Good Morning! Today is Monday, September 12. Russia acknowledged that it had lost ground as Ukraine’s lightning advance took back more than 1,000 square miles. Antigua and Barbuda announced that they would hold a referendum on becoming a republic. Prices fell for gasoline, airfares, and lodging, though food and other costs kept climbing.
The Mortgage Note Reports
Peachtree Execs: Atlanta-based Peachtree Group has promoted Brian Waldman to chief investment officer and appointed Jeremy Stoler to EVP, debt capital markets.
Fraud Risk: Mortgage fraud risk dropped 7.5% YOY in Q2 2022, though certain types of fraud associated with purchase loan applications are increasing.
ICYMI: Alleged bad behavior and fraudulent activity in the mortgage industry have made news headlines in recent years and despite attempts to get lending leaders to shape up their ships, at least one person who reports on these issues says problems are common, even “rampant.” Article by Writer Chuck Green.
Do you have an opinion you would like to share? Email Editor Kimberley Haas at [email protected].
In other mortgage and housing news…
Originations Monitor: August lock volumes were down nearly 9% MoM, with declines in both rate/term (-13.9%) and cash-out (-8.9%) refis; purchase loans were down 8.7%.
MBS Sale?: In recent weeks, two regional Fed presidents have brought up the idea of the Fed actually selling its MBS holdings, but how likely is it?
Student Debt’s Impact: The student loan relief plan could help increase homeownership for buyers previously burdened with debt, but the results will take time.
Ginnie’s Reqs: Ocwen Financial said it is “in discussions” with Ginnie Mae about meeting its risk-based capital ratio requirements, which go into effect next September.
Mobile Living: Zoning laws prohibit mobile homes in most US cities, but as a country where people move far and often, shouldn’t we embrace them?
Around The World: Frothy markets across the globe are facing a painful reset, with some poised to see double-digit price declines as consumers face mounting pressures.
“ARMs Tied”: Stricter underwriting guidelines on ARMs post-Dodd-Frank may be reducing home purchases, making a speedy escape from the market slump “unlikely.”
BOA Falls Short: The CEO of Homewise lays out why he thinks BOA’s zero-down mortgage program isn’t going far enough to close the racial homeownership gap.
Famous Home Quiz: How many of these famous movie homes do you recognize?