Good Morning! Today is Monday, March 21. Wheat, corn, and barley are trapped in Russia and Ukraine, threatening a global food shortage. The Senate begins hearings today for Ketanji Brown Jackson, Biden’s Supreme Court nominee. A China Eastern Airlines flight carrying more than 130 people crashed in southern China. The Mortgage Note Reports Unfair Discrimination In Consumer Finance Targeted: The Consumer Financial Protection Bureau is targeting discrimination. Existing-Home Sales: Existing-home sales were down 7.2% from January to February and 2.4% from one year ago, NAR reported. Deephaven COO: Lisa Heitzmann has been appointed Chief Operating Officer at non-QM lender Deephaven Mortgage. And in other mortgage and housing news. Hispanic Homeownership: Last year was the best for Hispanic homeownership in the U.S. since 2008 by percent, but Hispanics are 81%…
Lisa Heitzmann has been appointed Chief Operating Officer at non-QM lender Deephaven Mortgage, the company announced in a press release. “I am excited to align Deephaven’s operations to support our positive, pro-borrower culture—where everyone is always looking to say yes. It’s a pleasure to build on this approach, while making it easier for our people and partners to help creditworthy Non-QM borrowers,” said Heitzmann. In this role, Heitzmann will oversee Deephaven’s internal underwriting, wholesale, and correspondent teams. Heitzmann’s background includes credit, risk, compliance, quality, and production. Prior to Deephaven she was a mortgage industry consultant specializing in process assessment and optimization. Her previous positions include Senior Vice President, Home Loans Quality and Operations at Bank of America, and Director, Mortgage…
Existing-home sales fell in February as rising interest rates and inflation continue to put pressure on consumers, according to the National Association of Realtors. Sales fell to a seasonally adjusted rate of 6.02 million, down 7.2% from January and 2.4% year-over-year. The inventory of unsold existing homes rose slightly to 87,000, or 1.7 months of supply at the current sales pace. Each of the four major U.S. regions saw sales fall on a month-over-month basis in February. Sales activity year-over-year was also down overall, though the South experienced an increase while the remaining three regions reported drops in transactions. The median existing-home sales price increased to $357,300, up 15% YOY and the 120th straight month of annual price increases. It’s…
Good Morning! Today is Friday, March 18. Moderna asked the FDA to authorize a second COVID booster dose for all adults. Russian forces remain stalled outside Kyiv, taking heavy casualties. A 13-year-old was driving the truck that hit a van in Texas, killing nine people. The Mortgage Note Reports Race-Based Lending: The Right Way to Promote Social Justice? The Neighborhood Assistance Corporation of America (NACA) has announced a lending program for minority-owned businesses it calls “Economic Justice Loans.” Rates Break 4%:Mortgage rates averaged 4.16% this week, exceeding 4% for the first time since May 2019. Forbearances Rise: In a familiar pattern, forbearance rose by 8,000 last week (1%) after dropping to a post-pandemic low the week before. And in other…
Mortgage rates broke 4% for the first time since May 2019, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 4.16%. A year ago at this time, the 30-year FRM averaged 3.09%. “The 30-year fixed-rate mortgage exceeded four percent for the first time since May of 2019,” said Sam Khater, Freddie Mac’s Chief Economist. “The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year. While home purchase demand has moderated, it remains competitive due to low existing inventory, suggesting high house price pressures will continue during the spring homebuying season.” The Federal Reserve raised interest rates by a…
After dropping to a post-pandemic low, forbearance rose by 8,000 last week (1%), according to Black Knight’s blog, Vision. Forborne loans held by portfolios and PSLs drove the week with an increase of 9,000 (3.9%). It was slightly offset by FHA/VA loans in forbearance falling by 1,000 (-0.3%). GSE plans remained unchanged. Black Knight calls this a “familiar pattern,” in which the middle of the month brings an uptick in plans. They’ll even out next week. Notably, both new plan starts and restarts fell, with starts hitting their lowest weekly total since Thanksgiving. Plan volume is down 41,000 (-5%) month-over-month. The increase this week comes on the heels of a major drop in plans last week, so rates remain historically…
Russia’s invasion of Ukraine is rippling through the U.S. economy, according to March commentary from Fannie Mae’s Economic and Strategic Research (ESR) Group. The ESR Group predicts full-year 2022 real GDP growth of 2.3%, down from last month’s projected 2.8%. The group also increased its predictions about the 30-year fixed mortgage, bumping its forecast up to 3.8% in 2022 and 3.9% in 2023. Total home sales are now expected to drop 4.1% in 2022, compared to a 2.4% decline predicted last month. Home purchase loan volume should hold up but refinance activity is expected to plunge to only a third of originations. This should come as no surprise to mortgage professionals who are already seeing huge declines in refi activity.…
Good Morning! Today is Wednesday, March 16. Two journalists working for Fox News were killed when their vehicle came under fire outside Kyiv. Pfizer asked federal regulators to authorize a second booster shot for adults 65 and older. The Senate passed a bill to make daylight saving time permanent. The Mortgage Note Reports New Chair: JPMorgan Chase’s Cerita Battles has been appointed chair of NAHREP’s 2022 Corporate Board of Governors. Loans Down: Mortgage loan application volume fell 1.2% last week, with refis down for both conventional and government loans. And in other mortgage and housing news… Ginnie EVP: Ginnie Mae President Alanna McCargo announced the appointment of the GSE’s first Latino Executive Vice President, Sam Valverde. Latino Homeowners: Realtor.com’s 2022…
Mortgage loan application volume fell 1.2% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 1.2%. The adjusted purchase index fell 1%, while the unadjusted purchase index fell 2% and was 8% lower YOY. The refinance index fell 3% and was down 49% YOY. Refinances made up 48.4% of total applications. Rising mortgage rates continue to impact application activity. Rates reached 4.27% last week, their highest since May 2019, and are adding to investor uncertainty. They’re also having an outsized impact on refis, which declined for both conventional and government loans. Refinances bounced up last week due to a brief drop in rates, though it was…
Good Morning! Today is Tuesday, March 15. U.S. tech stocks and oil prices fell Monday as investors assessed new Covid-19 outbreaks in China. The police arrested a suspect in a series of shootings of homeless men in New York City and Washington, DC. Idaho passed an abortion bill similar to the one in Texas. The Mortgage Note Reports Funding Awarded To Help The Homeless: The U.S. Department of Housing and Urban Development has announced over $2.6 billion to fund roughly 7,000 local homeless housing and service programs throughout the country. CoreLogic: Single-family rents increased by 12.6% YOY in January to reach another historic high, with Miami seeing 40% growth YOY. Vacation Demand: Demand for vacation homes has cooled down after…
