Morning Roundup (9/13/2022) – Robotic Furniture, loanDepot Hire

Good Morning! Today is Tuesday, September 13. The DOJ has expanded its Jan 6. criminal investigation, seizing the phones of two Trump associates and issuing about 40 subpoenas. Officials are racing to prevent a strike by freight railroad workers that could further strain the supply chain. Nonbinary athletes will be able to run the 2023 Boston Marathon without having to register with the men’s or women’s divisions.

The Mortgage Note Reports

Robotic Furniture: Supporters argue that the technology, which is reminiscent of the Murphy bed, might help alleviate the mounting housing shortage. Writer Tyrone Townsend has the story.

Worth It?: Borrowers with 15-year fixed rate mortgages can save $215,000 in interest across the loan’s lifetime. But who do these loans help the most?

loanDepot Hire: Former Fannie Mae senior attorney Joseph Grassi has been appointed as chief risk officer of loanDepot.

Do you have an opinion you would like to share? Email Editor Kimberley Haas at [email protected].

In other mortgage and housing news…

Inflation Disappoints: Inflation rose more than expected in August even as prices moderated from four-decade highs reached earlier this year.

Delinqs Stay Down: Mortgage delinquencies increased in June, but remain near a record low at 2.9% while late-stage delinquencies are still 60% lower than a year ago.

Troubled Youth: According to 73% of Gen Z, the current economic environment has made it more challenging to save, and 75% are seeking ways to make additional income.

eClose From Your Phone: Amrock is introducing proprietary technology to electronically close mortgage transactions entirely from a mobile device.

State Of Servicing: Servicing execs say economic concerns are on their radar and guideline updates are “likely,” but they feel confident they can manage regulatory risk.

Canada’s Prices Tumble: Canadian residential real estate holdings fell by C$419 billion in the three months between April and June as home prices plunged.

BOA Defends Zero-Down: BOA’s CEO pushed back against criticisms of its zero-down mortgage program aimed at underserved communities, saying it’s not discriminatory and doesn’t precipitate another housing bust.