Good Morning! Today is Wednesday, May 24. Florida Governor Ron DeSantis plans to announce his candidacy for president live on Twitter today with Elon Musk. The South Carolina Senate passed a ban on abortion after six weeks of pregnancy. Most of Guam is without power after being hit by a typhoon.
The Mortgage Note Reports
Apps Down Again: Mortgage applications fell again last week, down almost 5%, as borrowers shrink back from rising rates.
Soft Credit Pull: Blend Labs announced new soft credit functionality for the mortgage prequalification process in response to rising credit report prices.
More Regulation?: At an industry conference in New York City, MBA CEO Bob Broeksmit said policymakers plan to pile on more enforcement and red tape at a time when member businesses are struggling.
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…
“Simply Not True”: Sandra Thompson defended recent LLPAs to the House Committee on Financial Services, saying they do not subsidize high-risk borrowers.
More Than LLPA: “[The FHFA] already distorts the riskiness of loans it originates, and ultimately taxpayers are on the hook for those loans,” AEI Housing’s Ed Pinto argues.
Delinquency Uproar: The national delinquency rate spiked 13% higher in April from March’s record low due to the month ending on a Sunday, Black Knight found.
Small-Time Investors: Real estate analysts anticipate a wave of foreclosures from real estate syndicators who own properties they can no longer afford.
Riskiest Markets: CoreLogic found that properties exposed to hurricanes and floods are at the most risk for natural-disaster damages, both now and through 2050.
Company News: HomeStory appointed Sam Westelman as Sr VP of Real Estate Ops; Union Home Mortgage promoted Matt Roberts to Regional Manager, West Coast.
Most Affordable Cities: WalletHub ranked Montgomery, AL, the most affordable city for homebuyers, on a list dominated by the Midwest and South.