Morning Roundup (12/13/2021)– Mortgage Credit Down, OCC Reports Improvement

Good Morning! Today is Monday, December 13. At least 90 people are dead after tornadoes leveled 250 miles across six states. Stock buybacks hit a record $234.5 billion in Q3 as companies responded to pandemic hardship. Chris Wallace is leaving Fox News to join CNN. And in mortgage and housing news… Reality Check: There will be more houses on the market in 2022 because of the number of people who have died due to COVID-19 and its variants, a sobering reality was highlighted during the National Association of Real Estate Editors conference in Miami, Fla., last week. Mortgage Credit Down:  Mortgage credit availability shrank in November, falling by 0.6% to 124.9, according to MBA’s Mortgage Credit Availability Index. OCC Reports…

Morning Roundup (12/10/2021)– Rates Flat, Forbearances Plunge

Good Morning! Today is Friday, December 10. The Senate voted to allow Congress to raise the debt ceiling with a simple majority vote. The FDA authorized Pfizer boosters for 16- and 17-year-olds. Workers at a Buffalo Starbucks voted to unionize, making them the first of 9,000 stores to do so. And in mortgage and housing news… Rates Stay The Same: Mortgage rates once again remained basically the same over the last week, averaging 3.10%, Freddie Mac reported. Forbearances Plunge: Forbearances plan exits surged during the first week of December, though plan starts grew for another week. Equity Continues To Soar: Homeowners with a mortgage gained over 31% in equity YOY in Q3, according to CoreLogic. Inflation Up To 39-Year-High: U.S. inflation reached a nearly four-decade high in November, as…

Morning Roundup (12/09/2021)– CFPB Calls Out Lending Violations, Millennials At Risk

Good Morning! Today is Thursday, December 9. British government members are under fire for a video showing them laughing about attending a party last year when group gatherings were prohibited. President Biden ordered government agencies to phase out gas-powered vehicles. New Zealand wants to ban all cigarette sales by raising the legal smoking age. And in mortgage and housing news… Webinar Hot Topics: Millennials keeping the market hot, racial bias affecting home appraisals, and automated valuation technology were discussed on Tuesday during a webinar designed to address what mortgage professionals should expect in 2022 and beyond. CFPB Finds Lending Violations: A CFPB report highlighted mortgage-related violations in 2021, including late fees charged to people in forbearance and discriminatory lending practices.…

Morning Roundup (12/08/2021)– Mortgage Apps, Missed Rent Payments Up

Good Morning! Today is Wednesday, December 8. The US will spend $400 million on vaccine distribution in Africa and elsewhere. The House passed a $768 billion defense policy bill, which now moves to the Senate. Chris Cuomo’s publisher canceled his planned book. And in mortgage and housing news… Mortgage Applications Up: Mortgage loan application volume rose 2% last week, MBA’s weekly survey reported. Missed Rent Payments: Renters were three times more likely to miss payments than homeowners during September and October, according to research from RIHA. Commercial/Multifamily Delinquencies: Delinquencies on commercial and multifamily mortgages fell in Q3 2021, according to MBA’s Commercial/Multifamily Delinquency Report. NAR Political Spending: NAR’s political spending is in opposition to its stated desire to support education…

Morning Roundup (12/07/2021)– CT Settlement, Equity At An All-Time High

Good Morning! Today is Tuesday, December 7. New York City will implement a vaccine mandate for private employers this month. President Biden will speak with Vladimir Putin today in an attempt to stave off a Russian invasion of Ukraine. Republican Representative Devin Nunes will resign to run Donald Trump’s media company. And in mortgage and housing news… CT Town Settles For $350,000: Officials from the U.S. Department of Justice have announced a settlement in a lawsuit against a Connecticut town that enacted zoning laws making housing for persons with mental health disabilities unavailable. Mortgage Monitor: Tappable equity reached an all-time high in October 2021, according to Black Knight’s latest mortgage monitor report. New FinLocker SVP: FinLocker has named Andria Thomas …

