One of the key selling points for an LO talking to a potential client about becoming a homeowner is the landlord/client relationship, which can go awry. (Pearl is the daughter of the short film’s director, by the way.) There are many reasons why renters aren’t owners, like, “can they not afford a residence,” or “are none available?” We recently learned that May new home sales slid to 580,000 (seasonally adjusted) and are down around 7 percent m-o-m and y-o-y. Sales of completed homes have declined for three straight months and are down over 30 percent since November. The supply of new homes for sale (496k) is now over 10 months, one of the worst in nearly 20 years. Median new home prices continue declining. All the while, most will say that no one seems to have any idea what our current national housing policy is. We have latched on to “affordability” but that has not been put into a policy. We’ve seen plenty of “trial balloons” about selling federal land, doing away with tri-merge, 40- or 50-year mortgages, and assumable mortgages. Nothing has stuck so far. There are small steps, like MISMO updating its mortgage insurance data standards to support VantageScore 4.0 and FICO 10T, helping firms prepare for new credit models. (Today’s podcast can be found here… this week’s ‘casts are sponsored by FICO. As the industry's most predictive credit score, FICO Score 10T combines proven performance with deeper insight into borrower behavior to help support a stronger and more resilient housing finance system. Today’s has an interview with Sei’s Pranay Shetty on how purpose-built agents that handle borrower calls, process loan documents, do contact center QA, and monitor compliance are driving mortgage operations forward.)
Uneventful Summertime Monday
Uneventful Summertime Monday
Volume and–sometimes–volatility can be generally lower in the middle of the summertime months as fewer traders are consistently at bond desks–especially on days adjacent to 3-day…