Mortgage Roundup (9/4/20) – IMBs, Rates & WFH

Good morning! Today is Friday, September 4. The Justice Department plans to bring an antitrust case against Google as soon as this month. The e-cigarette maker Juul is planning to lay off more than half its employees and is considering halting its sales across Europe and Asia. Facebook will halt political ads in the week before the election. 

And in mortgage and housing news …

IMB PROFITS: It was a big quarter for independent mortgage banks and mortgage subsidiaries of chartered banks. 

MORTGAGE RATES: Mortgage rates increased slightly this week but remained under 3 percent for the sixth straight week, Freddie Mac announced in its Primary Mortgage Market Survey.

HOUSE DIVIDED: As millions of Americans face evictions, others buy dream homes during COVID-19. 

ROCKET INVESTORS: Investors seem confused about how exactly to value Rocket Mortgage Co., the tech-enabled mortgage lender, leading to a volatile stock price

GOOGLE CAMPUS: Google proposes a new campus billed as a ‘neighborhood’ with 1,850 residential units, shops and parks. 

LEGAL BIDDING WARS: Real estate professionals are finding themselves helping their home-buying clients navigate multiple offer situations. But they must be careful to avoid misunderstandings and reduce the risk of discrimination in the process.

REINVENT OR DIE: The real estate brokerage business will revolve around the instantaneous application of data online. Adapting will be key. 

WFH SCORE: The National Association of Realtors developed a Work from Home Score that reflects the current fraction of workers already working from home and factors that are expected to support the trend to work from home or work remotely. 

PREFORECLOSURE: When you stop making payments on your mortgage, your loan servicer may initiate the preforeclosure process, which could ultimately lead to foreclosure. However, with appropriate and prompt action, homeowners facing preforeclosure can avoid losing their home.

CDC EVICTION MORATORIUM: How much can the CDC actually do to keep people in their homes?

CALIFORNIA EVICTIONS: California’s ban on evictions is stronger than and supersedes federal order, which means estimated 5.4 million renters in state must plan to pay at least a quarter of their rent to avoid potential eviction at the end of January.