Good Morning! Today is Tuesday, December 21. President Biden will give a speech today outlining his plans to combat the Omicron variant. Omicron accounts for about 75% of new cases in the US. The E.P.A. will require new cars to get 55 miles per gallon starting in 2026.
And in mortgage and housing news…
Forbearances Improved In November: The total number of loans in forbearance fell from 2.06% of servicers’ portfolio volume to 1.67% in November, according to MBA’s Loan Monitoring Survey.
ESR Expectations Change: Commentary from Fannie’s ESR Group showed the year ending on a strong note, with 2021 total home sales for rising 7.1%, but lowered its prediction for 2022’s GDP due to inflation concerns.
CFPB, DOJ Warning To Servicers: The DOJ and CFPB sent joint letters reminding landlords and mortgage servicers that military families have extra protections alongside the CARES Act.
“American’s Favorite Pastime”:The Zillow app can now link to Shareplay, a feature on Facetime, that allows callers to home shop together.
Rent Growth Outpaces Mortgage Payments: Rents rose 21% YOY and 7% in November, the highest growth rates in two years, outpacing mortgage payment growth.
Rocket Buying Truebill: Rocket Companies will acquire personal finance app Truebill for $1.275 billion in cash.
Fathom Commission Change: Fathom Realty will pay its agents a $600 annual fee (+$100), and $500 for each of their first 12 completed transactions (+$50), effective January 1.
HUD Vouchers For Veterans: HUD awarded $18 million in vouchers to 103 Public Housing Agencies in 33 states to support veterans experiencing homelessness.
eDecision Release: DocMagic has officially rolled out eDecision, an automated platform providing e-eligibility determination for eClosings.
Blackstone Buying Bluerock:Blackstone will buy multi-family REIT Bluerock in a deal valued at $3.6 billion.
The Mortgage Note Is Looking For Santa’s Biggest Lil’ Helpers — Right In Your Office! 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.