Mortgage Roundup (4/14/21) – IMBs, Buyers & Approvals

Good morning! Today is Wednesday, April 14. The Food and Drug Administration and Centers for Disease Control and Prevention recommended pausing use of the Johnson & Johnson COVID-19 vaccine while they investigate six reports of rare blood clots. Today is 100 days out from the re-scheduled 2020 Olympic Games in Tokyo. A fireball meteor burned up over south Florida. 

And in mortgage and housing news …

IMB RECORDS: The Mortgage Note reports Independent Mortgage Bankers and mortgage subsidiaries of chartered banks made an average of $4,202 on each loan they originated in 2020 – up from $1,470 per loan the year before, according to a new report released by the Mortgage Bankers Association.

BUYERS OPTIMISTIC: The Homebuying Sentiment Index is at an all-time high, just in time for the spring season.  

APPROVALS EASE: Landing a home loan with a low mortgage rate just got (a little) easier. What to expect.

CONTINGENCY TIMELINE: How long should the contingency timeframe be in a home purchase agreement. 

GOVERNMENT ROLE: In 2021, we already have the unhealthiest housing market — in terms of low housing market supply and multiple bids for each sale — that we have had in the last 10 years. Should government step in to improve housing supply

MILLENNIAL BUYERS: Millennials are ready to take over the real estate market, which could play a huge role in homeownership and building wealth for generations. 

COMMERCIAL INSURANCE: If you’re a real estate owner or investor, you may have noticed a significant increase in insurance costs compared to previous years. In fact, renewal increases have jumped 20 percent year-over-year.

DOCTORS OFFICES: Medical offices have gained favor as doctors have continued to pay their rent amid the pandemic.