Good Morning! Today is Wednesday, September 14. The S&P 500 fell 4.3%, its biggest one-day drop in more than two years, partly in response to the inflation numbers. Senator Lindsey Graham introduced a bill to ban abortions nationwide after 15 weeks of pregnancy. West Virginia’s legislature passed a bill banning nearly all abortions. The Mortgage Note Reports Rates Hit 6%: Mortgage loan application volume fell last week as mortgage rates topped 6% for the first time since 2008, nearly doubling YOY. MCCU VP: Denise Miller has been promoted to Vice President, Controller, at Monroe Community Credit Union. Share your promotions! Email Editor Kimberley Haas at [email protected]. In other mortgage and housing news… Producer Price Index: Wholesale prices fell slightly in August, a mild respite from inflation pressures that are threatening…
Good Morning! Today is Tuesday, September 13. The DOJ has expanded its Jan 6. criminal investigation, seizing the phones of two Trump associates and issuing about 40 subpoenas. Officials are racing to prevent a strike by freight railroad workers that could further strain the supply chain. Nonbinary athletes will be able to run the 2023 Boston Marathon without having to register with the men’s or women’s divisions. The Mortgage Note Reports Robotic Furniture: Supporters argue that the technology, which is reminiscent of the Murphy bed, might help alleviate the mounting housing shortage. Writer Tyrone Townsend has the story. Worth It?: Borrowers with 15-year fixed rate mortgages can save $215,000 in interest across the loan’s lifetime. But who do these loans help the most? loanDepot Hire: Former Fannie…
Good Morning! Today is Monday, September 12. Russia acknowledged that it had lost ground as Ukraine’s lightning advance took back more than 1,000 square miles. Antigua and Barbuda announced that they would hold a referendum on becoming a republic. Prices fell for gasoline, airfares, and lodging, though food and other costs kept climbing. The Mortgage Note Reports Peachtree Execs: Atlanta-based Peachtree Group has promoted Brian Waldman to chief investment officer and appointed Jeremy Stoler to EVP, debt capital markets. Fraud Risk: Mortgage fraud risk dropped 7.5% YOY in Q2 2022, though certain types of fraud associated with purchase loan applications are increasing. ICYMI: Alleged bad behavior and fraudulent activity in the mortgage industry have made news headlines in recent years and despite attempts to get lending leaders to…
Good Morning! Today is Friday, September 9. Queen Elizabeth II died at age 96. Her son, Charles, succeeds her. Steve Bannon was charged with financial crimes related to a crowdfunded border wall project. The F.D.A. approved Daxxify, a facial injection for wrinkles and a competitor to Botox. The Mortgage Note Reports Put People First: Three providers of customer relationship management services say that as the market changes and technology becomes better, focusing on the people behind the transactions pays off. Editor Kimberley Haas sat down with them to learn more. Interest Rate Record: Mortgage rates hit their highest point in almost 14 years last week, up from 5.66% to 5.89%. Climate Change: America is building more homes in high-risk areas, with 55% of homes built today facing fire risk compared…
Good Morning! Today is Thursday, September 8. President Biden hosted Barack and Michelle Obama to unveil their official portraits. A shooting spree in Memphis left four people dead and paralyzed the city for hours. Regular exercise was linked to a lower risk of getting Covid. The Mortgage Note Reports Sham Job Interviews, “Rampant” Fraud: Alleged bad behavior and fraudulent activity in the mortgage industry have made news headlines and despite attempts to get lending leaders to shape up their ships, at least one person who reports on these issues says problems are common, even “rampant.” Writer Chuck Green explains. UWM Expands Stipends: A year after offering NIL stipends to MSU men’s basketball and football players, UWM’s Mat Ishbia is expanding the program to include women’s basketball and…
Good Morning! Today is Tuesday, September 6. Liz Truss will succeed Boris Johnson as Britain’s prime minister after colleagues tired of Johnson’s scandals forced him out. The U.S. says Russia is buying millions of shells and rockets from North Korea. A judge granted Trump’s request for a special master to review documents seized by the F.B.I. The Mortgage Note Reports Affordability Hit: Interest rates rose again last week as the Fed continues its battle against inflation, causing more problems for affordability. Milo Offers Crypto Refi: Crypto-lender Milo Credit has launched the first-ever cryptocurrency refinance product. Do you have an idea for an article you would like to share? Email [email protected]. In other mortgage and housing news… CoreLogic HPI: Annual home price growth slowed for the third consecutive month in…
Good Morning! Today is Thursday, September 1. The Mortgage Note will be off tomorrow and Monday for Labor Day weekend. Mary Peltola won a House special election in Alaska, beating Sarah Palin in an upset. U.N. nuclear experts crossed into the active buffer zone between the Russian and Ukrainian armies this morning. The Mortgage Note Reports Labor Day Blues: Workers are wondering what happened to the American Dream of earning enough from a nine-to-five job to buy their own home. Editor Kimberley Haas explains. Pain Points: One in five borrowers report facing issues during the mortgage process. New research uncovers common problems they face and how to fix them. New Tech: Staircase launched a new API that enables lenders and servicers to embed automated underwriting technology into any application and…
Good Morning! Today is Wednesday, August 31. The Soviet Union’s final leader Mikhail Gorbachev died at 91. Jackson, Mississippi, is without clean water after severe rains overwhelmed crumbling systems. The average life expectancy in the U.S. has fallen to 76, from nearly 79 in 2019. The Mortgage Note Reports Fraud Alert: The nephew of a New York real estate mogul has pleaded guilty to a misdemeanor charge in a mortgage fraud case involving $167 million. Apps Fall Again: Mortgage loan application volume fell 3.7% last week, continuing a downward spiral as mortgage rates hit their highest point since mid-July. Do you have an idea for an article you would like to share? Email Editor Kimberley Haas at [email protected]. And in other mortgage and housing news… “We’re Going To…
Good Morning! Today is Tuesday, August 30. NASA postponed the launch of a rocket bound for the moon because of a problem cooling one of its engines. Elon Musk’s lawyers subpoenaed a former Twitter security chief who accused the company of misleading the public about its security shortcomings. The Mortgage Note Reports Prices Cooling Off: Home prices decelerated in June as buyers left the market, driven by historically high prices and rising interest rates. BOA Solutions: Bank of America is introducing a zero down payment, zero closing cost mortgage solution for first-time buyers, geared towards underserved communities. Inflation Hits Hard: The executive director of the New Hampshire Home Builders Association says the biggest problem they are currently facing is unstable prices due to inflation. Editor Kimberley…
Good Morning! Today is Monday, August 29. A series of volunteer battalions formed in recent weeks across Russia is preparing to deploy to Ukraine. Abbott Nutrition said it will resume production of its leading baby formula. The Mortgage Note Reports “It Would Defy Logic”: Consumer advocates are asking U.S. regulatory bodies to block TD Bank’s takeover of First Horizon Bank. HomeGuide President: Industry veteran Tim Carroll has been named Venture President at HomeGuide Mortgage. Economic Development: Acting Comptroller of the Currency Michael J. Hsu toured South Carolina’s Lowcountry to gain insight into the financial needs of rural communities on Friday. Do you have an opinion you would like to share? Email Editor Kimberley Haas at [email protected]. And in other mortgage and housing news… Jackson Hole: Jerome Powell doubled down on his vow…
