Morning Roundup (11/2/2022) – “I Love Demanding Clients”

Good Morning! Today is Wednesday, November 2. Chief Justice John Roberts temporarily blocked a House committee from gaining access to Trump’s tax returns. North Korea launched at least 23 missiles off its coasts, the most it has fired in a single day. The Fed is expected to raise rates by another 75 basis points.

The Mortgage Note Reports

I Love Demanding Clients: The new vice president of national sales at SingleSource Property Solutions says demanding clients are the ones who are communicating their needs and that leads to better business relationships. Editor Kimberley Haas has the story.

Q&A: Orphe Divounguy, Senior Economist at Zillow, answered some questions about mortgage rates for us last week. See what he predicts for 2023.

Prices Cool: Home price growth cooled again in September, increasing only 11.4%, but remained strong in Southeastern states seeing an influx of higher-income households.

Loans, Rates Both Down: Mortgage loan application volume ticked down again, the sixth straight week of declines, while rates dropped a bit.

Rise And Fall Of A Loan Exec: Amer Bally announced his departure from UMortgage last week in a LinkedIn post citing a “need to reflect on my actions, accountability, and who I want to be.”

Have your political beliefs influenced where you have bought a home? We want to know. Share your stories by emailing us.

In other mortgage and housing news…

Hard Landing For Builders: Homebuilders are in for a rocky January as business remains nonexistent and they’ve almost completed their backlogs of unfinished homes.

Another One Down: Connecticut-based Promontory MortgagePath, a provider of mortgage fulfillment services, is closing.

WF Under Scrutiny: Wells Fargo said that the SEC has begun investigating its hiring practices, after the Department of Justice had opened a related probe…

And A Promotion: …and the current head of Wells Fargo home lending, Kristy Fercho, has been promoted to Head of Diverse Segments, Representation and Inclusion.

Legal Shakeup: Maine’s Supreme Judicial Court may undo a law that says mortgage servicers can’t try to foreclose on a home a second time if they erred in the first attempt.

New Hires And Branches: Lev added execs, Geneva Financial opened a new branch in Anchorage, Alaska, and Hallmark Home acquired a new team, expanding its business in 7 states. 

“Brokers Are Better”: AIME has launched its educational mortgage website geared toward consumers and future homebuyers.

“Dorms For Adults”: Co-living startups are banking on continued demand for cheap housing as single young adults are scrambling to find affordable accommodations.