HousingWire Daily

Today’s Daily Download episode features an exclusive interview with HousingWire founder and CEO Clayton Collins and Lead Analyst Logan Mohtashami. In the interview, which was conducted at HousingWire’s Annual Conference, Mohtashami delves into the chaos theory applied to housing in 2020. For some background on the interview, here’s a summary of Mohtashami’s recent article: Today, purchase application data confirmed what I needed to see to justify that we should get a positive total existing-home sales year in 2020. Yes, as crazy as it sounds, we can do this for the existing home sales market in 2020.I wanted to see at least 20 straight weeks of double-digit year-over-year growth on average to make up for the nine negative weeks we saw due to COVID-19. Those nine negative weeks came at a crucial time for the MBA purchase application data as it was right in the data line’s heat months. So, we had a lot of work to do to get back to the point where we can go positive, but it happened.The MBA report shows the year-over-year growth for the last eight weeks has been +21%, +22%,+25%,+6%, +40%,+28% +33% and +27%. As you can see in the chart, these last eight weeks have created enough demand to move the total volumes higher than we would see during the heat months, which is during the second week of January to the first week of May. Since this data looks out 30-90 days, it’s enough demand to help the existing home sales market, which is still a negative year to date, to be positive for the year. The only thing that can stop this is some non-economic events at this stage since we are in October.In the interview, the pair also discuss how the housing market has rebounded during the COVID-19 pandemic. As well as the nation’s lack of housing inventory, a concept Mohtashami has been vocally against. “If there was this record-breaking demand and no homes to buy, real home prices on a year-over-year basis would be skyrocketing,” Mohtashami said. “There is homes to buy when people are ready to buy.” The Daily Download examines the most compelling articles reported from the HousingWire newsroom every day. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. This podcast is hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: Don't call it a comeback Pending home sales at an all-time high! Now what? Context is key with 2020 housing market data

In today’s Daily Download episode, HousingWire covers a report that claims not only has Opendoor officially filed to go public, but the company is also under investigation by the Federal Trade Commission over its advertising practices. For some background on the story, here’s a summary of the article: Opendoor has officially filed its announcement to go public after announcing its merger with Social Capital Hedosophia Holdings Corp. II in September. But the filing also revealed that Opendoor is under investigation by the Federal Trade Commission over its advertising practices.According to the filing, Opendoor in 2019 received a civil investigative demand.“In August 2019, the FTC sent a civil investigative demand (CID) to Opendoor seeking documents and information relating primarily to statements in the company’s advertising and website comparing Opendoor’s offers to purchase homes to selling in a traditional manner using an agent and statements pertaining to Opendoor’s offers reflecting or being based on market prices,” the filing said.Inman first reported on the investigation, which was disclosed in the company’s S-4 statement. As of Oct. 1, the investigation is ongoing, the filing says.Following the main story, HousingWire covers a report from the Mortgage Bankers Association that shows mortgage applications almost completely rebounded last week by climbing 4.6%, and a breakdown of what former Vice President Joe Biden’s first-time homebuyer tax credit looks like in the era of COVID-19. The Daily Download examines the most compelling articles reported from the HousingWire newsroom every day. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. This podcast is hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: Opendoor discloses that it's under federal investigation Mortgage applications rise 4.6% Biden's first-time homebuyer tax credit in the age of COVID-19

In today’s Daily Download episode, Trina Scott, the chief diversity officer at Rock Ventures and 2020 HousingWire Woman of Influence, joins HousingWire to discuss what she’ll be speaking on during her panel at HousingWire Annual on Oct. 8. For some background on the interview, here’s a brief snippet of what Scott will discuss on her panel entitled: Business Strategy During Social Upheaval: HW: What’s one piece of advice you would give to mortgage executives about starting the conversation on how to create a business strategy during social upheaval? Trina Scott: It starts with the culture of your organization. We’re very proud of our culture, which is built off of our philosophies called “ISMs.” We are also very conscious that, even though we have a rich culture, we need to be able to make sure that our culture has continued to evolve and that we’re continuing to challenge the status quo of where we are as an organization. I’d say the first place to start is to ask: who are you as an organization? Do you know that? If you don’t, you need to establish that. The second thing is to understand the business imperative around diversity, equity, belonging and inclusion. If it’s looked at as a programmatic, separate thing you will never incorporate it to systemic overall changes that need to be made to processes that exist. It’s important to understand the “why” behind this effort, not just for this moment but where it’s really driving the bottom-line impact. I challenge all of us to think about who we are as an organization, establish who we are and use that as our bedrock. Most importantly, understanding our opportunity to be able to influence the outcome by incorporating equity, inclusion, belonging and diversity in every decision we make and, therefore, those two things build on a solid foundation of creating a program that’s sustainable. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: · Rock Venture’s Trina Scott on adjusting business strategy during social upheaval · The Great Acceleration- HousingWire Annual 2020 · Business Strategy During Social Upheaval

Today’s Daily Download episode features an interview with HousingWire Mortgage Editor James Kleimann. In this episode, Kleimann discusses the recent uptick of mortgage companies like Rocket Companies and United Wholesale Mortgage entering the public arena and filing for IPO. Kleimann also delves into the significance of special purpose acquisition companies and discusses the role they play in public debuts. For some background on the interview, here’s a brief summary of Kleimann’s recent article on the latest mortgage lender to file for a public offering. AmeriHome on Thursday became the latest mortgage lender to file for a public offering, the latest to do so amid a coronavirus pandemic that has helped spur record origination volume this year.The lender told the SEC in a filing that it plans to raise at least $100 million as a placeholder for an upcoming public offering, though it did not disclose the ultimate size of the offering. Renaissance Capital speculated that it could ultimately raise up to $300 million in an IPO.Like other mortgage firms, California-based AmeriHome has captured a glut of business over the last year due to low interest rates and paltry inventory. Year-to-date, AmeriHome has booked $642 million in revenue for the 12 months that ended June 30, according to the S-1 filing.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. Here are the latest IPO articles from HousingWire that are covered in this episode: AmeriHome plans to go public – Let's look at the numbers Caliber Home Loans plans $2B-plus IPO As UWM attempts to build an empire, brokers and rivals weigh in on Mat Ishbia's $16B plan United Wholesale Mortgage plans $16B public debut via acquisition LoanDepot could make public debut this year at up to $15B

In today’s Daily Download episode, HousingWire covers a report that claims Texas-based mortgage lender Caliber Home Loans will potentially go public this year at a valuation over $2B. For some background on the story, here’s a summary of the article: Texas-based mortgage lender Caliber Home Loans is the latest mortgage firm to ride the IPO wave, filing paperwork to potentially go public this year at a valuation north of $2 billion, according to a new report.The company, owned by private equity firm Lone Star Funds, filed confidential IPO paperwork with the Securities and Exchange Commission and could make its public debut as soon as next week, the Wall Street Journal reported Thursday.Caliber, headed by CEO Sanjiv Das, has retail, wholesale and correspondent lending channels, and has developed a large book of business in the purchase space. It originated about $36 billion in mortgages during the first half of the year, according to Inside Mortgage Finance.Though it sells many of its loans – $22 billion in MSRs year-to-date – Caliber is also one of the largest servicers in the country, according to data and analytics firm Recursion. As of Sept. 1, Caliber was the nation’s 13th-largest agency mortgage servicer, with about 2% market share, for a total of $136 billion. That placed Caliber just behind United Wholesale Mortgage.Following the main story, HousingWire covers a report that shows the number of mortgages in active forbearance rose by 21,000 after six weeks of steady declines, as well as a report from the Labor Department that indicates the U.S. unemployment rate in September hit a six-month low of 7.9%. The Daily Download examines the most compelling articles reported from the HousingWire newsroom every day. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. This podcast is hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: Caliber Home Loans plans $2B-plus IPO Loans in forbearance gain after 6 weeks of decline US unemployment drops to six-month low of 7.9%

In today’s Daily Download episode, Shant Banosian, the nation’s No. 1 loan originator joins the Housing News Podcast to discuss how he became Guaranteed Rate’s first billion-dollar originator, the future of the U.S mortgage market and how he’s generated more than $4 billion in loans over the course of his decade-long career. For some background on the interview, here’s a brief summary HousingWire’s latest article on Banosian’s achievement: Over the last five years, Shant has been Guaranteed Rate’s No. 1 loan officer nationwide, as well as the top producer in Massachusetts since 2013.Banosian told HousingWire that the key to his success is his team, and focusing on what consumers need and want.“It’s one of those cliches: you don’t want to just work in the business, you need to work on the business,” Banosian said. “We’re constantly working on our business and taking feedback from our clients trying to understand what it is that our clients and our partners want, how to constantly be forward-thinking in terms of staying ahead of the competition and figuring out ways to be more efficient.”Not only are Banosian and his team having a record-setting year, so is Guaranteed Rate, as it funded double the total loan volume compared to the same time last year. Just in August, the company locked down $12 billion in loan volume, breaking its record for one month.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: Guaranteed Rate's Shant Banosian on becoming the nation's top loan originator Housing News Podcast: Guaranteed Rate's Shant Banosian on how the mortgage industry can survive in today's low rate environment Shant Banosian becomes Guaranteed Rate's first LO to originate $1 billion

