Morning Roundup (5/14/2024) — Rocket Settlement

Good Morning! Today is Tuesday, May 14. President Biden will announce higher tariffs on Chinese imports. The U.N. said that a staff member was killed when one of its convoys came under fire in Rafah. OpenAI unveiled a new version of ChatGPT that can respond to voice commands, images, and videos.

The Mortgage Note Reports

Financial Pressure: Recent homeowners have taken on extra debt to maintain their preferred lifestyle and struggled to make payments on time.

myCU Leader: Ben Rempe has been named president of myCUmortgage, a credit union service organization.

Tribal Lands: Officials at HUD have reached an agreement with Rocket Mortgage after the company allegedly denied a loan to a couple hoping to buy a home on tribal land.

In other mortgage and housing news…

Fear The Future: Officials worry that a cascading series of non-bank failures in the mortgage industry could intensify the next recession.

PPI: Wholesale prices jumped 0.5% in April, more than expected, putting up another potential roadblock to interest rate cuts anytime soon.

“Legacy Builder”: Vision Mortgage Group launched a loan program for first-generation, first-time buyers offering a 1% down payment and 2% grant.

Better Earnings: Better Home & Finance reported strong first-quarter sequential funded loan volume and revenue growth, up from Q4 2024.

Company News: FirstAm’s Mother Lode Holding Co. acquired Wisconsin Title Service Company; Guaranteed Rate launched RateUniversity, a community outreach program.

Payments Cool: The amount of money a homebuyer puts down to purchase a home hit a historic high at the end of 2024, but that sum is finally falling.