Good Morning! Today is Wednesday, May 17. Officials in Ukraine say they shot down six hypersonic missiles, some of Russia’s most sophisticated conventional weapons. North Carolina’s legislature reapproved a 12-week abortion ban, overriding a veto. San Francisco is proposing a reparations plan that includes $5 million in cash payments and housing aid.
The Mortgage Note Reports
Apps Hurting: Mortgage applications fell last week, wiping out the prior week’s gains, as purchase applications dropped to their slowest pace in a month.
Closing The Gap: A Fannie Mae program designed to help build the credit scores of renters is finding success.
New Hires: Down Payment Resource announced four new hires to help expand its sales footprint, relationships, and customer base.
Spring Podcast: TMN’s team has been tracking national trends and the ways companies are attracting buyers and sellers to the market. Check out our spring podcast.
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.
In other mortgage and housing news…
Housing Starts: Single-family starts rose in April, but March data was revised sharply lower, suggesting that the market is struggling to find a floor.
Builder Confidence: Limited existing inventory, which has renewed emphasis on new construction, lead to the highest builder confidence levels since July 2022.
In The Burbs: Homeownership is a pipe dream in many red-hot cities, but just a short drive away, these suburbs provide affordable alternatives.
Equifax Product: Equifax launched Employment Select+, which aids lenders by offering an instant view into a borrower’s most recent 35 days of employment.
“Home Point Post-Mortem”: A weak capital position, heavy cost structure, and messy technology: how one of the nation’s largest lenders went bust.
Fraud Alert: Homeowners in Arkansas are receiving scam letters designed to look like mail from their mortgage lender.