Morning Roundup (12/06/2021)– Omicron Fears, Zillow Recovery

Good Morning! Today is Monday, December 6. Former Senate Majority Leader and Republican Presidential Nominee Bob Dole died yesterday. He was 98 years old. Bitcoin recovered from a weekend crash that brought its value below $50,000. Omicron may have been spreading at a New York anime convention before cases were officially confirmed in the US. And in mortgage and housing news… Market-Crash Flashback?: Fannie Mae and Freddie Mac have raised their loan limits to nearly $1 million in some communities. Does that mean lenders are repeating the same mistakes which led to the 2008 crash? Analysts React To Omicron: How will Omicron impact the housing market? Analysts are optimistic it won’t cause significant damage. Zillow Bouncing Back: Zillow is recovering…

Morning Roundup (12/03/2021)– Interest Rates Flat, Mortgage Lending Declined In Q2, Q3

Good Morning! Today is Friday, December 3. Congress averted a shutdown by passing a bill funding the government through February. The FTC is suing to stop a $40 billion merger between Nvidia and Arm. Florida Governor Ron DeSantis proposed a civilian military force overseen by him rather than the Pentagon. And in mortgage and housing news… Rates Flat: Mortgage rates remained basically the same over the last week, averaging 3.11%, Freddie Mac reported Thursday. “The Drop-Off Is Significant”: Mortgage lending declined at an unusually fast pace during Q3 2021, falling during peak buying season for the first time since 2000, ATTOM reported. Construction Still “Hobbled”: A new Zillow report found that despite construction companies’ best efforts, the completion of new…

Morning Roundup (12/02/2021)– Ex-MBA President Sentenced, American Wealth Gains

Good Morning! Today is Thursday, December 2. The first US case of Omicron has been identified in California. Senate Republicans are threatening a government shutdown over the Biden administration’s vaccine mandate. Major league baseball is in a work stoppage after failing to reach a collective bargaining agreement. And in mortgage and housing news… Ex-Prez Sentenced: Ronald McCord, founder of First Mortgage Company and former MBA president, will pay $51.8 million in restitution for mortgage fraud and spend 8.5 years in jail. American Wealth Gains: The median net worth of American households rose 17.6% between 2016 and 2019, according to a new report from MBA’s RIHA. Better Layoffs: After a $750 million cash infusion ahead of a merger and plan to…

Morning Roundup (12/01/2021)– A New Gold Rush For Lenders, Mortgage Apps Drop

Good Morning! Today is Wednesday, December 1. At least three students were killed in a high school shooting in Oxford, Michigan. The CDC is planning to require international travelers to show a negative test that is less than 24 hours old. The TV host Dr. Oz will run for Senate in Pennsylvania as a Republican. And in mortgage and housing news… A New Gold Rush For Lenders?: As the pandemic continues and workers reevaluate their commitment to metropolitan life, lenders in smaller cities stand to benefit from what is being termed the “Great Resignation.” Mortgage Applications Drop: Mortgage loan application volume fell 7.2% last week, with refis down 15% due to rising interest rates, according to the MBA. Insurance Hikes…

Morning Roundup (11/30/2021)– Your Company’s Favorite Charity Could Receive $1,000!

Good Morning! Today is Tuesday, November 30. The W.H.O called the Omicron variant a “very high” risk to global health. Jack Dorsey stepped down as Twitter’s chief executive. Barbados swore in its first president, officially becoming a republic and cutting ties with England. And in mortgage and housing news… Your Company’s Favorite Charity Could Receive $1,000: Across the country this December, mortgage professionals will be stepping up to help people in need, support community charities, and generally help make the season a little brighter. The Mortgage Note wants to celebrate those efforts by highlighting them in an upcoming edition of this newsletter. One office’s favorite charity will receive a $1,000 donation from The Morgage Note! Details here. SFRhub Teams Up With…