Good morning! Today is Friday, January 29. General Motors announced it will sell only zero-emissions vehicles by 2035. The New York Attorney General says the state’s nursing home deaths were undercounted by 50 percent. A faster-spreading South African variant of the coronavirus was detected in the U.S. And in mortgage and housing news … BIDEN IMPACT: The burning question for lenders in 2021 is: How will President Biden, who’s been around this block before, respond to today’s complex housing market that has been propped up by forbearance and historically low interest rates? DOWNPAYMENT OPTIONS: There may be an upside for the young adults who were forced to move back home with their parents during the pandemic. MORTGAGE RATES: Mortgage rates fell for the second consecutive week, inching closer…
Good morning! Today is Thursday, January 28. Internet-fueled amateurs are gathering on platforms like Reddit, Discord, Facebook and Twitter to create a Wall Street power shift and it’s working. The Department of Homeland Security warned that violent domestic extremists could attack in the coming weeks, emboldened by the Jan. 6 riot at the U.S. Capitol. Apple is urging iPhone and iPad users to update their devices to fix security flaws that might have been “actively exploited” by hackers. And in mortgage and housing news … ROCKET DIRECTORY: Rocket Mortgage announced a new national broker directory on its website – allowing homebuyers and homeowners seeking to refinance to find local independent mortgage brokers to guide them through the process. MORTGAGE APPS: Mortgage applications tumbled 4.1 percent for…
Good morning! Today is Wednesday, January 27. A second impeachment trial will proceed on Feb. 9, but there are not enough votes to convict former president Donald Trump over his role in the Jan. 6 mob attack on the Capitol. Walmart will fill online orders with robots in some stores. New Army rules will allow ponytails and nail color for female soldiers. And in mortgage and housing news … HOUSING PRICES: The Federal Housing Finance Agency’s Home Price Index showed prices were up 1 percent in November for the month – and a whopping 11 percent from November 2019 to November 2020. MLB LOANDEPOT: Major League Baseball has made loanDepot the “official mortgage provider” of MLB under a multi-year partnership announced this week. CFPB PICK: Financial firms…
Good morning! Today is Tuesday, January 26. Former Federal Reserve Chair Janet Yellen was confirmed by the Senate to serve as first woman Treasury Secretary. Vaccines by Moderna and Pfizer-BioNTech are slightly less effective against a variant found in South Africa. A judge has approved a $17 million settlement plan for sexual misconduct victims of Harvey Weinstein. And in mortgage and housing news … HOME VALUES: Fueled by record-low interest rates and scarce inventory, home value growth surged in December by 3.2 percent over the previous quarter – the largest increase in at least a quarter century. FORBEARANCE REPORT: The number of mortgages in forbearance in the United States held steady at about 2.7 million. MORTGAGE CRITERIA: Qualifying for a mortgage in 2021 may be a different process…
Good morning! Today is Monday, January 25. California Gov. Newsom is expected to cancel stay-at-home orders in large parts of the Golden State to allow restaurants and gyms to reopen outdoor dining and services. The U.S. imposed a ban on travelers entering the country from South Africa in a bid to contain the spread of a new variant of Cpvod-19. The stage is being set for the 2021 Superbowl – the Tampa Bay Buccaneers will face the Kansas City Chiefs. And in mortgage and housing news … UWM NYSE: United Wholesale Mortgage Company’s first day on the New York Stock Exchange ended with a dip. CRA EXPANSION: With Democrats in power, will CRA be expanded to nonbanks? HOUSING CRISIS: President Joe Biden is no stranger to…
Good morning! Today is Friday, January 22. Thousands of National Guard troops were ordered to vacate the Capitol following the Presidential inauguration with no plan to get them home. Scientists unlock a potential drug capable of de-aging the brain and reversing cognitive decline. Today marks six months out from the rescheduled 2020 Olympic Games in Tokyo. And in mortgage and housing news … UWM DEAL: United Wholesale mortgage and Gores Holdings IV, Inc., announced the closing of their previously announced $16 billion business merging, clearing the way for UWM to go public today in the largest deal of its kind. ISHBIA FORTUNES: It’s good to be Mat Ishbia. EMERGENCY HOUSING: President Joe Biden issued an executive order that increases federal government spending to provide emergency…
Good morning! Today is Thursday, January 21. The newly inaugurated 46th president of the United States Joe Biden urged Americans to overcome their divisions. United Airlines posted nearly $2 billion in quarterly losses, as Covid-19 continues to stall air travel. The NFL named the first woman to officiate a Super Bowl. And in mortgage and housing news … MORTGAGE APPS: Mortgage applications decreased slightly last week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. BUILDER CONFIDENCE: Builder confidence slid in January as the nation faced climbing Covid-19 caseloads and homebuilders confronted surging lumber prices, the National Association of Home Builders/Wells Fargo Housing Market Index showed. CRE OUTLOOK: The 2021 outlook for the retail and hospitality industry bodes well for commercial real estate investors. BIDEN ERA: Incoming President…
Good morning! Today is Wednesday, January 20. President Donald Trump delivered a farewell address and pardoned 73 people ahead of today’s inauguration of Joe Biden as the 46th President of the United States. The FAA is looking at an Iowa airport’s pre-boarding Covid-19 passenger screening process as a possible model for the nation. And in mortgage and housing news … MORATORIUM EXTENDED: The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are extending the moratoriums on single-family foreclosures and real estate owned evictions until February 28. APPRAISAL PROCESS: How to make your appraisal go as smoothly as possible. TITLE INSURANCE: The title insurance arms race is heating up. 1ST ALLIANCE LAWSUIT: CFPB slaps 1st Alliance Lending for illegal mortgage-origination practices. HOUSING SCAMS: Five ways to protect yourself from housing scams. FINTECH…
Good morning! Today is Tuesday, January 19. President Trump is expected to issue as many as 100 pardons and commutations on his final day in office. Treasury Secretary nominee Janet Yellen is calling on Congress to do more to fight a deep pandemic-induced recession. A man managed to live inside Chicago’s O’Hare airport for three months before being detected. And in mortgage and housing news … BIDEN PICKS: Biden taps FTC’s Rohit Chopra as CFPB Chief. TREASURY RATES: Will rising Treasury rates mean higher mortgage interest costs ahead? SUPPLY/DEMAND: The mortgage banking IPO wave and expected supply and demand challenges. REAL ESTATE RIOTER: The Texas real estate agent charged in the Capitol attack pleads for pardon. MARKET CRASH?: Three reasons there won’t be a housing market crash in 2021. ROCKET EXPANDS: Rocket Mortgage…
Good morning! Today is Monday, January 18 – a federal holiday honoring civil rights leader Martin Luther King Jr. The nation’s capital has heavy military and security presence ahead of the Presidential inauguration. The FBI used selfie photos and pictures from the capitol siege to identify more than 275 suspects and arrest 100. Richard Branson’s Virgin Orbit rocket reached space on Sunday, eight months after the first demonstration flight failed. And in mortgage and housing news … VRBO DC RESERVATIONS: Days after Airbnb announced it would cancel all Washington, DC, reservations during Inauguration week, VRBO signaled that it would not follow its competitor’s lead. CFPB NOMINATION: President-elect Joe Biden will nominate Rohit Chopra to be the next director of the Consumer Financial Protection Bureau, according to…
