Morning Roundup (10/2/2023) — Rocket Raises Loan Limits

Good Morning! Today is Monday, October 2. Foreign ministers from E.U. member countries are gathering in Kyiv for a surprise meeting. The Supreme Court returns today for a new term. FTX founder Sam Bankman-Fried will stand trial this week for fraud.

The Mortgage Note Reports

Limits Lifted: Rocket Pro TPO has increased the limits for conventional loans, and in doing so, leaders there say getting ahead of the curve will benefit mortgage professionals and their clients.

Empty Houses: Nearly 5.5 million homes are sitting vacant in the U.S.’s largest metros, largely vacation homes and rentals awaiting tenants.

Francis At Go: Eric Francis has been named VP of Finance at Go Mortgage.

Opinion: Tobias Peter at the American Enterprise Institute’s Housing Center says the Homes for Every Local Protector, Educator, and Responder Act will not achieve its desired results.

In other mortgage and housing news…

On The Brink?: With careful risk management, oversight, and regulation, the financial industry can navigate the changing landscape without a banking crisis, CoreLogic says.

Prices Outpace Wages: Affordability continues to sink as home prices rise faster than wages in many U.S. counties.

Building Lull: America needs new construction to fight high rental prices and allow renters to save for down payments, but apartment construction is slowing to a crawl.

Recruiting Platform: Equity Prime Mortgage, now a TPO business, wants to grow the industry’s wholesale channel through its newly launched broker recruiting website.

Tech Showdown: CoStar is seeking to stop Homesnap founder Guy Wolcott from marketing a new data-transfer platform, which it alleges is “a copycat” of its own tech.