Good Morning! Today is Wednesday, December 13. The U.N. General Assembly voted in favor of a cease-fire in the Israel-Hamas war. The Supreme Court said it will consider whether to restrict access to a widely used abortion drug. Diplomats from nearly 200 countries agreed to transition away from fossil fuels.
The Mortgage Note Reports
Application Surge: Refinances drove a spike in mortgage applications last week as rates slipped to nearly 7%.
Truv x LPA: E/I verification provider Truv now supports Freddie Mac’s Loan Product Advisor asset and income modeler.
Giving Back: A grant from the Wells Fargo Foundation will help establish a training program to address the need for credentialed contractors in communities nationwide. Editor Kimberley Haas has the story.
In other mortgage and housing news…
Reduced Credit: Credit availability in November fell to its lowest level in four months, driven by reduced offerings of non-QM and jumbo loan programs.
Forced Downsize: Buyers in 61 large cities can’t afford as much square footage as last year, in some places losing as much as 3 bedrooms worth of space.
“Death Knell”: The housing crisis is destroying the dream of homeownership for the middle class, cutting off Americans’ primary generational wealth engine…
The Easy Path: …while more Americans say they choose to rent, citing the high cost of homeownership and fewer responsibilities.
LD Product: loanDepot unveiled a fully automated underwriting engine that delivers a fully conditional loan approval in minutes.