Good Morning! Today is Thursday, November 2. Bolivia cut diplomatic ties with Israel over the air strikes in Gaza, while Chile and Colombia recalled their ambassadors. The House voted down a resolution to expel George Santos over fraud charges. Teachers in Portland, Oregon went on strike, closing schools.
The Mortgage Note Reports
Man Versus Machine: The question of whether technology alone can eliminate racial bias during the home appraisal process came up during a hearing held in Washington, DC. Editor Kimberley Haas reports the answer is not yet.
Flood Insurance: Guaranteed Rate announced a new private flood insurance API connection, allowing agents to provide flood quotes in all zones from multiple providers.
VOE/I Updatae: CoreLogic and Experian Verification Solutions have teamed up to enhance borrower employment and income verification for CoreLogic’s AutomatIQ.
Welcome News: The Federal Reserve Board on Wednesday held its target range for the federal funds rate at 5.25% to 5.5% and that is already helping to drive down mortgage rates. Writer Patrick Lavery has the story.
In other mortgage and housing news…
Surprise Decline: The equity-rich portion of homes fell at the fastest pace in four years despite upward home price trends, though overall equity remained strong.
Listings Down: The number of homes actively for sale shrank YOY for the fourth month in a row despite an unseasonal increase in inventory over September.
“Test Of Survival”: Mortgage lenders are facing a cold, hard winter, experts say, thanks to higher-for-longer rates and a dearth of origination opportunities.
Evergreen, CLARIFIRE: Evergreen Home Loans has selected business process automation software CLARIFIRE as its servicing workflow application.
Company News: Trustar Bank sold its mortgage subsidiary to Archer Mortgage Holding Co; Gray Fox Mortgage opened in Charlottesville, VA; Lower bought Universal Lending.