Good morning! Today is Wednesday, March 17. President Biden will hold his first news conference March 25. The Federal Aviation Administration extended the “zero-tolerance” policy for bad air travel behavior while the federal mask mandate is in place. Los Angeles Lakers star LeBron James is set to become part-owner of the Boston Red Sox.
And in mortgage and housing news …
BROKER WARS: The Mortgage Note reports on a consumer group launching a campaign designed to raise awareness among policymakers about the Broker Wars in an effort to put pressure on United Wholesale Mortgage over their refusal to work with brokers who do business with two competitors.
MORTGAGE APPS: The Mortgage Note reports that mortgage applications for new home purchases for February fell by 9 percent for the month – but were 9.2 percent higher than a year earlier, according to a new survey released by the Mortgage Bankers Association.
DIFFERENT THIS TIME: Residential home sales are hitting peaks last seen in 2006, just before the bubble burst, but this time mortgages are stricter, down payments are higher, and a tight supply is supporting prices.
GSE CONSERVATORSHIP: U.S. Senate Banking Committee Ranking Member Pat Toomey has released a set of “guiding principles” for housing finance reform that builds the framework for legislation to end Fannie Mae’s and Freddie Mac’s government conservatorship and promote liquidity in the secondary mortgage market.
NEW RESIDENTIAL: New Residential lenders had to temporarily suspend non-guaranteed lending during the COVID-19 crisis, but is now in a position to benefit from new housing policies.
CANCELLED CONTRACTS: Homebuyers are canceling contracts as costs soar.
GOOGLE RANKINGS: How banks can climb higher in Google search rankings.
REFINANCE CAUTIONS: If you haven’t refinanced yet, is it still worth it? Homeowners have a lot to consider before signing that application.
BACK TO THE OFFICE: The pandemic has spurred a debate about the death of the office. Investors in Europe are putting their faith in a return to the office.
MULTI-FAMILY LENDING: Multi-family bank lending slows as delinquencies rise.