Mortgage Roundup (9/23/20) – NYC, Quicken & UWM

Good morning! Today is Wednesday, September 23. The U.S. Covid-19 death toll now exceeds 200,000. The FDA will announce tougher standards for a Covid-19 vaccine that make it unlikely one will be cleared by Election Day. Tik Tok fans in India are in withdrawal after their country banned the music-sharing app. 

And in mortgage and housing news …

NY ESCAPE: Of the top 10 markets that have cooled down since last year, four are New York City boroughs – the Bronx, Queens, Brooklyn and Staten Island, according to a new study released by Redfin. Manhattan was excluded from the study due to a lack of data.

NEW QUICKEN OFFERINGS: Quicken Loans Mortgage Services is taking a bigger step into the broker pool – with new offerings and a new name.

MORE RECORDS:  Existing home sales jumped to 14-year high, as prices set another record.

UWM MERGER: The biggest wholesale mortgage originator in the U.S. is merging with a special-purpose acquisition company in a deal that will take the lender public at a valuation north of $16 billion, the record for a type of deal that has become all the rage on Wall Street.

STRUGGLING BORROWERS: The number of Americans skipping mortgage payments drops to lowest level since April — but some borrowers face bigger challenges.

REDLINING COVID: People living in formerly redlined neighborhoods are more susceptible to having COVID-19 complications, according to a new study by the National Community Reinvestment Coalition.

REVERSE MORTGAGE PITFALLS: If you’re home-rich but cash-poor, here’s what to know about reverse mortgages.

BIGGER HOUSE DEMAND: Home prices are skyrocketing in most U.S. markets despite Covid-19, a recession and a shockingly high unemployment rate. Many buyers are paying top dollar for much more space.  

RENTER’S MARKET:  In a renter’s market, tenants rush to upgrade their neighborhoods.

HOME PRICES: Market forecasters say home prices may be dropping soon if federal response to the pandemic wavers.