Morning Roundup (6/3/2022) – UWM Suit Settled, Work From Home Debate

Good Morning! Today is Friday, June 3. Russian forces now occupy one-fifth of Ukraine’s territory. Ford Motor plans to invest billions in facilities in the Midwest, creating more than 6,000 union jobs. The Boston Celtics beat the Golden State Warriors, 120-108, in Game 1 of the N.B.A. Finals.

The Mortgage Note Reports

Suit Settled: United Wholesale Mortgage has ended one of its ongoing legal battles by paying $2.7 million to settle a lawsuit.

Work From Home Debate: The CEO of a reverse mortgage company is claiming that Elon Musk’s message to Tesla employees unfairly bashes the benefits of remote work.

Rates Hovering: Mortgage rates stayed relatively flat last week, falling just slightly to an average of 5.09% from 5.10%.

Inventory Finally Increases: Inventory increased for the first time since June 2019, with active listings up 8% YOY.

And in other mortgage and housing news…

Jobs Report: The economy added 390,000 jobs in May, better than expected, but the unemployment rate held at 3.6%, just above the lowest level since December 1969.

Market Report: More than one in five home sellers dropped their price while several measures of buyer demand posted the largest declines since spring 2020.

Mr. Cooper Layoffs: Mr. Cooper is laying off 420 employees, mostly in originations.

FHFA Rule: The FHFA published a rule requiring Fannie and Freddie to submit annual capital plans to the Agency and provide prior notice for certain capital actions.

“Deeply Personal And Emotional”: More than 65% of Gen Z buyers and 61% of millennial buyers report crying at least once while buying a home, Zillow found.

“Our Way Home”: HUD announced a new initiative to boost the nation’s affordable housing supply, called “Our Way Home.”

Waiting For Housing: A Chicago woman who applied for an affordable housing voucher in 1993 just received a letter saying she made it to the top of the list.

Making Housing Less Affordable: The Wall Street Journal’s editorial board argues that cutting FHA premiums will be a boon to realtors, not homebuyers.

MA Fraud: A Salem, MA real estate developer has been convicted in connection with a 10-year mortgage fraud scheme involving at least two dozen fraudulent loan transactions totaling $6.5 million and resulting in more than $3.8 million in losses to lenders.