Good Morning! Today is Friday, April 26. New York’s highest court overturned Harvey Weinstein’s 2020 conviction for sex crimes. A ruling council took office in Haiti as its Prime Minister resigned. The Senate voted to dismiss impeachment articles against DHS Secretary Mayorkas.
The Mortgage Note Reports
Up Again: Mortgage rates increased last week to 7.17%, worsening affordability and setting the market up for a slump as the spring buying season progresses.
LD Leader: Jeff Wilkish has been named Regional VP for New England at loanDepot.
In other mortgage and housing news…
Worsening Finances: IMBs lost an average of $1,056 on each loan they originated in 2023 as costs escalated to a study-high $11,258 per loan.
PCE: A key inflation measure …
Good Morning! Today is Thursday, April 25. President Biden signed a bill with aid for Ukraine, Israel, and Taiwan. Benjamin Netanyahu called student protesters at universities “antisemitic mobs.” New Jersey Congressman Donald Payne Jr. died at 65.
The Mortgage Note Reports
Importance Of AI: The co-founder and president at Nexval Group in Miami sat down with Editor Kimberley Haas to talk about AI, saying it is an essential tool moving forward.
Servicers Under Fire: The CFPB is once again targeting “junk fees” in the mortgage sector, this time addressing illegal actions by servicers.
Good News: Pending home sales improved in March, seeing their best performance of 2024, but low inventory remains a challenge to affordability.
In other mortgage and housing…
Good Morning! Today is Wednesday, April 24. The Senate passed a foreign aid bill that requires ByteDance to sell TikTok. President Biden won Pennsylvania’s Democratic primary. Tennessee’s legislature passed a bill to allow teachers to carry concealed handguns on school grounds.
The Mortgage Note Reports
Dutch-Style Mortgages: The Dutch offer home mortgages with interest rates that go down automatically as the loan gets paid off. Writer Erin Flynn Jay finds out if they could work in America.
Apps Sink: Mortgage applications declined last week as rates soared to a new high, giving ARMs a boost as borrowers consider ways to save.
AI Technology: Rocket Mortgage launched Rocket Logic – Synopsis, an enhancement that listens to, analyzes, and transcribes client calls…
Good Morning! Today is Tuesday, April 23. The judge in Donald Trump’s criminal trial is hearing arguments on whether the former President violated a gag order. The British Parliament passed a law allowing the government to deport asylum seekers to Rwanda. Taiwan experienced two earthquakes.
The Mortgage Note Reports
New Home Sales: New residential sales rebounded in March as an unexpected February downturn corrected, up both month-over-month and year-over-year.
G-Rate Makes Moves: Guaranteed Rate has bolstered its leadership by promoting company veteran CJ Rose and rehiring top NC LO Chris Hutchens.
In other mortgage and housing news…
Cost Burdened: Prospective buyers need an annual income of at least $119,769 to afford the monthly costs of a home with a 10%…
Good Morning! Today is Monday, April 22. Columbia University will hold classes virtually today as protests at the school continue. The U.S. is considering sanctions on some Israeli forces in the occupied West Bank. Armed men attacked voting booths in northeastern India. Today is Earth Day.
The Mortgage Note Reports
Retirement Communities: Are you ready to cash in on the equity in your home and retire? Writer Chuck Green takes a look at life plan communities.
McCargo Out: Ginnie Mae president Alanna McCargo is stepping down, calling the move a “deeply personal decision to return to private life.”
Section 184 Update: HUD announced a new final rule aimed at boosting homeownership for Native American families.
In other mortgage and housing…
Good Morning! Today is Friday, April 19. Israel retaliated overnight against Iran’s attack on its territory with what appeared to be a limited strike. The police arrested more than 100 pro-Palestinian students at Columbia University. All 12 jurors have been seated for Donald Trump’s criminal trial in Manhattan.
The Mortgage Note Reports
Topping 7%: Average mortgage rates surpassed 7% for the first time in 2024 last week.
Values Rising: Home price appreciation will continue to climb this year, according to the latest analysis by leaders at AEI Housing Center.
Compliance Help: Cornerstone Servicing now uses compliance technology from Bizzy Labs to perform daily exception processing on servicing portfolios.
Geneva Leadership: Legal expert Jessie Ermel has joined Arizona-based Geneva Financial as…
Good Morning! Today is Thursday, April 18. A Boeing whistleblower told a Senate panel that the company knowingly put out defective planes. Four states have been hit by 911 outages. Indonesia has issued a tsunami alert following multiple eruptions of a remote island volcano.
The Mortgage Note Reports
Sales Slip: Existing home sales dropped as the price of the average home rose to the highest level ever recorded in March.
“If Not Now, When?”: As the cost of homebuying hits another record high demand is creeping up due to buyers worried that affordability will only get worse.
In other mortgage and housing news…
Giving Up Hope: Traders and market experts are taking off their rose-colored glasses as last quarter’s optimism…
Good Morning! Today is Wednesday, April 17. Seven jurors have been sworn in for Trump’s criminal trial. House Republicans delivered articles of impeachment against Alejandro Mayorkas to the Senate. Officials promised the British government that Julian Assange would not face the death penalty if extradited to the U.S.
The Mortgage Note Reports
Rate Explosion: The 30-year fixed rate shot up to 7.13% last week, a four-month high, as the Central Bank responds to an unexpectedly strong jobs report.
Starting Off Strong: Single-family home prices soared year-over-year in the first quarter of 2024, starting the year off with an unaffordable pop.
In other mortgage and housing news…
GSE News: Fannie Mae and Freddie Mac said they will continue to exclude seller…
Good Morning! Today is Tuesday, April 16. Sisay Lemma of Ethiopia won the Boston Marathon’s men’s race, while Hellen Obiri of Kenya won the women’s for a second year. Protesters demanding a cease-fire in Gaza blocked roads in multiple cities around the globe. Tesla will lay off more than 10 percent of its workers.
The Mortgage Note Reports
Buyers Locked Out: The gap between the rates existing homeowners are paying and would-be homebuyers are facing has reached a point not seen in decades, and impacts Americans’ financial outlooks beyond their housing.
Starts, Permits Plunge: Residential construction reversed recent gains last month, clocking its biggest dip since August 2023 as builders watch rising rates.
Sharing The Wealth: Click n’ Close…
Good Morning! Today is Monday, April 15. Israel is considering retaliation for Iran’s missile attack. The Biden administration awarded $6 billion to Samsung for domestic semiconductor production. Severe storms are expected to bring hail and tornadoes to the central U.S.
The Mortgage Note Reports
Feeling The Burn: Inventory is the most critical factor in the hottest housing markets, and pricey West Coast hubs are seeing the most home price growth.
HUD Leader: HUD appointed Andrew Lofton as Regional Administrator for the Northwest, overseeing Alaska, Idaho, Oregon, and Washington.
In other mortgage and housing news…
Best Time To Sell: It’s officially Realtor.com’s Best Time To Sell. The week of April 14–20 has the ideal balance of housing market conditions that…
