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…
United Wholesale Mortgage (UWM) is launching an in-house appraisal service, giving its brokers an alternative to appraisal management companies (AMC) starting October 1. The program gives UWM the ability to handle the appraisal on its own by contracting directly with appraisers. UWM CEO Mat Ishbia said AMCs are “middlemen” that cause unnecessary delays in the lending process. “We understand how important it is for independent mortgage brokers to get a fast and efficient appraisal on their borrowers’ home,” Ishbia said. “This new team will be using state of the art technology, making it faster and easier, so brokers and borrowers can get the elite client service they deserve and expect from UWM.” AMCs are regulated by state agencies and are required…
Good Morning! Today is Friday, September 10. Tomorrow is the 20th anniversary of the 9/11 terror attacks. US unemployment hit a new pandemic low as it continues to trend down. President Biden announced a new plan to require vaccinations in workplaces of 100 employees or more or face weekly testing. The Taliban allowed 113 Americans and other Western passport holders to leave Kabul. And in mortgage and housing news… Tap That: American homeowners gained a record $1 trillion in tappable equity in the second quarter of 2021, a single-quarter record according to Black Knight. Speeding Like A Bullet: The national median monthly mortgage payment for homebuyers rose 67% faster than rents year-over-year in August, but mortgage hikes are starting to…
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,…
Good Morning! Today is Friday, Aug. 27. A terrorist attack at the Kabul airport killed 13 U.S. service members and at least 90 Afghans. President Biden said airlift efforts would continue despite the attack. Capitol Police officers sued former President Trump, along with groups like the Proud Boys, over the January 6 riot, saying they incited violence against officials and police. Hawaii’s Governor David Ige asked travelers to stay home through October as hospitals struggle with rising Covid cases. And in mortgage and housing news… Mat Ishbia’s Bitcoin Play Raises Concerns: UWM CEO Mat Ishbia’s announcement that he intends to accept Bitcoin has raised questions among economists and within the industry about encouraging consumers to rely on the “volatile” cryptocurrency for their mortgage payments.…
United Wholesale Mortgage CEO Mat Ishbia made headlines with the announcement his company—one of the largest lenders in the U.S.—plans to start accepting Bitcoin as payment for mortgages later this year. “That’s something that we’ve been working on,” Ishbia said, “and we’re excited that hopefully, in Q3, we can actually execute on that before anyone in the country because we are a leader in technology and innovation.” Ishbia’s announcement puts his company on the front line of the debate over the potential dangers of novel techno-currencies like Bitcoin. Bitcoin is among the class of financial products known as “cryptocurrencies,” digital currency systems developed and traded using a variety of computational and security networks. The process of developing and obtaining cryptocurrencies can…
Mortgage refinancing exploded in July, according to mortgage data analyst Black Knight. The report shows rate lock volume, the number of borrowers who locked in their mortgage rate, jumped by 5.5% in July. Rate/term refinance grew 24% month-over-month, while cash-out refinance grew 20%. The Federal Housing Finance Agency (FHFA) decided in mid-July to remove the adverse market refinance fee put in place in 2020. The 0.5% fee was intended to alleviate any future financial burden placed on Fannie Mae and Freddie Mac by the effects of the pandemic. Instead of a downturn, the housing market soared. The boom in refinancing is directly linked to the FHFA’s decision to reverse course. And now “[r]efinance volumes were undoubtedly boosted” by its repeal, Black Knight…
Mat Ishbia appears to be the odd man out when it comes to handling fees from customers the feds are no longer collecting. On July 16, the Federal Housing Finance Agency (FHFA) announced it was ending the adverse market refinancing fee for loan deliveries effective August 1, 2021. The fee, designed to address risk from anticipated losses due to COVID-19, was always unpopular. Proposed by the Trump administration last summer, it was repeatedly delayed before going into effect in December. It was welcome news to the entire industry — data show a surge in mortgage applications in the week after the 50 basis point fee was lifted — but it may have been exceptionally good news for United Wholesale Mortgage…
The Federal Housing Finance Agency announced it is dropping the COVID-era Adverse Market Refinance Fee beginning August 1. But what does that mean for borrowers who were already in the process of refinancing loans? That depends on the lender. Rocket Mortgage notified brokers last week that it is dropping the fee immediately for loans in progress. Others haven’t publicly committed to removing the fee – or did not respond to Mortgage Note requests for comment. “As you know, we already repriced earlier today, instantly passing the savings along to your borrowers on all new registrations and your entire floating pipeline,” Rocket said in an email to brokers. “We’re also in the process of applying the 50 bps credit to your…
A Florida real estate broker filed a federal lawsuit against United Wholesale Mortgage’s parent company and CEO Mat Ishbia over the launching the Broker Wars, in which Ishbia forbade brokers from doing business with two competitors if it wanted to continue to work with UWM. The lawsuit, filed in U.S. District Court in Jacksonville, alleges UWM issued its ultimatum “in a desperate attempt to stifle competition” and to “mitigate its acknowledged risk of losing market share.” UWM announced in April that it would force brokers to sign an agreement that they will not work with Rocket Mortgage or Fairway Independent Mortgage – or else be banned from work with UWM, the largest wholesale mortgage lender. Ishbia charged the two companies…
