Good Morning! Today is Tuesday, August 1. Phoenix’s temperature dipped below 110 degrees for the first time in a month. Russian officials are accusing Ukraine of another drone attack on Moscow. Paul Reubens, known for playing Pee-wee Herman, died at 70.
The Mortgage Note Reports
“Don’t Be Scared”: Mary Ann McGarry, who led Guild Mortgage as it grew into a national company with operations in 49 states, says the key to success is to have confidence and ask questions. Editor Kimberley Haas has the story.
Partner Up: NAF and The Agency are partnering to meet the needs of The Agency’s clients, with NAF becoming the preferred mortgage lender of The Agency.
Price Gains, Listing Woes: Listings took a hit in July thanks to high rates and market uncertainties, but both listed and closed prices saw positive YOY growth.
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…
“Long-Term Effects”: Home values are rising at pre-pandemic rates and will stay the course, Zillow said, while rent has stabilized to “perfectly normal” growth.
No Going Back: Annual U.S. single-family home price growth was up by 1.6% in June and is now 41% above pre-pandemic levels.
High Costs For Land: Land costs are “stubbornly elevated,“ but prices aren’t holding homebuilders back as demand for homes increases.
Tough Lending Standards: Banks are being choosier about extending credit, making it more expensive for households and businesses to get a loan.
Company News: Capco and Celonis launched a mortgage pipeline management solution; MyCUMortgage will help five new credit unions become mortgage lenders; CBC Mortgage added USDA loans to its correspondent offerings.