Morning Roundup (10/4/2022) – Hurricane Ian Attracts Con Artists, Mortgages For Gig Workers

Good Morning! Today is Tuesday, October 4. President Biden pledged $60 million in storm aid to Puerto Rico. North Korea launched a missile over Japan, prompting the government to tell residents in two regions to seek shelter. Britain’s prime minister canceled a proposed tax cut for high earners that had caused the pound to crash.

The Mortgage Note Reports

Be Aware: Officials at the Federal Emergency Management Agency are warning survivors of Hurricane Ian they should be aware of con artists and criminals looking to take advantage of the situation. Editor Kimberley Haas explains what that means for homeowners.

Gig Worker Options: Loosening GSE lending standards are making it easier than ever for gig workers to finance homes even as mortgage interest rates are rising.

PennyMac Exec: PennyMac appointed fintech executive Jerry Halbrook as the organization’s Chief Mortgage Innovation Officer.

What do you think will happen in the housing market in 2023? Share your opinion by emailing us at [email protected].

In other mortgage and housing news…

Factoring In Risk: Flood-prone areas see higher rates of mortgage application denials and withdrawals, though other climate events like fires have little impact on lending.

Downsizing To Save: Price increases have cut more than 400 square feet out of homes affordable to a San Diego buyer on a $3,000-per-month budget.

Knock Locks In: Knock rolled out a program that lets home shoppers lock in a mortgage rate for four months, giving buyers some breathing room in a volatile market.

MBA Appmts: Caitlin Groves is joining the MBA as director for communications and standards adoption, and Falen Taylor has been promoted to director of public affairs.

Prices “Losing Steam”: Year-over-year home price appreciation slowed to 13.5% in August, the fourth consecutive month of lower annual growth, according to leaders at CoreLogic.

Scaling Down Again: loanDepot is once again reducing its funding capacity by $500 million following an announcement that it would leave the wholesale business.