Good Morning! Today is Thursday, October 28. The Biden White House announced a framework for the $1.75 trillion in social spending known as “Build Back Better.” Iran said it would rejoin negotiations to revive the 2015 nuclear deal. The Taliban have allowed some teenaged girls to go back to school. A study found that a cheap anti-depressant may reduce the chance of hospitalization for those with Covid-19.
And in mortgage and housing news…
Freddie Mac: Interest rates rose again this week, reaching 3.14%.
Fraud On The Rise: Mortgage fraud is back up to pre-pandemic levels as low-risk refinances lose favor and purchase applications tick up.
Pace of Home Sales Picking Up: One-third of houses sold in the last four weeks went under contract within seven days of hitting the market.
FHFA Proposal: FHFA proposed public disclosure requirements for Fannie Mae and Freddie Mac that would align with international standards for large banks.
65 And Up: A new report from LendingTree found that nearly 10 million homeowners aged 65 or older still make mortgage payments on their homes.
“They’re Like Unicorns”: Home sales below $200,000 dropped to under 20% of transactions in September.
Fizzling Out?: Mortgage servicer satisfaction, which was buoyed by servicers’ empathetic responses to the pandemic, is starting to slip.
Mortgage Coach + Homebinder: Mortgage Coach announced a new integration with HomeBinder that will allow borrowers to stay connected with their lenders.
Angel Oak Appointment: Angel Oak, a non-QM lender, named David Raju its Group Chief Information Officer.
Big Expectations: The deadline for Fannie and Freddie to submit their plans is the end of the year, and the industry has big expectations.