Good Morning! Today is Friday, December 3. Congress averted a shutdown by passing a bill funding the government through February. The FTC is suing to stop a $40 billion merger between Nvidia and Arm. Florida Governor Ron DeSantis proposed a civilian military force overseen by him rather than the Pentagon.
And in mortgage and housing news…
Rates Flat: Mortgage rates remained basically the same over the last week, averaging 3.11%, Freddie Mac reported Thursday.
“The Drop-Off Is Significant”: Mortgage lending declined at an unusually fast pace during Q3 2021, falling during peak buying season for the first time since 2000, ATTOM reported.
Construction Still “Hobbled”: A new Zillow report found that despite construction companies’ best efforts, the completion of new homes has stalled, with the number of homes permitted but not started up 44.8% YOY.
LoanLogics Buys LoanBeam: Mortgage audit firm LoanLogics has purchased LoanBeam, an income calculation and verification provider endorsed by Fannie and Freddie.
HUD Cash Infusion: HUD is making an additional $5.75 million in American Rescue Plan funding available to combat housing discrimination related to the COVID-19 pandemic.
USMI Backs Insurance Premium Act: USMI released a statement in support of the Middle Class Mortgage Insurance Premium Act of 2021 introduced this week, saying, “Making permanent the ability of homeowners to deduct mortgage insurance premiums from federal income taxes… is smart public policy that benefits potentially millions of existing homeowners.”
NatEquity Appointments: NatEquity has appointed Anthony M. Frank and Lynford Graham to the board of directors.
Angel Oak Expanding: Non-QM powerhouse Angel Oak has opened new offices in California, Nevada, and Utah.
The Mortgage Note Is Looking For Santa’s Biggest Lil’ Helpers: Across the country this December, mortgage professionals will be stepping up to help people in need, support community charities, and generally help make the season a little brighter. The Mortgage Note wants to celebrate those efforts by highlighting them in an upcoming edition of our newsletter — and by doing our part to spread holiday cheer.
We’ll pick one highlighted charity and make our own $1,000 donation to it.