HousingWire Daily

In today’s Daily Download episode, HousingWire covers an announcement from the Federal Housing Administration that it has expanded its menu of loss mitigation options in succession with the U.S Department of Housing and Urban Development’s eviction prevention and stability toolkit.For some background on the story, here’s a summary of the article:The Federal Housing Administration announced on Wednesday an expanded menu of its loss mitigation options in succession with the U.S Department of Housing and Urban Development’s eviction prevention and stability toolkit in an effort to help homeowners avoid foreclosure. The FHA’s loss mitigation options employ a “waterfall method” to assess a homeowner’s eligibility if they do not qualify for its COVID-19 National Emergency Standalone Partial Claim. FHA compared the waterfall method to that of a filter, meaning when homeowners fail to meet the qualifications of servicing interventions they are moved down the waterfall of options as servicers attempt to get the borrower into a sustainable mortgage payment.“Due to the fact that servicers are facing an unprecedented number of loss mitigation actions on the backside of this, we want to make it as easy for them as possible to get borrowers in a feasible situation on the other side of forbearance,” said a HUD official.Following the main story, HousingWire covers plans by Wells Fargo to loosen its jumbo lending requirements for current customers and a report that claims apartment vacancies in New York have reached record-high levels as more people migrate to rural areas and larger living spaces.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: FHA employs “waterfall method” to expand home retention measures Wells Fargo loosens jumbo lending requirements for current customers New York City apartment vacancy rates reach record highs

Today’s Daily Download episode features two change agents at the Quicken Loans and the Rock Family of Companies who are not only making an impact in our industry but in the nation for their work on diversity, inclusion and systemic change. Those two change agents are Trina Scott, chief diversity officer at Quicken Loans, and Laura Grannemann, vice president of strategic investments at the Quicken Loans Community Fund. Both women share tangible tips on how listeners can create impactful change in their own communities or companies. This interview spotlights the Kudos feature for HousingWire Magazine's August issue, which covers the impact people are having in our industry that goes beyond the four walls of the office. These two interviews, in particular, are extra special too, so be sure to check out the August issue when it comes out to learn more. While both of these interviews are condensed for the podcast, they still showcase the work they're doing and ways listeners can implement change in their own world. Here’s a sneak peak of the August Kudos feature: As Quicken Loans’ first chief diversity officer in a dedicated diversity and inclusion role, Scott leads the charge in aligning strategic leadership efforts with overall strategy around key initiatives: diverse recruits and team members; engaging, retaining and developing all team members; community impact; and what they’re doing in the marketplace. To Scott, diversity and inclusion begins with culture.“Oftentimes, when people are in the diversity, equity and inclusion space, the knee jerk reaction is to turn to programming,” she said. “I'm proud to say that while we have programmatic things that are in place, we really started to do some self-reflecting of our organization.”Meanwhile, leading another company within the Quicken Loans and Rock FOC that shares the same ISMs and drive as Scott, is Laura Grannemann. As vice president of strategic investments at the Quicken Loans Community Fund, Grannemann oversees the philanthropic arm of Quicken Loans and the Rock FOC, helping drive systemic change through investing $30 million annually.“The opportunity that we saw when we first founded this organization was that we have such a dramatic influence across several different spheres,” she said.  “It's not just our philanthropic capital, although our philanthropic capital is really important. The best way to make an impact in our communities has been to pull all of those different resources together and leverage them at the same time towards one mission.”The August issue is also the official relaunch of HousingWire Magazine, and Kelsey Ramírez, HousingWire Magazine editor, left no section untouched. The deadline to get a physical copy of the August issue is Friday, July 10. Act fast and subscribe today to HW+ today to be one of the first people to experience the new HousingWire Magazine.Also, for every subscriber that takes a picture of the August issue, posts it on social media and tags HousingWire, HousingWire will donate $5 to the MBA Opens Doors Foundation.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.