In today’s Daily Download episode, HousingWire covers a survey from the National Association of Hispanic Real Estate Professionals that found despite high unemployment, high COVID-19 infection rates and greater loss or reduction of income, 40% of Latinos still plan to become homeowners. For some background on the story, here’s a summary of the article: The American dream of owning a home remains resilient in Latino communities despite high unemployment, high COVID-19 infection rates, and greater loss or reduction of income compared to non-Hispanic Whites, according to a new survey.The August survey from the National Association of Hispanic Real Estate Professionals found that 40% of Latinos who do not currently own a home have plans to buy within the next five years, the highest among any demographic.According to the survey, Latino households were twice as likely (18%) as non-Hispanic White households (9%) to report having had at least one household member laid off due to the pandemic. That number reached its peak in April when Latino unemployment sat at 18.9% – the highest recorded since the great depression, according to the Bureau of Labor Statistics.Undeterred by the economic uncertainty, 47% of Latino renters who were able to continue saving during the pandemic reported the possibility of home ownership as their main motivation, higher than any other demographic of renters. The survey also noted evidence that predominantly Hispanic neighborhoods, or neighborhoods with a Hispanic population of 50% or more, saw more than double the amount of first-time home buyer activity than that of the rest of the country between the second quarter of 2019 and the second quarter of 2020.Following the main story, HousingWire discusses why Altisource Portfolio Solutions has expanded its Texas operations center and an announcement from United Wholesale Mortgage that it will offer a 50 bps discount on all VA interest rate reduction refinance loans through Veterans Day. HousingWire articles covered in this episode: Despite hardships from pandemic, 40% of Latinos still plan to become homeowners: survey Altisource expands servicing to handle forbearance overflow UWM to knock 50 bps off VA IRRRL loans

In today’s Daily Download episode, HousingWire covers Treasury Secretary Steven Mnuchin’s oversight panel endorses Federal Housing Finance Agency Director Mark Calabria’s plan to re-privatize Fannie Mae and Freddie Mac. For some background on the story, here’s a summary of the article: A year ago, Treasury Secretary Steven Mnuchin and Federal Housing Finance Agency Director Mark Calabria released the Trump administration’s so-called blueprint to re-privatize mortgage giants Fannie Mae and Freddie Mac with the biggest stock offering in history.Calabria has stuck to the plan, even as a deadly pandemic swept across the nation, killing more than 200,000 Americans and sparking a recession that forced millions of borrowers to seek forbearance plans because they couldn’t pay their bills. Last month, the FHFA endorsed an adverse-market fee that will aid in the “recap and release” of the government-sponsored enterprises at a cost of about $1,400 per refinanced loan, with the fee paid by borrowers.All of this was done without input from Congress, which chartered both companies decades ago in a bid to expand homeownership and has oversight of their activities.On Friday, the Financial Stability Oversight Council, which is chaired by Mnuchin, voted unanimously to endorse Calabria’s plan to recapitalize and release the GSEs by executive action – with the caveat that even more capital may be required than the FHFA has called for – and after the vote Calabria made a statement commending FSOC members for their endorsement.Following the main story, HousingWire covers a report from the Mortgage Bankers Association that shows mortgage applications fell 4.8% last week, and discusses the finalization of two appraisal and capital liquidity rules initiated by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: Mnuchin's oversight panel endorses Calabria's GSE plan Mortgage applications decline 4.8%

Today’s Daily Download episode features an interview with Mike Fratantoni, Mortgage Bankers Association's Chief Economist and Senior Vice President of Research and Industry Technology. In this episode, Fratantoni discusses his recent HousingWire article and expands upon why mortgage origination volume is on track to be the highest in more than 15 years, as well as the MBA’s forecast on what’s ahead in the refinance and purchase market for 2021. For some background on the interview, here’s a summary of the article: The housing and mortgage markets have been the rare bright spots in an otherwise fragile economy brought forth by the ongoing COVID-19 pandemic. Mortgage origination volume this year is on track to be the highest in more than 15 years, led by a strong wave of refinances.Just how busy have lenders been? 2003 was the last time refinance activity was as high as the $1.75 trillion MBA is forecasting for 2020.Mortgage rates have reached record lows, driven by the unprecedented economic weakness, as well as the Federal Reserve’s substantial efforts to keep the economy afloat by cutting short-term rates to zero and purchasing more than $1 trillion dollars of mortgage-backed securities. Homeowners are benefitting from lower monthly payments, while lenders are struggling to manage high volumes – all during a time when their employees continue to work remotely, and many temporary origination flexibilities remain in place.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: The 2020 refi wave: Where activity is strongest, where it's not and what's ahead MBA: Refi index still 30% higher than last year even as mortgage applications slow 5 reasons mortgage rates will rise in 2021, according to Dave Stevens

In today’s Daily Download episode, HousingWire covers an announcement that Home Point Financial has launched a new community foundation with a $1 million grant. For some background on the story, here’s a summary of the article: Home Point Financial announced on Friday the launch of its charitable community foundation with an initial pledge of $1 million dedicated to funding 50 new minority and female-owned brokerages.In the midst of the Association of Independent Mortgage Experts National Fuse Conference, Home Point announced the initial $1 million in grant money will be distributed in coordination with AIME’s latest diversity initiative, the Spark program.According to Home Point, the foundation’s goal is to empower individuals to achieve their dreams through “investment, education and support.”“One of the core beliefs of Home Point Financial is giving back,” said Lisa Patterson, Home Point chief origination officer. “But as a business we’re committed to the independent mortgage broker. So, we wanted to take that a step further and create additional opportunities for those individuals who have aspirations of opening their own mortgage broker company, specifically in underrepresented groups.”In total, the Home Point foundation will allocate grants to 25 minority and 25 female-owned mortgage brokerages. Awards include one $50,000 grant, four $25,000 grants and 20 $17,500 grants per group.Following the main story, HousingWire covers a newly launched referral network from OJO Labs, the OJO Select Network, which is an agent referral program that matches top performing agents with ready homebuyers or sellers based on an understanding of the agent’s skill set and the consumer’s need, and a digital expansion from Fidelity National Financial that is intended to help prevent the rapid spread of wire fraud. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Home Point Financial launches community foundation with initial $1 million grant OJO Labs rolls out agent referral network Fidelity National Financial expands its digital options to help prevent wire fraud

In today’s Daily Download episode, Mortgage Marketing Radio’s Geoff Zimpfer and HousingWire Editor in Chief Sarah Wheeler discuss the significance of mortgage companies like Rocket and United Wholesale Mortgage going public. For some background on the interview, here’s a brief summary of HousingWire’s latest article on United Wholesale Mortgage’s $16B acquisition from Gores Holdings IV Inc. : United Wholesale Mortgage, the largest wholesale lending firm in the country, is joining the blank-check company craze and will make its public debut via an acquisition.The Detroit-headquartered UWM will merge with businessman Alec Gores’ special purpose acquisition company (SPAC) Gores Holdings IV Inc in a deal that will value the new UWM at $16.1 billion, the company said in a statement Wednesday morning. That’s roughly 9.5X the company’s estimated 2021 adjusted net income of $1.7 billion.The acquisition will enable UWM to retain roughly 94% of the combined company. As part of the deal, UWM will receive about $425 million in cash held in Gores’s trust account, plus $500 million from a private placement. The combined company will be listed on the Nasdaq under the ticket symbol “UWMC.” The Wall Street Journal first reported the news.UWM’s CEO Mat Ishbia, who took over the family business from his father in 2003 and transformed it into the largest wholesale lender in the nation, will be head of the combined company.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: United Wholesale Mortgage plans $16B public debut via acquisition Shant Banosian becomes Guaranteed Rate's first LO to originate $1 billion LoanDepot could make public debut this year at up to $15B Quicken Loans prepares for IPO

Today’s Daily Download episode features an interview with Mark Fleming, the chief economist at First American. In this episode, Fleming speaks with HousingWire about First American’s Potential Home Sales Model, which indicates the housing market potential reached a 13-year high during the month of August. During the interview, Fleming explains how the housing market was able to retain its strength despite COVID-19’s impact on both the mortgage and real estate industries. “When the housing industry went into the coronavirus pandemic back in March, the market sort of took a pause and home sales declined,” Fleming said. “During this time, I think we all thought we were going to have to deal with a significant fallout, but we quickly realized in late April and early May that the housing market found a way around it so pleasantly.” “While this was not expected, it’s clear that the housing industry was the only ‘V-shaped’ recovery amongst all of the sectors in the economy today,” he said. “Home sales are going better than they have before, we're hitting high points for sales in August and that strength is expected to continue into the rest of the year.” Fleming also discusses whether or not growth in potential home sales is sustainable for the foreseeable future. “I think it's sustainable and may not grow as quickly as it has in recent months, which have sort of been a recovery phase from the Spring, Fleming said. “But there are some long-run fundamental dynamics that are very positive for the growth of the housing market.” “The largest one namely being Millennial first-time homebuyer demand, there are just millions upon millions of households that are just getting to the point of their early 30s and wanting to buy homes,” he said. “So, we will benefit for a number of years to come from that demographic demand, and as Jerome Powell has strongly indicated, mortgage rates will probably remain at historically low levels. Those two dynamics alone should help to push forward the housing market for the next couple of years.” The Daily Download examines the most compelling articles reported by the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.

