Morning Roundup (4/2/25) – A&D Completes Mr. Cooper Acquisition
| Good Morning! Today is Wednesday, April 2. President Trump is expected to impose sweeping new reciprocal tariffs on global trading partners today. The administration admitted it mistakenly deported a Maryland resident to El Salvador but said it can’t bring him back. Val Kilmer, “Top Gun” and “Batman” actor, died from pneumonia at 65. The Mortgage Note Reports Stealing The Spotlight: A&D Mortgage confirmed it had completed an acquisition of Mr. Cooper’s wholesale and non-delegated correspondent arms on the heels of Rocket’s takeover announcement. Hard Spring Start: Mortgage demand remains depressed as refinance demand cools faster than purchase demand heats up. Rates held steady at 6.70%. |
| Quote Of The Day “Overall purchase activity has shown year-over-year growth for more than two months as the inventory of existing homes for sale continues to increase, a positive development for the housing market despite the uncertain near-term outlook.” Joel Kan, MBA Vice President and Deputy Chief Economist. |
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In other mortgage and housing news… No To “Free Lunch”: Fannie and Freddie should pay for their government guarantee at a fair rate or remain under conservatorship, two housing experts argue. Bare Bones: HUD pared down its website in a move it says “prioritizes the needs of the American public.” Company News: Motto Mortgage and wemlo CEO Ward Morrison will retire in June; Mechanics Bank and HomeStreet plan to merge by Q3. Cases Keep Going: Two mortgage brokers cannot escape a lawsuit from UWM alleging they breached an “All-In” contract, a Michigan federal judge decided. Wage Breakdown: Most Americans need 10 work days a month to afford a mortgage payment, but in some states, half of their worktime goes to housing costs. Family Life: Analysts argue that expanding inventory would boost fertility rates as couples find more financial and housing stability. |