Mortgage Roundup (4/20/21) – Green, Bans & Co-ops

Good morning! Today is Tuesday, April 20. The Biden administration is considering a rule to require tobacco companies to reduce the nicotine in all cigarettes sold in the U.S. to levels at which they are no longer addictive. The US Army has approved the call-up of 250 members of the DC National Guard, as the nation’s capital braces for potential protests and unrest ahead of a verdict in the Derek Chauvin trial. NASA flew a helicopter on Mars – the first time an aircraft has flown on another planet.  And in mortgage and housing news … GREEN HOUSING: The Mortgage Note reports Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez introduced a “Green New Deal for Public Housing Act” that would invest…

Mortgage Roundup (4/19/21) – Bubble, Boom & Credit

Good morning! Today is Monday, April 19. President Biden announces new sanctions on Russia over hacking and election interference. Four pharmaceutical companies on trial today in California over claims they fed the opioid crisis could help finalize multibillion-dollar settlements with state and local governments. Apple pays the music industry a penny per stream on its service, a disclosure it made as part of an effort by music-streaming services to show they are artist-friendly. And in mortgage and housing news … ANOTHER BUBBLE: The real estate investor who shorted subprime mortgages says this housing boom is in a bubble, too. FAIR HOUSING POLICY: The Biden administration has begun its efforts to roll back changes to two key fair-housing policies that were altered during the Trump administration.…

Mortgage Roundup (4/16/21) – Rates, Rent & Subsidies

Good morning! Today is Friday, April 16. Soaring retail sales and a sharp drop in jobless claims are the latest signs of a quickening economic recovery. Pfizer announced that due to variants of the coronavirus, people likely will need a booster shot within a year to suppress the pool of those individuals susceptible to Covid-19. Some states are being hammered by a spring wave of infections and hospitalizations even as others have seen the crisis begin to ease. And in mortgage and housing news … MORTGAGE RATES: The Mortgage Note reports that mortgage rates fell for the second week in a row, with the 30-year fixed-rate mortgage average 3.04 percent. PANICKED AND DEPRESSED: Housing experts at Zillow are calling for 2021 to be the hottest…

Mortgage Roundup (4/15/21) – Apps, Prep & Condos

Good morning! Today is Thursday, April 15. President Biden said he will pull troops from Afghanistan by September 11. Democratic lawmakers are presenting a plan to expand the Supreme Court. Instagram is running a pilot program that allows you to hide the number of likes.  And in mortgage and housing news … MORTGAGE APPS: The Mortgage Note reports that mortgage applications dropped 3.7 percent for the week ending April 9. GENERALLY FAVORABLE: According to Freddie Mac’s most recent quarterly forecast, conditions will remain generally favorable for the housing and mortgage market through 2022 as the economy continues to improve. DISASTER PREP: To what extent have homeowners prepared for natural disasters? RESIDENTIAL SEGREGATION: The Department of Housing and Urban Development has submitted drafts of two fair-housing rules for review. AFFORDABLE…

Mortgage Roundup (4/14/21) – IMBs, Buyers & Approvals

Good morning! Today is Wednesday, April 14. The Food and Drug Administration and Centers for Disease Control and Prevention recommended pausing use of the Johnson & Johnson COVID-19 vaccine while they investigate six reports of rare blood clots. Today is 100 days out from the re-scheduled 2020 Olympic Games in Tokyo. A fireball meteor burned up over south Florida.  And in mortgage and housing news … IMB RECORDS: The Mortgage Note reports Independent Mortgage Bankers and mortgage subsidiaries of chartered banks made an average of $4,202 on each loan they originated in 2020 – up from $1,470 per loan the year before, according to a new report released by the Mortgage Bankers Association. BUYERS OPTIMISTIC: The Homebuying Sentiment Index is at an all-time high, just in…