In today’s Daily Download episode, HousingWire covers an announcement that United Wholesale Mortgage will merge with special purpose acquisition company Gores Holdings IV Inc, in a deal that will value the new UWM at $16.1 billion. For some background on the story, here’s a summary of the article: United Wholesale Mortgage, the largest wholesale lending firm in the country, is joining the blank-check company craze and will make its public debut via an acquisition.The Detroit-headquartered UWM will merge with businessman Alec Gores’ special purpose acquisition company (SPAC) Gores Holdings IV Inc in a deal that will value the new UWM at $16.1 billion, the company said in a statement Wednesday morning. That’s roughly 9.5X the company’s estimated 2021 adjusted net income of $1.7 billion.The acquisition will enable UWM to retain roughly 94% of the combined company. As part of the deal, UWM will receive about $425 million in cash held in Gores’s trust account, plus $500 million from a private placement. The combined company will be listed on the Nasdaq under the ticket symbol “UWM Corp.” The Wall Street Journal first reported the news.Following the main story, HousingWire discusses a report from the Mortgage Bankers Association that indicates mortgage applications gained 6.8% last week, and what the FHFA’s request for industry input on its strategic plan for 2021 to 2024 could mean for the future of Fannie Mae and Freddie Mac. The Daily Download examines the most compelling articles reported from the HousingWire newsroom every day. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. This podcast is hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: United Wholesale Mortgage plans $16B public debut via acquisition Housing market stays hot into fall with mortgage applications up 6.8% FHFA requests input on goals for Fannie Mae, Freddie Mac

In today’s Daily Download episode, HousingWire covers a report from CoreLogic that claims U.S. homeowners gained over $620 billion in home equity during the second quarter of 2020. For some background on the story, here’s a summary of the article: U.S. homeowners with mortgages witnessed a 6.6% year-over-year increase in their equity in the second quarter of 2020 – representing a cumulative gain of $620 billion for the nation and an average $9,800 hike in equity per homeowner, according to a new report by CoreLogic. Record-low mortgage rates and constricted sale inventory cast the perfect storm for home prices which rose 4.3% annually through June ultimately bolstering the increase in home equity, CoreLogic said in its home equity report. “Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures,” said Frank Martell, president and CEO of CoreLogic.Despite recent gains, the data service provider predicts upward advancements may be mitigated by consistent unemployment and home prices will dip in concurrence with a possible jump in delinquencies.Following the main story, HousingWire discusses a proposal from the Federal Reserve to revamp the anti-redlining rules known as the Community Reinvestment Act, or CRA, and an announcement from The Office of the Comptroller of the Currency that is has settled with three former Wells Fargo executives for their roles in the bank’s fake account scandal. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Homeowners gain over $620 billion in equity in second quarter Fed releases proposal to reform CRA OCC settles with three former Wells Fargo executives

In today’s Daily Download episode, HousingWire covers a report from the Mortgage Bankers Association’s Research Institute for Housing America that indicates in the second quarter of 2020, close to 11 million households fell behind on their rent or mortgages. Additionally, the report found that the COVID-19 pandemic may have negative impacts on Millennial homeownership. For some background on the story, here’s a summary of the article: In the second quarter of 2020 nearly 11 million households fell behind on their rent or mortgages – however nearly triple that number, approximately 30 million individuals, missed at least one student loan payment, according to a recent report from the Mortgage Bankers Association’s Research Institute for Housing America.The data compiled from the Understanding America Study was the result of a panel survey tailored to study the impact of the pandemic specifically on mortgagors, renters and student loan borrowers.According to the survey, evidence suggests that student debt is affecting housing-market behavior, in particular, how rising student debt burdens may have crowded out first-time-home purchases among Millennials.Every additional $1,000 of student debt lowers the homeownership rate by approximately 2% – a sizeable effect, according to the report. This bolsters the findings of other studies, including a 2017 study by the National Association of Realtors where more than 75% of respondents with student loans said their educational debt impacted their decision to purchase a home.Following the main story, HousingWire also discusses the nation’s number one loan originator Shant Banosian becoming Guaranteed Rates’s first loan officer to fund $1 billion in loan volume in one year and Keller Williams’ recent vote to add a Diversity, Equity and Inclusion Committee to its’ leadership council. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: MBA: 11 million households fell behind on rent or mortgages in second quarter Shant Banosian becomes Guaranteed Rate's first LO to originate $1 billion Keller Williams adds Diversity, Equity and Inclusion Committee to leadership council

In today’s Daily Download episode, HousingWire covers a report that states loanDepot is poised to go public later this year. For some background on the story, here’s a summary of the article: The California-based mortgage lender headed by Anthony Hsieh could be worth between $12 billion and $15 billion in an IPO, according to Bloomberg‘s sources.The company has held discussions with potential underwriters for an IPO that could happen as soon as the fourth quarter of this year.The news comes on the heels of Rocket Mortgage’s successful IPO in August. Since it debuted at $18 a share, Rocket’s stock has surged over 25%, and the nation’s largest mortgage lender now sports a market cap of about $47 billion.“We are the Lyft to their Uber,” Hsieh told Bloomberg. “The momentum for non-bank lending is here to stay. We’re here to fuel the American dream.”LoanDepot, backed by Parthenon Capital Partners, announced plans to go public in September 2015, but canceled the IPO hours before pricing due to what the company called adverse “market conditions.” At the time, loanDepot had sought a market value of $2.4 billion to $2.6 billion. In March 2017, the company revived plans for an IPO.Following the main story, HousingWire discusses a report from Freddie Mac that indicates the average mortgage rates for a 30-year fixed mortgage increased slightly to 2.87%, which is still the second-lowest on record. The team also shares a release from the NAHB that indicates the Housing Market Index rose five points this month, the highest score the series has seen since its inception. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode:

In today’s Daily Download episode, HousingWire covers a plea from the nation’s lawmakers to Federal Housing Finance Agency Director Mark Calabria to rethink the adverse-market fee. For some background on the story, here’s a summary of the article: Federal Housing Finance Agency Director Mark Calabria took fire during Congressional testimony on Wednesday about the implementation of an adverse-market fee that’s expected to add about $1,400 to the cost of refinanced mortgages delivered to Fannie Mae or Freddie Mac after Dec. 1.The need for the fee is based on recapitalizing the two mortgage financiers so they can be released from government conservatorship, Rep. Brad Sherman (D-CA) said during his questioning of Calabria. That’s a scenario that is unlikely to happen if former Vice President Joe Biden usurps President Donald Trump in the Nov. 3 election, as numerous national polls show him poised to do.“Don’t institute the fee – wait until next year when a new Congress can look anew at whether we are going to recreate these agencies in a form that didn’t work last time, and if not, we don’t need the fees,” Sherman said, expressing a view echoed by several lawmakers during the session. Following the main story, HousingWire covers an announcement from the Federal Reserve that it anticipates mortgage rates will remain low through 2023, and an analysis from Pew Research Center that suggests more young adults are now living at home than during the Great Depression.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Lawmakers ask Calabria to rethink adverse-market fee Fed says expect low rates through 2023 More young adults live at home now than during the Great Depression

Today’s Daily Download episode features an interview with HousingWire Lead Analyst, Logan Mohtashami. In this episode, Mohtashami discusses his recent article as well as his thoughts on the Mortgage Banker’s Associations’ recent report and how mortgage credit plays into the larger story on COVID-19’s impact on the housing market. Mohtashami’s article is part of our HW+ premium membership community. When you go to sign up, use the code “hwpluspodcast100” to get $100 off your annual membership. For some background on the story, here’s a summary of the article: It is true that the COVID-19 crisis did temporarily wreak havoc on the mortgage market. Case in point — the week of March 9 and the mortgage market meltdown. You may recall the precipitous drop in rates which resulted in a flood of refinance requests which amplified early pay off risk, mortgage margin calls, and the rapid rebounding of rates.Needless to say, all that drama from COVID-19 created significant stress in the mortgage market. As a result, many non-QM lenders left the market and FHA homebuyers with low FICO scores saw credit get tighter. The U.S. jumbo market loans saw some difficulty as well. Some lenders even stopped offering home equity lines.While that all sounds pretty drastic and scary, at the end of the day this prevented only about 4.5%-6.2% of all purchase loans from closing of those that would have closed prior to the meltdown. This means that approximately over 93% of the purchase loans that could have closed during the period of the record-breaking expansion still closed during the early part of the COVID crisis. This is because after 2010, the loan profiles of mortgage seekers before and during the COVID crisis have been, in a word, excellent– the best loan profiles that I have ever seen in my 24 years of lending experience.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: Is mortgage credit really too tight since COVID-19? It hasn't been this hard to get a mortgage in six years

