HousingWire Daily

In today’s Daily Download episode, the HousingWire Digital Team focuses on the 2020 election and examines President Donald Trump's and Former Vice President Joe Biden’s stance on housing and housing policies.During the episode, HousingWire explores how the U.S. housing market could potentially look and behave under Trump’s second term, while examining components outlined in Biden’s $640 billion housing plan, something the Trump Administration has still yet to unveil.While President Trump and his Democratic opponent both agree on wanting to win the 2020 election and become the next U.S. president, it’s their view on housing that differs greatly.In this episode, the team focuses on some of the most significant policies and announcements during Trump’s presidency, ranging from the Federal Housing Finance Administration, affordable housing and zoning. The team also takes a look into Biden’s plan to implement the Obama-Biden administration's Affirmatively Furthering Fair Housing Rule, Biden’s first-time homebuyer tax credit and the 0.5% adverse-market fee on refinanced mortgages purchased by Fannie Mae and Freddie Mac.Notably, the U.S. housing industry has experienced unprecedented times this year as the deadly COVID-19 pandemic has contributed to market changes that have impacted most aspects of the home-buying process. When the pandemic was declared in mid-March, housing became a national topic as the unemployment rate spiked, leaving nearly 40 million Americans to potentially face forbearance, evictions and mortgage delinquencies.Without any signs of slowing down, the virus continues to spread from coast to coast, bringing with it a bevy of concerns. For the housing industry, these range from purchase volume, housing supply, regulation and more. As the virus becomes a permanent fixture in American life, many in the housing industry now wonder how the sector will weather this market uncertainty. For many, the answer will be determined by who wins the U.S. 2020 election.HousingWire articles covered in this episode: HUD to abolish Obama-era AFFH fair housing rule Biden's first-time homebuyer tax credit in the age of COVID-19 What happens to the refi fee if Biden wins?

In today’s Daily Download episode HW+ Managing Editor Brena Nath is joined by HousingWire Editor in Chief Sarah Wheeler to discuss the most compelling articles reported from the HousingWire newsroom. In today’s Daily Download episode, Brena and Sarah discuss Dave Stevens' recent in-depth article that covers the adverse market refinance fee.For more background on what is discussed, here is a preview of today’s interview:Q: In your opinion, what's one piece of news that you think people need to be paying attention to?Sarah Wheeler: We just published a piece from Dave Stevens, who is of course the former CEO of the MBA but also the former senior vice president of single family at Freddie Mac, executive vice president at Wells Fargo, and assistant secretary of housing and FHA Commissioner, so a guy who kind of knows what he's talking about. We asked him last week, [to] look at the adverse market fee, given the third quarter earnings of Fannie and Freddie, which came out last week.We really wanted to get his thoughts because there's been a lot of questions on the adverse market fees on refis. It's 50 basis points for the average homeowner right now in the middle of a pandemic. So we asked him to give us his opinion on whether that's really needed. The GSEs had different reasons for doing that and said it was because of risk. They also said it was because of all the work that they're doing with refis and origination.Dave Stevens gave an amazing take on that today that I'd not miss out on reading. I think anyone in the industry would be really interested to see what he says, and he really feels like it has absolutely nothing to do with risk. And given their third quarter earnings, it's really a travesty to put that on homeowners right now. It also affects our industry. But really, it's the bottom line for homeowners who are trying to refi to get into a better economic spot.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.Q: It's a big week this week. What can we expect to come out of the newsroom today, tomorrow and the rest of the week?Sarah Wheeler: We obviously have the election this week, which is the biggest thing. So, we're going to be interviewing different industry experts on the results. Whether it's the mortgage industry or talking to people in the real estate industry, we want to talk about it. Some top housing issues are really hanging in the balance, like Fannie and Freddie exiting conservatorship, what happens to the FHFA director, what happens to the CFPB. Be sure to tune in starting really late Tuesday night and into Wednesday.We'll definitely be keeping you up to date, especially on the things how the 2020 election impacts housing. While there's tons of election coverage out there, our goal is really to give you the news nowhere else. And if you're in our industry, who else is going to be covering the specifics of how this impacts your business? So that's really our goal.HousingWire articles covered in this episode:

In today’s Daily Download episode, Mortgage Marketing Radio’s Geoff Zimpfer and HousingWire Editor in Chief Sarah Wheeler discuss the rising price of median home prices, which are now up 15% year over year.For some background on the interview, here’s a brief summary of HousingWire’s latest article on the housing market’s growing demand:The housing market faced a lot of uncertainty when COVID-19 caused the real estate industry to pause under shut-downs, but low interest rates and the desire for more space have turned this year into a boom time for real estate agents.“It’s been a circus, really,” said Anthony Lamacchia, Realtor and owner of Lamacchia Realty in the Boston suburbs. “Anything right outside of Boston is going like wildfire, but especially the single-family homes.”Even though the average home sale price in Massachusetts is the highest it’s been in the last 10 years, Lamacchia said there are bidding wars everywhere and single-family homes are “just flying off the shelves.”“I’ve never seen bidding wars – I mean, you know, randomly here or there – but I’ve never seen bidding wars with consistency in the fall like I have this fall. It’s crazy,” Lamacchia said. “They’re everywhere.”HousingWire caught up with real estate agents across the U.S. to ask what their markets look like now compared to the summer and what they think the next few months could hold. Across the different markets, the agents consistently reported bidding wars amid heightened demand for single-family homes, low inventory and an increase of buyers fleeing big cities.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 housing market faced uncertainty in March, but now 'it's a circus' Luxury housing market inspires 'total frenzy' in vacation boom towns Home prices rose by record numbers last week

Today’s Daily Download episode features an interview with Zillow Economist Matthew Speakman. In this episode, Speakman discusses the U.S. Census Bureau’s latest housing starts report, which shows the number of single-family homes built in September reached the highest level since 2007.For some background on the interview, here’s a summary of HousingWire’s coverage of the report:  Single-family housing starts soared in September, a new report from the U.S. Census Bureau shows, despite an overall rate that was dragged down by a decline in multifamily starts.Privately-owned housing starts in September rose to an annual rate of 1.415 million, 1.9% above the revised August estimate of 1.388 million and 11.1% above the September 2019 rate of 1.274 million, the Bureau said. Single-family housing starts in September were at an annual rate of 1.108 million, which is 8.5% above the revised August figure of 1.021 million, and a level not seen since 2007, Doug Duncan, chief economist at Fannie Mae, said.“While starts were up 10.4% from a year prior, the somewhat modest month-over-month change was due to largely offsetting trends in single-family and multifamily starts,” Duncan said. “The former rose 8.5% over the month to 1.1 million annualized units, a level not seen since 2007. In contrast, multifamily starts fell 16.4%, to one of the slowest monthly paces since 2013, not including this past April.”Today’s Daily Download episode features an interview with Zillow Economist Matthew Speakman. In this episode, Speakman discusses the U.S. Census Bureau’s latest housing starts report, which shows the number of single-family homes built in September reached the highest level since 2007.For some background on the interview, here’s a summary of HousingWire’s coverage of the report:  Single-family housing starts soared in September, a new report from the U.S. Census Bureau shows, despite an overall rate that was dragged down by a decline in multifamily starts.Privately-owned housing starts in September rose to an annual rate of 1.415 million, 1.9% above the revised August estimate of 1.388 million and 11.1% above the September 2019 rate of 1.274 million, the Bureau said. Single-family housing starts in September were at an annual rate of 1.108 million, which is 8.5% above the revised August figure of 1.021 million, and a level not seen since 2007, Doug Duncan, chief economist at Fannie Mae, said.“While starts were up 10.4% from a year prior, the somewhat modest month-over-month change was due to largely offsetting trends in single-family and multifamily starts,” Duncan said. “The former rose 8.5% over the month to 1.1 million annualized units, a level not seen since 2007. In contrast, multifamily starts fell 16.4%, to one of the slowest monthly paces since 2013, not including this past April.”The Daily Download examines the most compelling mortgage, real estate, and fintech articles reported from the HousingWire newsroom. Each afternoon, the HW team provides our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted and produced by Alcynna Lloyd and Victoria Wickham.HousingWire articles covered in this episode:

