Good Morning! Today is Monday, March 4. The Supreme Court is expected to rule today on Trump’s eligibility to hold office. Kamala Harris called for an immediate cease-fire in Gaza. Nikki Haley won the D.C. Republican primary, her first win. Tomorrow is Super Tuesday.
The Mortgage Note Reports
Broker War: Did UWM squeeze Fairway Independent Mortgage Corporation out of the wholesale business? Writer Jared Whitley has the story.
First-Timer Dominance: First-time homebuyers accounted for a record share of GSE purchase loans in 2023 at 55%, but originations overall sunk to new lows.
“Significant Pressures”: Net new listings are down more than 15% from last year, another pain point for the market ahead of the typically zippy spring buying season.
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In other mortgage and housing news…
Changing Expectations: Fannie Mae suggested it will likely have to revise its near-term existing sales forecast downward as rates trend back up to 7%.
Rural Rates: The USDA lowered the interest rates for its single-family housing direct home loan programs. Below-market rates became available on March 1.
LF Under Fire: Loan Factory is being sued by LOs who allege that the company used their information on its website without their permission to drive traffic.
Priced Out: Even high-income professionals can’t afford to live in resort communities, where local employees live in leased hotels while homes are turned into Airbnbs.
Size Revolution: Tiny houses are thriving in these ten communities.