In today’s Daily Download episode, Mortgage Marketing Radio’s Geoff Zimpfer and HousingWire columnist Logan Mohtashami discuss whether or not the housing market has already recovered from the Coronavirus’ impact on the industry. For some background on the interview, here’s a brief summary of Mohtashami’s latest article on the housing market’s V-shaped recovery: The two most important factors that drive housing, demographics and mortgage rates are both in sweet spots to support housing. If you consider Millennials as potential replacement buyers, then add in downsizing Baby Boomers and move-up home buyers, we should see a lot of activity in the housing market in the coming months and years. Plus, we still have 15%-20% of market sales purchasing homes with cash each year.We only need 4 million mortgage buyers a year to have a stable market and this is out of over 140 million people currently working – and the job market is still in recovery mode. It’s very rare to have any existing home sales print under 4 million in the 21st century. Typically this happens around events such as the last few months of the housing bubble crash, the aftermath of the pull forward demand from the homebuyer tax credit, and one month of COVID-19 induced sales. With mortgage rates safely under 4%, we have the cushion of low mortgage rates as well.When one puts all this into perspective, I think we can agree, the worst of times are largely behind us for the housing market. It’s time to start looking at our future with caution as long as this virus is still with us. We can’t forget the housing bubble boys are ready for the 2021 forbearance home-price crash trolling game plan. Trust me when I say this, I’ve got a few tricks up my sleeve for them.HousingWire articles covered in this episode: Housing’s V-shaped recovery is complete: What had to happen to get America back by Sept. 1 The V-shaped recovery continues for housing market Here’s evidence of V-shaped economic recovery

In today’s Daily Download episode, HousingWire covers a report from the Mortgage Bankers Association that indicates it hasn’t been this hard for homebuyers to get a mortgage in six years. For some background on the story, here’s a summary of the article: Mortgage credit in August was the tightest in more than six years as a weak economy prompted lenders to tighten standards, the Mortgage Bankers Association said in a report on Thursday.The group’s Mortgage Credit Availability Index fell 4.7% to 120.9 last month, the lowest since March 2014, indicating stricter requirements to get loans. The index plunged from record highs seen in late 2019 after the COVID-19 pandemic caused the worst economic contraction since the Great Depression.The drop in the availability of credit was “driven by a reduction in supply from both conventional and government segments of the market,” said Joel Kan, an MBA associate vice president.“Credit continues to tighten because of uncertainty still looming around the health of the job market,” Kan said. “A further reduction in loan programs with low credit scores, high LTVs, and reduced documentation requirements also continued to drive the overall decline in credit availability.”Following the main story, HousingWire covers a forecast from CoreLogic that claims the COVID-19 pandemic may lead to a foreclosure crisis and a report from Black Knight that suggests the refinancing boom is just getting started. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: It hasn’t been this hard to get a mortgage in six years Pandemic may lead to foreclosure crisis, CoreLogic says The refinancing boom is just getting started

Today’s Daily Download episode features an interview with Farrah Wilder, the newly appointed chief diversity, equity, and inclusion officer at the California Association of Realtors. In this episode, Wilder speaks with HousingWire about CAR's reasoning for creating the role and the importance of advocating for an inclusive housing industry. During the interview, Wilder, who also served the United States Department of Education as a civil rights attorney, explains why her background in law has made her perfectly suited for her new role at CAR. “It was there [USDE] that I really got a sense of the nuances of intersectionality,” Wilder said. “Their focus is gender discrimination, but as it intersects with race and class. So, there was a lot of discussion around what does it mean to be a woman of color in the workplace or a woman from a working-class background?” According to Wilder, this lesson helped her better understand the complexities of inequality within the housing industry, and what professionals will need to do to address housing discrimination. “I think one of the biggest things that we're going to need to do is build systems that allow us to have space to continuously focus on and learn about these issues,” Wilder said. “For example, the California Association of Realtors has committees, and members regularly meet to discuss policy and learn about persistent fair housing issues.” “I see it as a mission, but it's not something that we can't address, and I think we have to start from the top down, you know, from CEOs to people who own brokerages,” Wilder said. “I think the message needs to be that our industry is focused on housing discrimination. This is an important issue and we're working on it.” The Daily Download examines the most compelling articles reported by the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham

In today’s Daily Download episode, Robert Dietz, chief economist and senior vice president of economics and housing policy at the National Association of Home Builders joins the Housing News Podcast to discuss low housing inventory and rising lumber prices. For some background on the interview, here’s a brief summary: In this episode, Dietz discusses how a national shortage of housing inventory and rising lumber prices have contributed to an increase in construction costs, which is making it much more difficult for builders to introduce affordable housing supply to the market.During the interview, Dietz also explains where America’s housing inventory currently stands when compared to historical home-building trends.According to him, the housing market is experiencing a housing deficit of about a million homes, which includes the combination of both apartments and single-family homes.“While estimates may vary, most economists agree there is a housing deficit. Freddie Mac had an estimate of about two and a half million homes as a shortage, and you can see the critical impacts of that shortage,” Dietz said. “One of these impacts is that home prices are rising faster than incomes during the post-Great Recession period, and that, of course, has led to declines in housing affordability.”The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: The answer to the affordable housing shortage no one wants to hear Spike in lumber prices boosts construction costs High home prices erase homebuyers' increased purchasing power US inventory of homes for sale reaches record low NAHB's Robert Dietz talks housing inventory and homebuyer affordability

Today’s Daily Download episode, features an interview with HousingWire Real Estate reporter Julia Falcon. In this episode, Falcon discusses her recent article that claims rising home prices have erased the increased purchasing power homebuyers gained in early 2020. For some background on the story, here’s a summary of the article: Homebuyer purchasing power increased 6.9% this July, meaning a homebuyer with a $2,500 monthly housing budget can afford a home priced $33,250 higher than a year ago, Redfin found, which it credited to historically low mortgage rates.But with home prices up 8.2% year over year in July, this homebuyer purchasing power is essentially canceled out, data from Redfin shows.“Low mortgage rates are motivating many people to purchase a home, particularly those who want more space to work from home,” Redfin Chief Economist Daryl Fairweather said in a release. “But because there hasn’t been an increase in the number of homes for sale since rates started dropping with the onset of the pandemic, many buyers end up competing for the same homes, driving up prices.”During the podcast interview, Falcon delves into how the COVID-19 pandemic and historically low mortgage rates have impacted the nation’s housing inventory. “These low rates are increasing purchasing power, so for instance, if the mortgage rate is about 3%, a homebuyer can afford a slightly higher mortgage payment,” Falcon said. “This is encouraging people to buy, especially first-time buyers who might be able to afford a mortgage payment a little higher than they believe they would.” Falcon also shares what homebuyers continuing to migrate means for the overall real estate market, as well as what trends she’s currently watching. The Daily Download examines the most compelling articles reported by the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham HousingWire articles covered in this episode: High home prices erase homebuyers' increased purchasing power

In today’s Daily Download episode, HousingWire covers an announcement from the Intercontinental Exchange that it has received regulatory approval and fully completed its $11 billion acquisition. For some background on the story, here’s a summary of the article: Nearly one month after Ellie Mae announced that it had agreed to be acquired by Intercontinental Exchange, ICE announced Friday that it had received regulatory approval and fully completed its $11 billion acquisition. “We are excited to begin the next important chapter in our journey to digitize the residential mortgage industry,” said Jeff Sprecher, founder, chairman and CEO of Intercontinental Exchange. “Ellie Mae’s industry leadership and best-of-breed technology will better enable us to further accelerate the automation of the mortgage origination workflow, which will benefit stakeholders across the production chain, including consumers.” Per the announcement, the transaction values Ellie Mae at an enterprise value of $11 billion – three times the all-cash transaction of $3.7 billion private equity shop Thoma Bravo spent acquiring it a little over a year ago. Following the main story, HousingWire covers the Consumer Financial Protection Bureau’s seventh settlement against a mortgage broker for deceptive advertisements targeting VA borrowers, and data from the National Association of Homebuilders that indicates a spike in lumber prices is now driving construction costs much higher. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: · With $11B Ellie Mae deal finalized, ICE prepares to unleash a “fully digital mortgage ecosystem” · CFPB settles with seventh company for misleading ads targeting veterans · Spike in lumber prices boosts construction costs

Today’s Daily Download episode features an interview with Aaron Davis, CEO of Florida Agency Network, one of Florida’s largest RON providers. In this episode, HousingWire examines a recent article that delves into one key component that is hindering RON adoption. Davis discusses how RON adoption has changed in the era of COVID-19, what it will take for increased RON and eNote adoption in the secondary market and how RON has transformed the borrower experience overall. Ramirez’s article is part of our HW+ premium membership community. When you go to sign up, use the code “hwpluspodcast100” to get $100 off your annual membership. For some background on the story, here’s a summary of the article: As it turns out, state regulations, while a major factor, are not the greatest holdup to universal acceptance of RON. In fact, over the past year COVID-19 has spurred many states to rush through emergency bills allowing for the use of RON.No, the greatest holdup actually lies in the hands of lenders: eNotes.Traditionally, promissory notes are wet signed. They are the “golden ticket” when it comes to mortgage transactions and without it, the deal wouldn’t exist. It is the legal note where one party in the transaction promises in writing to pay a fixed amount of money to another party under specific terms.There were instances in 2008, for example, where if the note was lost or stored away in a bank’s basement, lenders couldn’t foreclose on a property until the note was located. Notes can’t be sold unless they are physically located.But RON can turn this promissory note digital, and that changes everything.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: This is the single greatest factor standing in the way of RON The pandemic transformed real estate closings, but will digital adoption stick?

