Mortgage Roundup (7/24/20) – Recovery, Rates & Granny

Good morning! Today is Friday, July 24. President Trump cancelled parts of the GOP convention set for Jacksonville, Florida, citing the threat of coronavirus spread. China ordered the United States to close its consulate in the western city of Chengdu. Aquanauts unveiled a design for the world’s largest underwater research station and habitat. And in mortgage and housing news … HOUSING RECOVERY: The housing market is back to pre-pandemic levels with some work to do. Boston, Seattle and NYC are leading the way. MORTGAGE RATES: After dropping below 3 percent, mortgage rates edged up slightly this week for the first time in weeks, Freddie Mac announced in its Primary Mortgage Market Survey. DISCRIMINATION SETTLEMENT: Bank of America will pay $300K to settle a Department of Justice mortgage…

Mortgage Roundup (7/23/20) – Sales, Scrubs & Prices

Good morning! Today is Thursday, July 23. A new stimulus package with $1,200 checks and unemployment benefits will be debated in Congress today. California coronavirus cases surpass New York’s numbers. Today would have been the opening ceremonies for the 2020 Summer Olympic Games in Tokyo, but the coronavirus put the Games on hold until 2021.   And in mortgage and housing news … HOME SALES: After three straight months of sales declines amid the coronavirus pandemic, existing home sales surged at a record pace in June, according to a report released by the National Association of Realtors. AIME SCRUBS CRITICS: After Anthony Casa announced he was taking a leave of absence from the Association of Independent Mortgage Experts, the organization removed his bio from…

Mortgage Roundup (7/22/20) – Suburbs, Vacations & Redlining

Good morning! Today is Wednesday, July 22. While far higher than expected, the coronavirus infection rate in the U.S. is far below what is required for community immunity. The White House and Congress remain at odds over another coronavirus relief package. Europe is looking at bringing fans back to sporting events.  And in mortgage and housing news … URBAN FLIGHT: While there is anecdotal evidence of people moving from urban environments to the suburbs and beyond, it could take several years before a full data picture to show whether the COVID-19 pandemic led to an urban flight. VACATION HOME MARKET: Real estate investors are scrutinizing second-home markets in the hunt for growth opportunities.  FANNIE MAE WORTH: Fannie Mae could be worthless to public shareholders, according to its…

Mortgage Roundup (7/21/20) – Goals, Forbearance & Relief

Good morning! Today is Tuesday, July 21. New York enters “phase 4” of reopening; indoor dining and malls remain closed. Georgia Democrats nominated the state party’s first Black chairwoman, Nikema Williams, to succeed the late civil rights icon Rep. John Lewis. Baseball fan and top epidemiologist, Dr. Fauci will throw out the first pitch for Washington Nationals’ opening day.  And in mortgage and housing news … FHFA GOALS: The Federal Finance Housing Agency announced 2021 housing goals for Fannie Mae and Freddie Mac that are identical to the mortgage purchase goals that were in place for the last three years. FORBEARANCE NUMBERS: The share of US homeowners whose mortgages are in forbearance dropped for the fifth straight week. UNEMPLOYMENT EXPIRATION: Some homeowners expect to struggle to…

Mortgage Roundup (7/20/20) – Casa, Prices & Suburbs

Good morning! Today is Monday, July 20. The House and Senate return to work today with a second stimulus plan on the agenda. Major League Baseball held exhibition games across the nation in front of empty stands. The NBA’s exhibition games are slated to start July 28 at Disney World.  And in mortgage and housing news … DOOR OPEN FOR CASA: After Anthony Casa took a leave of absence from the Association of Independent Mortgage Experts for sending lewd video texts, his (at least) temporary replacement vowed to keep the organization on track and seemed to keep the door open for Casa’s return. RURAL PRICE INCREASES: Rural real estate prices rise as more people consider leaving cities.  COVID SUBURBS: Five ways the coronavirus pandemic has changed suburbs.  …

