Morning Roundup (12/13/2024) – Know Your Rights

Good Morning! Today is Friday, December 13. Donald Trump was named Person of the Year by Time magazine. The CFPB finalized a rule limiting overdraft charges at large banks and credit unions. Sotheby’s is selling a stone version of the Ten Commandments that it says is the world’s oldest.

The Mortgage Note Reports

Editor’s Notebook: It’s a jungle out there for homebuyers, with twists and turns every step of the way. Editor Kimberley Haas offers advice for people trying to close, or get out of, a deal.

Marching Forward: The CHLA sent a letter to the CFPB pressing for action on “abusive” trigger leads now that Amendment 2358 has been stripped from the defense bill.

Rate Update: Mortgage rates declined for a third straight week, hitting 6.60%, but affordability is keeping demand leashed.

In other mortgage and housing news…

Flippers Stall Out: Home flipping profits declined to $70,000 on a weak summer, while the flipping rate fell to its lowest point in a year.

“Mountains Of Paperwork”: Mike Yu, co-founder and CEO of Vesta, explains why it’s so hard to build a one-click mortgage for refinances.

Prepare For The Worst: MBA wants to develop a new Ginnie Mae securitization product designed to improve issuer liquidity during economic downturns.

Company News: PHH Mortgage partnered with Blend to streamline its operations.

“Not Their Parents’ Market”: Millennials see real estate as a speculative asset facing major price swings, fueling their reluctance to jump in.

Growing Up Fast: Younger Americans who bought homes during the COVID-19 pandemic could account for a surprisingly large share of home sellers in the coming year.