Today’s Daily Download episode features an interview with Latham Jenkins, associate broker at Live Water Jackson Hole. In this episode, HousingWire digs deeper into a recent article that indicates mountain towns like Aspen, Colorado and Jackson Hole, Wyoming are heating up, as home buyers flee to luxury mountain towns. During the podcast interview, Jenkins discusses the ongoing migration trend he’s seen in Jackson Hole. According to Jenkins, the urban flight to mountain towns began years ago, and was essentially accelerated due to the novel COVID-19 pandemic. Jenkins added that variables like densely populated cities, tax structures and working remotely have been driving factors in prompting people to seek out housing markets in mountain towns. Jenkins, who has lived in the Jackson Hole for more than 25 years, said he’s never seen this level of demand in his region before, stemming primarily from buyers he’s coined as “COVID refugees.” "They're fleeing an urban market and coming here desiring to buy places that have elbow room and generally speaking, buying single-family properties with acreage,” Jenkins said. “When you look at what has happened since June 1 in our market, over 109 listings have either gotten closed or are pending that are worth $3 million or more at an average price of $5.5 million.” Though it’s unclear what this level of demand means for the future in the region’s housing inventory at large, Jenkins said he’ll continue responding to market demand. “We went into this being in an inventory shortage, and COVID only exacerbated that as well, so what's left? Well, a lot of pressure on pricing as we look forward,” Jenkins said. “I think that Jackson Hole will continue to see a lot of upward pricing pressure with very low inventory, and a demand that just continues." The Daily Download examines the most compelling articles reported by the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: As homebuyers flee to luxury mountain towns, local housing markets are heating up

Today’s Daily Download episode features an interview with HousingWire Lead Analyst, Logan Mohtashami. In this episode, Mohtashami provides an update on an article he wrote in April, which lists the five economic and/or social landmarks that we would need to pass that helps the industry better understand the recovery and how the housing market is performing. Mohtashami’s article is part of our HW+ premium membership community. Use the code hwpluspodcast100 to get $100 off your annual membership. For some background on the story, here’s a summary of the article: The fiscal calendar, a mainstay of marking economic activity has served little purpose in COVID America. Where it once provided a structure by which to analyze balance sheets and economic trends, in these virus-directed times, it has become a vestigial anomaly like the little toe or the appendix of the human body.In order to understand the economic performance of various sectors during these times, we need to abide by the dictates of the virus. For this reason, I divided 2020 into this economic-timeline into three phases: Before COVID (BC), After the onset of the Disease (AD), and America is Back (AB).In a previous article, I wrote about five economic and/or social landmarks that we would need to pass in order to determine that we had exited the AD phase and entered the AB recovery phase. This serves as a report card on that recovery with a final word about the U.S. housing market.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.HousingWire articles covered in this episode: Housing's V-shaped recovery is complete: What had to happen to get America back by Sept. 1 5 indicators that will show when the housing market is rebounding from COVID-19

In today’s Daily Download episode, HousingWire discusses the projected costs insurers will have to pay for damages that property owners endured from Hurricane Laura last week. For some background on the story, here’s a summary of the article: Insurers will have to fork over billions of dollars to pay for damage that property owners incurred from Hurricane Laura last week.Data and analytics provider CoreLogic estimated that residential and commercial property damage in Louisiana and Texas could come in anywhere between $8 billion and $12 billion, with the vast majority of the damage coming in Louisiana.The storm, the most intense hurricane to make landfall in the northwestern gulf in more than 150 years, will also hurt homeowners’ ability to pay for their mortgage.Following the main story, HousingWire covers the Mortgage Bankers Association’s weekly forbearance volume survey and the MBA’s and Structured Finance Associations’ comments on the Federal Housing Financing Agency’s proposed rule for a new regulatory capital framework for Fannie Mae and Freddie Mac. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: Hurricane Laura wallops areas with high mortgage delinquency rates Fannie Mae, Freddie Mac forbearance rate falls to a 4-month low MBA, SFA comment FHFA's proposed new regulatory capital framework

In today’s Daily Download episode, HousingWire covers Democratic Presidential Nominee Joe Biden’s proposed $15,000 first-time homebuyer tax credit. For some background on the story, here’s a summary of the article: Former Vice President Joe Biden has proposed a $15,000 tax credit to help first-time homebuyers purchase a property. As is typical for campaign proposals from either party, the details remain to be fleshed out. And before any tax credit would be put in place, it would have to be hashed out in a bill passed by Congress, which controls U.S. tax policy.Biden’s proposal, as explained on his campaign website, is: “Help families buy their first homes and build wealth by creating a new refundable, advanceable tax credit of up to $15,000. Biden’s new First Down Payment Tax Credit will help families offset the costs of home buying and help millions of families lay down roots for the first time.”In some ways, it’s similar to the $7,500 tax credit created by the Housing and Economic Recovery Act signed by President George W. Bush in July 2008. The credit was raised to $8,000 the following year in a bill signed by President Barack Obama. The programs expired in 2010.Following the main story, HousingWire covers what lenders are doing about refinance loans that were already locked with closing dates after Sept. 1 since the Federal Housing Finance Agency delayed the adverse-market refinance fee. The podcast also discusses why sales of large homes are skyrocketing as homeowners seek out more space. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: Biden's $15,000 first-time homebuyer tax credit explained Refi fee is delayed, but what are lenders doing about already locked loans? Sales of large homes skyrocket as homeowners seek more space

Today’s Daily Download episode features an interview with James Kleimann, HousingWire’s newest mortgage editor. In his new role, Kleimann will be helping HousingWire’s newsroom cover topics related to housing finance as well as real estate, appraisal, title and escrow and more. Kleimann got his start as a reporter right out of college in Burlington, Vermont covering cops and crime. After moving back to his home state of New Jersey, Kleimann held various roles across different news outlets, eventually landing at The Real Deal where he most recently served as managing web editor. “HousingWire is the leading publication for housing professionals, and has a rich history of producing great journalism,” said Kleimann. “But its ambitions are so much greater than that. I’m beyond thrilled to work with Clayton, Diego, Sarah and the rest of the editorial staff to dig even deeper into the mortgage space and break into new subjects during this exciting, uncertain time.” Kleimann added that he's excited to bring his knowledge on a lot of other components of real estate to this mortgage editor position As mortgage editor, Kleimann will be covering the ups and downs in the housing industry, as well as watching trends in the real estate market. One area of focus Kleimann said he’s looking forward to is coverage on mortgage brokers. “This is such a pivotal player in the housing market, and one that was really pilloried during the housing crisis of 2008 and nearly driven to extinction,” Kleimann said. “And now, they're back in a pretty big way.” Kleimann said he wants to look into how the mortgage broker has evolved, examine how they've adapt to changes in technology and how they've improved their reputation with customers. In the interview, Kleimann also touches on topics like the coastal exodus, his recent article on Realtor.com’s flood risk disclosures and how new emerging trends like migration will impact realtors and brokers. The Daily Download examines the most compelling articles reported by the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham HousingWire articles covered in this episode: James Kleimann of The Real Deal joins HousingWire Are cities really seeing an exodus? Zillow says urban areas have more in common with suburbs than you think A coastal exodus? These Century 21 San Francisco agents don't think so Realtor.com now discloses flood risks – Here's why its competitors won't

