Inventory update

Wednesday’s here! Let's get into it. Today’s newsletter is 613 words, a 2.5-minute read.

1. Fannie Mae: Mortgage lenders cite talent management and cost-cutting as top priorities

Mortgage lenders' top business priorities for 2024 are talent management and cost-cutting, according to the latest Mortgage Lender Sentiment Survey® (MLSS).

• Nearly two-thirds of lenders reported workforce downsizing in 2023, though most do not expect this trend to continue in 2024.

• Views on future interest rates are mixed, with 60% predicting a refinance boom in 2025 and one-third not expecting a spike.

Despite improvements in economic outlook, lenders still see low housing supply and high mortgage rates as major risks. Workforce management remains critical, with lenders focusing on recruiting and retaining talent to navigate market challenges.

2. Fed Chair Jerome Powell says the central bank has started to discuss lowering interest rates

Federal Reserve Chair Jerome Powell suggested the central bank is focusing more on when to cut interest rates now that inflation has resumed a decline and the labor market is showing signs of cooling off

The Fed has made “considerable progress” toward its goal of defeating the worst inflation spike in four decades, Powell told the Senate Banking Committee.

“Inflation has eased notably” in the past two years, he added, though it still remains above the central bank’s 2% target.

A MESSAGE FROM AIDIUM

☎️ AVAILABLE NOW: 24/7 Customer Support!

Being proactive is crucial in the mortgage industry. That's why Aidium is the FIRST and ONLY mortgage CRM on the market with 24/7 customer support! Experience around-the-clock assistance designed to keep you connected.

Leverage continuous support through:

• Phone: Call us anytime, day or night

• Live Chat: Connect instantly in-app with a real person

• Email: Send us your queries for quick responses

Get fast, efficient, and reliable customer support service with Aidium’s 24/7 support solutions. Learn more about how Aidium supports the Loan Officer every step of the way!

3. More Nuggets

🔥 Loan Processing Powerhouse wemlo® Celebrates a Major Brand Milestone Reaching its 6,000th Loan Processed. (Read more)

🃏 CoStar CEO calls information-theft lawsuit a ‘Sick, Twisted PR Stunt’. (RISMEDIA)

🚨 Jobs report is exaggerating U.S. employment gains. What is going on? (MarketWatch)

🏚️ There’s a wave of apartments coming, but building permits have plummeted almost 30% since the pandemic—and it could mean higher rents. (Fortune)

✋ CHLA calls on CFPB to take action against trigger lead calls. (CHLA)

4. Charted: Florida and Idaho join Texas in hitting pre-pandemic inventory milestone

Active housing inventory for sale compared to pre-pandemic levels: Shift between June 2019 and June 2024

5. HUD updates and expands 203(k) program

The U.S. Department of Housing and Urban Development (HUD) has updated its 203(k) Rehabilitation Mortgage Insurance Program to modernize it and improve its usefulness for financing home renovations.

The changes, announced by FHA Commissioner Julia Gordon and Philadelphia Mayor Cherelle Parker, include increasing allowable repair costs from $35,000 to $75,000, extending rehabilitation periods to 12 months for the standard 203(k) and nine months for the limited 203(k), and adjusting consultant fees.

The updates aim to boost the program's usage, support affordable housing, and revitalize neighborhoods. These changes will apply to all FHA case numbers assigned on or after November 4, 2024.

P.S. Don’t live a toothless life

☀️ You’re all caught up. See you on Friday!

Would you like to receive a done-for-you weekly marketing email that you can send to your realtors and/or clients? Start your 30-day free trial here.

Did someone forward you this newsletter? Subscribe here.

Interested in advertising to mortgage professionals like you? Get in touch.