Good Morning! Today is Wednesday, February 1. Florida Gov. Ron DeSantis proposed to overhaul Florida’s higher education system. The Justice Department charged four men in the U.S. with involvement in the 2021 assassination of Haiti’s president. The Fed is having its first meeting of 2023 today and is expected to raise rates by a quarter point.
The Mortgage Note Reports
Apps Reverse Course: Mortgage loan application volume slipped last week after trending up, suggesting the market is still struggling to recover despite retreating rates.
Rocket Integration: Fourth Capital Bank will now offer Rocket Mortgage’s digital mortgage application using a new platform developed by Q2 Software.
Listen To Our Podcast: This podcast highlights the successes and innovations taking place in the mortgage industry.
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.
In other mortgage and housing news…
Flagstar Closings: Newly-acquired Flagstar Bank confirmed that 69% of its home-lending offices will close, with its mortgage business going solely “in-branch.”
Price Declines: House prices fell 0.1% MoM nationwide in November, the FHFA said, while the Case-Shiller index reported YOY gains were down from 9.2% to 7.7%.
Building Will “Bottom Out”: NAHB predicts that 2023 will bring a serious housing downturn, but a correction is around the corner in 2024.
Affordability Crisis: It would take the incomes of almost four full-time workers earning the federal minimum wage to reasonably afford the typical two-bedroom rental.
ESF Changes: Effective March 6, 2023, Fannie Mae is introducing enhancements to the excess servicing fee multiclass disclosures files.
The Good, The Bad…: Thinking about remodeling your home for the ROI? A new study shows how much value the best and worst investments carry.