Mortgage Roundup (8/7/20) – Covid, Renters & Records

Good morning! Today is Friday, August 7. The U.S. State Department lifted its Global Level 4 Health Advisory for no travel during the coronavirus pandemic. Most countries still won’t accept American travelers. Chinese social-media apps TikTok and WeChat face new restrictions, and a 45-day deadline for an American company to purchase TikTok’s U.S. operations. Sixty-six NFL players opt out of playing in the upcoming season.  And in mortgage and housing news … UNITED SHORE: United Shore employees posted numerous complaints about the company’s handling of the pandemic. More than 50 employees have tested positive for COVID.  RENTER PROTECTION: Landlords in forbearance must inform renters in writing of protections available to them during pandemic. ANOTHER RECORD: The 30-year fixed-rate mortgage averaged a record-low 2.88 percent,…

Mortgage Roundup (8/6/20) – UWM, Rent & Evictions

Good morning! Today is Thursday, August 6. Lawmakers remain deadlocked in talks to replace last week’s expired $600 emergency unemployment benefit. Two key indicators of the health of the U.S. job market will be released today and Friday. The mayor of Los Angeles says he will shut off power and water to homes that throw large parties amid the Covid-19 epidemic.  And in mortgage and housing news … COVID ORDER: The Oakland County Health department sent a letter to United Shore and United Wholesale Mortgage CEO Mat Ishbia demanding the company do more to protect employees. MORTGAGE APPLICATIONS: Mortgage applications dropped 5.1 percent last week, according to a new report released by the Mortgage Bankers Association. RENT PAYMENTS: More than 1 in 5 renters did not…

Mortgage Roundup (8/5/20) – Disparities, Risk & Aid

Good morning! Today is Wednesday, August 5. Beirut explosion that caused thousands of deaths is believed to be caused by ammonium nitrate stored in a warehouse. A new study shows that COVID-19 patients who received transfusions of blood plasma rich with antibodies from recovered patients reduced their mortality rate by about 50 percent. Satellite imagery reveals new penguin colonies in Antarctica. And in mortgage and housing news … RACIAL DISPARITIES: Lenders denied mortgages for Black applicants at an 80 percent higher rate than white applicants – and 120 percent more often when applying for a conventional loan, according to an analysis released by Zillow. RISK TOLERANCE: The fear of risk could diminish an economic rescue by the Treasury and Federal Reserve. That could leave…

Mortgage Roundup (8/4/20) – Satisfaction, Forbearance & Casa

Good morning! Today is Tuesday, August 4. Coronavirus cases are increasing in the Midwest. Hurricane Isaias makes landfall in southern North Carolina and is chugging up the East Coast today. Major League Baseball postponed its “Field of Dreams” game after 13 Cardinals players and staffers test positive for COVID-19.  And in mortgage and housing news … BORROWER SATISFACTION: With the economy in shambles and millions of Americans struggling to pay their mortgages, borrowers’ satisfaction with their loan servicers actually has increased this year, according to the J.D. Power 2020 U.S. Primary Mortgage Servicer Satisfaction Study. FORBEARANCE NUMBERS: The share of US mortgages in forbearance dropped for the seventh straight week, the Mortgage Bankers Association announced. HE’S BACK? If you thought the suspended Association of Independent…

Mortgage Roundup (8/3/20) – Housing, Ownership & Losses

Good morning! Today is Monday, August 3. White House coronavirus task force coordinator Dr. Deborah Birx said the U.S. is in a new phase in its fight against the coronavirus pandemic, warning that the virus is more widespread than it has been. NASA SpaceX astronauts made a splash down in the Gulf of Mexico after a successful mission to the International Space station. Two passengers were removed from a Delta flight for refusing to wear a mask.  And in mortgage and housing news … EXTENDED ASSISTANCE: The Federal Housing Finance Agency announced it is extending a policy that allows Fannie Mae and Freddie Mac to purchase some single-family mortgages in forbearance in an attempt to support the liquidity of mortgage lenders during the…

