Good Morning! Today is Tuesday, April 23. The judge in Donald Trump’s criminal trial is hearing arguments on whether the former President violated a gag order. The British Parliament passed a law allowing the government to deport asylum seekers to Rwanda. Taiwan experienced two earthquakes.
The Mortgage Note Reports
New Home Sales: New residential sales rebounded in March as an unexpected February downturn corrected, up both month-over-month and year-over-year.
G-Rate Makes Moves: Guaranteed Rate has bolstered its leadership by promoting company veteran CJ Rose and rehiring top NC LO Chris Hutchens.
In other mortgage and housing news…
Cost Burdened: Prospective buyers need an annual income of at least $119,769 to afford the monthly costs of a home with a 10% down payment…
“Double-Edged Sword”: …and nearly 40% of homeowners couldn’t afford to buy their current home if they were looking today. Prices were up 0.6% from February to March.
Ripple Effect: Inflation is likely to keep rates “higher for longer” but Fannie Mae expects new listings to gradually outpace sales, helping push down prices.
Company News: GPARENCY appointed Scott Forbes as Senior Underwriter and Director of Deal Placement; Arrive Home launched an earned equity program.
Top Efficiency: New third-party research revealed lenders using Snapdocs’ eClosing platform are 18 days faster than their peers across the loan production timeline.