Mortgage Roundup (3/3/20) – Super Tuesday, Refinancing & Phishing Scams

President Trump calls on the Federal Reserve to cut interest rates as coronavirus deaths increase. It’s Super Tuesday – the date 14 states that comprise a third of all delegates will help decide the Democratic presidential candidate nomination. A tornado tears through Nashville, killing two people and leaving widespread destruction. 

And in mortgage news …

Refinancing activity reached its highest levels since 2013, jumping 250 percent in the fourth quarter of 2019.

Spending on residential construction in the United States increased 2.1 percent in January to $554.8 billion, helping drive overall construction levels to record levels, according to the U.S. Census Bureau. 

The share of Americans who had credit scores above 700 increased to 59 percent, the highest on record. Realtor Magazine breaks down the demographics and regional differences.  

Freedom Mortgage is laying off 171 mortgage servicing employees

A battle over the Consumer Financial Protection Bureau’s political independence heads to the Supreme Court today, in a case that will determine how much power the president can have over the federal agency. The case could have implications for Fannie Mae and Freddie Mac. 

National Mortgage News asks whether regulators should close the door to new Federal Home Loan Bank entrants or open it wide.

Shark Tank star and founder of the Corcoran Group Barbara Corcoran got the $400,000 back she lost in an e-mail scam. The scammers duped her staff into approving a fraudulent wire transfer. There are ways to protect yourself from the growing trend of phishing scams

New jobs, breakups and family emergencies were the top reasons for unexpected moves, costing Americans an average $2,300 in relocation costs. 

From increased consumer engagement to new forms of payment, mortgage servicers are keeping up with trends. National Mortgage News features five ways mortgage servicing is evolving