Morning Roundup (5/24/2023) — Soft Pull Credit For Lenders

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.