Good Morning! Today is Thursday, November 30. Tesla’s Cybertruck will officially launch at 3 pm ET. Henry Kissinger died at 100 years old. Apple said will improve texting with Android phones.
The Mortgage Note Reports
Lending Sinks: Originations fell by 3% in Q3 thanks to weakness in purchase and home equity lending, reversing a Q2 spike and marking the ninth decline in ten quarters.
Pending Sales Down: Pending home sales sank to their lowest level in 20 years last month, piling on more tough news for the housing market.
Opinion: Scott Olson, executive director of the Community Home Lenders of America, says they are renewing their longstanding call for all mortgage loan originators to be licensed after Bank of America got fined this week.
In other mortgage and housing news…
“Mystery” Market: The housing market remains “very confusing to the Fed” and the ups and downs are haunting Wall Street’s 2024 forecasts.
PCE: The personal consumption expenditures price index, the Fed’s favorite gauge, showed inflation rose 0.2% in October and 3.5% YOY, in line with expectations.
Shining Light: Monthly mortgage payments fell for a fifth consecutive week as rates moderated, and new listings saw their biggest YOY boost since summer 2021.
Bank Pain Points: The FDIC said bank profits fell in Q3 despite the strong economy and warned that overdue CRE loans pose serious risks.
Reality TV: Fairway Independent Mortgage produced the first-ever reality docuseries about mortgage originators, L.O. Confidential. Watch it on YouTube.