Morning Roundup (9/15/2022) – Metaverse Concerns, Business Development

Good Morning! Today is Thursday, September 15. Railroad companies and unions reached a tentative deal to avoid a strike. F.B.I. agents seized the phone of MyPillow’s Mike Lindell as part of an investigation into vote-machine tampering. Florida’s Governor Ron DeSantis is claiming credit for sending planes carrying migrants to Martha’s Vineyard on Wednesday.

The Mortgage Note Reports

Metaverse Concerns: It is estimated that by 2026, 25% of people will spend at least one hour a day on the metaverse for work, shopping, education, social activities, or entertainment. As businesses and investors buy up virtual land on the metaverse, how do they keep themselves safe? Writer Tyrone Townsend and Editor Kimberley Haas report.

Business Development: Tom Dempsey, senior vice president of business development at Rocket Mortgage, recently sat down for an interview with Editor Kimberley Haas. He said partnering with Rocket Mortgage gives companies access to their technology.

At-Risk Markets: As the housing cooldown continues, New Jersey, Illinois, and inland California have the highest concentration of markets at risk of serious declines.

Hoping For The Worst: Most Americans have a gloomy outlook for the market’s future. But Gen Z is hoping for a crash— expecting it to help them buy their first home.

Share your promotions! Email Editor Kimberley Haas at [email protected].

In other mortgage and housing news…

Fraud Alert: Bay area rapper Mark “Kafani” Hicks was sentenced to 87 months in prison for his role in orchestrating a multi-million mortgage fraud scheme.

Retail Sales: Retail sales unexpectedly rose in August after declining a month earlier, as consumer demand for goods broadly held up but showed signs of moderating.

Wells Fargo 1: Wells Fargo will pay $94 million to settle claims it sent more than 200,000 borrowers into forbearance during the pandemic without their consent…

Wells Fargo 2: …and said it will commission a third-party racial equity audit in response to claims that the bank discriminated against Black mortgage applicants.

SPCP Loans: LEGACY Home Loans launched a program for Black borrowers aimed at closing the homeownership gap, offering a 1% down payment and free appraisal.

“A Challenging Time”: Though normally cooler in the fall and winter, experts predict an even colder housing market this year, thanks to high mortgage rates and supply issues.

Zillow Revision: Zillow revised its 12-month outlook, predicting that home values will climb 1.4%, down from the 2.4%a month ago and its July prediction of 7.8%.

Take A Look: Log cabins demand extra time, money, and energy from their owners. Here’s what it’s really like to own one of these adorable homes.