Good Morning! Today is Monday, March 13. The Biden administration is expected to approve an oil drilling project in Alaska today. Mike Pence said “history will hold Donald Trump accountable” for Jan. 6. Boats capsized during a suspected human smuggling attempt in San Diego, killing at least eight people.
The Mortgage Note Reports
Lock Volume Boost: Non-conforming loans pushed rate lock dollar volumes up in February as homebuyers struggle to handle high rates.
NAF CPO: Pat Bolan has joined New American Funding as Chief Production Officer.
Underserved Communities: Bill Banfield, EVP of Capital Markets at Rocket Mortgage, says their pilot programs in underserved communities are helping people get on the homeownership ladder.
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…
“Extraordinary Action”: The Biden administration guaranteed that customers of the failed Silicon Valley Bank will have access to all their money starting today.
Not A Bailout: The Biden administration is pushing back hard on the idea that this was a bailout, saying “no losses… will be borne by the taxpayer.”
Loan Impact: Though SVB primarily lent to venture capital and private equity firms, about 15% of its loans were secured by residential mortgages and commercial real estate.
Double Whammy: Western housing markets – the epicenter of the home price correction – brace for another hit as SVB’s collapse signals more pain.
Million-Dollar Dip: The U.S. has lost 58 “million-dollar” cities — cities where the typical home is worth $1 million or more — since the housing market peaked last July.
Fraud Alert: A Detroit mortgage broker was charged with conspiring to defraud the IRS and filing false tax returns to the tune of $1.6 million.