Mortgage Roundup (8/6/20) – UWM, Rent & Evictions

Good morning! Today is Thursday, August 6. Lawmakers remain deadlocked in talks to replace last week’s expired $600 emergency unemployment benefit. Two key indicators of the health of the U.S. job market will be released today and Friday. The mayor of Los Angeles says he will shut off power and water to homes that throw large parties amid the Covid-19 epidemic. 

And in mortgage and housing news …

COVID ORDER: The Oakland County Health department sent a letter to United Shore and United Wholesale Mortgage CEO Mat Ishbia demanding the company do more to protect employees.

MORTGAGE APPLICATIONS: Mortgage applications dropped 5.1 percent last week, according to a new report released by the Mortgage Bankers Association.

RENT PAYMENTS: More than 1 in 5 renters did not pay rent during the first week in July – the highest for any month since the coronavirus pandemic started in March in the United States, according to a report released by Zillow.

EVICTION PROTECTION: CARES Act protections for evicted renters could depend on where you live and your county judge.

DEFERRED LOANS: The four largest U.S. banks had at least $151.5 billion of loans with payments in deferralat midyear as borrowers from small businesses to homeowners sought debt relief amid the coronavirus pandemic.

STIMULUS COMPARISONS: There are key differences between Democratic and Republican HEALS vs. CARES vs. Heroes stimulus package proposals.

INFLATION: The Federal Reserve is expected to make a major commitment to ramping up inflation soon.

ROCKET IPO: The initial public offering by the nation’s top mortgage lender, Rocket Companies, turned out to be smaller and less lucrative than anticipated, a sign of investors’ sensitivity to dark economic forecasts despite resilient housing and IPO markets.

REMOTE NOTARIZATIONS: More than 10 additional states have implemented emergency initiatives allowing remote notarizations amid the coronavirus pandemic.

TRADING UP: Homebuyers are trading up for home features that provide space and privacy.