Morning Roundup (1/11/2023) – Wells Fargo Bowing Out

Good Morning! Today is Wednesday, January 11. At least 17 people have died as rain caused flooding in Los Angeles. Allen Weisselberg, the Trump Organization’s former chief financial officer, was sentenced to five months in prison for tax fraud. The House voted to create a special committee on the “weaponizing the government” designed to investigate perceived wrongdoing by the federal government. 

The Mortgage Note Reports

WF Steps Back: Wells Fargo is reducing its lending footprint, saying it will exit the correspondent lending channel and shrink its mortgage servicing portfolio.

Refi Gains: Mortgage loan application volume rose in the first week of 2023, driven by a flurry of refinancing as homeowners take advantage of slipping rates.

Meet The GenZer Making Strides: Editor Kimberley Haas sat down with the 26-year-old CEO of Alpha Capital Funds who has plans to buy multi-family properties throughout the state of Connecticut with the goal of acquiring 500 units by the end of 2023.

TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.

In other mortgage and housing news…

Credit Availability: Mortgage credit availability fell just slightly in December due to interest rates that are now double from a year earlier.

Are Suburbs Out?: In the spring of 2020, home purchases moved to areas farther from city centers, but that trend may be reversing.

GridSource: OrangeGrid released a new environment that connects all vendor types to their suite of mortgage servicing products, simplifying management.

Another Disrupter: Defy Mortgage, a new lender focused on gig workers that evaluates a homebuyer’s entire asset portfolio including crypto, has launched.

Shut Downs: North American Savings Bank is closing its consumer direct division, and Anywhere Real Estate is shutting down.

2023 Lineup: MISMO announced its 2023 Board of Directors and the recipients of its annual awards.