Good Morning! Today is Wednesday, October 12. Moscow said it had arrested eight people over the bombing of a bridge linking Crimea to Russia. The International Monetary Fund warned of a worldwide recession if policymakers mishandle the fight against inflation. Angela Lansbury died at 96.
The Mortgage Note Reports
Downward Spiral Continues: Mortgage loan application volume fell another 2% last week as interest rates reached 6.81%, their highest point since 2006.
Scott Rejoins Regions: Jason Scott is returning to Regions Bank and its subsidiary Sabal Capital Partners as managing director and head of Conventional Loan Production.
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In other mortgage and housing news…
More Cuts: Angel Oak has laid off another 57 employees, about 15% of its workforce, and Lower.com has cut its staff by 6%.
Renter Wealth Fund: A new program will give some of the appreciation on $1 billion of rentals to long-term renters as a wealth-building tool for those who can’t own a home.
Steep Drop-Off: Veros predicts home prices will appreciate on average just 1.5% for the next twelve months, a significant drop from its 4.5% forecast just last quarter.
“An Important Part Of The Fabric”: A Fed President said short-term rentals are partly to blame for the shortage of homes on the market, but Airbnb pushed back.
MSR, Streamlined: Staircase has launched a new technology that automates MSR transfers and orchestrates transactions between buyers and sellers.
BayFirst Shuttering Expands: As BayFirst closes its national lending network, three of its Maryland production offices are shutting down.
Walmart Lending: Lenders One Coop is opening its first three in-store locations at Walmart stores in New Jersey and Florida.
Senior Wealth: Homeowners 62 and older saw their housing wealth grow by $456 billion in the second quarter to a record $11.58 trillion from Q1 2022.