Morning Roundup (10/28/2022) – Rates Top 7%

Good Morning! Today is Friday, October 28. Elon Musk took charge of Twitter and fired at least four executives. Prosecutors and the SEC are investigating whether Tesla misled consumers and investors about its Autopilot system. A man was sentenced to more than seven years for dragging a police officer into a mob during the Capitol riot.

The Mortgage Note Reports

They’re Here: Average mortgage rates topped 7% for the first time in 20 years after hovering just under it for several weeks.

LoanLogics Changes: Dave Parker is taking over as LoanLogics’ CEO in the wake of Bill Neville’s retirement, while Paul Vancheri is being promoted to president and COO.

Sell As-Is: Leaders at an online marketplace that connects property investors to homeowners selling as-is say their platform gives both parties more certainty during the process. Editor Kimberley Haas has the story.

Have your political beliefs influenced where you have bought a home? We want to know. Share your stories by emailing us at [email protected].

In other mortgage and housing news…

Pending Sales Down: September pending home sales dropped 10.2% from August, the fourth straight month of declines.

Fraud Report: Fraud risk remained flat from Q2 to Q3, but 12 of the 15 highest-risk metros saw an increase in threats, CoreLogic’s latest report shows.

Pennymac Updates: Pennymac saw originations profits fall 3% last quarter, but income was up 4% overall. They also imposed another round of layoffs.

“A Four-Year Setback”: Fewer homes are pending sale than in any October since at least 2015, reflecting a housing market that is correcting beyond pre-pandemic levels.

CFPB Challenge: An appeals court voided a CFPB rule that prohibited payday lenders from debiting customers who miss a payment without getting their consent first.

ShowingTime Index: Home showing traffic continued its decline in September, with a majority of listings averaging between four and nine showings.

“Add To Shopping Cart”: New technology from Taylor Morrison allows home shoppers to design a new home entirely online and reserve it with a deposit.