Good Morning! Today is Wednesday, February 22. President Biden accused Putin of atrocities and called on the world to stand up to him. The Biden administration wants to limit access to asylum for migrants who enter the country illegally. Officials in California issued a winter storm warning for southern parts of the state.
The Mortgage Note Reports
Purchase Demand Reverses: Purchase demand fell for a second week, backtracking after weeks of improvement, as rates hit their highest point since November.
Tech For The Little Guys: LenderLogix launched LiteSpeed, a streamlined point-of-sale system designed for small to mid-sized lenders.
Opinion: Tobias Peter, assistant director of AEI Housing Center, writes about the Federal Housing Administration’s rumored announcement today of a 30 bps mortgage insurance premium cut.
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…
Does Building Save Money?: In states where prices are soaring, Americans can save hundreds of thousands of dollars by building a home instead of buying one.
Getting Worse, Not Better: Springfield, MA, Worcester, MA, and New Haven, CT, are seeing rent spikes even as the rental crisis showed signs of moderating in January.
Experian Access: Lenders can now instantly verify borrower income and employment information with Experian Verify through Freddie Mac’s Loan Product Advisor AIM.
Fairway Goes In On Reverse: Fairway Independent Mortgage added to its reverse mortgage team and named a President of Reverse Mortgage.
Major Losses: Homeowners have lost $2.3 trillion in value since home prices peaked in June 2022, but the total value of US homes is still up $13T from 2020.
Forward Thinking: Experts discuss what the housing market will look like not just in 2023, but over the next five years.