Morning Roundup (1/12/2023) – Lukewarm Reaction To Wells Fargo News

Good Morning! Today is Thursday, January 12. President Biden’s aides found more classified documents at a second location associated with him. Flights in the U.S. were halted yesterday after a system to alert pilots to safety issues went down. Californians are searching for a 5-year-old who was swept out of his mother’s arms by flood waters.

The Mortgage Note Reports

Lukewarm Reaction: Leaders at Wells Fargo announced this week that they are reducing their home lending footprint and some people are saying it may be big news in the lending space, but will likely not make much of a difference to the average consumer. Editor Kimberley Haas has the story.

Price Growth Cools: Home price growth cooled to the single digits for the first time in a year as both buyers and sellers continued to pull back from the market.

Appraisal Updates Reggora updated its order management platform to embed borrower’s appraisal information into a lender’s POS system.

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…

Foreclosures OK: US foreclosure activity doubled over the last year but remains significantly lower than before the pandemic.

GridSource: Zillow named Charlotte the hottest housing market of 2023, as buyers zoom in on relatively affordable markets with room to grow.

Rent Growth Slows Again: Rents rose 5% from a year earlier, the smallest increase in nearly a year and a half and roughly one-third the pace of growth seen last December.

Pandemic Trends: Fannie Mae says financial benefits motivated homebuyers during the pandemic more than additional space or location preferences.

Sagent COO: Fintech software company Sagent appointed Fannie Mae veteran Marianne Sullivan as Chief Operating Officer.

More Layoffs: Blend Labs, which builds software for mortgage applications and other banking functions, is conducting its fourth layoff in less than a year.