Morning Roundup (10/12/2022) – Loan Apps Fall Some More

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 RegionsJason Scott is returning to Regions Bank and its subsidiary Sabal Capital Partners as managing director and head of Conventional Loan Production.

What questions would you like us to ask the experts? Share your thoughts by emailing us at [email protected].

In other mortgage and housing news…

More Cuts: Angel Oak has laid off another 57 employees, about 15% of its workforce, and 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.