In today’s Daily Download episode, HousingWire covers Freddie Mac’s weekly Primary Mortgage Market Survey that shows mortgage rates have fallen to a new all-time low.For some background on the story, here’s a summary of the article: Rates for a 30-year and 15-year fixed mortgage fell to all-time lows this week as a resurgence in the pandemic caused investors to buy more bonds, including mortgage-backed securities.The average rate for a 30-year fixed mortgage was 3.03%, down from 3.07% last week. That marks the lowest in a data series that goes back to 1971, Freddie Mac said in a statement Thursday. The average 15-year rate fell to 2.51%, the lowest in almost 30 years of data, according to the mortgage financier. Mortgage rates fell as investors reacted to news of a record-setting COVID-19 resurgence in some of the nation’s biggest states. The surges erased optimism from last month’s economic reports showing the jobs market recovering quickly from the virus-induced recession.The low mortgage rates will boost demand for housing, but it’s a delicate balance, said Sam Khater, chief economist of Freddie Mac. Bad economic news pushes mortgage rates down. However, if states are forced to close businesses again and job losses mount, it will eat into the reservoir of people eligible to purchase properties.Following the main story, HousingWire covers a study from the Urban Institute that claims gentrification comes from a lack of housing supply, and a report from the Mortgage Bankers Association that shows the forbearance rate continues to decline.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: Mortgage rates fall to all-time lows Gentrification comes from lack of housing supply, Urban Institute says Forbearance rate declines after June’s economic improvements, but will it hold?

In today’s Daily Download episode, HousingWire interviews OJO Labs Chief Marketing Officer Karen Starns, who was recently named a HousingWire 2020 Woman of Influence winner, about marketing in the housing industry's changing landscape.Here’s some background on the conversation:This year the unprecedented outbreak of COVID-19 and the response from local, state and even the national government changed how business operate, where they operate from and importantly, their marketing strategies. The housing industry fluctuates quickly, creating the need for consistent changes in marketing strategy, but with the onset of COVID-19 many companies were forced to pivot with little to no notice. Spoiler alert: HousingWire 2020 Woman of Influence Karen Starns spoke with us about the role marketers played in the COVID-19 crisis. She explained that marketers need to find out what works for them and double down on it, however they should always have an experimental campaign in the works. “Never be afraid to try something new,” Starns said in the interview.  Starns is a force within the consumer tech space. As chief marketing officer at OJO Labs, Starns focuses her attention on the revamping of OJO Labs’ brand to better reach a rapidly increasing number of consumers through the company’s proprietary AI advisor for homebuying. Starns is featured heavily in our 2020 HousingWire Magazine redesigned August issue. To sign up for our all-new magazine and access our HW+ premium content, sign up here. 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:HW Women of Influence Program Details

In today’s Daily Download episode, HousingWire covers  Goldman Sachs’ warning that the U.S. will suffer economic consequences for not containing the COVID-19 Virus.For some background on the story, here’s a summary of the article:The U.S. has failed to contain the COVID-19 virus, alone among developed economies, and will suffer the economic consequences, Goldman Sachs economists said in a report issued on Independence Day.“Over the last few weeks, the covid situation in the U.S. has worsened significantly to the point where the US is now a notable outlier among advanced economies,” the report said. “Other advanced economies show that it is clearly feasible to resume economic life to or beyond current US levels without triggering a spike in virus cases.”Instead, the virus in the U.S. is spiralling out of control, the report said. In part, it blamed the lack of national leadership – what it called a “bottom-up approach.” The resultant pull-back in consumer spending, which accounts for about three-quarters of U.S. GDP, will likely cause job losses and a steeper recession than expected, the economists said.“The U.S. took a more bottom-up approach to reopening than most countries, with policy set mostly at the state and city level, and there were bound to be setbacks in at least a few parts of the country as the economy reopened,” the report said. Following the main story, HousingWire covers a report from the Federal Reserve Bank of Atlanta that indicates the danger of mortgage forbearances turning into foreclosures is rising as COVID-19 infections surge, and an announcement from Zillow that it will resume buying homes via Zillow Offers in five more markets, bringing the total to 20 out of 24 markets.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: Goldman Sachs warns of economic fallout from U.S. virus response Foreclosure threat grows as COVID-19 surges, Fed says Zillow Offers resumes in five more markets, bringing the total to 20 out of 24 markets