Mortgage Roundup (7/17/20) – Casa Out, 3% & Recovery

Good morning! Today is Friday, July 17. Looming layoffs at airlines have unions and some lawmakers pushing for more government aid. The FBI is looking into the Twitter hack of some of the most famous accounts. Scientists say a new ocean is being born, as part of the African continent is slowly peeling apart. And in mortgage and housing news … CASA TAKES LEAVE FROM AIME: Anthony Casa announced he will take a leave of absence from his role as the head of the Association of Independent Mortgage Experts – but stopped short of resigning after it was disclosed he sent lewd and misogynistic video texts about the wife of a rival. BREAKING BARRIERS: Mortgage rates crashed through the 3 percent floor for the first…

Mortgage Roundup (7/16/20) – AIME, CFPB & PPP

Good morning! Today is Thursday, July 16. A Bitcoin scam breached some of world’s most prominent Twitter accounts, including Bill Gates, Barack Obama and Elon Musk. Oklahoma’s governor tests positive for COVID-19. The nation’s largest online marketplace for babysitters and other caregivers will pay $1 million to settle allegations it misrepresented background checks and auto-renewals without consent.  And in mortgage and housing news … AIME LOSES SPONSORS: The Association of Independent Mortgage Experts is hemorrhaging key sponsorsin after the disclosure that its leader sent lewd and misogynist video texts about a Quicken Loans executive’s spouse earlier this month. CFPB SUES CHICAGO LENDER: The Consumer Financial Protection Bureau filed a lawsuit against a Chicago-based mortgage lender for allegedly discouraging Black applicants from applying for…

Mortgage Roundup (7/15/20) – Casa, Homebuilding & FHFA

Good morning! Today is Wednesday, July 15. The first COVID-19 vaccine tested in the U.S. shows promising immune response ahead of a large trial. The White House is urging the National Guard to play a role in coronavirus data gathering, taking the CDC out of loop. International college students will not be required to attend in-person classes to remain in the country.  And in mortgage and housing news … MORTGAGE APPS: Mortgage applications jumped 54.1 percent in June over a year ago, according to a report released by the Mortgage Bankers Association. CASA FALLOUT: The attorney for a woman suing AIME boss Anthony Casa for lewd and misogynistic statements spoke to the Detroit Free Press, calling Casa’s apology “insulting.” HOMEBUILDING SURGE: Sales of newly built…

Mortgage Roundup (7/14/20) – AIME Fallout, Bidding Wars & Data

Good morning! Today is Tuesday, July 14. Los Angeles and San Diego schools will remain online only in the fall. Harvard and MIT have a high-stakes court hearing today over whether the federal government can force overseas students to move to a school with in-person teaching, or leave the country. The NFL is testing mouth shields to prevent the spread of COVID-19 during games.  And in mortgage and housing news … AIME FALLOUT: A day after news broke that Association of Independent Mortgage Experts Founder and CEO Anthony Casa sent degrading video messages about the wife of a Quicken Loans executive, member companies reacted in very different ways. FORBEARANCES DROP: The share of mortgage loans in forbearance in the United States dropped for…

Mortgage Roundup (7/13/20) – Lewd Lawsuit, Fed & Results

Good morning! Today is Monday, July 13. Florida breaks another record for the most new coronaviruses cases reported in one day. Disney World opens in Orlando with reduced capacity and precautions. The Washington Redskins football team will retire team name today.  And in mortgage and housing news … LEWD MESSAGES: The head of the Association of Independent Mortgage Experts sent a mortgage company executive expletive-filled video messages falsely alleging the man’s wife performed sexual acts on a rival industry executive. SIZE MATTERS: What’s more important when applying for a mortgage: excellent credit or 20 percent down payment?  REFINANCING: Why home equity matters when you try to refinance your mortgage. FED & TREASURY: Disagreements between leaders at the Federal Reserve and Treasury have slowed the start of their…