Good morning! Today is Wednesday, November 11. A salute and thank you to the men and women serving our country this Veterans Day. The CDC recommends staying home for Thanksgiving or holding gatherings outside amid record coronavirus infections and hospitalizations. The divorce rate hit a 50-year low.
And in mortgage and housing news …
FLOOD INSURANCE OPTIONS: The Federal Housing Administration proposed allowing a private flood insurance option instead of insurance through the National Flood Insurance Program when flood insurance is required by FHA.
CLASSIC FICO: The Federal Housing Finance Agency announced that it had validated and approved the use of the Classic FICO credit score model by Freddie Mac and Fannie Mae as work continues to assess adopting more modern credit score tools.
NEW MISMO PREZ: Seth Appleton is leaving the U.S. Department of Housing and Urban Development and Ginnie Mae to serve as the new president of MISMO, the Mortgage Bankers Association announced.
ROCKET EARNINGS: Rocket Companies announced third-quarter financial results that included closed loan origination volume of $89 billion, a 122 percent increase over the third quarter of 2019.
DIVIDED GOVERNMENT: Political tensions are running high after a close, heated presidential election, but a government that’s not controlled by one party could be good for real estate, because many of the issues that benefit the industry are bipartisan issues, said Joe Ventrone, the National Association of REALTORS®’ vice president of federal policy and industry relations, during the virtual 2020 REALTORS® Conference & Expo.
K-SHAPED RECOVERY: Record low mortgage rates are widening historic U.S. economic divides.
TRUTH IN LENDING ACT: The Sixth Circuit court ruled that lenders cannot rely on borrowers to satisfy ‘Ability to Repay’ provision under the Truth In Lending Act.
MORTGAGE DELINQUENCIES: The number of mortgages in delinquency is in decline in the third quarter, but Florida is an outlier.
GSE PRIVATIZATION: A case for Fannie Mae privatization and how to make it happen.
AFFORDABLE HOUSING: CVS Health invests nearly $9 million for new Orlando affordable housing.