Today’s Daily Download episode features an interview with United Wholesale Mortgage CEO Mat Ishbia. In this episode, Ishbia shares UWM’s journey to becoming the top wholesale lender, his goal to be the top lender in the nation and how UWM has managed to successfully navigate COVID-19. This episode digs deeper into the main feature from the July issue of HousingWire Magazine, which spotlights how UWM captured the wholesale market. During the interview, Ishbia also gives an update on how the company is performing now and their plans for the rest of the year. One of the biggest updates from UWM was the launch of its Conquest program for new UWM customers. The new loan program offers borrowers an interest rate as low as 2.5% for both purchase mortgages and refinances.“If you go back to May 11, the day before we rolled out Conquest, nobody was talking about 30-year fixed in the 2s. A lot of people said you could never go below 3%, and all of a sudden, now we’ve done almost 100,000 loans since that day, with a 30-year fixed-rate mortgage in the 2s,” said Ishbia. Ishbia wraps up the podcast by commenting on the journey of the broker channel, looking back at the fall and rise of brokers since the financial crisis more than a decade ago. “The big thing here is that the broker channel is back and is stronger than ever,” he said. “With what UWM has done and a lot of other great wholesale lenders, it makes it so that you can be an independent mortgage broker  – you’re not captive to a retail lender – with access to the best lenders in America with different turn times, different products, different service levels, different pricing, and basically take care of your clients, make the same if not more money and do more business as an independent broker.”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.HousingWire articles covered in this episode: How UWM captured the wholesale market (HW+) UWM CEO Mat Ishbia promises no layoffs during coronavirus slowdown UWM now offering mortgage interest rates as low as 2.5%

In today’s Daily Download episode, HousingWire covers  Freddie Mac’s Primary Market Mortgage Survey that shows mortgage rates have now fallen to a new all-time low.For some background on the story, here’s a summary of the article:Mortgage rates dropped to a new all-time low in the U.S. this week as a resurgence of COVID-19 infections caused investors to pile into the bond markets.The average rate for a 30-year fixed mortgage was 3.07%, the lowest in a data series that goes back to 1971, and down from 3.13% last week, Freddie Mac said on Thursday. The average 15-year rate fell to a seven-year low of 2.56%, according to the mortgage financier. Bond yields, used as a benchmark by mortgage investors, have fallen to near-record lows over the last week on news of a resurgence in COVID-19 infections, erasing hopes for a V-shaped recovery that would have the economy rebounding quickly from the virus-induced recession. States including Texas, California and New York have either paused reopening plans or reversed course to stem the spread of COVID-19. “The spread of the virus is worsening in almost every state,” Goldman Sachs economists said on Tuesday. “Over half of the US has now reversed or placed reopening on hold.” Following the main story, HousingWire covers a prediction from the Federal Open Market Committee that the COVID-19 pandemic will worsen in the second half of 2020, and Realtor.com’s weekly Housing Market Recovery Index that shows signs of recovery in the 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.HousingWire articles covered in this episode: Mortgage rates fall to new all-time low this week FOMC worried virus resurgence will trigger new spike in layoffs, minutes show Housing market recovery: things are looking up

