Market Update
Despite the slowing economy and lower rates, the mortgage industry continues to evolve. Key topics include signing, borrower retention, LOS, QC audit, and AVM tools.
Where do amputees get prosthetics on a budget? The secondhand store.
The government shutdown in Washington DC has led to a stalemate, but the industry remains active. Notably, HUD has opened a suggestions window for improving the HECM (reverse mortgage) product.
- Treasury and mortgage rates remain elevated despite the shutdown and Fed's rate cuts.
- USAA has provided over $232 million in no-interest loans to approximately 62,000 military service members and federal employees impacted by the shutdown.
USAA's program offers eligible members a no-interest loan equal to one net paycheck, up to $6,000, and has processed additional payment relief offers for banking and insurance products.
A detailed discussion on the reasons behind the elevated rates will be presented in the Capital Markets Wrap at 3PM ET.
Author's summary: Market update amidst government shutdown.