Morning Roundup (6/5/2023) — loanDepot Leadership Changes

Good Morning! Today is Monday, June 5. A catastrophic multi-train crash in India killed 275 people and injured more than a thousand others. A Hollywood directors’ union reached a tentative deal with the studios on a three-year contract. Chuck Todd is stepping down from NBC’s “Meet the Press.”

The Mortgage Note Reports

loanDepot Changes: Just months after a proxy fight that pitted Anthony Hsieh against his Board of Directors, loanDepot announced a series of leadership changes.

Waiting It Out: A majority of Americans are delaying buying a home until rates fall as they struggle against record-low affordability. Just 6% plan to buy a home this summer.

MC Joins UMortgage: MC Mortgage Group is joining UMortgage, Anthony Casa’s nationwide mortgage platform.

Spring Podcast: TMN’s team has been tracking national trends and the ways companies are attracting buyers and sellers to the market. Listen to our podcast.


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…

“Nightmare Report”: Friday’s employment report, which defied expectations, is the “strangest employment report for some time” and bad news for the Fed’s inflation fight.

UWM Scandal: Two former underwriters are suing United Wholesale Mortgage for retaliation, sexual harassment, and other violations related to its handling of Covid.

“Unfair” Housing Hurts: Zoomers and Millennials cite housing as their “top societal concern,” saying it drives their ever-growing economic anxiety.

Mortgage Monitor: It now takes 34.2% of the median household income to make P&I payments on a median-priced home purchased with 20% down, Black Knight says.

Elon Is Wrong: CoreLogic chief economist Selma Hepp contested Elon Musk’s prediction that home values will plummet, saying she doesn’t expect prices to crash.

Company News: Cenlar FSB promoted Keith Austin and Tristan Watson to leadership positions in its Wholesale division; Jeff Modeski will co-manage First Home Mortgage’s Columbia, MD office.