Today’s Daily Download episode features an interview with Patti Cook, Finance of America CEO. In this episode, Cook discusses how the mortgage company has fared during the novel COVID-19 pandemic and delves into the lender and servicer’s recent announcement that it's set to go public in the first half of 2021.For some background on the interview, here’s a brief summary of the latest article discussing Finance of America joining the IPO craze:End-to-end lending and services platform Finance of America Capital is the latest mortgage company to get in on the mushrooming IPO craze.The lender and servicer, owned by the Blackstone Group’s Tactical Opportunities business, is slated to go public in the first half of 2021 through a special purpose acquisition company at a $1.9 billion valuation. After it merges with Replay Acquisition Company, Finance of America will receive a $250 million investment from institutional investors, according to the Wall Street Journal, which first reported the merger. Blackstone will own 70% of the company, which is expected to go public in the first half of 2021.Finance of America says its collection of companies has originated over $65 billion in loans since 2017. Its products include traditional mortgages, commercial real estate loans, reverse mortgages, fixed-income investing and title services. Blackstone has expanded its Finance of America corporation through a number of acquisitions in recent years, including pickups of Gateway Funding, Pinnacle Capital Mortgage and Skyline Home Loans.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:Blackstone-owned lender and servicer Finance of America to go public

In today’s Daily Download episode, HousingWire discusses a motion filed by Townstone Financial to dismiss a lawsuit the Consumer Financial Protection Bureau filed against the company in July.For some background on the story, here’s a summary of the article:On Monday, Townstone Financial Inc., a Chicago-based nonbank retail mortgage lender, filed a motion to dismiss a lawsuit the Consumer Financial Protection Bureau filed against the company in July.The July 15 complaint alleged that Townstone violated the Equal Credit Opportunity Act (ECOA) and Regulation B by engaging in discriminatory mortgage-lending practices and that those violations also constituted violations of the Consumer Financial Protection Act.Townstone moved to dismiss the lawsuit based on expressive action that the CFPB attempted to expand the reach of the ECOA to “prospective applicants,” which the company said is not regulated under ECOA.The CFPB’s suit alleges that, from 2014 through 2017, Townstone engaged in practices that illegally discouraged prospective African-American applicants from applying to Townstone for mortgage loans as well as practices that discouraged prospective applicants living in African-American neighborhoods in the Chicago MSA from applying to Townstone for mortgage loans.Following the main story, HousingWire also covers a report from the Mortgage Bankers Association that indicates the U.S. forbearance rate fell slightly to 5.9% last week and an announcement from First American that it has agreed to acquire sub-servicer ServiceMac.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: Townstone Financial files motion to dismiss CFPB redlining lawsuit Mortgage forbearances down 2 basis points to 5.9%, led by Fannie and Freddie First American to acquire subservicer ServiceMac

In today’s Daily Download episode, HousingWire covers an announcement that Guild Mortgage has agreed to pay $25 million dollars to settle a federal lawsuit.For some background on the story, here’s a summary of the article: Just before its stock debuted at a disappointing $15 a share, Guild Mortgage settled a federal lawsuit that claimed the lender knowingly breached legal requirements when it originated and underwrote FHA loans.Guild agreed to settle the federal lawsuit, brought by the Department of Justice, for just under $25 million, the government said Thursday. It did not admit to any wrongdoing.The lawsuit, brought initially in 2016, alleged that Guild knowingly originated and underwrote mortgages that didn’t meet the program requirements of the FHA. Those loans, originated between 2007 and 2011, defaulted and led to claims to the FHA for mortgage insurance. Guild failed “to comply with material program rules that require lenders to maintain quality control programs to prevent and correct underwriting deficiencies, and failed to self-report materially deficient loans that it identified,” the government said.“As this settlement demonstrates, we are committed to holding mortgage lenders accountable when they choose to abuse the integrity of vital government programs that are designed to assist homeownership,” U.S. Attorney Robert Brewer for the Southern District of California said in a statement. “We also commend the whistleblower for coming forward, exposing these wrongs, and working with the government investigative team.”Following the main story, HousingWire covers the Federal Housing Administration’s new Automated Underwriting System and a report from Redfin that suggests the luxury housing market has inspired a frenzy in vacation boom townsThe 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: Hours before its IPO fizzled, Guild Mortgage agreed to pay $25M to settle federal lawsuit FHA unveils Automated Underwriting System as part of modernization initiative Luxury housing market inspires ‘total frenzy’ in vacation boom towns

