Morning Roundup (7/9/2024) — Rate Rebrand

Good Morning! Today is Tuesday, July 9. World leaders are celebrating NATO’s 75th anniversary today in Washington. A Russian missile destroyed Ukraine’s largest children’s hospital. Beryl hit Houston as a tropical storm, killing at least four people.

The Mortgage Note Reports

Opinion: Paresh Deshpande, client partner for Tavant, writes that while commissions on HELOCs and HELOANs may not match those of traditional mortgages, their role in the current economic climate is indispensable.

Name Change: Guaranteed Rate announced the official launch of its rebrand, changing its name to “Rate” effective immediately.

Regions Leadership: Allison Johnston joined the Regions Affordable Housing division as VP and relationship manager, leading origination opportunities in the Southeast.

In other mortgage and housing news…

Fed Watch: Federal Reserve Chair Jerome Powell speaks today to the Senate Banking Committee as part of his semiannual address to Congress on monetary policy.

Inventory Boost: The number of homes actively for sale grew for the eighth straight month in June, though mortgage rates will decide whether that translates to sales.

Fears For The Future: Nearly all adult Gen Zers (98%) cite significant barriers to homeownership, with 60% fearing they will never be able to own a home.

Trigger-Happy LD: loanDepot is suing another company for trademark infringement related to its real estate platform, mello.

Company News: LO Alexandra San Martino joined Service First Mortgage; Eric Rawlings was named CTO of mortgage tech company Candor Technology; fintech Acrisure named Aaron Miller as Chief Financial Officer.

Short-Term Rental Battle: A former White House economic adviser argues that banning Airbnb makes housing less affordable, not more.