Mortgage Roundup (1/21/21) – Biden, CRE & NYC

Good morning! Today is Thursday, January 21. The newly inaugurated 46th president of the United States Joe Biden urged Americans to overcome their divisions. United Airlines posted nearly $2 billion in quarterly losses, as Covid-19 continues to stall air travel. The NFL named the first woman to officiate a Super Bowl.  And in mortgage and housing news … MORTGAGE APPS: Mortgage applications decreased slightly last week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. BUILDER CONFIDENCE: Builder confidence slid in January as the nation faced climbing Covid-19 caseloads and homebuilders confronted surging lumber prices, the National Association of Home Builders/Wells Fargo Housing Market Index showed. CRE OUTLOOK: The 2021 outlook for the retail and hospitality industry bodes well for commercial real estate investors.  BIDEN ERA: Incoming President…

Mortgage Roundup (1/20/21) – 46, Foreclosures & Titles

Good morning! Today is Wednesday, January 20. President Donald Trump delivered a farewell address and pardoned 73 people ahead of today’s inauguration of Joe Biden as the 46th President of the United States. The FAA is looking at an Iowa airport’s pre-boarding Covid-19 passenger screening process as a possible model for the nation.  And in mortgage and housing news … MORATORIUM EXTENDED: The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are extending the moratoriums on single-family foreclosures and real estate owned evictions until February 28. APPRAISAL PROCESS: How to make your appraisal go as smoothly as possible.  TITLE INSURANCE: The title insurance arms race is heating up.   1ST ALLIANCE LAWSUIT: CFPB slaps 1st Alliance Lending for illegal mortgage-origination practices. HOUSING SCAMS: Five ways to protect yourself from housing scams.  FINTECH…

Mortgage Roundup (1/19/21) – CFPB, Rates & Riots

Good morning! Today is Tuesday, January 19. President Trump is expected to issue as many as 100 pardons and commutations on his final day in office. Treasury Secretary nominee Janet Yellen is calling on Congress to do more to fight a deep pandemic-induced recession. A man managed to live inside Chicago’s O’Hare airport for three months before being detected.  And in mortgage and housing news … BIDEN PICKS: Biden taps FTC’s Rohit Chopra as CFPB Chief. TREASURY RATES: Will rising Treasury rates mean higher mortgage interest costs ahead? SUPPLY/DEMAND: The mortgage banking IPO wave and expected supply and demand challenges.   REAL ESTATE RIOTER: The Texas real estate agent charged in the Capitol attack pleads for pardon. MARKET CRASH?: Three reasons there won’t be a housing market crash in 2021.  ROCKET EXPANDS: Rocket Mortgage…

Mortgage Roundup (1/18/21) – VRBO, CFPB & 3%

Good morning! Today is Monday, January 18 – a federal holiday honoring civil rights leader Martin Luther King Jr. The nation’s capital has heavy military and security presence ahead of the Presidential inauguration. The FBI used selfie photos and pictures from the capitol siege to identify more than 275 suspects and arrest 100. Richard Branson’s Virgin Orbit rocket reached space on Sunday, eight months after the first demonstration flight failed. And in mortgage and housing news … VRBO DC RESERVATIONS: Days after Airbnb announced it would cancel all Washington, DC, reservations during Inauguration week, VRBO signaled that it would not follow its competitor’s lead.  CFPB NOMINATION: President-elect Joe Biden will nominate Rohit Chopra to be the next director of the Consumer Financial Protection Bureau, according to…

Mortgage Roundup (1/15/21) – IPOs, GSEs & NYC

Good morning! Today is Friday, January 15. President-elect Joe Biden is urging Congress to back a round of $1,400 per-person direct payments and asking for funding for testing and vaccine distribution. Weekly filings for jobless benefits hit the highest level since July. A NASA study reports 2020 and 2016 are the warmest years on record since 1880. And in mortgage and housing news … IPO’D: Even in the middle of an economic recession, IPOs are booming and mortgage companies don’t want to miss out. The mortgage industry at large is at a peculiar crossroads and companies and investors are jumping to cash in on a unique set of circumstances, at least in the short term. GSE NO CHANGE: The Trump Administration announced that…

