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- Mortgage applications decreased in weekly survey
Mortgage applications decreased in weekly survey
Plus: NAR Chief Legal Officer is 'stepping down'
🤪 Happy Wednesday! You've made it to the middle of the week! Today's newsletter is 682 words, a 2.5-minute read.
Disclaimer: Average mortgage rates as of Oct 01, 2024. © MND Daily Rate Index.
1. Synergy One set to acquire Mann Mortgage
Synergy One Lending is advancing its expansion plans with the acquisition of Montana-based Mann Mortgage, a highly ranked employer.
After adding several branches in early 2024, Synergy One will purchase Mann Mortgage, a retail lender licensed in 28 states with over 500 employees.
"There are a lot of really talented people at Mann, and some of our leadership has worked with a fair amount of Mann people as well in previous companies," said Synergy One CEO Steve Majerus in an interview with NMN. "Given that they're 100% retail like we are — similar technology platform — it was a pretty easy way for us to get aligned and put this together quickly."
2. Rocket Mortgage to service clients of Annaly Capital
Rocket Mortgage and Annaly Capital have entered into a subservicing agreement under which Rocket will handle all servicing and recapture activities for a portion of the mortgage servicing rights held by Annaly.
Annaly Capital Management is the world’s largest residential mortgage real estate investment trust.
“Rocket is committed to the entire homeownership experience from budgeting and credit building to home search, financing, and servicing,” says Bill Banfield, chief business officer at Rocket Cos. “We truly believe in building relationships with our clients that last a lifetime – whether through new mortgages or servicing loans.
A MESSAGE FROM 1440
Daily News for Curious Minds
“I stopped watching the news, so sick of the bias. Was searching for an alternative that would just tell me WHAT happened, with NO editorializing. I found it. It’s called 1440. It assumes you are smart enough to form your own opinions.”
3. More Nuggets
🧑⚖️ Brokerages hit with another commission lawsuit in Illinois. (PYMNTS)
⛓️ Florida broker arrested for laundering prostitution money by using real estate and shell companies. (CBS News)
📈 Freddie Mac House Price Index slightly up in August; Up 3.7% YOY. (Angry Bear)
⚖️ Powell indicates further, smaller rate cuts, insists the Fed is ‘not on any preset course’ (CNBC)
💸 Florida receives $1M in disaster relief from Fairway. (NMP)
4. Mortgage applications decreased in weekly survey
Mortgage applications decreased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending September 27, 2024.
The Refinance Index decreased 3 percent from the previous week and was 186 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 1 percent from one week earlier.
“The news for the week was that more homebuyers appear to be entering the market. Purchase application activity was up for the week and increased more than 9 percent compared to last year at this time. Inventories of both new and existing homes have been increasing over the course of 2024, meaning that potential buyers have properties to look at and now have somewhat lower mortgage rates leading to better affordability.”
5. Sellers make $79K more with agents
A new survey by Clever Real Estate reveals that home sellers who used a real estate agent made $79,000 more than those who sold without one. The study, based on responses from 654 Americans who sold homes in the past two years, found that 36% opted to sell without an agent.
Key findings include 54% of those sellers regretting the decision, with agent-less sellers being 64% more likely to miss profit goals and twice as likely to be unhappy with their selling method.
Additionally, 49% of FSBO (For Sale By Owner) sellers wished they had priced their home differently, while 73% of represented sellers felt their agent set the right price. 87% of FSBO sellers would consider switching to an agent, especially if no offers came within two months.
A MESSAGE FROM 1440
Daily News for Curious Minds
“I stopped watching the news, so sick of the bias. Was searching for an alternative that would just tell me WHAT happened, with NO editorializing. I found it. It’s called 1440. It assumes you are smart enough to form your own opinions.”
☀️ You’re all caught up. See you on Friday!
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