Reverse, MLO, Ops Jobs; Pricing, Best-ex, QC Products; Compliance and Risk Notes and Information May 6 2021, 8:12AM
While the market is digesting the implications Rocket’s earnings (the shares are down in pre-market trading), remember when, in March 2020, it was as if someone flipped a switch and suddenly everyone was working from home. Now, however, owners and managers of lenders and vendors across the nation are debating allowing employees to continue working from home, requesting everyone come back into the office, or some type of hybrid. Goldman Sachs, for one, has told U.S. employees to return to the office by mid-June and U.K. workers to return shortly thereafter. We know from experience that our culture of collaboration, innovation and apprenticeship thrives when our people come together, according to an internal memo. Google expects 20 percent back in the office, with 60 percent in a hybrid model. Meanwhile, a segment of workers are embracing
Rates on 30-year, fixed-rate mortgage stayed beneath 3 percent for the third week in a row, welcome news for would be-homebuyers and homeowners who haven’t refinanced their mortgages yet.
That’s according to Freddie Mac’s weekly Primary Mortgage Market Survey, which showed 30-year, fixed-rate mortgages averaging 2.96 percent for the week ending May 6. The survey tracks conventional, conforming purchase loans for borrowers who put 20 percent down and have excellent credit, so many borrowers will pay higher rates.
Sam Khater | Photo credit: Freddie Mac
“Consumer income and spending are picking up, which is leading to an acceleration in economic growth,” said Freddie Mac Chief Economist Sam Khater, in a statement. “The combination of low and stable rates, coupled with an improving economy, is good for homebuyers. It’s also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow.”
CRM, Ops, Consumer Direct, AE, LO Jobs; JV and MSA Updates; Redwood Trust Results; CFPB Action Apr 30 2021, 8:26AM
How are we 1/3 done with 2021 already? Few are sitting on their hands as the months roll on. Exxon had its first profitable quarter since 2019. Fannie Mae posted its first quarter results this morning: $5.0 billion net income for the first quarter of 2021 (compared with $4.6 billion for the fourth quarter of 2020), and its net worth increased to $30.2 billion as of March 31, 2021. In regulatory news, the CFPB took action against a reverse mortgage lender for deceptive advertising. And in IRS news, you don’t need new taxes if you enforce the old ones. Lots of loan officers made a lot of money in 2020, but you’ll need a net worth greater than $4.4 million to be in the top 1 percent in the U.S., and I mention this because the IRS and the Biden Administration believe that as much as $1.4 trillion in additional revenue could be raised with mo
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Mortgage rates held stead, increasing only slightly, but remained below 3 percent as the number of global COVID-19 cases rose.
Freddie Mac released the results of its Primary Mortgage Market Survey on Thursday, showing that the 30-year fixed-rate mortgage averaged 2.98 percent, up slightly from last week’s 2.97 percent. This is down from last year, when the 30-year rate averaged 3.23 percent.
“In light of the rising COVID caseloads globally, U.S. Treasury yields stopped moving up a month ago and have remained within a narrow range as the market digests incoming economic data,” Freddie Mac Chief Economist Sam Khater said. “The good news is that with rates under 3 percent, refinancing continues to be attractive for many borrowers who financed before 2020. But, for eager buyers, especially first-time homebuyers, inventory continues to be extremely tight and competition for available homes to purchase remains high.”
MLO Jobs; LOS, Sales, ARM, HELOC, Servicing Risk Products; Ocwen, PHH, TCB, Redwood Trust Company News Apr 23 2021, 8:01AM
My cat Myrtle seems immune to marketing and advertisement. Not everyone is, of course, and there are some clever, albeit ominous, ways to get messages across. Google, of course, knows how to get messages across, knows a lot about you, and knows how to make money. Housing inventory is so limited, even Google took notice back in 2017. Remember when it announced its own efforts to alleviate the ever-tight (and ever-expensive) housing market of Silicon Valley through an investment in modular housing? The company purchased 300 modular home units from startup Factory OS, a deal Factory’s CEO says is worth $25 to $30 million. Housing prices in Google’s home base San Francisco have risen nearly 100 percent since 2009, if not more, and inventory has been dropping steadily over the past year, driving demand, and prices, even higher. It’s