Morning Roundup (3/7/25) – loanDepot Shake Up
| Good Morning! Today is Friday, March 7. President Donald Trump suspended most new tariffs on Canada and Mexico two days after they took effect. An unvaccinated person who died in New Mexico tested positive for measles. A SpaceX rocket failed during a test flight. The Mortgage Note Reports Shake Up: After a dramatic proxy fight that seemingly led to his downfall, Anthony Hsieh is returning to leadership at loanDepot while CEO Frank Martell steps down. Rates Fall Again: Rates sank more than 10 bps last week, but buyers are souring on the housing market as they’re battered by economic uncertainty and unaffordability. |
| Quote Of The Day “Stock market volatility and weaker economic indicators have fueled expectations that the Federal Reserve will cut the Fed Funds Rate by 75 basis points this year, a notable shift from earlier projections. Investors are also preparing for a more accommodative monetary policy.” Samir Dedhia, CEO of One Real Mortgage |
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In other mortgage and housing news… Trouble Ahead: For the first time since 2023, consumer sentiment around the housing market slipped last month as many Americans fear for their jobs and the overall economy. UHM Lawsuit: Union Home Mortgage is suing nine former employees on claims they breached several agreements, including non-compete agreements. Time To Recover: HUD extended a foreclosure moratorium on FHA-insured single-family mortgages in the LA neighborhoods impacted by fires. Company News: Cloudvirga enhanced Horizon API with ICE’s Encompass Partner Connect; Asurity named Christine Kirby Chief Implementation Officer for mortgage document generation platform Propel. “Be On Guard”: With the CFPB hobbled, consumers need to be their own watchdogs when shopping for mortgages. Buck The Trend: In 2024, single women overcame unaffordability and increased their homeownership rate to nearly 52%, while the overall homeownership rate declined. |