Mortgage Roundup (10/9/20) – Rates, AIME & Credit

Good morning! Today is Friday, October 9. President Trump rejected a proposed Oct. 15 virtual debate with Joe Biden after testing positive for Covid-19 last week. Louisiana is bracing for the sixth hurricane to hit the state in 2020. SpaceX’s Tesla roadster is approaching Mars, after traveling nearly 1.3 billion miles since launching nearly three years ago.

And in mortgage and housing news …

MORTGAGE RATES: Mortgage rates remain at record lows

CASA LEAVES AIME: Three months after igniting a scandal by sending lewd and misogynistic messages about a rival, Anthony Casa is officially stepping down from his role at the Association of Independent Mortgage Experts.

CREDIT SCORE: Mortgage lenders use a unique version of your FICO score to evaluate creditworthiness. Here’s what you need to know.

I-BUYER SALES: Opendoor and other iBuyers’ sales stall despite a hot housing market.

BUYERS KEEP BUYING: Buyers aren’t balking at rising prices, as homes continue to sell nearly two weeks faster than a year ago.

CITI FINED $400M: In a consent order agreed to by Citigroup’s board, the Federal Reserve faulted Citigroup for falling short in “various areas of risk management and internal controls” including data management, regulatory reporting and capital planning. The OCC said the fine was punishment for the bank’s “longstanding failure to remedy problems in its risk and data systems.”

FOMC REPORT: Small and medium-sized banks could face stress from defaults on loans to small business and commercial real estate if consumers continue to avoid traveling and shopping, according to the Federal Open Market Committee. 

NEW WORLD ORDER: Getting a mortgage now is a little different than it was before the pandemic hit and the economy started to unravel.

2021 PREDICTIONS: Fannie Mae’s Doug Duncan shares his thoughts on the unemployment rate, housing starts, the likelihood of a “W-shaped recovery” and more.

RENTER NATION: Rising home prices are keeping prospective buyers out of homeownership — and some investors say it could be good for the rental market.

TALE OF TWO RECOVERIES: An eviction notice on Clarebird Avenue and rising home prices on Daleview Drive reflect how the pandemic is reinforcing inequality in Cleveland.