VA loan problems

The Biden administration is going to be releasing its first-ever equity action plans for all Cabinet-level agencies tomorrow morning.

Good afternoon! Was this newsletter forwarded to you? Sign up here. Hello, LOs!   JPMorgan Chase revealed its Q1 results on Wednesday, and it wasn't pretty for mortgage. The depository originated $30.2 billion in home loans in the first quarter, a 37% decline from the previous quarter. Compared to the first quarter of 2021, origination volume was down 30%. Is this an early indication of how low volume will be for other top originators in Q1? We'll know more tomorrow, when Wells Fargo discloses its Q1 results.    Other stuff (mostly about VA loans)   *The Biden administration is going to be releasing its first-ever equity action plans for all Cabinet-level agencies tomorrow morning. We'll be focused on the FHFA. Stay tuned.    *I spoke to an LO recently who said many Realtors don't fully understand VA programs. Even though sellers are no longer obligated to pay veteran's closing costs, many don't know that and end up turning down good offers, he said. Has this happened to you? Share your experiences with me at james@hwmedia.com.    *Another issue is the lack of VA-approved condo projects, one LO said. The approval process is a nightmare, the LO said.   *Several LOs said if it were up to them, they'd get rid of VA appraisal panels. Agents fear the VA appraisers for good reason, one LO said. They are slow to adjust to a rising market and…well, just plain slow. In this kind of market, delays can tank deals.    *HousingWire has a few reporters in Las Vegas for the MBA's annual mortgage tech conference. Attendance seems a bit underwhelming. Did you attend last year but skipped this year? If so, why?    *Mortgage applications fell 1.3% from the prior week, and the share of refis dropped to 37%. Refi activity was at its lowest level since 2019. The share of adjustable rate mortgages increased to 7.4%, the highest reading since June 2019.   *In his latest column, HousingWire's lead analyst Logan Mohtashami argues that the housing market needs higher rates to reclaim some good health. What do you think about that?    Alright, that's it from me. Hope you all have a wonderful Wednesday!   James Kleimann Managing Editor, HousingWire Here's why the housing market needs higher mortgage rates Politics & Money, Real Estate, HW+ Exclusive Content In the latest HW+ member community Q&A, HousingWire Lead Analyst Logan Mohtashami discusses what homebuilder data we need to watch out for in the coming months now that rates are rising. Does your eClose platform have you saying "I'm Lovin' It"? IDS' Solitude Solution has Collins Community CU saying "I'm Lovin' It" with eSign and hybrid eClose. One LO loved conducting 8 purchase closings in a single day! Learn more about how one CU helped its members with a single click.  I want to love it! Sponsored by IDS, Inc. How Polly is using tech to level the playing field for lenders Presented by Polly HousingWire CEO Clayton Collins sits down with Adam Carmel, founder and CEO at Polly, to discuss how Polly is using modern, cloud-native tech to level the playing field for lenders. The growing threat of phishing attacks on the mortgage industry Mortgage, Technology The mortgage industry continues to be threatened by phishing schemes because hackers have many access points, a panel of mortgage execs at the MBA's Technology Solutions Conference said. Count on Crews to add speed this purchase season. Get access to Crews: a dedicated team of mortgage experts who work on your loans from start to finish, helping you win more purchase business. Sponsored by RocketProTPO Mortgage applications continue fall amid 5% rate Mortgage Mortgage application volume dropped 1.3% for the week ending on April 8, from the previous week, as mortgage rates eclipsed the 5% mark. HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039 Manage preferences

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