Good morning! Today is Friday, August 28. Donald Trump officially accepted the Republican National Convention’s nomination for president. Japan’s longest serving prime minister Shinzo Abe resigns because of illness. Walmart joins Microsoft in the pursuit to buy Tik Tok.
And in mortgage and housing news …
GSE EXTENSION: Fannie Mae and Freddie Mac announced that they are extending the ban on single-family foreclosures and evictions for properties with mortgages managed by the two companies
RATES DROP: The Mortgage rates dropped again this week, nearing the all-time record set earlier in August, Freddie Mac announced in its Primary Mortgage Market Survey.
PENDING HOME SALES: Pending home sales increased for the third consecutive month in the United States in July, with each of the four regions of the nation seeing monthly and yearly gains, according to a National Association of Realtors report.
MILLENNIALS: The generation that was slow to enter U.S. housing market now accounts for more than half of all new home loans.
SUBPRIME DELINQUENCY: Of the Federal Housing Authority’s active portfolio of 8 million mortgages that it insures, 17 percent were delinquent in July, the highest rate in FHA history. In many metros, the delinquency rates of FHA mortgages are above 20 percent; and in two metros, the delinquency rates exceed 27 percent..
APPRAISAL DISCRIMINATION: Even in mixed-race and predominantly white neighborhoods, Black homeowners’ homes are consistently appraised for less.
REFINANCE STANDARDS: As mortgage lenders raise credit standards, there are still ways to get in on the refinance boom.
TRANSPLANT MAP: Covid-19 is cited as the No. 1 reason why people are moving. A new interactive map provides a picture of where and why people are moving.
GSE DISASTER AID: Disasters are mounting, but struggling homeowners can find assistance. Freddie Mac and Fannie Mae offer forbearance programs for up to 12 months.
6-WEEK WINDOW: Homeowners have a 6-week window to avoid new mortgage refinance fee.
ACCIDENTAL TRANSFER: Human error led Citibank’s mistaken transmission of $900 million this month to lenders on a 2016 Revlon loan, the bank said in a court filing.