Good Morning! Today is Monday, May 22. Republican Senator Tim Scott of South Carolina is officially running for president. The N.A.A.C.P. issued a travel advisory for Florida, cautioning that state policies under Governor Ron DeSantis are not welcoming to Black Americans. Meta was fined $1.3 billion for violating E.U. data privacy rules.
The Mortgage Note Reports
Rocket Roll Out: Rocket launched a 1% down payment program, ONE+, which includes mortgage insurance at no cost to the borrower.
MORGAN Updates: Real estate AI MORGAN can now calculate mortgage rates, communicate with borrowers, and walk them through the application process.
Most Popular: Writer Chuck Green’s article about nontraditional spring markets is the most popular with our readers on social media this month.
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…
Taking More Losses: IMBs reported a net loss of $1,972 on each loan they originated in Q1 2023, an improvement from $2,812 per loan in Q4 2022.
Renter Pains: Rent is growing faster than incomes around the country, piling pressure on inflation-burdened households, but renting is still cheaper than buying.
“Pivotal Stretch”: With rates back below 7%, last year’s housing deep freeze is last year’s news, but the market must now navigate a tricky moment in the 6%s.
New Construction: Mortgage applications for new homes rose 4.1% YOY in April as existing home inventory dwindles, but fell 11% from the month prior.
Freddie Update: Freddie Mac announced enhancements to its automated income assessment tool to also include the borrower’s digital paystub data.
Fraud Alert: A New Jersey man was charged with stealing $525,000 through mortgage fraud after claiming he had financial interests in properties he did not own.