Morning Roundup (9/22/2021)– Loan Applications, Housing Starts Up

Good Morning! Today is Wednesday, September 22. The House passed a bill to keep the government open and prevent a debt default, but Senate Republicans will likely block it. The Taliban asked to participate in the U.N. General Assembly this week to gain international representation. The DOJ and six states are challenging American Airline’s partnership with JetBlue, alleging it violates anti-trust laws. And in mortgage and housing news… Mortgage Loan Apps Up: Mortgage loan application volume rose 4.9% last week, the MBA weekly survey found. Anthony Casa Abuse: The case of Anthony Casa, the AIME Chair who threatened and sexually harassed a competitor’s wife last year, perfectly demonstrates the difficulty of holding individuals accountable, Christine Lenzo writes. August Housing Starts: …

Morning Roundup (9/21/2021)– August New Home Purchases Down, Real-Estate Commissions Under Investigation

Good Morning! Today is Tuesday, September 21. The U.S. is easing travel bans, but will require foreign nationals to show proof of vaccination before entering the country. The Biden administration is raising the cap on refugee admissions to 125,000. A doctor who publicly admitted to performing an abortion after six weeks is being sued, the first case filed under Texas’ controversial abortion law. And in mortgage and housing news… New Home Purchases Down: MBA’s Builder Application Survey data for August 2021 shows mortgage applications for new home purchases increased from July but fell year-over-year. Commissions Under Investigation: Home sale commissions are under investigation by the Biden administration, which has asked the Federal Trade Commission to adopt rules to address any…

Morning Roundup (9/20/2021)– Home Sales Down, Consumer Sentiment Steadies

Good Morning! Today is Monday, September 19. France recalled its ambassadors from Britain and the U.S. in protest of their secret negotiations with Australia. Natural gas prices are surging, prompting fears about winter shortages. The Biden administration began deporting thousands of Haitians awaiting immigration processing in Texas. And in mortgage and housing news… Will Fed Meeting Affect Interest Rates?: The FOMC is meeting September 21 and 22 to discuss next steps on monetary policy. It probably won’t affect interest rates. Home Sales Down: RE/MAX’s August Annual Housing Report suggests that while the market may still be hot, the busiest months of 2021 may be behind us. Consumer Sentiment Up: Consumer sentiment steadied in September after plunging to its lowest level…

Morning Roundup (9/17/2021)– Rent Growth Overtakes Home Prices, Home Sales Down

Good Morning! Today is Friday, September 17. Elizabeth Warren sent letters to 12 regional Fed presidents asking them to ban ownership of individual stocks among top officials at their banks. The World Bank canceled their “Doing Business” report after an investigation found that management tried to alter data. The Justice Department is fighting against a settlement that would prevent citizens from suing the Sackler family. And in mortgage and housing news… No Bias in Mortgage Biz?: Researchers from the American Enterprise Institute Housing Institute claim studies alleging racial bias in mortgage ignore outcomes that undermine their arguments. Rent Growth Tops Home Prices: Rent growth overtook home price growth in August, a Realtor.com report found. Sales Down In August: Redfin reported…

Morning Roundup (9/16/2021)- Interest Rates Flat, Warren Calls For Break-Up Of Wells Fargo

Good Morning! Today is Thursday, September 16. The FDA found that an additional shot of Pfizer boosts immune response, but the typical two-shot regimen is still effective. The U.S., Britain, and Australia are teaming up to launch nuclear-powered submarines to patrol the South China Sea. Olympic gymnasts abused by Larry Nasser blamed the F.BI., USA Gymnastics, and the U.S. Olympic & Paralympic Committee for not responding to accusations in 2015. And in mortgage and housing news… Interest Rates Flat Again: Freddie Mac’s PMMS showed interest rates barely moved for another week, with 30-year fixed-rates averaging 2.86%. “Middlemen”: Mat Ishbia says UWM’s in-house appraisal program will speed things up by removing AMCs, which needlessly hinder closing times. Non-banks Non-primes Down: Fitch…

