Morning Roundup (2/7/2023) — Rocket Using “Bully Shield” Against UWM Ultimatum

Good Morning! Today is Tuesday, February 7. President Biden will deliver the State of the Union address tonight. The death toll from the earthquake in Turkey and Syria has now exceeded 5,000. A single Powerball ticket won $754.6 million in Washington state.

The Mortgage Note Reports

“Bully Shield”: The executive vice president of Rocket Pro TPO told brokers across the country on Monday that they are willing to indemnify those who chose to fight United Wholesale Mortgage’s ultimatum. Editor Kimberley Haas has the story.

UWM CFO: Andrew Hubacker has been named Chief Financial Officer at United Wholesale Mortgage.

Assuming A Mortgage: Carrington Mortgage Services added assumable mortgages to its services, saying qualified buyers could see “significant” savings.

TMN Presents: The Mortgage Meltdown Meter, a collection of articles from the market correction, updated daily. Click here to stay on top of the changing landscape.


In other mortgage and housing news…

CFPB Dismissed: A judge dismissed a CFPB lawsuit against Townsend Mortgage that claimed the lender discouraged African American applicants from applying.

Sudden Closure: Majestic Home Loan closed “abruptly” due to a legacy issue, the company said on social media, impacting more than 60 employees.

VP Promotion: National lender PrimeLending promoted Kim Dybvad to Vice President, Area Manager for Mid-America.

Banning Chinese Buyers: States like Texas are pursuing bills to ban Chinese citizens and companies from purchasing land.

Marriage Or Mortgage?: Get married or get a mortgage? In these cities, a wedding costs more than a down payment.