Good Morning! Today is Thursday, June 29. The Supreme Court overturned affirmative action, saying colleges and universities can no longer take race into consideration for admissions. Violent protests erupted in French cities after the police shot a 17-year-old driver. More than 7,000 flights have been canceled or delayed due to strong storms.
The Mortgage Note Reports
Vets With High Hopes: Three-quarters of Veterans and service members feel like homeownership is within their reach and hope to buy in the next year.
Market Insights: The EVP of Rocket Pro TPO says a lack of housing inventory has been hurting mortgage professionals but he is confident broker partners and loan officers have the tools to help homebuyers achieve their goals. Read and listen to an interview with Mike Fawaz.
Vacura At Agile: Former Wells Fargo exec Greg Vacura is joining MBS market fintech Agile as company president.
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…
Getting Worse: Affordability has worsened this quarter amid a renewed jump in home prices, with homeownership now consuming 33% of a family’s income.
Prices Drop YOY: Active inventory slipped in June, though the median list price declined YOY for the first time since 2017, Realtor.com says.
“Stressed, Upset”: A majority of young Americans “routinely” go online to check the value of their friends’ homes and the answers stress them out.
Delinquency Win: Despite small annual upticks in certain places, overall mortgage delinquencies remain near an all-time low, and serious delinquencies are at a 23-year low.
Company News: Data exchange company NetDirector released an AI-powered redaction service; Angel Ortiz joined Service First Mortgage.