Morning Roundup (4/13/2023) — Swipe Up To Save

Good Morning! Today is Thursday, April 13. Juul announced a $462 million settlement with states over the marketing of e-cigarettes to adolescents. NPR will stop using Twitter after the social network labeled it “U.S. state-affiliated media.” Montana may outlaw TikTok, though officials acknowledged that a ban would be hard to enforce.

The Mortgage Note Reports

Swipe To Save: Leaders at Rocket Companies in Detroit have launched a credit card designed for homebuyers and homeowners.

Conventional 1% Down: UWM introduced a program where borrowers put 1% down and the company pays another 2% for a total 3% down payment.

Sahi At Polly: Former ICE exec Parvesh Sahi has joined tech company Polly as CRO.

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…

Rate Buydown: Planet Home Lending introduced a new rate buydown program.

PPI’s “Dramatic” Slide: Wholesale inflation saw an unexpected dip in March with annualized price increases sinking dramatically to 2.7% from an upwardly revised 4.9%.

Rising Rates, Less Space: Office leasing activity has seen a huge drop, with the square footage of leases signed by mortgage banks in Q1 2023 down 85% YOY.

FTC Files Case: The FTC filed an injunction to block the $11.7B ICE-Black Knight merger, saying it would “substantially lessen competition,” tending toward a monopoly.

Hiring Spree: Even amid the current slump in the mortgage business that has caused lenders to downsize, UWM is looking to hire 500 more workers.

Inflation Hubs: Philadelphia, Detroit, and Phoenix topped the list of cities where inflation is rising the most.