Good Morning! Today is Wednesday, April 6. U.S. stock indexes dropped Tuesday over worries about the Federal Reserve’s plans to curb inflation. The European Commission proposed to ban Russian coal. Oklahoma lawmakers approved a near-total ban on abortion.
The Mortgage Note Reports
U.S. Mortgage Markets Heat Up As Interest Rates and Prices Rise: Writer Scott Kimbler reports that potential homebuyers are rushing to mortgage offices to make sure they get a loan before prices and interest rates go even higher.
Funding Available To Combat COVID-19 Housing Discrimination: U.S. Department of Housing and Urban Development officials are making an additional $3,285,353 in American Rescue Plan funding available to help fight housing discrimination related to the COVID-19 pandemic.
Loan Applications Sink Further: Mortgage loan application volume fell by 6.3% to its lowest level since the spring of 2019 as rates creep closer to 5%.
Trending Younger: As homebuyer demographics change, Millennials and Gen Z are set to play a major role in the housing market this year.
And in other mortgage and housing news…
Broker Confidence: Broker confidence held steady in March despite new challenges and continuing uncertainty.
Bitcoin Mortgage:Crypto firm XBTO will fund its first bitcoin-backed mortgage, limited for now to those with bitcoin as collateral and $1M-plus Florida properties.
“Proceed With Caution”: Crypto mortgages are gaining steam in Miami, but traditional lenders worry about their numerous risks and complications.
Eastern Union CRO: Jack Charlap has been named chief revenue officer of Eastern Union, one of America’s largest commercial real estate mortgage brokerages.
Partnering Up: Mobility Capital Finance, FinLocker and TransUnion have partnered to empower Black Americans to build credit and wealth through homeownership.
McCoy v. Wells Fargo: The CFPB filed an amicus brief asserting that a loan servicer must respond to a borrower’s request for information about the borrower’s loan, even if the requested information does not relate specifically to servicing.
Playhouse Funding: Playhouse, a real estate app where “Zillow meets TikTok” has secured $2.8 million in seed funding and launched a beta version for Bay Area properties.
Broker Bonanza: Here’s what mortgage brokers are experiencing as rates climb.