Good Morning! Today is Election Day, 2021, Tuesday, November 2. Voters will elect governors in Virginia and New Jersey, and mayors in New York City, Boston, and Atlanta. Senator Joe Manchin said he would not support President Biden’s spending plan without “greater clarity” about its economic effects. World leaders at the climate summit in Scotland agreed to a deal to reverse deforestation by 2030.
And in mortgage and housing news…
Forbearances Drop To Lowest Rate Since March 2020: The volume of loans in forbearance dropped this week, with Fannie and Freddie seeing forborne loans dip below 1%.
CRA Requirements For Nonbanks: Gov. New York expanded the state’s version of the Community Reinvestment Act to apply anti-redlining law to nonbank mortgage lenders.
Voting On Housing: Many communities are voting on measures like tax increases and curbs on Airbnb, aimed at addressing the affordable housing crisis.
Rents Rising: As Covid-19 fears fade, many who snagged mid-pandemic deals are beginning to see huge hikes in their rents.
My Kind of Town: Chicago reached a milestone this year: 75 homes have sold for more than $4 million.
SitusAMC Hires: SitusAMC hired more than 1,500 employees to boost capacity support for originations, and is expected to expedite the flow of loans into PLS’s.
LoanDepot Profits In Q3:loanDepot saw profits of 40 cents per share in Q3 and grew its market share for the ninth consecutive quarter.
FHFA Appointments: Katrina Jones has been named the permanent COO of FHFA, Charles Yi as Senior Advisor for Legal Affairs and Policy, and Daniel E. Coates as Deputy Director of DRS.
Homespire Growing: Homespire Mortgage announced it is expanding into New Mexico, Ohio, and South Central-Texas.