Today’s Daily Download episode features an interview with Greg McBride, Senior Vice President, and Chief Financial Analyst at Bankrate.com. In this episode, McBride speaks with HousingWire about the recent postponement of the Federal Housing Finance Agency’s adverse-market refinance fee. Earlier this week, McBride sent a statement to the HousingWire newsroom following the announcement of the fee’s postponement: “The Federal Housing Finance Agency has decided to postpone implementation of the much-criticized Adverse Market Refinance Fee until December 1, and exempted refinances for loan amounts under $125,000,” McBride said. “While not as good as repealing it altogether, this is certainly better than the caper they pulled when they initially announced it without any advance notice.”During the podcast interview, McBride delves into why he believes the fee should be repealed as well as whether or not he thinks implementing the new loan-level price adjustment will benefit homebuyers and lenders. According to McBride, the fee may discourage homebuyers from refinancing as it has the potential to add more than $1,000 to their closing costs. "This is not an ancillary charge that nobody's going to notice, it's half a percentage point of the loan amount that's being refinanced," he said. "While it may make great financial sense for consumers to refinance, they tend to balk for two reasons. One is that there are so many fees involved and the second is the cumbersome process." "While I don't know if the process will be altered, from a fee standpoint, it's sometimes a tough sell to consumers as people are often reluctant to incur upfront costs," he said. "So, when you add another layer on top of that, my concern is that it will only further deter people from refinancing when they could otherwise benefit from doing so." The Daily Download examines the most compelling articles reported by the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham HousingWire articles covered in this episode: New fee on mortgage refinances could cost homeowners $1,400 MBA President “stunned” by the FHFA’s new mortgage refinance fee Fannie Mae and Freddie Mac CEOs address industry on refinance fee grievances FHFA delays refinance fee start date to Dec. 1

In today’s Daily Download episode, HousingWire covers the Federal Housing Finance Agency’s recent announcement to postpone the implementation date of the adverse market refinance fee. For some background on the story, here’s a summary of the article. The Federal Housing Finance Agency announced Tuesday it is postponing the date it will begin implementing its adverse market refinance fee to Dec. 1.The FHFA directed Fannie Mae and Freddie Mac to delay the implementation date of their adverse market refinance fee after it was previously scheduled to take effect Sept. 1, 2020.FHFA is also announcing that the enterprises will exempt refinance loans with loan balances below $125,000, nearly half of which are comprised of lower-income borrowers at or below 80% of area median income. Affordable refinance products Home Ready and Home Possible, are also exempt.After Fannie Mae and Freddie Mac announced an added 50 basis point fee to all refinances, the housing industry was quick to react. In fact, the industry quickly turned against Fannie and Freddie’s added fee.The Mortgage Bankers Association was one of the strongest voices in opposition to the new fee, saying, in part, “The additional 0.5% fee on Fannie Mae and Freddie Mac refinance mortgages will raise costs for families trying to make ends meet in these challenging times. In addition, the September 1 effective date means that thousands of borrowers who did not lock in their rates could face unanticipated cost increases just days from closing.”Following the main story, HousingWire covers why Black-owned businesses have been hit hardest by COVID-19, and a report from the Mortgage Bankers Association that indicates mortgage applications fell 6.5% last week, despite mortgage rates hovering around 3%. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: FHFA delays refinance fee start date to Dec. 1 Why Black-owned businesses have been hit hardest by COVID-19 Mortgage applications fall 6.5% as rates hover around 3%

In today’s Daily Download episode, HousingWire covers a survey that indicates the nation’s economists now believe America is likely to experience a double-dip recession. For some background on the story, here’s a summary of the article: Almost 80% of economists say there’s at least a one-in-four chance of a double-dip recession, following a record 32.9% plunge in GDP in the second quarter, according to a survey released on Monday from the National Association for Business Economics. About 40% of respondents rate the COVID-19 response from Congress as “insufficient” and 37% said it’s “adequate,” according to the survey that summarized the opinions of 235 members and was conducted between late July and early August. “The panel is split in its view on Congress’s fiscal response to the recession,” said NABE President Constance Hunter, who is KPMG’s chief economist. “Nearly three out of four panelists believe the optimal size for the next fiscal package to be $1 trillion or greater, compared to 17% who favor a smaller package.” Following the main story, HousingWire covers the Mortgage Bankers Association’s Weekly Forbearance and Call Volume Survey that shows the rate has fallen once again, and a letter addressed to Congress from a broad coalition of housing organizations that encourages protections for renters and property owners. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: 80% of economists see a chance of a double-dip recession Forbearance rate falls to 7.2%, MBA says Broad coalition of housing organizations urge Congress to start protecting renters and property owners

In today’s Daily Download episode, HousingWire covers speculation on whether not the Federal Housing Finance Agency is delaying the implementation of a fee that would add a 0.5% surcharge to refinance mortgages sold to Fannie Mae and Freddie Mac. For some background on the story, here’s a summary of the article: According to reporting by the Wall Street Journal on Saturday, the Federal Housing Finance Agency has been communicating with mortgage industry groups about delaying the implementation of a fee which would add a 0.5% surcharge to refinance mortgages sold to Fannie Mae and Freddie Mac starting Sept. 1. According to the article, the FHFA is considering a delay to the adverse market fee implementation date, but is not planning to rescind it. The FHFA has been widely criticized both for the reasoning given for the fee and the short three-week notice to lenders and homeowners already in the middle of a refinance process.Dave Stevens, former president and CEO of the Mortgage Bankers Association and former commissioner of the Federal Housing Administration, told HousingWire on Saturday that, “If true, it seems clear that Director Calabria listened to industry concerns about the impact of this short time frame to implement. And while the logic of the fee remains in question, this is a good sign and hopefully will lead to a change in behavior going forward where impact assessment conversations can take place prior to major policy announcements.”Following the main story, HousingWire covers an announcement from the Federal Reserve that it has purchased about $892 billion of agency mortgage-backed securities, and a claim from a research associate at the Urban Institute that there’s a problem with the data measuring delinquency and forbearance requests. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Is the FHFA about to delay the refi fee? Fed purchases of agency MBS total $892 billion There’s a problem with the data measuring delinquency and forbearance

Today’s Daily Download episode features an interview with Jarred Kessler, Co-Founder and CEO of real estate tech company EasyKnock. In this episode, Kessler speaks with HousingWire about the U.S. real estate market and weighs in on whether or not it's likely to experience another dip. During the interview, Kessler delves into how the COVID-19 pandemic has transformed the housing industry and what trends he’s watching in the real estate market. "The housing market was acting particularly healthy between the months of March to June, and you're starting to see less support or backstop from the government,” Kessler said. “I think you're going to see a major shift from inventory being scarce to people starting to panic and the housing market starting to really soften up, especially in urban areas where people are leaving to get more space and lower tax areas.” The EasyKnock CEO also discusses the current state of the housing industry and its increase in supply and demand, and shares his thoughts on whether it will continue to grow or ease up. "I think [homebuyer demand] can continue to go up in the short term, but I just don’t think it’s sustainable,” Kessler said. “There’s too much damage in the economy in the underbelly right now, to where I believe it will eventually trickle into the real estate market.” The Daily Download examines the most compelling articles reported by the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham HousingWire articles covered in this episode: Can the housing market withstand the coronavirus? Sales of new houses jump to a 13-year high Sales of higher-priced properties drive California median home price to new high in July New home construction shoots up 22.6% in July COVID-19 changed women's attraction to homeownership Are cities really seeing an exodus? Zillow says urban areas have more in common with suburbs than you think

In today’s Daily Download episode, HousingWire covers Realtor.com’s newly released list of 2020’s hottest housing markets according to zip code. For some background on the story, here’s a summary of the article: Compared to last year, the housing market this year has seen some big changes. Notably, people are moving inland from the large cities as the pandemic has created a coastal exodus, prompting apartment dwellers to seek more space and big yards.Realtor.com released its hottest ZIP codes of 2020 report on Tuesday, which revealed that more towns in the Northeast made the list than last year.“The hottest zip codes have bucked the national trend of a housing market slowdown during the COVID-19 pandemic,” Danielle Hale, realtor.com’s chief economist said in the report.“Even during the pandemic, homes in the hottest markets were selling at a blistering pace, with the median days on market in all of the top neighborhoods being under a month,” Hale said. “Likewise, all of the hottest zip codes saw demand increase, with rising views per property on realtor.com compared to last year.”Following the main story, HousingWire covers an article that discusses the launch of the new builder review feature on Zillow, as well as Freddie Mac’s Weekly Primary Mortgage Market survey that indicates this week's mortgage rates rose on risk assessment. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: Here are 2020's hottest housing markets according to ZIP code Zillow launches consumer-generated builder review feature US mortgage rates rise on risk assessment

In today’s Daily Download episode, Mortgage Marketing Radio’s Geoff Zimpfer and HousingWire Editor in Chief Sarah Wheeler discuss forbearance reporting, housing inventory and home prices. For some background on the interview, here’s a brief summary of HousingWire’s latest article on forbearance rates: The forbearance rate for mortgages backed by Fannie Mae and Freddie Mac dropped to 4.94% in the first week of August, the first time it’s been below 5% since April, the Mortgage Bankers Association said in a report on Monday.The rate for mortgages backed by government-sponsored enterprises, or GSEs, fell 25 basis points from the prior week, according to the report.Overall, the forbearance rate fell 23 basis points from the prior week to 7.21%, representing 3.6 million mortgages, MBA said.“Borrowers with conventional mortgages have been faring somewhat better throughout the current crisis, and there is no sign to date from these data that the risk to the GSEs is increasing,” said Mike Fratantoni, MBA’s chief economist.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.HousingWire articles covered in this episode: Fannie Mae, Freddie Mac forbearance rate drops below 5% Low mortgage rates and low inventory resulted in more bidding wars in July, Redfin says When it comes to home sales, August is the new May, keeping agents busy into the fall

