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…
Good Morning! Today is Friday, August 26. A federal judge ordered the release of a redacted version of the affidavit for the search warrant of Mar-a-Lago. Two Florida residents pleaded guilty to stealing Ashley Biden’s diary and selling it to a conservative group. Labor officials accused Starbucks of discriminating against unionized employees by promising raises only to stores that rejected the union. The Mortgage Note Reports Rates Back Up: Mortgage rates shot back up, rising from 5.13% last week to an average of 5.55%. Price Peaking: Home prices have peaked in a growing number of overpriced markets as sellers and buyers pull back in the face of rising rates and affordability challenges. Opinion: Scott Olson writes about the merger of Community Mortgage Lenders of America and Community Home…
Good Morning! Today is Thursday, August 25. A Russian missile killed at least 22 people at a train station as Ukraine celebrated its Independence Day. California will ban the sale of new gasoline-powered cars by 2035. The school board in Uvalde, Texas, fired the police chief who led the response to the May 24 shooting. The Mortgage Note Reports ICYMI: One of our most popular articles this month was about extended stay living and its popularity during the pandemic. Can these hotels help solve the housing crisis? Writer Chuck Green had the story. Affordability Outlook: Homebuyer affordability improved for the second straight month in July, with the national median payment applied for by applicants decreasing to $1,844 from $1,893 in June. Mortgage Slump: Refinance lending dropped 36% from Q1 to…
Good Morning! Today is Wednesday, August 24. Russia invaded Ukraine six months ago today. President Biden is expected to announce a plan to cancel some federal student loan debt, and his administration will offer updated Covid booster shots to Americans 12 and older this fall. The Mortgage Note Reports Moving To Mexico!: Mexico keeps coming up in real estate-related keywords. Editor Kimberley Haas has the story. Applications Sink: Mortgage loan application volume fell last week to a 22-year low as the 30-year fixed rate rose to its highest point in almost a month. Pending Home Sales: Pending home sales slipped only slightly in July, down 1% from June, as buyers took advantage of moderating interest rates. And in other mortgage and housing news… Fed Prediction: Investors are bracing for…
Good Morning! Today is Tuesday, August 23. The government has recovered more than 300 classified documents from Donald Trump since he left office. Dr. Anthony Fauci says he will step down in December after nearly four decades. An ex-Twitter exec has come forward as a whistleblower on “reckless and negligent” cybersecurity policies. The Mortgage Note Reports The Lending Architects: The new executive vice president and chief operating officer at LendArch says they can enable lenders to optimize the mortgage experience from start to finish by digitalizing the real estate financing process. Editor Kimberley Haas sat down with Karthik Kumar to learn more. Home Sales Drop Off: New home sales fell in July to a seasonally adjusted annual rate of 511,000, down 12.6% from June and 29.6% YOY. Ouwerkerk…
Good Morning! Today is Monday, August 22. The daughter of an influential, ultra-nationalist Russian philosopher was killed by a car bomb on the outskirts of Moscow. Teachers at Ohio’s largest school district voted to go on strike Sunday, just days before school is scheduled to start. The Mortgage Note Reports Sink Or Swim: Three industry professionals recently hosted a National Mortgage Profession webinar to offer advice so mortgage lenders can stay afloat now that the market has shifted in many parts of the country. Writer Scott Kimbler offers insight into what they said. July Home Sales: Home sales dropped 19.3% YOY in July to their lowest level since the beginning of the pandemic, their biggest annual decline in more than a year. Arc Home: Non-QM lender Arc Home…
