Morning Roundup (9/9/2022) – Putting People First

Good Morning! Today is Friday, September 9. Queen Elizabeth II died at age 96. Her son, Charles, succeeds her. Steve Bannon was charged with financial crimes related to a crowdfunded border wall project. The F.D.A. approved Daxxify, a facial injection for wrinkles and a competitor to Botox.

The Mortgage Note Reports

Put People First: Three providers of customer relationship management services say that as the market changes and technology becomes better, focusing on the people behind the transactions pays off. Editor Kimberley Haas sat down with them to learn more.

Interest Rate Record: Mortgage rates hit their highest point in almost 14 years last week, up from 5.66% to 5.89%.

Climate Change: America is building more homes in high-risk areas, with 55% of homes built today facing fire risk compared with 14% of homes built from 1900-1959.

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

In other mortgage and housing news…

Equity Wins: U.S. homeowners with mortgages saw equity rise 27.8% YOY in Q2, a collective gain of $3.6 trillion for an average of $60,200 per borrower.

NEXA Splits From AIME: NEXA Mortgage left AIME this week, claiming the association has allowed renegade cliques of brokers to “terrorize” larger broker shops. 

Bank Income: Bank net income declined year-over-year as large banks set aside capital to weather rising interest rates and other economic headwinds.

HUD Funds: HUD made $12.5M available for eligible non-profit organizations with experience providing self-help housing opportunities in order to expand access to housing.

More Cuts: Realtor.com is laying off an undisclosed number of employees, but said it is ‘bullish’ about its future despite market declines.

“Lender Woes”: Wolf Richter discusses the collapse of mortgage originations and its impact on the three biggest non-bank lenders.

Multifamily Investment: Apartment investment fell by 11.7% in the second quarter of 2022, though NOI remains strong thanks to the housing shortage.