Mortgage Roundup (7/31/20) – GSEs, Prices & Rates

Good morning! Today is Friday, July 31. NASA sent a helicopter to Mars to explore the planet’s minerals and look for signs of life. Tennis world No. 1 Ash Barty of Australia pulled out of the US Open, saying she wasn’t comfortable traveling during a pandemic. Hurricane Isaias dumps heavy rain on Bahamas, continues to track toward North Carolina. And in mortgage and housing news … GSE EARNINGS: Fannie Mae and Freddie Mac reported financial results for the second quarter, with Fannie notching net income of $2.5 billion and Freddie recording $1.9 billion. Both companies reported significantly higher net worth as of June 30. BELOW 3 PERCENT: After a week above 3 percent, mortgage rates in the United States dropped below that line for…

Mortgage Roundup (7/30/20) – Suburbs, FHA & The Fed

Good morning! Today is Thursday, July 30. Democrats and Republicans in Congress criticized the executives of Amazon, Apple, Facebook and Google for using their market power to quash competitors and amass data. There is still no agreement in Congress on extending emergency unemployment benefits that expire Friday or on reviving a moratorium on evictions that lapsed last week. The NBA starts its season tonight, playing games inside a Disney World bubble.  And in mortgage and housing news … SUBURBS: President Trump said that his recent action to rescind an Obama-era housing rule will keep low-income housing out of the suburbs. FHA BOSS COMFIRMED: The U.S. Senate confirmed Dana Wade as the commissioner of the Federal Housing Agency by a 57-40 vote. THE FED: The Federal Reserve…

Mortgage Roundup (7/29/20) – IPO, Fannie & Luxury

Good morning! Today is Wednesday, July 29. Amazon, Apple, Facebook and Google CEO’s will testify today before Congress, which is aiming to rein in what they view as excessive power. The Federal Reserve meets today about providing more support to the economy. Joe Biden says he will pick a running mate by the end of next week.  And in mortgage and housing news … ROCKET IPO: Rocket Mortgage’s parent company – Rocket Companies, Inc. – announced details about its proposed IPO, including the filing of documentation with the Securities and Exchange Commission to offer 150 million shares of common stock to the public. FANNIE MAE SELL OFF: Fannie Mae announced it is putting 18,300 reperforming loans up for sale as part of its ongoing effort to…

Mortgage Roundup (7/28/20) – Downtowns, Forbearance & Fed

Good morning! Today is Tuesday, July 28. The majority in the U.S. House of Representatives are backing a plan to bail out airlines. Four days after baseball restarted its season, a wave of positive coronavirus tests cast the league’s plans into doubt. Instagram is offering to pay TikTok users with millions of followers to switch to its new competing service. And in mortgage and housing news … DOWNTOWN BUSINESS: Although downtown business districts are struggling due to continued economic lockdowns and questions about safely reopening offices, the long-term outlook for these areas appears to be in good shape. FORBEARANCE NUMBERS: The share of mortgage loans in forbearance dipped slightly to 7.74 percent in the latest Mortgage Bankers Association forbearance survey. That works out to an…

Mortgage Roundup (7/27/20) – Jobs, Profits & Lemons

Good morning! Today is Monday, July 27. Protesters have returned to the streets in Oakland, Seattle and elsewhere. Hurricane Douglas passes north of the Hawaiian islands in a close call. Lemonade stand owners affected by the pandemic pause can now get a $100 stimulus check from Country Time.  And in mortgage and housing news … MORTGAGE HIRING: Freedom Mortgage company plans to add 3,000 jobs over six months. SELLERS PROFIT: During the second quarter of this year, home sellers netted a median $75,971 profit at resale, up from $66,500 in the first quarter and $65,250 a year earlier, according to research firm ATTOM Data Solutions. EVICTION RELIEF: A proposal being considered in the U.S. Senate will include another eviction moratorium,but it will take some time…