In today’s Daily Download episode, HousingWire covers a report from Moody’s Investors Service that claims the COVID-19 pandemic has delayed the mortgage industry’s efforts to transition away from LIBOR.For some background on the story, here’s a summary of the article:The COVID-19 pandemic has slowed the transition from the London Interbank Offer Rate, or LIBOR, an interest-rate benchmark once known as the world’s most influential number.Some loans and other instruments are still being written using LIBOR as an index for the interest rate, adding to the legacy stock of financial products that will have to be dealt with when benchmark expires at the end of 2021, according to a Tuesday report from Moody’s Investors Service. The pandemic has slowed efforts to transition to another benchmark, the report said.“The global coronavirus crisis is only delaying solutions to LIBOR’s end,” the report said. “For many market participants, addressing liquidity needs has been a higher near-term priority than addressing their existing LIBOR exposures or launching non-LIBOR initiatives.”LIBOR is being phased out about a decade after regulators discovered traders were manipulating the rate set by Britan’s biggest banks. Before details of the scandal were unveiled by investigative journalists, LIBOR was the most popular index for U.S. adjustable-rate mortgages.Following the main story, HousingWire covers the Mortgage Bankers Association’s weekly applications survey that shows mortgage applications fell 1.8% last week despite mortgage rates staying low, and a report from the National Association of Realtors that shows U.S. pending home sales surged a record 44% in May.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: COVID-19 pandemic delays efforts to transition away from LIBOR, Moody’s says Mortgage applications continue to slow despite low-rate environment S. pending home sales surged a record 44% in May

In today’s Daily Download episode, HousingWire covers an announcement from Freddie Mac Multifamily that it has created three additional forbearance options to assist multifamily borrowers who have been impacted by COVID-19.For some background on the story, here’s a summary of the article:Freddie Mac Multifamily announced Monday that it has created three additional forbearance options to assist multifamily borrowers who have been impacted by COVID-19. Those options also extend tenant protections.The options include delaying the start of the repayment period following forbearance; an extension of the repayment period; and, an extension of the forbearance period with an optional extended repayment period.“Many borrowers are still facing hardship even though they may soon exhaust the 90-day forbearance granted in the initial iteration of our COVID-19 relief program,” said Debby Jenkins, executive vice president and head of Freddie Mac Multifamily. “These additional relief options will provide more flexibility to borrowers and extend tenant protections for renters who also continue to struggle with the economic effects of the pandemic.” According to Freddie Mac, any extension of the forbearance period will also extend the prohibition on evicting tenants solely for nonpayment of rent, which was part of its original forbearance program established in response to Hurricane Harvey in 2017.Following the main story, HousingWire covers a survey from Fannie Mae that shows mortgage servicers want clarity on post-forbearance options for borrowers, and a report from the Mortgage Bankers Association that shows the forbearance share of mortgages backed by Fannie Mae and Freddie Mac has dropped for the third consecutive week.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: Freddie Mac Multifamily offers new forbearance options and tenant protections Fannie Mae survey shows mortgage servicers want clarity on post-forbearance options for borrowers GSE forbearance rate drops for third week, MBA says

In today’s Daily Download episode, HousingWire covers data from the Consumer Financial Protection Bureau that highlights 2019’s top mortgage lenders.For some background on the story, here’s a summary of the article: The Consumer Financial Protection Bureau released its annual report on Home Mortgage Disclosure Act data on June 24 with reports from 5,496 financial institutions.The report stated banks collectively originated 32.4% of all reported originations in 2019 with 2.6 million loans. Credit unions followed with 714,000 loans making up 8.8% of originations. Independent mortgage companies took the lion’s share in 2019, originating 4.4 million loans. That accounts for 54.5% of all reported loans.   Overall, the top 25 lenders accounted for 37.2% of all loan originations in 2019, a slight increase from 33.8% in 2018’s report.“These same firms also provided additional funding by purchasing approximately 922,000 loans from other lending institutions during 2019 (these loans could have been originated prior to 2019), equal to 44.5% of total purchased loans,” the CFPB said. Following the main story, HousingWire covers data from CoreLogic that claims 7.4 million homes will be at risk during hurricane season and a report from Black Knight that indicates mortgage forbearances have risen after three consecutive weeks of decline.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: Here are the top 10 mortgage lenders of 2019 CoreLogic: 7.4 million homes are at risk during hurricane season Mortgage forbearances rise after three weeks of decline