Morning Roundup (2/23/2024) — Saved By AI

Good Morning! Today is Friday, February 23. Alabama health providers have halted I.V.F. after the state’s Supreme Court ruled that frozen embryos are children. The U.S. Supreme Court allowed the Boy Scouts of America to move forward with settling sex abuse lawsuits. The FCC is investigating after an AT&T outage interrupted cell service.

The Mortgage Note Reports

Saved By AI: After Rocket Companies reported their 2023 earnings, the CEO said they will achieve scaled growth and profitability through their AI-fueled homeownership strategy.

Rates Rise Again: Mortgage rates edged closer to 7%, averaging 6.90% last week, the result of strong economic and inflation data.

GSE Leadership: Fannie Mae appointed a new EVP and Chief Operating Officer, Morgan Stanley exec Peter Akwaboah.

In other mortgage and housing news…


Bailey’s Out: RE/MAX CEO Nick Bailey is leaving the company in response to another revenue dip in Q4 2023, its sixth quarter of declines.

Company News: Zonda has acquired BDX; Polly announced API integration with Byte LOS; LoanLogics partnered with BaseCap Analytics to improve loan data access.

Delinquencies Down: In an expected rebound from December’s calendar-driven rise, the national delinquency rate dropped to 3.38% in January, the lowest level since October.

Rent Caps: As housing costs soar, Washington State wants to limit annual rent increases to 7%. Oregon and California have already passed similar measures.

Other Factors: The gap between Black and white renters who could afford a mortgage narrowed during the pandemic, suggesting income is not the only barrier to homeownership.