Good Morning! Today is Thursday, January 19. The U.S. is expected to hit its $31.4 trillion borrowing limit today. Microsoft will lay off 10,000 people, its largest cut in eight years. A protester was killed and a Georgia state trooper was wounded during a confrontation over a planned police training center in Atlanta.
The Mortgage Note Reports
The Hangover: Three prominent figures in the mortgage industry recently got together to discuss the challenges for lenders in 2023. Writer Scott Kimbler has the story.
Housing Starts: Housing construction slid again in December to its lowest point since July, but an increase in single-family starts may signal improvement to come.
Planet Home Lending: Planet Home lending opened a new branch in Kissimmee, FL, led by Branch Manager Ricardo Maldonado.
Listen To Our Podcast: This podcast highlights the successes and innovations taking place in the mortgage industry.
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…
Layoffs: Fintech nCino laid off 7% of its workforce, about 120 people, while Finance of America let go of another 43 employees at its Conshohocken office.
Political Pressure: The White House is rolling out new measures to protect tenants in the wake of price spikes, but the housing industry is pushing back.
Reviving Rules: One such rule requires cities, counties, and states that receive federal housing funds to actively uproot patterns of residential segregation.
Rates Begin To Thaw: Monthly mortgage costs have fallen more than $100 from their peak as rates have relaxed, but are still nearly double what they were in 2019.
Continued Improvement: Conventional serious delinquency rates are now lower than pre-pandemic rates, though rates for FHA and VA are slightly higher.
Renting Still Easier: Both renting and homeownership are unaffordable for the average worker, though renting is the most manageable in the majority of markets.
Light In The Dark: High rates and all-cash offers made homebuying challenging for service members and veterans last year, but most are optimistic about buying in 2023.