Morning Roundup (3/3/25) – Insurance Woes
| Good Morning! Today is Monday, March 3. UK Prime Minister Keir Starmer announced outlines of a plan to end the war in Ukraine. Extra tariffs on goods from Canada, Mexico, and China are set to begin tomorrow. The Trump administration may exclude government spending from the GDP. The Mortgage Note Reports Insurance Woes: Homeowners were crushed by rising property insurance rates in 2024, according to new data from ICE. Acquisitions: Bank7 has acquired First American Mortgage, expanding its mortgage presence across its locations in the South and Midwest. |
| Quote Of The Day “While it’s no surprise that insurance costs are rising, we’re beginning to see emerging trends in terms of how homeowners are responding to the higher cost environment. We’re seeing increases in both the share of borrowers switching policies and borrowers taking on higher deductibles as a way to combat rising premiums.” Andy Walden, Head of Mortgage and Housing Market Research for ICE |
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In other mortgage and housing news… Then To Now: Roger Valdez lays out a brief history of mortgage financing. Bidenflation?: Treasury Secretary Scott Bessent said he expects the housing market to pick up steam after recent indicators and blamed former President Joe Biden for unaffordability. Gold Card Visa: An influx of immigrants who pay $5 million for a visa could increase demand in the “ultrahigh end of the real estate market.” Company News: John Aslanian has joined FirstClose as Chief Revenue Officer; AnnieMac named Frank Virga its new Area Manager for Long Island, NY. Shape Up: Installing an elevator now costs three times as much in the U.S. as in Switzerland. One man is on a quest to align our building codes with the rest of the world. |