Good Morning! Today is Wednesday, October 26. A Russian court upheld basketball player Brittney Griner’s sentence of nine years in a penal colony on drug smuggling charges. Google reported its fifth consecutive quarter of slowing sales growth as weakness in the economy continued to dampen online advertising spending. Authorities are “actively investigating” claims by an Iowa woman that her late father, Donald Dean Studey, was a prolific serial killer.
The Mortgage Note Reports
Apps And Rates: Mortgage loan application volume surprised no one with another week of declines as rates hit 7.16% in the 10th consecutive week of increases.
New Residential Sales: New home sales fell in September, outperforming economists’ expectations but still sinking 10.8% from August and 17.6% YOY.
Prison Time: A real estate developer has been sentenced to four years behind bars for his involvement in a mortgage fraud scheme involving at least two dozen loan transactions totaling $6.5 million.
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In other mortgage and housing news…
Notarize From Home: Remote online notarization is the needed next step in the evolution of online business, giving homebuyers much-needed ease and access.
Lower The Bar: Pultegroup shares rose despite waning demand and a spike in the number of land deals canceled in Atlanta, showing how low the bar has fallen.
Surging Rent: More people are opting to stay longer in their parents’ homes or moving back in rather than pay steep rent increases, contributing to dropping apartment demand.
Rising Down Payments: The average down payment in the nation’s 50 largest metros averages $62,611, 35.3% higher than in September 2021.
Lucky #20: Restora, LLC, was the winning bidder for Fannie Mae’s 20th CIP of non-performing loans; Freddie Mac priced its second SLST offering of 2022, at about $230M.
“Where The Grass Is Greener”: Getting harder to retain good MLOs? MReport serves up five key ingredients for retaining talent.