Mortgage Roundup (11/9/20) – Biden, Cost & Rules

Good morning! Today is Monday, November 8. Joe Biden is gearing up to take office. President Trump is pursuing legal action to challenge the election results.  And a Trump administration appointee is refusing to approve transition resources for Biden’s transition team to formally begin its work this week. A record-breaking wave of coronavirus cases continues across the United States. After winning in Phoenix, 24-year-old Chase Elliott is the 2020 NASCAR champion. 

And in mortgage and housing news …

MBA ON BIDEN: The Mortgage Bankers Association congratulated former Vice President Joe Biden for his victory in the presidential election, vowing to work with his administration on affordable housing and to assist homeowners impacted by the pandemic.

AFFORDABILITY: Housing affordability continued to decline in the third quarter, as inventory shortages and rising home prices offset record-low mortgage rates, according to a new report released by the National Association of Home Builders.

FAIR HOUSING RULES: Biden’s efforts to restore anti-discrimination rules in housing could get bogged down in court.

DISRUPTORS: PayPal and Square don’t want traditional banks to go away. The fast-growing fintechs want to disrupt the banking industry – but not that much.

GSE IPO: Now that the election is over, FHFA and Treasury can move forward with the heavy lifting to get Fannie and Freddie out of conservatorship without impacting the election.

APPRAISALS: How the appraisal process can derail mortgage approval

REFINANCING: Hard to imagine, but all the noise in 2020 actually might have blocked out the sound of the refinancing boom for many people.

MORTGAGE RELIEF: More homeowners are seeking long-term mortgage relief in the form of new forbearance plans.

EXTRA CASH: What should you do with mortgage refinancing savings

FINANCIAL REGULATIONS: Federal regulatory agencies have eased bans on Wall Street risk-taking and loosened consumer protections and anti-discrimination laws.

COMMERCIAL REAL ESTATE: Gap retailers plan major closures across the nation, making real estate investors nervous.