Good Morning! Today is Monday, October 24. Boris Johnson pulled out of the race to become Britain’s prime minister. Ethan Crumbley, 16, pleaded guilty to killing four students and wounding seven others at a Michigan high school last year. Florida has paid a contractor $950,000 for proposed flights moving more migrants north.
The Mortgage Note Reports
Opportunities Remain: Interest rates have dampened demand for mortgages, but a new study highlights consumers that offer prime opportunities for lenders.
Wholesale SVP: Mike Mell has been named Senior Vice President of Freedom Mortgage’s Wholesale Division.
What are your main concerns going into 2023? Share your thoughts by emailing us at [email protected].
In other mortgage and housing news…
Price Growth Cooling: Affordability continued its rapid decline in August 2022 as real house prices rose 49% YOY, but price appreciation has slowed in all tracked markets.
FOA Ends Mortgage Lending: Finance of America Mortgage will shut down by year-end, as the company focuses on businesses with “greater growth potential.”
Freddie’s Forecast: Freddie Mac predicts that rates will average of 6.8% in Q4 2022 before dropping to 6.2% in Q1 2023, and home sales will end the year at 5 million units.
New Acquisition: Marlin Mortgage is acquiring direct-to-consumer lender LoanFront.
Overloading A “Fragile” System: Front-loading rate hikes intensifies the threat of large financial accidents with nasty economic spillovers, Mohamed A. El-Erian argues.
Fannie’s 10th Transfer: Fannie Mae executed its tenth Credit Insurance Risk Transfer transaction of 2022 on $9.6 billion of single-family loans.
Bad Servicing: Ocwen Financial will pay $2 million after a judgment that it refused to follow Freddie Mac guidelines to assist homeowners going through a divorce.
New Advantage Feature: Advantage Systems is offering a new branch income reporting feature that accounts for branch managers who also originate loans.
Starter Home Lock-Out: Starter homes are now only affordable in four cities.