Top National News Jan. 4, 2023
Here’s a summary of Top National News Items from major news sites and industry trade publications. To get started, click on the headline above:
MBA, Industry Mourn ‘Trailblazing Leader’ Regina Lowrie
National Mortgage Professional, Jan. 3, 2023–David Krechevsky
Regina M. Lowrie, the first woman to chair the Mortgage Bankers Association’s board of directors, died suddenly over the weekend.
https://nationalmortgageprofessional.com/news/mba-industry-mourn-trailblazing-leader-regina-lowrie
Will Scrutiny of the Federal Home Loan Bank System Lead to Change?
American Banker, Jan. 3, 2023–Kate Berry (subscription)
The Federal Home Loan Bank System came under intense scrutiny in 2022 with its regulator, the Federal Housing Finance Agency, launching its first major review in 90 years. The question going forward is whether a review of the Home Loan banks will result in any major changes to the 11 regional banks — whose offices stretch from San Francisco to New York — or if the status quo will remain preserved. (MBA mention)
https://www.americanbanker.com/list/will-scrutiny-of-the-federal-home-loan-bank-system-lead-to-change
2022 Has Been the Scariest Year of my Adult and Professional Life’: One Mortgage Broker Reveals How the Housing Slowdown Upended Financial Security.
Dow Jones, Jan. 3, 2023–Aarthi Swaminathan
When mortgage rates hit 7% in the fall, Austin-based mortgage broker Aaron Kovac was a little spooked. After a stunning rise in home sales amid ultra-low interest rates, “the market just went absolutely silent,” the 32-year-old, who has been in the mortgage industry for six years, told MarketWatch in an interview.
https://www.morningstar.com/news/marketwatch/20230103129/2022-has-been-the-scariest-year-of-my-adult-and-professional-life-one-mortgage-broker-reveals-how-the-housing-slowdown-upended-financial-security
Mortgage Rates Rise Again and One Expert Thinks That’ll Continue
GlobeSt.com, Jan.3, 2023–Paul Bergeron
Entering 2023, Joseph Rubin, senior advisor, EisnerAmper, tells GlobeSt.com he thinks the 30-year mortgage rate will trend higher as the Fed continues to raise the fed funds rate and as they reduce their balance sheet. (MBA mention)
https://www.globest.com/sbm-gbst/2023/01/03/mortgage-rates-rise-again-and-one-expert-thinks-thatll-continue/?
2023 First-Quarter Housing Trends: A Slower-Than-Usual Market
Bankrate.com, Jan. 3, 2023–Erik J. Martin
We consulted with several industry pros to predict what might be coming for the real estate market in the first quarter of 2023. Here’s a big-picture snapshot of what the experts expect across the first three months of this year.
https://www.msn.com/en-us/money/realestate/2023-first-quarter-housing-trends-a-slower-than-usual-market/ar-AALE5sf
Some Mortgage CEO/Owners May Forgo Pay This Year
Inside Mortgage Finance, Jan. 3, 2022–Paul Muolo
Just how drastic will the executive pay reductions be? Industry consultant Rick Roque of Menlo Companies said that in some cases owner pay is “being eliminated” until profitability improves.
https://www.insidemortgagefinance.com/articles/226619-some-mortgage-ceo-owners-may-forgo-pay-this-year?v=preview
CFPB Targets Large Banks with New Repeat Offender Unit
National Mortgage News, Jan. 3, 2023–Kate Berry (subscription)
The Consumer Financial Protection Bureau has created a “repeat offender unit” that will review and monitor the activities of large banks that run afoul of consumer protection laws.
https://www.nationalmortgagenews.com/news/cfpb-creates-new-repeat-offender-unit-targeting-large-banks?
Rocket Promotes Fawaz & Niemiec
National Mortgage Professional, Jan. 4, 2023–Katie Jensen
Two of Rocket’s most well-known executives are taking on new leadership roles. Rocket Pro TPO announced today that Senior Vice President Mike Fawaz has been promoted to executive vice president, succeeding Austin Niemiec, who becomes chief revenue officer of Rocket Mortgage.
https://nationalmortgageprofessional.com/news/exclusive-rocket-promotes-fawaz-niemiec
UWM Scores Partial Win in Broker Ultimatum Lawsuit
HousingWire, Jan. 3, 2023–Flávia Furlan Nunes
Top U.S. lender United Wholesale Mortgage notched a partial win in a lawsuit against broker shop America’s MoneyLine regarding the controversial “ultimatum” it imposed two years ago.
https://www.housingwire.com/articles/uwm-scores-partial-win-in-broker-ultimatum-lawsuit/
Borrowing for Hotels in 2023 Will Be Possible but Pricey
Hotel News Now (CoStar), Jan. 3, 2023–Sean McCracken
Fears that a wave of debt maturities, a recession and a risk-averse attitude leading to less lending to commercial real estate could sink the availability of financing for hotels are overblown, experts said, but hotel investors will have to grow more comfortable with the increasing cost of capital.
https://www.costar.com/article/201316897/borrowing-for-hotels-in-2023-will-be-possible-but-pricey?