Today’s Daily Download features a Housing News Podcast crossover episode that includes an interview with Thomvest Ventures’ Nima Wedlake. During the interview, Wedlake discusses his recent blog that examines Opendoor’s business practices, its current progress, and its future prospects. For some background on the interview here’s a brief summary of HousingWire’s article  on the OpenDoor S-4 filling: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.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: Thomvest Ventures' Nima Wedlake on OpenDoor's S-4 Opendoor discloses that it's under federal investigation Blackstone-owned lender and servicer Finance of America to go public Caliber Home Loans plans $2B-plus IPO

In today’s Daily Download episode, HousingWire discusses major forbearance policy changes from the Federal Housing Finance Agency and Federal Housing Administration.For some background on the story, here’s a summary of the article:Major forbearance policy changes have been set into motion.The Department of Housing and Urban Development announced on Tuesday an extension allowing single-family homeowners with Federal Housing Administration-insured mortgages to request an initial forbearance through Dec 31, 2020.Homeowners with FHA-insured mortgages that needed assistance due to financial hardship from the pandemic initially had through Oct. 30 to request forbearance. However, a news release from HUD said that the effects of COVID-19, coupled with its impact on borrowers across the country, led them to extend the period.The FHA requires mortgage servicers to provide up to six months of COVID-19 forbearance when a homeowner requests this assistance, and up to an additional six months of forbearance for homeowners who request an extension of the initial forbearance. In effect, this means some borrowers may not exit this forbearance until the end of 2021.Following the main story, HousingWire covers a report from the Mortgage Bankers Association that claims mortgage applications fell six basis points this week, as well as the announcement of AmeriHome becoming the latest company to join the mortgage industry’s IPO boom.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 a bid for stability, FHFA and FHA extend forbearance policies As mortgage rates climb, applications fall six basis points AmeriHome could be valued at $1.3B following IPO

Today’s Daily Download episode features an interview with HousingWire Lead Analyst Logan Mohtashami. In this episode, Mohtashami discusses his recent article, which explains what factors are likely to drive mortgage rates in 2021.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 snippet of the article:I’ve seen a number of articles lately predicting that mortgage rates will rise in 2021, a couple even from other HousingWire contributors. The rationale for these predictions have been erudite, multifactorial and complex. I am, on the other hand, a simple man. Most days I don’t even wear shoes. When I think about the direction of mortgage rates there is only one factor I consider – and that is economic growth.Over the years I have professed that the rate of economic growth pretty much explains the whole lasagna so that should be the entire focus. When the economy gets better, bond yields rise and mortgage rates follow. When the economy slows, bond yields drop and mortgage rates follow. I expect mortgage rates in 2021 to stick to the same pattern.The trick is to find a respectable range within each economic cycle. I started to incorporate bond yield forecasts for my yearly prediction articles and every year since 2015 I had said the same range. The 10-year yield would range between 1.60%-3%. In 2020, that range broke but continued a long-term downtrend in yields which started in 1981.Before the 10-year yield broke below 1% this year, I wrote this year that if the U.S. went into a recession the 10-year would trade between -0.21% – 0.62%. On the morning of March 9, the 10-year traded at 0.34%. Since that low point, the 10-year yield has been above 0.62% for most of the time during the COVID recession. This has been a consistent strong indicator for me, that, despite all the drama in various sectors, the bond market expected the economy to improve.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: What could drive mortgage rates in 2021? Mortgage Rates Average 30-year mortgage rate for purchase loans falls to another all-time low