Good morning! Today is Monday, March 29. Public health experts say they are racing to vaccinate to stay ahead of Covid virus variants. A cargo ship remains stuck in the Suez Canal after a week with a backup of hundreds of ships waiting to pass through. The pandemic is fueling a virtual reality travel boom. And in mortgage and housing news … NONBANK LENDING: Online payments specialist PayPal is now the biggest non-bank lender after experiencing a boom in demand for services through the Covid-19 pandemic. BORROWER BREAK: A break for borrowers? Spiking mortgage rates may be stalling, experts say. HOUSING HEAT INDEX: A new study finds that Utah is the hottest housing market in the country, with historically low inventory. FLOOD INSURANCE: New York Senator Chuck Schumer…
Good morning! Today is Friday, March 26. In his first news conference, President Biden called for changes to the legislative filibuster and defended his border policy. Executives of Facebook, Twitter and Alphabet appeared before a House panel, where they faced questions about social media’s role in spreading disinformation. Pfizer begins testing a Covid-19 vaccine on children. And in mortgage and housing news … BROKER WARS: The Mortgage Note reports that United Wholesale Mortgage CEO Mat Ishbia went on CNBC to assert he is the good guy in the Broker Wars by standing up for brokers and “for what is right.” MORTGAGE RATES: The Mortgage Note provides the latest news on the sixth straight mortgage interest rate hike. BITCOIN: Lenders are accepting bitcoin as a down payment for home…
Good morning! Today is Thursday, March 25. Vice President Kamala Harris will be the White House’s point person on immigration issues amid a surge at the southern border. Pope Francis has ordered cardinals to take a 10 percent pay cut and reduced the salaries of most other clerics working in the Vatican in order to save employees’ jobs. You can now buy a Tesla with bitcoin, but it will be taxed at a higher rate. And in mortgage and housing news … BROKER WARS: In the 10th installment of the Broker War Chronicles, The Mortgage Note reports that like Rocket Mortgage, Fairway Independent Mortgage cites increased interest from brokers after United Wholesale Mortgage launched the Broker Wars. MORTGAGE APPS: The Mortgage Note reports that mortgage applications slid 2.5…
Good morning! Today is Wednesday, March 24. The suspected gunman in the Boulder shooting has been charged with 10 counts of first-degree murder. The U.S. Postal Service will unveil the largest rollback of consumer mail services in a generation, including longer mail delivery times, reduced post office hours and higher prices. Prince Harry will start a job at a Silicon Valley startup. And in mortgage and housing news … 8-MINUTE APPROVAL: The Mortgage Note reports that the personal finance app Mint and Rocket Mortgage announced an expansion of their partnership that allows Mint users to get approved to purchase home entirely digitally in as few as eight minutes. IMBs: The Mortgage Note reports that independent mortgage banks and mortgage subsidiaries of charter banks again saw…
Good morning! Today is Tuesday, March 23. President Biden’s economic advisers are preparing a $3 trillion spending package aimed at boosting the economy, reducing carbon emissions and narrowing economic inequality, financed in part by tax increases. New Jersey leads the nation in the number of new Covid-19 cases with many others experiencing a resurgence. More states are expanding vaccine eligibility after nearly 25 percent of the population receives at least one dose. And in mortgage and housing news … FORBEARANCE REPORT: The Mortgage Note reports that the number of U.S. mortgages in forbearance dipped to 2.5 million in the latest survey released by the Mortgage Bankers Association. COOL DOWN: The first signs that higher mortgage rates are cooling the hot housing market. CHEAP DEPOSITS: What’s driving…
Good morning! Today is Monday, March 22. Covid-19 vaccine manufacturers are ramping up production, churning out far more doses per week. Miami Beach imposed an 8 pm curfew to curtail Spring Break crowds, fights and destruction. Former President Donald Trump is starting his own social network. And in mortgage and housing news … HATCH ACT: The Mortgage Note reports that Housing and Urban Development Secretary touched off a mini political storm when she answered a political question in the White House briefing room, raising concerns that she violated the Hatch Act in the process. NEW REALTORS: Surging prices are persuading tens of thousands more Americans to try their hands at selling real estate. THROUGH 2023: On March 17, the Federal Reserve announced that while it…
Good morning! Today is Friday, March 19. Covid-19 case numbers are surging in multiple states, but the mass vaccination of the most vulnerable Americans is likely to limit its human cost. U.S. jobless claims rise to 770,000 with layoffs continuing. A recall election appears more likely for California Gov. Newsom. And in mortgage and housing news … RESCUE PLAN: The Mortgage Note reports on the White House taking to Twitter on Thursday to promote housing elements in the $1.9 trillion American Rescue Plan. RATES UP: For the fifth week in a row, the 30-year fixed-rate mortgage saw an increase in Freddie Mac’s weekly Primary Mortgage Market Survey, The Mortgage Note reports. SPARTY DOLLARS: Michigan State University’s Spartans are seeing millions of dollars come through the door from…
Good morning! Today is Thursday, March 18. The IRS plans to delay this year’s tax filing until mid-May. Dozens of homes are damaged and destroyed after powerful tornados in the South. Marvel reveals its first gay Captain America. And in mortgage and housing news … BROKER WARS: The Mortgage Note asks: who won the Broker Wars on Day 1? Depends on who you ask. MORTGAGE APPS: The Mortgage Note reports that mortgage applications dip amid higher interest rates. INTERIM BOSS: Freddie Mac tapped Mark Grier to be interim CEO. FHFA EXTENSION: The Federal Housing Finance Administration extended relaxed rules on employment verification and home appraisals. SWITCHING LENDERS: The pros and cons of switching lenders when refinancing your mortgage. BUSINESS TRAVEL REBOUND: Pent-up vacation demand has boosted investor demand for beach resorts and roadside…
Good morning! Today is Wednesday, March 17. President Biden will hold his first news conference March 25. The Federal Aviation Administration extended the “zero-tolerance” policy for bad air travel behavior while the federal mask mandate is in place. Los Angeles Lakers star LeBron James is set to become part-owner of the Boston Red Sox. And in mortgage and housing news … BROKER WARS: The Mortgage Note reports on a consumer group launching a campaign designed to raise awareness among policymakers about the Broker Wars in an effort to put pressure on United Wholesale Mortgage over their refusal to work with brokers who do business with two competitors. MORTGAGE APPS: The Mortgage Note reports that mortgage applications for new home purchases for February fell by 9…
Good morning! Today is Tuesday, March 16. President Biden is eyeing the first major tax hike since 1993. FEMA was deployed to help process an increasing number of children and teenagers who have filled detention facilities at the southwest border. A modernized version of the historic Mayflower ship powered by artificial intelligence is set to make its autonomous maiden voyage across the Atlantic next month. And in mortgage and housing news … FORBEARANCE REPORT: The Mortgage Note reports that the share of mortgages in forbearance in the United States declined slightly again the first week in March, according to the latest report released by the Mortgage Bankers Association. RESERVES TO PROFITS: In the coming months, banks are expected to free up tens of billions of dollars…
