Mortgage Roundup (3/25/21) – Brokers, Credit & Rent

Good morning! Today is Thursday, March 25. Vice President Kamala Harris will be the White House’s point person on immigration issues amid a surge at the southern border. Pope Francis has ordered cardinals to take a 10 percent pay cut and reduced the salaries of most other clerics working in the Vatican in order to save employees’ jobs. You can now buy a Tesla with bitcoin, but it will be taxed at a higher rate.   

And in mortgage and housing news …

BROKER WARS: In the 10th installment of the Broker War Chronicles, The Mortgage Note reports that like Rocket Mortgage, Fairway Independent Mortgage cites increased interest from brokers after United Wholesale Mortgage launched the Broker Wars.

MORTGAGE APPS: The Mortgage Note reports that mortgage applications slid 2.5 percent in the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

FORBEARANCE GRAY AREA: Some 14.5 million single-family home loans are privately owned, with no federal backing and occupy a gray area when it comes to government programs delaying foreclosure proceedings and granting payment forbearance.

CREDIT SCORES: The big difference between fair and good credit

RENT’S LOCAL VALUE: A look into the value rent dollars have on the local community by RENTCafé finds that 90 cents of each dollar paid toward rent goes towards taxes, wages, maintenance and improvements, and mortgage payments, while just 10 cents of each dollar belongs to owners and investors. 

PHILLY INVENTORY: Philly-area home buyers will likely have more choices this spring, but competition will stay fierce.

MOVING WOES: A real estate pro learns what her sellers truly needed from her only after she began packing up her own home.

HIGH SCHOOL MALLS: Vacant malls are being turned into schools that provide more space for Covid-safe social distancing.  

BUYING FRENZY: Scarce inventory is causing multiple offers to be made on properties

GSE SELLING GUIDES: Fannie Mae and Freddie Mac recently issued updates to their respective selling guides