Mortgage Roundup (2/4/21) – UWM, Rent & JPM

Good morning! Today is Thursday, February 4. President Biden signaled openness to sending $1,400 payments to a smaller group of Americans in the next round of coronavirus relief legislation. A British clinical trial will test combining Pfizer and AstraZeneca vaccines. Hundreds of San Francisco homeowners fell for a prank and applied for “Blue Check” verified homes. 

And in mortgage and housing news …

UWM EARNINGS: United Wholesale Mortgage’s parent company announced financial results for the first time since going public last month, reporting large increases for the quarter and 2020 over the year before

MORTGAGE APPS: Mortgage applications in the United States surged 8.1 percent the last week of January from a week earlier, according to a report released by the Mortgage Bankers Association.

PAST DUE: The financial toll of the COVID-19 pandemic is hitting renters and landlords hard. Eighteen percent of renters—or about 10 million—were behind on their monthly housing payments at the beginning of January, according to a report from Moody’s Analytics and the Urban Institute.

COMMISSION SHARING SUIT: A new lawsuit filed earlier this week sits in stark contrast to three previous homeseller suits that allege commission sharing between cooperating brokers inflates seller costs.

CREDIT UNIONS: Growth in credit unions’ commercial loan portfolios this year will depend on how quickly the economy rebounds from COVID-19. 

SHORT-TERM RENTAL: While overall short-term rental demand dropped by 15.3 percent in December 2020, demand trends vary considerably by location type.

JP MORGAN RECRUITS: Decimated JPMorgan turns to LinkedIn for investment banking help

INSURANCE PROTECTIONS: Mortgage protection insurance covers home loan payments if you die, but regular life insurance could be better.