Morning Roundup (11/18/2022) – Rate Relief

Good Morning! Today is Friday, November 18. We at the Mortgage Note will be off next week for the holiday. We wish you all the best. Happy Thanksgiving!

The Mortgage Note Reports

Financing Manufactured Homes: Leaders at Rocket Mortgage have announced a conventional loan option for people who are interested in purchasing or refinancing a manufactured home. Bill Banfield, EVP of Capital Markets, sat down for an interview with Editor Kimberley Haas to explain how it works.

Rate Relief For Buyers: Mortgage interest rates sank to 6.60% last week after two important economic indicators suggested inflation may have peaked.

Nations Lending In SC: Nations Lending has opened a new branch in Summerville, South Carolina, which will be led by Hunter Jackson.

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

What are you grateful for this holiday season? We want to know. Share your thoughts by emailing us: [email protected]

In other mortgage and housing news…

Homeward Layoffs: Homeward cut 25% of its staff, its second reduction after a 20% layoff in August, Inman reported.

Carrington To Pay: The CFPB is fining Carrington Mortgage $5.25M for withholding pandemic protections and misleading homeowners.

Rocket Value Tanks: Rocket’s stock plummeted 10.6% after Argus Research downgraded the stock to Sell on concerns over recent acquisitions and partnerships.

Hope For Buyers: A homebuyer with a $2,500 monthly budget now has $12,000 more in purchasing power than they did last week thanks to a decline in rates.

HELOC Popularity: Millennials and Zoomers are highly likely to apply for HELOCs in the next three years, citing home renovations and building their savings funds.

Do Your Research: Prospective homebuyers spent more time researching their next car purchase and vacation spot than researching mortgage lenders.

Company News: Ben Powell joined Greater Commercial Lending as VP of Credit Administration, and Cenlar FSB promoted Nayda McKain to VP, Human Resources Business Partner.