Good Morning! Today is Monday, November 28. A deadly apartment fire sparked widespread protests in China over Covid restrictions. A small plane crashed into power lines in Maryland, injuring two people and knocking out electricity. Hawaii’s Mauna Loa, the world’s largest active volcano, is erupting for the first time since 1984. The Mortgage Note Reports Feeling Grateful: Industry leaders are sharing their thoughts as 2022 winds down and they are expressing gratitude despite challenges in the current market. Affordability Struggle: Real house prices jumped 10.5% in September and logged a 60.6% YOY increase, but many markets are starting to cool. Janczy Joins NewFed: Home Point veteran Jim Janczy has joined NewFed Mortgage as EVP-Chief Production Officer. TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction,…
Good Morning! Today is Friday, November 18. We at the Mortgage Note will be off next week for the holiday. We wish you all the best. Happy Thanksgiving! The Mortgage Note Reports Financing Manufactured Homes: Leaders at Rocket Mortgage have announced a conventional loan option for people who are interested in purchasing or refinancing a manufactured home. Bill Banfield, EVP of Capital Markets, sat down for an interview with Editor Kimberley Haas to explain how it works. Rate Relief For Buyers: Mortgage interest rates sank to 6.60% last week after two important economic indicators suggested inflation may have peaked. Nations Lending In SC: Nations Lending has opened a new branch in Summerville, South Carolina, which will be led by Hunter Jackson. TMN Presents: The Mortgage Meltdown Meter, a…
Good Morning! Today is Thursday, November 17. Republicans are projected to win a majority in the House. SpaceX employees say they were fired for speaking out about Elon Musk. About 10,000 mink are loose in Ohio, posing a danger to pets. The Mortgage Note Reports Potential Buyers Are There: Despite a plethora of obstacles, there are prospective buyers chomping at the bit to purchase a home. Writer Chuck Green explains. Housing Starts: Housing construction fell sharply in October, another miss for the rapidly constricting housing market as both buyers and builders pull back. Originations Slip: Mortgage originations saw their largest annual decline in 21 years, further evidence that the housing boom is coming to an end. TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market…
Good Morning! Today is Wednesday, November 16. Donald Trump announced he is running for president again in 2024 last night at Mar-a-Lago. Representative Kevin McCarthy of California won the Republican nomination for House speaker. A missile hit a Polish village near the border with Ukraine. The Mortgage Note Reports Bleak Outlook For 2023: During this month’s presentation and forecasting of home prices in the United States, the director of American Enterprise Institute painted a bleak picture for the rest of this year and all of 2023. Writer Scott Kimbler has the story. Loans Make A Comeback: Mortgage loan application volume rose last week, responding to the largest single-week decline in rates since July 2022. Chicagoland Brokerage: A new Motto Mortgage affiliate has opened in Libertyville, Illinois, serving the…
Good Morning! Today is Tuesday, November 15. Amazon plans to lay off about 10,000 people, the largest cuts in the company’s history. Tens of thousands of academic workers across the University of California system are striking for higher pay. Federal prosecutors are investigating FTX, including reports that it lent customer funds to an affiliate. The Mortgage Note Reports Hidden Gems: Did you know there are more than 2,000 homeownership programs available in the United States and over 38% of them are for repeat homebuyers? Editor Kimberley Haas has the story. Moderating Or Not?: Rent growth is slowing from April’s peak, but mostly for higher-priced properties. Lower-priced rents are still seeing double-digit gains. Stronghill Goes Residential: Dustin Wells has been named Co-President of Stronghill Capital as it expands…
Good Morning! Today is Monday, November 14. Democrats are expected to maintain control of the Senate. A student gunman killed three people at the University of Virginia. President Biden said he doesn’t believe an invasion of Taiwan is imminent after meeting with Chinese leader Xi Jinping. The Mortgage Note Reports TMN Presents: The Mortgage Meltdown Meter, a collection of stories from the market correction, updated daily. Click here to stay on top of the changing landscape. Another Record Low: Mortgage loan delinquencies dropped to 3.45% of all loans outstanding in Q3, once again breaking the record for the lowest point since 1979. Rate Lock Blues: October rate lock dollar volume dropped 14.3% month-over-month to its lowest level since February 2019. ICYMI: Last week, Editor Kimberley Haas had articles about leaders…
Good Morning! Today is Friday, November 11. This Veteran’s Day, we’d like to thank all those who served our country for their sacrifices. A federal judge in Texas struck down Biden’s plan to cancel student debt, but the administration appealed. Hurricane Nicole left four dead in Florida and caused “unprecedented” damage in the Daytona area. The Mortgage Note Reports TMN Presents: The Mortgage Meltdown Meter, a collection of scary stories from the market correction, updated daily. Click here to stay on top of the changing landscape. Rates Back Above 7%: Mortgage interest rates tipped back over 7% last week, contributing to challenges for military personnel seeking homes. Deal For First-Timers: First Home Mortgage is launching a rate discount program for eligible first-time homebuyers. As Thanksgiving approaches, what…
Good Morning! Today is Thursday, November 10. Control of the House remains unclear, but Republicans are nearing a narrow majority. Crypto exchange Binance pulled out of a deal to save its rival, FTX, sending shockwaves through markets. A listeria outbreak tied to deli meat and cheese has killed one person and sickened at least 16 others in several states. The Mortgage Note Reports TMN Presents: The Mortgage Meltdown Meter, a collection of scary stories from the market correction, updated daily. Click below to stay on top of the changing landscape. Communication Is Key: As demand sinks, lenders struggling to market themselves to rate-focused borrowers need to focus on quality communication to build client loyalty. ICYMI: This week, Editor Kimberley Haas had articles about leaders at…
Good Morning! Today is Wednesday, November 9. Many of yesterday’s races remain too close to call. Maryland and Missouri voted to legalize recreational marijuana. Meta, Facebook’s parent company, said it was cutting more than 11,000 employees. Lottery officials in California said that a winning, $2 billion Powerball ticket was sold in Los Angeles County. The Mortgage Note Reports Hispanic Homeownership: Guild Mortgage has partnered with the National Association of Hispanic Real Estate Professionals as part of its commitment to diversity and inclusion. Editor Kimberley Haas sat down with a branch manager in Reno to learn more. Loans Hold Steady: Mortgage loan application volume dipped just slightly last week, continuing a weeks-long trend of relative calm, but increased volatility lies ahead. Foreclosures Keep Climbing: Foreclosures rose more…
Good Morning! Today is Tuesday, November 8. It’s Election Day, and voter turnout is expected to be high. During climate talks, the UN warned that highly-visited glaciers in Yosemite and Yellowstone may disappear by 2050. Apple will make some of its iPhones in India for the first time, loosening its ties to China. The Mortgage Note Reports Freddie Exec Returns: Former Freddie Mac exec Ravi Shankar is returning to the company as senior VP and head of Single-Family Portfolio and Servicing. HELOC Boom: Both Movement Mortgage and Homepoint introduced speed-focused home equity products as their popularity with homeowners continues to rise. Have your political beliefs influenced where you have bought a home? We want to know. Share your stories by emailing us. In other mortgage and housing news……
