Morning Roundup (7/27/2023) — Alternatives To FICO

Good Morning! Today is Thursday, July 27. Russia and China sent delegations to North Korea this week. Senate Minority Leader Mitch McConnell, 81, is using a wheelchair to navigate crowded airports after a recent fall. Singer-songwriter Sinead O’Connor has died at the age of 56.

The Mortgage Note Reports

Listen In: Editor Kimberley Haas sat down with FreeForm’s Christy Moss to talk about alternatives to the traditional FICO score.

When Will It End? Rates were hiked again by the Federal Reserve as officials continue to battle inflation. Writer Patrick Lavery has the story.

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…

New SPFS Features: SouthPoint Financial Services and NewZIp teamed up to match borrowers to real estate agents and offer credits toward certain closing costs.

OneDown Loan: Guaranteed Rate introduced a 1% down mortgage loan geared towards first-time and low-income homebuyers.

Rates Up: Wells Fargo is increasing its prime rate to 8.5% from 8.25%.

Satisfied Customers: Rocket Mortgage was named #1 for client satisfaction in mortgage servicing by J.D. Power.

Luxury Market: Luxury home prices in the Bay Area and Seattle fell between 10% and 13% in Q2, though nationwide luxury prices were up 5% from a year earlier.

Factors To Consider: With rates so high, how should sellers price their homes?