In today’s Daily Download episode, HousingWire covers a report from the Mortgage Bankers Association that indicates the forbearance rate for mortgages backed by Fannie Mae and Freddie Mac have dropped below 5%. For some background on the story, here’s a summary of the article: The forbearance rate for mortgages backed by Fannie Mae and Freddie Mac dropped to 4.94% in the first week of August, the first time it’s been below 5% since April, the Mortgage Bankers Association said in a report on Monday.The rate for mortgages backed by government-sponsored enterprises, or GSEs, fell 25 basis points from the prior week, according to the report.Overall, the forbearance rate fell 23 basis points from the prior week to 7.21%, representing 3.6 million mortgages, MBA said. The forbearance share for loans in Ginnie Mae securities – meaning, mortgages backed by the Federal Housing Administration, the Veterans Administration, and the U.S. Department of Agriculture – fell 52 basis points to 9.54%, though some of that decline stems from delinquent loans being sold off and reported in the private portfolio category, the report said. Following the main story, HousingWire covers a study from Redfin that suggests new interest from city dwellers is raising home prices in rural areas and a joint report from the National Association of Home Builders and Wells Fargo that claims America’s western region is showing the most promise as builder confidence returned to a record high across the country. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: Fannie Mae, Freddie Mac forbearance rate drops below 5% New interest from city dwellers raising home prices in rural areas The West showing the most promise as builder confidence returns to record high

On today’s episode, HousingWire Editor at Large Kathleen Howley is here to discuss her recent HW+ article on Fannie Mae and Freddie Mac’s announcement last Wednesday to impose a 0.5% fee on refinance mortgages, and how this decision could become an election issue. For some background on the story, here’s a summary of the article: Fannie Mae and Freddie Mac, the two largest mortgage financiers in the world, on Wednesday night announced they would impose a 0.5% fee on every refinanced mortgage starting Sept. 1. Look for it to become an issue in the campaign.The new fee “exposes President Trump to charges that he is trying to tax housing at the height of the economic crisis,” said Jaret Seiberg, managing director of Cowen Group, a Washington D.C. research firm. “That is a political liability for the president. We expect Democrats will exploit this.”For borrowers refinancing their mortgages, the new fee probably will cost them about $1,400 per loan, according to the Mortgage Bankers Association. That’s money that could have gone toward bolstering the economy in the form of consumer spending, which accounts for about 70% of the nation’s GDP.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: Fannie, Freddie fee hike may become an election issue New fee on mortgage refinances could cost homeowners $1,400

In today’s Daily Download episode, Mark Watson, chief analytics officer at iEmergent, speaks with HousingWire’s Junior Digital Producer Victoria Wickham about the newly released 2020-2024 U.S Total Mortgage Volume Forecast. iEmergent’s forecast projects this year’s total residential mortgage lending could reach as high as $3.21 trillion, primarily driven by a refinance market that could also reach as high as $2.26 trillion. Watson said one reason behind the refinance volume is low mortgage interest rates. "The cost of getting a mortgage now is as cheapest it's ever been," Watson said. "We think that everybody is going to adjust to this new normal and next year should should be back on an upward trajectory." Watson also discusses the biggest factors impacting the purchase and refinance market and shares one major concern over the health of the housing market from potential problems arising due to mortgage payment forbearances. If borrowers end up defaulting and having to go into foreclosure, it "presents a real problem for the entire housing market,” he said. According to the latest report from the Mortgage Bankers Association, approximately 4.2 million homeowners are now in forbearance. Closing out the interview, Watson said, "We still have a situation where the inventory of homes available for sale is still very tight, but for potential homebuyers that find a home that they like and that they can afford, now it's certainly a great time to buy." The Daily Download examines the most compelling articles reported from the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.

Today’s Daily Download episode features an interview with Bob Broeksmit, president and CEO of the Mortgage Bankers Association. Broeksmit discusses the Federal Housing Finance Agency’s recent decision to implement a new fee on mortgage refinances, a decision that was made without prior counsel from the MBA. “[This] puts into effect a massive price increase with virtually no notice, meaning that hundreds of millions of dollars will be taken from the pockets of lenders who cannot pass along this unanticipated cost and worse, consumers will be on the hook for billions starting today when everybody's costs went up by half a point,” Broeksmit said. “It's outrageous and unprecedented.” The announcement, released at the end of the day on Wednesday, stated that refinance mortgage loans sold to Fannie Mae and Freddie Mac after Sept. 1 will include a new adverse-market refinance fee of 0.5%. This fee will be assessed for both cash-out and no-cash-out refinances, and it could cost homeowner’s $1,400, a move Broeksmit said is disturbing beyond belief. “At a time when the country is reeling economically, and the government is trying to provide relief and stimulus to this shaken economy,” Broeksmit said. “To grab $1,400 dollars per loan on low-risk refinances at Fannie Mae and Freddie Mac is disturbing beyond belief.” The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: New fee on mortgage refinances could cost homeowners $1,400

Today’s Daily Download episode features an interview with Maurice Jourdain-Earl, Co-Founder and Managing Director of Compliance Tech. In this episode, Maurice discusses his LinkedIn article that tackles the COVID-19 forbearance mortarium, in which he says enlarges the wound caused by a lack of black homeownership in America. Jourdain-Earl explains why he believes Section 4022 of the CARES Actwill have a disparate impact on black Americans and shares what HMDA data reveals about racial disparities regarding federally backed mortgage loans. According to him, as the vast majority of black Americans are renters, programs intended to aid homeowners will largely benefit white America, which he says will further the homeownership gap. “I believe there is power in data, and one of the reasons I wrote this particular piece was to provide some exposure and touch on how the CARES Act can be executed in a way that the [overall] public can benefit,” he said. “I also believe the use of this data can bring about a greater sense of knowledge on the dual mortgage market that we have in America that is separate and unequal.” Notably, Jourdain-Earl also discusses mortgage data from ComplianceTech, that he says reveals racial disparities regarding the lending patterns of federally backed mortgage loans. “The bottom line is this, if you are black in America, you are more than three times likely to get a government loan than a conventional loan, and data is beginning to show that lenders that do not originate a large share of government loans are more likely to have a redlining profile,” he said. The Daily Download examines the most compelling articles reported from the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: · FHA extends foreclosure and eviction moratorium again · HMDA data presents sobering picture of Black homeownership in 2019 · [PULSE] Housing discrimination: It's real and not just a tweet · HUD allocates $472 million of CARES Act funding for low-income households

Today’s Daily Download episode features an interview with the National Association of Real Estate Brokers President Donnell Williams about the termination of the Obama-era AFFH fair housing rule. According to Williams, the termination will have a negative impact on fair housing as it will leave many Americans vulnerable to housing discrimination. “This will have a negative impact on fair housing, and it’s actually pretty horrible that the rule was rescinded as we were just starting to make headway in housing discrimination,” Williams said. “I mean, it takes time to have an impact, and the termination of the rule basically creates an atmosphere of fear. It set us back quite a bit, to be honest.” When talking about President Donald Trump’s tweets regarding the termination, which ignited uproar from the housing industry as many perceived them to be prejudice, Donell said they were inherently offensive and stroked the flames of racism. “I think they are dog whistles and are at its core racist. Without a doubt, it’s sending a [certain] message to some folks that is causing fear. It's just crazy talk,” Williams said. “I mean, you've got bad apples on both sides. So, to label everyone is really not a good thing.” “It’s a good thing to have integrated neighborhoods. If people can afford to live or build in a certain area, they shouldn't be condemned,” Donnell said.” If [Trump] continues to stroke the fire, it could lead to neighbors becoming upset and having a misconception behind the purpose of fair housing.” The Daily Download examines the most compelling articles reported from the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham. HousingWire articles covered in this episode: · HUD to abolish Obama-era AFFH fair housing rule · NAREB town hall: Here are strategies to improve Black homeownership · NAR comes out strong against AFFH fair housing rule termination · Julian Castro on Trump’s AFFH tweet: “It’s a naked ploy to drum up racial fears and white resentment”

Today’s Daily Download episode features an interview with Walter Huff, who is the Owner and CEO of The Huff Real Estate Team at Keller Williams. In this episode, Huff explains how the growing number of seniors aging in place will impact America's housing supply. During the interview, Huff also touches on how the COVID-19 pandemic may lead to an uptick in multigenerational households as the unemployment rate continues to hover near record lows. According to Huff, one of the major benefits of being a part of a multi-generational living combination is shared expenses and as COVID-19 continues to affect the wages of Americans across the country, saving may be more important than ever. “By bringing in family members and resources together under one roof, families can collectively address their expenses, allocate their finances accordingly, and save even more,” Huff said. “The family household will forever be changed thanks to COVID-19 and I'm waiting to see a study of how that will impact family formations moving forward.” The Daily Download examines the most compelling articles reported from the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Here’s why there aren’t enough homes to buy right now Jobless claims fell to 1.2 million last week Survey: Half of Boomer homeowners plan to age in place Freddie Mac: Seniors are causing the housing shortage

