Morning Roundup (6/28/2023) — Apps Up

Good Morning! Today is Wednesday, June 28. Smoke from Canadian wildfires is once again impacting the Midwest. The remains of British actor Julian Sands were discovered in California. Pope Francis has accepted the resignation of the bishop of Knoxville, TN, who has been sued over his handling of sexual misconduct allegations.

The Mortgage Note Reports

Apps Up: Mortgage applications increased last week, with purchase applications reaching their highest level of activity since May, driven by sales of new homes.

Reggora AI Offering: Reggora released a new AI solution for appraisal review that analyzes reports to identify key data points, inconsistencies, and potential red flags.

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…

Where To Invest?: Detroit is the number one city for single-family rental cash flow, giving real estate investors the most bang for their buck.

ACI Penalty: The CFPB hit ACI Worldwide with a $25M fine for improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions.

Another Poaching Suit: loanDepot is suing Movement Mortgage for poaching more than two dozen employees in 2021.

Nobody Wants A Fixer: Homes that need extensive renovations are scaring off already cash-strapped buyers, real estate agents tell the Wall Street Journal.

“Take Action Now”: States are working to avoid their own versions of San Francisco’s housing crisis, with Vermont and Washington effectively banning single-family zoning.

Best Gift?: Newlyweds would rather gift-givers skip traditional presents and instead help with financing a home, especially cash for a down payment.