Morning Roundup (10/31/2023) — Home Prices Rise

Good Morning! Today is Tuesday, October 31. Happy Halloween. The UAW reached a deal with GM, ending the auto workers strike. Israel’s Prime Minister Benjamin Netanyahu said he would not consider a cease-fire. Hurricane Otis left 100 people dead or missing in Mexico.

The Mortgage Note Reports

One-On-One: Michael Sachdev was recently promoted from president to chief executive officer at Snapdocs and he says his secret to success is being a lifelong learner. Read Sachdev’s interview with Editor Kimberley Haas.

Prices Up: Home prices spiked both month-over-month and YOY in August, especially in the Midwest and Northeast, while the South and West struggled.

Tech Upgrade: Rocket’s search tool Pathfinder is getting new AI enhancements to promote a smooth lending process.

In other mortgage and housing news…

Data Breach Rule: The FTC will require non-banking financial institutions to report certain security breaches and to take steps to protect consumers’ data.

Poor Paperwork: The OIG says the FHFA did not adequately document desktop appraisal reports, causing blindspots that could affect the GSEs’ finances.

Pressure On Zoomers: Mortgage originations fell across generations in September, but Gen Z borrowers saw the biggest YOY decline.

Zombie Foreclosures: The share of vacant homes in foreclosure rose for a seventh straight quarter but remained near record lows.

Company News: Motto Mortgage opened a new office in Santa Clarita, CA; Brian Devlin is the new president of Arc Home; MeridianLink teamed up with Experian Verify for income and employment verifications; David Schneider is now president of Cenlar FSB, with John Mezzasalma promoted to CFO.