Morning Roundup (12/1/2022) – Recruiting The Right People

Good Morning! Today is Thursday, December 1. Prince William and Kate arrived in Boston yesterday. Fortunes from an 1857 shipwreck off the coast of South Carolina will be up for auction Saturday. In Brooklyn, NY, a mother and her four children were run over at a school bus stop by a driver trying to escape the police.

The Mortgage Note Reports

Recruit The Right People: Leaders at Big Purple Dot and CoreLogic have come together to launch a platform that provides detailed production data on loan officers and a service to help lending companies in their recruiting efforts. Editor Kimberley Haas has the story.

Lenders Expand: Despite the slew of closings and layoffs, some mortgage lenders continue to expand as the market cools.

Pending Sales: Pending home sales fell for the fifth consecutive month in October, with three of the four regions seeing month-over-month declines.

TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.

How are you helping your community this holiday season? We want to know. Share your story by emailing us: [email protected]

In other mortgage and housing news…

Layoffs: Reverse Mortgage Funding filed for bankruptcy and laid off 80% of its staff; Envoy Mortgage let go of 30% of its staff in Houston.

Revised GDP: Inflation-adjusted GDP rose by a revised 2.9% in Q3, offering brief relief from the looming threat of recession in the U.S.

Zillow’s Forecast: Zillow predicts Midwestern markets will heat up and more people will pool their money to buy homes together in 2023 to beat the affordability crisis.

Evaluating Bias: AEI outlined a statistical evaluation method to screen individual appraisers for racial bias and inaccuracy.

“Renovate Like You Own The Place”: Renters who can’t afford to buy homes are splurging on renovations, upgrades, and decor for properties they don’t own.

At-Risk Markets: The markets most vulnerable to declines in Q3 were largely in the mid-Atlantic, California, and Illinois, while the South had far fewer at-risk areas.

Cross Country: Hildene Capital teamed up with Cross Country for exclusive access to some non-QM originations; CC also introduced an affordable loan solution for underrepresented borrowers in certain cities.