Good Morning! Today is Friday, October 1. Lawmakers avoided a partial shutdown last night by signing a bill to fund the government. House Democrats delayed a vote on the $1 trillion infrastructure bill. Supreme Court Justice Brett Kavanaugh tested positive for COVID-19. U.S. jobless claims remained near pandemic lows during September.
And in mortgage and housing news…
Teachers, Nurses Struggle With Housing: The lack of affordable housing is forcing in-person workers like teachers and nurses into smaller, older homes, according to a Zillow report.
Forbearances Fall: Forbearances are down 11% month-over-month, the fastest rate of decline since July, Black Knight reported.
Seniors At Home: An AAG survey found that over 80% of seniors do not want to sell their homes.
PennyMac: PennyMac Financial Services and PennyMac Mortgage Investment Trust announced they will offer expanded conforming loan amounts up to at least $625,000 in all states.
September Inventory: The supply of for-sale homes hit its highest point of the year in September, though new listings fell year-over-year for the first time in 5 months, Realtor.com reported.
VA Extends Deferment Deadline: The Department of Veterans Affairs is extending the timeframe for borrowers to request loan deferment.
“A Scheme To Loot loanDepot’s Business”: loanDepot alleged in a lawsuit that seven employees who joined another company stole client lists and purposefully funneled clients to their new company.
New Boss: The Senate confirmed Rohit Chopra as director of the Consumer Financial Protection Agency.
Post-Crisis High: Non-agency residential mortgage-backed securitizations are set to exceed pre-pandemic levels.
Remodeling Boom: Remodeling could best the hottest new market for loan originators.
FHFA Fee Reduction?: FHFA is considering slashing risk-based fees on Freddie and Fannie loans that may have priced first-time buyers out.