Good Morning! Today is Wednesday, November 3. Republican Glenn Youngkin won the Virginia Governor race, while New Jersey’s is too close to call. The Federal Reserve is likely to announce that it will begin steadily reducing its bond-buying program. The Atlanta Braves won the World Series.
And in mortgage and housing news…
Mortgage Applications Down: Mortgage applications dropped 3.3% last week, according to MBA’s weekly survey.
Zillow iBuying Up In Smoke: Zillow is giving up its iBuying arm, Zillow Offers, after losing $381 million last quarter and will be laying off 25% of its staff.
October Home Prices Up: Clear Capital’s October 2021 Home Data Index found home price growth was up 5.3% from last quarter, and up nearly 20% YOY.
NMP Releases Monthly Report: National Mortgage Professional released its monthly Mortgage Economic Review.
Building Credit For Renters: Freddie Mac announced a new initiative to help renters build credit through on-time payment reporting to credit bureaus.
HUD Fighting Natural Disasters: HUD is allocating $2 billion to disaster recovery and climate change resilience.
Cherry Creek Reverse Mortgages: Cherry Creek Mortgage has hired a new leadership team to expand its reverse mortgage division.
NewRez Q3 Earnings: New Residential Investment report a 20% earnings increase in Q3, citing its acquisition of Caliber Home Loans and its investments.
Black Knight’s September Mortgage Monitor: Homeowners who refinanced in the last 18 months have totaled $14 billion in savings, but recent rate increases have reduced refi incentive for 3.4 million mortgage-holders.
Cherry Creek Reverse Mortgages: Cherry Creek Mortgage has hired a new leadership team to expand its reverse mortgage division.
NewRez Q3 Earnings: New Residential Investment report a 20% earnings increase in Q3, citing its acquisition of Caliber Home Loans and its investments.
Black Knight’s September Mortgage Monitor: Homeowners who refinanced in the last 18 months have totaled $14 billion in savings, but recent rate increases have reduced refi incentive for 3.4 million mortgage-holders.