Morning Roundup (9/15/2021)- Purchase Applications Bounce Back, PSPA Provisions Suspended

Good Morning! Today is Wednesday, September 15. Californians voted not to recall Gov. Gavin Newsom. Senate Democrats proposed a compromise voting rights bill that includes voter ID requirements. Facebook documents reportedly show Instagram is harmful to teenage girls. North Korea violated U.N. resolutions by testing two ballistic missiles. And in mortgage and housing news… Purchase Applications Up: MBA’s weekly survey showed mortgage applications bouncing back from last week’s low, driven by purchase applications. Debt Burdens: More than half of non-homeowners say their student debt delayed them from buying a home, a NAR poll found. PSPA Provisions Suspended: FHFA and the Department of the Treasury suspended certain provisions from the Preferred Stock Purchase Agreements, FHFA announced in a press release. Delinquencies…

FHFA Suspends “High Risk” Provision on Fannie, Freddie

The Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury have suspended proposed rule changes for Preferred Stock Purchase Agreements (PSPAs), FHFA announced in a press release. The goal of these changes, put in place at the end of the Trump administration, was to limit Freddie Mac and Fannie Mae’s ability to back certain types of mortgages, including on second homes, multifamily homes and homes bought with higher risk loans. “This suspension will provide FHFA time to review the extent to which these requirements are redundant or inconsistent with existing FHFA standards, policies, and directives that mandate sustainable lending standards,” Acting Director Sandra L. Thompson said. FHFA will consult with Treasury on the scope of the review…

Morning Roundup (9/14/2021)- Forbearances Drop, Cash-Out Refi Soars

Good Morning! Today is Tuesday, September 14. Californians vote on whether to recall Governor Gavin Newsom today. Chevron pledged to spend $10 billion in its new low-carbon unit, focusing on biofuels and hydrogen production. A Wall Street Journal investigation found that Facebook exempts high-profile users from its content rules. And in mortgage and housing news… Good News For Struggling Borrowers: The total number of loans in forbearance took a nosedive this week, with numbers down in every category. Cash-Outs Soar: Black Knight’s latest Originations Market Monitor report showed cash-out refinancing rose 41% in the last three months, while overall rate locks for mortgage originations increased in August. MHCs: Freddie Mac rolled out new tenant protections for manufactured home owners who…

MBA: Good News As Share Of Loans In Forbearance Nosedives

The total number of loans in forbearance took a nosedive this week, with numbers down in every category, according to the Mortgage Bankers Association’s (MBA) latest survey. Forbearances made up 3.08% of servicers’ portfolio volume, down from 3.23%. That puts the estimated number of homeowners in forbearance plans at 1.5 million. For Fannie Mae and Freddie Mac loans, the number fell 11 basis points to 1.52%. Ginnie Mae loans fell from 3.63% to 3.39%. Portfolio loans and private-label securities shares fell 25 basis points, from 7.52% to 7.27%. Independent mortgage bank servicers saw a drop of 16 basis points to 3.33%, and depository servicers saw a drop of 18 basis points to 3.15%. “The share of loans in forbearance decreased…

Morning Roundup (9/9/2021)- Rates Don’t Budge, Ishbia’s Player Funds Spark Controversy

Good Morning! Today is Thursday, September 9. Elizabeth Holmes’ trial starts today; she’s accused of defrauding investors and patients through her blood-testing company Theranos. Job openings in the US have leveled off after breaking records over the summer. Eighty percent of gas and oil production on the Gulf coast is still down after Hurricane Ida. And in mortgage and housing news…Rates Don’t Budge: Freddie Mac’s latest Primary Mortgage Market Survey found that mortgage rates held steady another week, up just .01% from last week to 2.88%. Feminists, Former Employees Cry Foul Over Ishbia’s Big-Dollar MSU Player Stipends: UWM’s Mat Ishbia is paying $6,000/year in stipends to MSU football and basketball players — but only the men. Women’s advocates see sexism,…