In today’s Daily Download episode, HousingWire covers an announcement that an announcement from Ellie Mae that it has entered a definitive agreement to be acquired by Intercontinental Exchange for approximately $11 billion. For some background on the story, here’s a summary of the article: Ellie Mae announced Thursday it entered a definitive agreement to be acquired by Intercontinental Exchange for approximately $11 billion. The move comes 15 months after Thoma Bravo, a private equity investment firm, announced it would acquire Ellie Mae in an all-cash transaction of $3.7 billion.“We are excited to be joining the Intercontinental Exchange family and having the opportunity to work closely with Simplifile and MERS in helping our industry to realize the true digital mortgage,” said Jonathan Corr, president and CEO of Ellie Mae. “We have been on a journey, as we have long said, ‘to automate everything automatable’ for the mortgage industry, and joining ICE, which has followed a parallel journey in global exchanges, will allow us to further accelerate realizing our vision.”ICE’s decision to acquire Ellie Mae follows the company’s actions over the last four years to strengthen its hold in the residential mortgage industry. Following the main story, HousingWire covers Freddie Mac’s Primary Mortgage Market Survey that shows mortgage rates fell to new record lows this week, and an $80 million fine assessed to Capital One for its cybersecurity and risk management practices. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Intercontinental Exchange to acquire Ellie Mae from Thoma Bravo for $11 billion Mortgage rates tumble to new record lows this week The OCC slaps Capital One with $80M fine over cybersecurity, risk management practices

In today’s Daily Download episode, HousingWire covers an announcement that the Federal Reserve may abandon its longtime strategy of using its benchmark rate to pre-emptively prevent inflation from rising above its 2% target, which could lead to an end of rock-bottom mortgage rates. For some background on the story, here’s a summary of the article: Fed Chairman Jerome Powell said at a news conference last week that the central bank was close to wrapping up a review of its policy-making strategy that began in 2019. The results will be announced “in the near future,” Powell said.If the Fed allows inflation to rise above its current 2% target, it would put upward pressure on mortgage rates because investors who buy fixed assets use inflation as the mainstay of their calculation that determines the yield, or return, they are willing to accept.Because higher inflation eats into bond yields, investors demand a higher return for the mortgage-backed securities and other bonds they buy in when inflation is rising. That also boosts yields on Treasuries, which are used as a benchmark for MBS investors.Currently, the problem facing the Fed is sub-target inflation, as the COVID-19 pandemic curbs the consumer spending that accounts for about 70% of America’s GDP. In June, the so-called “core PCE,” the Fed’s preferred inflation gauge that measures consumer prices without volatile food and energy costs, rose 0.95% from a year earlier.Following the main story, HousingWire covers an article that claims whatever plan Congress comes up with to extend or replace the extra $600 a week in beefed-up jobless benefits is likely to be retroactive, and an article that asks, in a virtual learning world, do you still need to buy a house in a good school district? The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Fed inflation plan could end rock-bottom mortgage rates Whatever jobless aid Congress comes up with, it’s likely to be retroactive In a virtual learning world, do you still need to buy a house in a good school district?

Today’s Daily Download episode features an interview with Rogers Healy, the owner, and CEO of Rogers Healy and Associates. In this episode, Healy explains how the COVID-19 pandemic has transformed the real estate industry as well as its impact on homeowners and homebuyers. During the interview, Healy also touches on how low mortgage rates have contributed to an uptick in demand, which has created an inventory shortagethat has intensified homebuying competition. According to Healy, thriving housing markets like Dallas, Austin and Spokane, Washington are experiencing such a boom, that they can only be compared to the Wild Wild West. “I've never seen it this busy and I’ve never worked this much, and I'm not even talking from an ownership perspective, but just from being a realtor as well,” Healy said. “I've been through a bad cycle where you just kind of wait for the bottom to fall out, but this time it makes complete sense.” “We're seeing competitive offer situations like we did back in 2007. It's extremely busy, especially in markets like Austin, Charlotte, DFW and you know, Spokane, Washington, which are like junior versions of LA, New York, Chicago and Miami,” he said. “It's been crazy. It's the Wild Wild West right now.” The Daily Download examines the most compelling articles reported from the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: · Making sense of ultra-low mortgage rates · Driven by low inventory, median U.S. home price reaches record high in July · 42% of people who bought homes during the pandemic engaged in a bidding war

In today’s Daily Download episode, HousingWire covers a letter from the Council of Large Public Housing Authorities addressed to the Department of Housing and Urban Development Secretary Ben Carson, expressing opposition to the termination of the AFFH rule. For some background on the story, here’s a summary of the article: In a joint letter on Monday addressed to Department of Housing and Urban Development Secretary Ben Carson, the Council of Large Public Housing Authorities and its counsel Reno and Cavanaugh expressed opposition to the the actions of the Trump administration regarding the Affirmatively Furthering Fair Housing rule, asking the organization to “withdraw its racist and illegal attempt to eliminate the rule.”The 2015 Obama-era rule and provision of the 1968 Fair Housing Act was eliminated July 23 by HUD and the Trump administration. The rule originally required cities and towns that received federal funding to examine local housing patterns for racial bias and design a plan to address any measurable discrimination.The CLPHA said they were deeply disturbed by an excerpt in a release from Carson that said after reviewing thousands of comments on the proposed changes to the rule, “we found it to be unworkable and ultimately a waste of time for localities to comply with.”In the letter, CLPHA said it was the responsibility of HUD to administer the Fair Housing Act and further fair housing — stating the obligation to do so is an “integral tool to address historic discrimination” in the industry.Following the main story, HousingWire covers an announcement from Zillow that it has resumed its iBuying efforts in all operating markets and a forecast from a Federal Reserve official that claims the nation needs to lockdown again to see robust economic activity. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: CLPHA and others voice opposition to elimination of AFFH rule and reject its new substitute Zillow Offers resumes buying houses in all operating markets Fed official says lock down now or see sluggish recovery

In today’s Daily Download episode, HousingWire covers an exclusive interview between HousingWire’s Editor-in-chief Sarah Wheeler and former Department of Housing and Urban Development Secretary Julian Castro about the Trump administration’s termination of the AFFH fair housing rule. For some background on the story, here’s a summary of the article: In the week since the Affirmatively Furthering Fair Housing Act was abolished, both HUD Secretary Ben Carson and President Donald Trump have commented officially and through social media about their reasons for abolishing the rule. Last Wednesday, President Donald Trump tweeted: “I am happy to inform all of the people living their Suburban Lifestyle Dream that you will no longer be bothered or financially hurt by having low income housing built in your neighborhood… Your housing prices will go up based on the market, and crime will go down. I have rescinded the Obama-Biden AFFH Rule. Enjoy!”President Trump’s tweet on Wednesday ignited heated reactions from both sides of the fence. HousingWire’s Editor-in-chief Sarah Wheeler sat down with Julian Castro, HUD Secretary under Obama from 2014-2017 — to talk about the AFFH and what future he sees for it.According to Castro, Trump’s comments are a naked ploy to drum up racial fears about people of color before an election that he knows he may lose. Following the main story, HousingWire covers a report from Black Knight about the mortgage forbearance rate dropping to a three-month low and an announcement from the nation’s biggest purchase mortgage lender about dropping its rates to 1.875% The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: Julian Castro on Trump’s AFFH tweet: “It’s a naked ploy to drum up racial fears and white resentment” Mortgage forbearance rate drops to a three-month low UWM now offering 15-year fixed mortgage rates as low as 1.875%</

In today’s Daily Download episode, HousingWire covers the National Association of Realtors’ expressed disappointment in the termination of the AFFH fair housing rule. For some background on the story, here’s a summary of the article: On Wednesday, President Donald Trump tweeted about his administration’s actions in abolishing the Obama-era AFFH fair housing rule – a move which we covered on July 23.In his tweet, President Trump wrote (among other things): “I am happy to inform all of the people living their Suburban Lifestyle Dream that you will no longer be bothered or financially hurt by having low-income housing built in your neighborhood… Your housing prices will go up based on the market, and crime will go down. I have rescinded the Obama-Biden AFFH Rule. Enjoy!”President Trump’s tweet on Wednesday ignited heated reactions from both sides of the fence. We reached out to industry organizations to get their perspectives on the administration’s actions.The National Association of Realtors came out strong on Wednesday, expressing its disappointment that HUD was “retreating” on its decades-long policy requiring that communities receiving taxpayer money address discrimination and segregation. Following the main story, HousingWire covers Fannie Mae’s earnings falling in the second quarter of 2020 and a new partnership between Zillow and homebuilder D.R. Horton. The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd. HousingWire articles covered in this episode: NAR comes out strong against AFFH fair housing rule termination Fannie Mae Q2 earnings fell as fee revenue declined Zillow announces partnership with homebuilder D.R. Horton