Morning Roundup (11/10/2022) – Mortgage Meltdown

Good Morning! Today is Thursday, November 10. Control of the House remains unclear, but Republicans are nearing a narrow majority. Crypto exchange Binance pulled out of a deal to save its rival, FTX, sending shockwaves through markets. A listeria outbreak tied to deli meat and cheese has killed one person and sickened at least 16 others in several states.

The Mortgage Note Reports

TMN Presents: The Mortgage Meltdown Meter, a collection of scary stories from the market correction, updated daily. Click below to stay on top of the changing landscape.

Communication Is Key: As demand sinks, lenders struggling to market themselves to rate-focused borrowers need to focus on quality communication to build client loyalty.

ICYMI: This week, Editor Kimberley Haas had articles about leaders at Lenders One Cooperative planning to open branch locations at select Walmart stores in seven states and Guild Mortgage partnering with the National Association of Hispanic Real Estate Professionals as part of their commitment to diversity and inclusion.

As Thanksgiving approaches, what are you grateful for? We want to know. Share your thoughts by emailing us: [email protected]

In other mortgage and housing news…

Inflation Surprise: The CPI rose less than expected in October, an indication that while inflation is still a threat to the economy, pressures could be starting to cool.

Prices Up Despite Everything: Existing-home sales prices grew in nearly every measured metro area in Q3, up 8.6% YOY despite sky-high interest rates.

Broker Confidence: RISMedia’s Broker Confidence Index slipped to another new low. NYC brokers are feeling better about the six-month outlook, though.

CRE Hit: CRE finance sentiment dropped too, down 13% in Q3, the fifth straight decline.

$7 Billion: A $6.9 billion portfolio of mortgage servicing rights concentrated in California and Colorado has gone up for bid through Incenter.

Opportunity Zones Winning: Opportunity zone price trends outpaced much of the broader market last quarter, with nearly half seeing gains of at least 3%.

Promotions: Planet Home Lending has promoted Kathryn Edelen to Eastern Divisional Manager and Lynette Hale-Lee to Western Divisional Manager.