Mortgage Roundup (1/14/21) – Airbnb, Congress & Refis

Good morning! Today is Thursday, January 14. Ten House Republicans joined Democrats to impeach President Trump on charges of “incitement of an insurrection,” making him the first president in U.S. history to be impeached twice. Washington D.C.’s Metro public transportation system will close 13 stations for a week amid threats of inauguration violence. The National Guard asks people to stop sending donations, after photos of National Guardsmen sleeping on the floor of the Capitol spread on social media. And in mortgage and housing news … INAUGURATION BOOKINGS: Vacation rental company Airbnb announced that it is cancelling all booked reservations in the Washington, D.C., metropolitan area during Inauguration week. The online rental site also will take no new reservations in the Capitol region during…

Mortgage Roundup (1/13/21) – Moving, Credit & Sales

Good morning! Today is Wednesday, January 13. Several senior House Republicans joined the push to remove President Trump, citing his role in inciting an angry mob to storm the Capitol last week. The U.S. will require Covid-19 tests for all international visitors. Federal health officials instructed states to immediately begin vaccinating every American 65 and older, as well as tens of millions of adults with medical conditions that put them at higher risk of dying from coronavirus infection. And in mortgage and housing news … ON THE MOVE: A survey released by Redfin found that two-thirds of U.S. homebuyers and sellers would consider moving (or already have) to a new city if they could work at home on a full-time basis.  MORTGAGE CREDIT: The Mortgage…

Mortgage Roundup (1/12/21) – Biden, Building & Cities

Good morning! Today is Tuesday, January 12. The Trump administration is putting Cuba on the list of countries that are considered to be state sponsors of terrorism. New England Patriot coach Bill Bellichick says he won’t accept the Medal of Freedom at a White House ceremony, following last week’s Capitol riot. More than a dozen earthquakes have rattled the Southern Appalachian region in the past month. And in mortgage and housing news … MILLION-DOLLAR CITIES: The number of “million-dollar cities” surged significantly last year as home values climbed amid the Covid-19 pandemic, according to a report released by Zillow. FORBEARANCE REPORT: The share of U.S. mortgages in forbearance edged down slightly last week. BIDEN EFFECT: How a Biden administration could affect your mortgage. HOME-BUILDING EMPLOYMENT: Home building employment withstood…

Mortgage Roundup (1/11/21) – Demand, Landlors & IPOs

Good morning! Today is Monday, January 11. The U.S. House of Representatives will introduce a resolution today calling on Vice President Mike Pence to invoke the 25th Amendment to declare President Donald Trump “incapable of executing the duties of his office.” The PGA of America has canceled plans to hold a major golf tournament at a Trump Organization golf course in New Jersey next year, citing concern over the organization’s brand. A Colorado family left a $2,021 tip for restaurant staff to split. And in mortgage and housing news … FORBEARANCE FUTURE: Improvement in Covid-related mortgage bailouts drops dramatically along with job losses. This could hit the mortgage market harder in the coming months than previously expected. MORTGAGE DEMAND: Will mortgage application volume…

Mortgage Roundup (1/8/20) – Records, HUD & Showings

Good morning! Today is Friday, January 8. U.S airlines and law enforcement agencies bolstered security at Washington-area airports following a Capitol siege that left four dead. Scientists report that the Pfizer-BioNTech vaccine works against a key mutation found in new, fast-spreading coronavirus variants. A disruption in the polar vortex will likely allow colder air to spill out of the Arctic, creating a colder 2021.  And in mortgage and housing news … SHRINKING INVENTORY: The number of houses for sale in the United States reached a record low in December, realtor.com reported in its Monthly Housing Trends Report. There were fewer than 700,000 homes for sale in the US for the first time in the report’s history.  HUD RESIGNATION: Hunter Kurtz, Assistant Secretary for Public…