Morning Roundup (11/14/2023) — Buy Then Sell

Good Morning! Today is Tuesday, November 14. The U.N. said its fuel reserves in Gaza could run out as soon as today. The Supreme Court adopted an ethics code for its nine justices after some took undisclosed gifts and property deals. Donald Trump called his political opponents “vermin” and threatened to “crush” them if elected again.


The Mortgage Note Reports

Buy Then Sell: Non-QM wholesaler LendSure Mortgage introduced a new reverse 1031 exchange product with a bridge loan for investors.

CV3 C-Suite: CV3 Financial named Robert Callaway its new CFO, while Ken Jacobson will serve as SVP, Capital Markets.

In other mortgage and housing news…

Appraisal Rule: The CFPB said the 2024 threshold for higher-priced mortgage loans subject to special appraisal requirements is up from $31,000 to $32,400.

“Concerning” Outlook: Foreclosure activity held steady in October, but ATTOM predicts further increases in 2024 as filings “make their way through the pipeline.”

Concession Boom: One-third of sellers are handing out freebies to woo buyers, who have become increasingly likely to back out of deals as mortgage rates have climbed.

“Suppliers’ Strike”: Stock shortages pushed affordability to another record low in October, while trade-up demand caused unexpected surges in luxury price appreciation.

Company News: Old Republic sold its mortgage insurance business to Arch Capital; MMI promoted Brian McKray to VP of Product; digital homebuying solution Aalto expanded into Los Angeles; Ally Financial teamed up with HouseCanary to integrate its home search portal.