Morning Roundup (11/15/2023) — Loss Mitigation Works

Good Morning! Today is Wednesday, November 15. The House passed a bill to extend government funding into next year. President Biden and China’s Xi Jinping are meeting today. A cargo plane was forced to return to JFK Airport after a horse onboard got loose.


The Mortgage Note Reports

Loss Mitigation Works: Distressed homeowners who get behind on their mortgage bills are avoiding foreclosure. Editor Kimberley Haas has the story.

Application Boost: Mortgage applications jumped by 3% last week as buyers took advantage of lower rates.

GSE Leadership: Fannie Mae President David Benson is retiring in 2024, while Chief Administration Officer Jeffery Hayward will step down at the end of this year.

In other mortgage and housing news…

Another Loss: IMBs reported deeper losses in Q3 2023, seeing a pre-tax net loss of $1,015 on each loan they originated compared to $534 in Q2.

Jumbo Increase: Mortgage credit availability rose in October, but the growth was driven by increased activity in the jumbo market.

Making History: Pineapple Financial became the first Canadian mortgage brokerage to launch an IPO on the New York Stock Exchange.

Worst Hit: Housing inflation is keeping some Americans sour on the economy, pushing consumer sentiment lower than unemployment and inflation would predict.

Cooper Suits: Mr. Cooper faces four class-action lawsuits over an October cyberattack that compromised customer data.

Company News: CBC Mortgage reduced rates on repayable second mortgages used for DPA; MMI named Brian McKray as its new VP of Product.