Mortgage Roundup (4/13/21) – Credit, CPFB & Execs

Good morning! Today is Tuesday, April 13. Minneapolis-St. Paul is under a 7 pm curfew following unrest spurred by a police officer who meant to tase a man during a traffic stop, but fatally fired a gun instead. The volcano eruptions on St. Vincent island can be seen on satellite images. The Rock says he will run for President if that’s what the people want.  And in mortgage and housing news … CREDIT CHANGES: The Mortgage Note reports about how a change in credit score criteria would increase home-buying opportunities for Black and Latino homebuyers, according to new research released at an event held by National Association Realtors. TOP EMPLOYERS: The Mortgage Reports on Fortune’s Top 100 Places to Work list, with four mortgage/real estate…

Mortgage Roundup (4/12/21) – GSEs, Credit & Security

Good morning! Today is Monday, April 12. The White House will convene a summit to address the critical supply crunch that is slowing U.S. automobile manufacturing and threatens other sectors, including national security. More colleges say they will require students to be vaccinated before starting classes. Southern states were rocked by storms Sunday night, causing damage and shutting down Disney World.  And in mortgage and housing news … GSE PATCH: In lender letters issued this week, Fannie Mae and Freddie Mac announced that any loans purchased by the GSEs after July 1 must conform to the requirements outlined in the Consumer Financial Protection Bureau’s recently finalized QM final rule—effectively signaling the end of the so-called “GSE-patch.” TOP MORTGAGE LENDERS: Overall, 2020 was a…

Mortgage Roundup (4/9/21) – Streak, Rush & Default

Good morning! Today is Friday, April 9. Vaccinations have topped three million per day, but cases are rising due to more-contagious variants. President Biden outlined actions he said would help curb gun violence. The Caribbean St. Vincent island is on red alert for ‘imminent’ volcanic eruption.  And in mortgage and housing news … STREAK OVER: The Mortgage Note reports that after seven straight weeks of increases, mortgage rates dropped this week as the 30-year fixed-rate mortgage averaged 3.13 percent. 2021 RUSH: As pandemic dust slowly lifts, Zillow says millions of Americans will enter the housing market, with even more flocking to secondary cities. OPTIMISM: Fannie Mae’s latest Home Purchase Sentiment Index (HPSI) was optimistic for March, as signs continue to point to an improvement in the economy a…

Mortgage Roundup (4/8/21) – Buyers, Credit & Fintech

Good morning! Today is Thursday, April 8. The CDC reports that the UK variant of the Covid-19 virus is now the dominant strain the U.S. The Biden administration is considering an export ban on a Chinese company involved in the development of hypersonic missiles. Researchers say patients who use “Dr. Google” to find out what’s wrong with them will likely get the right diagnosis. And in mortgage and housing news … MORTGAGE APPS: The Mortgage Note reports that mortgage applications slid 5 percent for the week ending April 2 amid higher interest rates, the Mortgage Bankers Association reported in its Weekly Mortgage Applications Survey. “RESPONSIBLE SERVICERS”: The nation’s consumer protection agency is cracking down on mortgage servicers that don’t assist struggling homeowners. SERVICE QUALITY UPGRADE: The upgrade of Quicken…

Mortgage Roundup (4/7/21) – CFPB, 1031 & Pets

Good morning! Today is Wednesday, April 7. President Biden said all adults should be eligible for a Covid-19 vaccine by April 19. A national coalition of small businesses plans to lobby Congress for stricter antitrust laws and enforcement, saying Amazon competes unfairly. A new game show wants to send winners to space.  And in mortgage and housing news … FORECLOSURE GLUT: The Mortgage Note reports that the Consumer Financial Protection Bureau is proposing rule changes designed to prevent the 2.5 million Americans still in mortgage forbearance plans from losing their homes when the foreclosure bans expire. COMMERCIAL REAL ESTATE: The 2021 Commercial Real Estate International Business Trends Report discusses the trends in foreign buyer purchases of U.S. commercial real estate in 2020 in the “small commercial…