Morning Roundup (3/20/2023) — First In A Decade

Good Morning! Today is Monday, March 20. Banking stocks and bonds plummeted after UBS Group agreed to buy its rival, Credit Suisse. Republicans are rushing to Trump’s defense ahead of a possible indictment. Avalanches killed two people in Colorado.

The Mortgage Note Reports

First In A Decade: Annual home prices fell for the first time since 2012 last month as buyer demand retreated and new listings fell to their lowest level on record.

Company Face Lift: Daily AI is rebranding to Aidium Mortgage CRM and launching a new version of its product.

ICYMI: Last week, Chuck Green took a look at if hotels have recovered from the pandemic and Patrick Lavery wrote about what officials at the Federal Reserve are expected to do at their meeting this week.

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.

What are you seeing this spring homebuying season? We want to know. Email us at [email protected].

In other mortgage and housing news…

Flagstar Steps In: Flagstar Bank agreed to purchase Signature Bridge Bank after it failed nearly a week ago and was taken over by the FDIC.

“Abysmal” Results: IMBs reported a net loss of $2,812 on each loan originated in Q4 2022, down from $624 in Q3, while production costs reached their highest level ever.

HUD Rule Flip: HUD rescinded a 2020 Fair Housing Act rule that made it difficult to allege lending discrimination and restored a 2013 policy aimed at lending equality.

Inclusivity Win: FormFree said that GreenLyne has enhanced its ability to help lenders identify home financing opportunities for underserved consumers with its adoption of FormFree’s Residual Income Knowledge Index.

“Reasons For Wariness”: Investors remember how fast the dominoes fell during the 2008 financial crisis– and they’re keeping a close eye on the banking system now.