Morning Roundup (11/5/2021)– Forbearances Up, LO Commissions Falling

Good Morning! Today is Friday, November 5. Employers added 531,000 jobs last month, while the unemployment rate fell to 4.6%. Eleven states have filed lawsuits against President Biden’s vaccination mandate for employers. A high school principal is apologizing for lack of sportsmanship after their football team won a game with a score of 106-0.

And in mortgage and housing news…

Own to Rent?: Forbearance exits picked up in the final week of October, with the number of active plans dropping 23% month-over-month as some owners opt to sell and become renters.

Commissions Falling Alongside Refis: Loan officer commission dropped 17% YOY in Q3 2021 as rising interest rates cause refi slowdowns.

Meet The New Boss?: The White House is asking Democratic senators to meet with Jerome Powell before Thanksgiving, which may signal that President Biden will renominate him.

Home Point Rebounds: Home Point Capital’s mortgage arm rebounded from a Q2 loss and hit a $100 billion milestone in Q3.

Kushi On Tapering: First American Deputy Chief Economist Odeta Kushi discusses historical data as it relates to the impact Fed tapering will have on the market.

Fannie CIRT: Fannie Mae executed its first credit insurance risk transfer of 2021, transferring nearly $1 billion in risk.

Seller Profits Increased In Q3: ATTOM’s Q3 2021 U.S. Home Sales Report shows profits on home and condo sales jumped to 47.6,%, the highest level since the end of the Great Recession.

Radian Home Price Index: Home prices appreciated by 17.6% in September, the sixth consecutive month it has hit an all-time record month-over-month.