease, but housing market sentiment remains near an all-time low. TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape. In other mortgage and housing news… Relief For Renters: The rental…
