Good Morning! Today is Friday, November 4. Donald Trump teased his plans to run for president in 2024 at an event in Iowa. The Cherokee Nation is calling on the U.S. to honor an 1835 treaty promising the tribe a nonvoting House seat. The Brooklyn Nets suspended Kyrie Irving indefinitely after he declined to say he had no antisemitic views.
The Mortgage Note Reports
Calm Before The Storm: Mortgage interest rates softened last week, falling back down to 6.95%, but choppier waters are ahead.
WF Leadership Change: Kristy Fercho, head of Wells Fargo Home Lending and past MBA Chairwoman, has been named the bank’s new head of DSRI.
ICYMI: This week, we had an interview with a VP of National Sales who talked about demanding clients, a question and answer article with a senior economist from Zillow, and Editor Kimberley Haas wrote about people moving to Florida for freedom during COVID lockdowns.
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…
UWM Overtakes Rocket: Rocket Companies saw its profits drop 93% and United Wholesale Mortgage took home the title of #1 overall originator in Q3 2022.
Bad News Piling Up: Nutter Home Loans is shutting down, loanDepot cut its funding capacity again, and Mr. Cooper is laying off another 800 employees.
Veteran Homes: New HUD data shows an 11% decline in Veteran homelessness since early 2020, the biggest drop in Veteran homelessness in more than five years.
Northern Neighbors: The Real Brokerage has acquired Redline Real Estate Group in British Columbia, fueling the company’s expansion.
Rate Locks Still Down: MCT’s Lock Volume Indices show that YOY total lock volume (-60.4%) continues to drop compared to 2021.
loanDepot HELOC: loanDepot introduced a new HELOC product that it says takes customers from quote to close in 7 days.
“A Non-QM Mess?”: Non-bank lenders — especially those who deal in Non-QM — are bearing the brunt of falling originations. How will they survive?