Good morning! Today is Monday, January 11. The U.S. House of Representatives will introduce a resolution today calling on Vice President Mike Pence to invoke the 25th Amendment to declare President Donald Trump “incapable of executing the duties of his office.” The PGA of America has canceled plans to hold a major golf tournament at a Trump Organization golf course in New Jersey next year, citing concern over the organization’s brand. A Colorado family left a $2,021 tip for restaurant staff to split.
And in mortgage and housing news …
FORBEARANCE FUTURE: Improvement in Covid-related mortgage bailouts drops dramatically along with job losses. This could hit the mortgage market harder in the coming months than previously expected.
MORTGAGE DEMAND: Will mortgage application volume continue to shrink as 2021 moves along? And will that finally start driving home prices down to more affordable levels?
LANDLORD PROTECTION: Critical eviction moratoriums don’t offer much relief for mom-and-pop landlordswho still have to pay to keep their buildings operating.
OUT OF TIME: Are Treasury and FHFA running out of time to approve a boost in capital for GSE’s?
PAC DONATION HALT: The Capitol riot is prompting some big banks and companies to pause political funding. JPMorgan Chase and Citigroup will halt all PAC donations, while Blue Cross and Marriott will pause funding to Republicans who objected to Electoral College results.
CAUTIOUS SELLERS: A drop in selling sentiment indicates homeowners may wait to list their properties, according to Fannie Mae.
INCOME WEAKENS: Mortgage banking income appears to have peaked. Earnings are likely to almost halve in 2021 relative to 2020 because the mortgage banking income will likely trend downwards.
QUICKEN INVESTIGATED: The Consumer Financial Protection Bureau is investigating the real estate affiliate of Quicken Loans for illegal kickbacks.
BORROWER INCENTIVE: United Wholesale Mortgage (UWM) is going public in 15 days, and the Michigan-based lender is giving basis-point incentives for borrowers to celebrate the big milestone.
ANOTHER IPO: Ann Arbor wholesale mortgage firm Home Point Capital is set to go public amid a housing market boom.