Good Morning! Today is Monday, September 13. Democratic Senators returning from a week long break are considering a compromise on the $3.5 trillion spending bill. The Federal Reserve said continuing inflation comes from unusually high prices for goods like electronics and cars. Supreme Court Judge Amy Coney Barrett said she’s worried the public sees the Court as a partisan body, while refusing to comment on the unsigned Texas abortion ruling.
And in mortgage and housing news…
Bidding-War Rates Hit New Low: A Redfin analysis found 58.8% of home offers faced competition, the lowest rate in 2021.
Forbearances Down: After dropping last week, the total number of mortgages in active forbearance declined another 2% this week, according to Black Knight.
Love Letters: Prospective homebuyers are writing “love letters” to get an emotional edge over other bidders, but some worry they’ll lead to Fair Housing Act violations.
Old Republic Strikes A Deal: New York Attorney General James reached an agreement with Old Republic National Title Insurance to end the company’s practice of no-poach agreements.
“Unicorn Status”: Orchard’s home-buying and selling platform said it has raised $100 million in Series D funding at over a $1 billion valuation.
Ann Thorn Leaving Caliber: Wells Fargo appointed mortgage-industry leader Ann Thorn as head of its mortgage servicing division.
Shock Factor: As forbearances expire, the housing market could get a jolt from new inventory, according to Fortune.
Agile Rolls Out New Platform: Agile, a partner company to Mortgage Capital Trading, released a platform that allows companies to automate certain securitized loan trades.
IPO: Genworth Financial, Inc. announced Monday that its subsidiary, Enact Holdings, Inc., plans to offer 13.3 million shares priced at $19 to $20 each in its upcoming initial public offering.