Good Morning! Today is Friday, October 21. Courts rejected challenges to President Biden’s student debt forgiveness plan yesterday. Former U.K. Treasury Chief Rishi Sunak is leading the race to succeed Liz Truss as prime minister. A jury found Kevin Spacey not liable for battery in a civil case brought by the actor Anthony Rapp. The Mortgage Note Reports Rates Slow To A Crawl: Mortgage rates inched up to an average of 6.94% last week, slowing their climb as they get closer to a 7% average. Prepays Down: Prepayment activity dropped to a nearly 22-year low in September as interest rates hurdle closer to 7%. ICYMI: Editor Kimberley Haas interviewed Rocket Pro TPO’s Executive Vice President Austin Niemiec and Chuck Green wrote about zero-down payment, zero-closing cost mortgages. What are your main concerns going into…
Good Morning! Today is Thursday, October 20. Liz Truss has resigned as Britain’s prime minister after a disastrous six-week tenure. The Biden administration is granting $2.8 billion to companies to expand electric-vehicle battery production. The movie star Anna May Wong will become the first Asian American to appear on U.S. currency. The Mortgage Note Reports Apartments Needed: The vice president of research at the National Multifamily Housing Council says 4.3 million new apartments will be needed in the United States by 2035 to meet expected demand. Editor Kimberley Haas has the story. Existing Home Sales: Existing-home sales dropped for the eighth straight month in September, down 1.5% from August and 23.8% YOY. FCM Expansion: Tennessee-based First Community Mortgage is expanding its retail business into the Midwest. What questions would you…
Good Morning! Today is Wednesday, October 19. MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, donated more than $84 million to the Girl Scouts. Netflix added 2.4 million subscribers in the past three months, reversing declines from the previous two quarters. Putin signed a law introducing martial law in four Ukrainian regions the Kremlin has sought to annex, in violation of international law. The Mortgage Note Reports No Surprises With Loan Apps: Mortgage loan application volume has now declined for four months and fallen to its lowest level since 1997. Freddie Promotions: Freddie Mac Multifamily has promoted two new underwriting vice presidents, Caitlin Myhre and Adam Monti. One On One: Editor Kimberley Haas interviewed Austin Niemiec, Executive Vice President at Rocket Pro TPO, after he turned heads with an opinion piece claiming…
Good Morning! Today is Tuesday, October 18. More than eight million people have applied for student debt forgiveness since applications opened yesterday. Flooding in Nigeria has displaced more than a million people and killed at least 600 others. Elizabeth Holmes, who was convicted on charges that she duped investors into believing her startup company had developed a revolutionary medical device that could detect a multitude of diseases and conditions from a few drops of blood, has asked for a new trial after a witness visited her at home. The Mortgage Note Reports New Home Apps Down: New home mortgage applications dropped sharply in September, putting pressure on worried builders who are already making concessions. Price Growth Slows: Q3 2022 brought the slowest quarterly price growth since 2011, showing just how quickly home…
Good Morning! Today is Monday, October 17. Russia attacked Kyiv with Iranian “kamikaze” drones. Britain’s new top finance official said he would speed up a tax plan to calm financial markets. Kanye West is buying Parler, an American alt-tech microblogging and social networking service associated with Donald Trump supporters. The Mortgage Note Reports MBA Exec Promotions: MBA has promoted Joel Kan to Vice President, Deputy Chief Economist, and Heather Messam to Vice President and Controller. Aging’s Housing Impact: Most adults want their parents to be able to age in their own homes, but aging in place impacts their finances as well as the housing market. What questions would you like us to ask the experts? Share your thoughts by emailing us at [email protected]. In other mortgage and housing news… Vesta/CoreLogic: SAAS…
Good Morning! Today is Friday, October 14. The House Jan. 6 panel voted unanimously to subpoena Donald Trump. Kroger is buying rival Albertsons in one of the biggest deals in the history of the U.S. grocery industry. The typical retiree will get an extra $140 per month next year when Social Security benefits rise due to inflation. The Mortgage Note Reports Rates Moving Up Again: After mellowing slightly the week prior, mortgage rates shot back up last week to a 20-year high of 6.92%. Hottest Housing Markets: Rochester, NY, and Manchester, NH, tied for September’s hottest housing market as buyers flock towards affordable metros. What questions would you like us to ask the experts? Share your thoughts by emailing us at [email protected]. In other mortgage and housing news……
Good Morning! Today is Thursday, October 13. The Biden administration will offer up to 24,000 Venezuelans a legal path into the country. The U.S. and NATO allies are sending more sophisticated defense systems to Ukraine to counter Russian missiles. Sandy Hook families won almost $1 billion in damages from Alex Jones. The Mortgage Note Reports Top Real Estate Issues: The global chair of The Counselors of Real Estate says inflation and interest rates are this year’s leading concerns of his 1,000-member organization. Editor Kimberley Haas has the story. “Growing Risk” Of Financial Crisis: Fannie Mae’s ESR group expects a moderate recession in 2023, but warns there’s a growing risk it could be worse than expected. What questions would you like us to ask the experts? Share…
Good Morning! Today is Wednesday, October 12. Moscow said it had arrested eight people over the bombing of a bridge linking Crimea to Russia. The International Monetary Fund warned of a worldwide recession if policymakers mishandle the fight against inflation. Angela Lansbury died at 96. The Mortgage Note Reports Downward Spiral Continues: Mortgage loan application volume fell another 2% last week as interest rates reached 6.81%, their highest point since 2006. Scott Rejoins Regions: Jason Scott is returning to Regions Bank and its subsidiary Sabal Capital Partners as managing director and head of Conventional Loan Production. What questions would you like us to ask the experts? Share your thoughts by emailing us at [email protected]. In other mortgage and housing news… More Cuts: Angel Oak has laid off another…
Good Morning! Today is Tuesday, October 11. China and India called for de-escalation in Russia’s war on Ukraine. The Los Angeles City Council president resigned from her leadership post after leaked audio captured her making racist remarks. The Nasdaq fell to its lowest level in over two years, as chip-company stocks slipped. The Mortgage Note Reports Expanding Access: Chuck Green takes a closer look at BOA’s zero-down payment, zero-closing cost mortgage designed to expand loan opportunities in Black and Hispanic communities. Lending Tightens Further: Mortgage credit availability dropped to its lowest level since March 2013 in September, the seventh month of declines. WFH Paradise: Austin, TX, has been ranked the best city for working from home, leading a list full of Southern and Western metros. What questions would you…
Good Morning! Today is Monday, October 10. Explosions in Ukraine killed at least ten people this morning in the most sustained missile assault in months. A landslide in Venezuela killed 22 people. The Los Angeles City Council president is facing calls to resign after a leaked audio recording revealed she made racist remarks. The Mortgage Note Reports Loan Locks: September loan lock volumes dipped almost 10% from August, the third straight month of lock activity below pandemic norms. O’Doherty At Mizuho: Joseph O’Doherty is joining Mizuho Americas as Managing Director, Head of Residential Mortgage Finance. CRA Note Exchange: Habitat for Humanity Affiliates in Florida and South Carolina can now build more affordable homes after a recent sale of mortgage notes on their behalf. What questions would you like us…
