Morning Roundup (2/8/2022)– UWM Lawsuit, HPSI

Good Morning! Today is Tuesday, February 8. The Supreme Court reinstated Alabama’s congressional map, which a lower court had said hurts Black voters. Vladimir Putin met with President Emmanuel Macron of France but did not rule out a Ukraine invasion. The budget airlines Frontier and Spirit plan to merge.

The Mortgage Note Reports

UWM Sues Brokerage in Effort to Enforce its ‘Anti-American’ Restrictions on Lenders. UWM’s Mat Ishbia is defending his company’s decision to slap America’s Moneyline with a $2.8 million lawsuit over its decision to violate UWM’s restrictions on working with Rocket and Fairway Independent. AML’s Shawn Nevin calls it ‘anti-American.’

$53 Million Agreement With Fannie Mae To Help Rebuild Communities Of Color In Metro Areas: Fair housing organizations throughout the country have reached a landmark $53 million agreement to resolve claims that Fannie Mae treated homes it owned in majority-Black and Latino communities unfavorably.

Affordability Challenges Push Housing Sentiment Down: Fannie Mae’s HPSI saw its “Good Time To Buy” measure hit an all-time low, driven by particularly pessimistic younger households.

Black Knight’s Mortgage Monitor: Homeowners gained $2.6 trillion in equity in 2021, a record high, while home prices reversed course, skyrocketing at the end of the year after showing signs of moderation in mid-summer.

And in other mortgage and housing news…

Double Trouble: NAR Research and partnered to do an analysis of affordability at different income levels for all active inventory on the market as buyers face rising prices and stock shortages.

Regrets: A Zillow survey found 75% of those who successfully purchased a home in the past two years say they have at least one regret about the home they bought.

Consumer Credit: Consumer credit totaled $18.9 billion in December, down from a $38.8 billion gain in November, the Federal Reserve said.

Homelessness Report: HUD’s 2021 homelessness assessment found that sheltered homelessness dropped by 8% YOY, though the number of sheltered individuals with chronic patterns of homelessness rose 20%.

Most Trusted Brokerage: HomeSmart has been named 2022’s Most Trusted Residential Real Estate Brokerage, according to a survey done by Lifestory Research.

Climate Risk Solution: RiskSpan and Verisk have created a first-of-its-kind solution for measuring and mitigating climate change risk to the housing finance industry.

Today In History: 45 years ago today, Tony Kiritsis held an Indianapolis mortgage broker hostage for 63 hours after falling behind on his mortgage, much of it broadcast live on WRTV.