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- Drawn & (2nd) Quartered
Drawn & (2nd) Quartered
By Jeff Walton & Kelly Guest
Things got saucy on social between the U.S. President and the Fed Chair, Zillow found another way to rankle the competition, a District Judge hit the pause button on a 90% reduction in force at the CFPB, and there's the usual fare of alliances and lawsuits. There's plenty of news on tariffs, interest rates and spring market speculation…and some other wild things happening:
Looks Fishy, Tish: In a profoundly ironic turn of events, New York Attorney General Leticia James has been referred to the Department of Justice on allegations that she committed mortgage fraud on more than one occasion. She famously prosecuted Donald Trump for a "years long scheme to dupe banks." You can't make this stuff up.
Cruise, Shoes, & Criminal Charges: Embattled First American Financial CEO Kenneth DeGiorgio has disembarked from his journey at the company after news broke about an alleged altercation on a cruise ship and subsequent federal charges. The incident is reported to have been a reaction to the verbal and sign language responses given to DeGiorgio's wife when she asked a male passenger to put his shoes on. First American CFO Mark E. Seaton has been appointed CEO, Treasurer Matt F. Wajner promoted to CFO. A $7.8M salary is an awful lot of money to blow on vacation.
It's only April.
CHATTER
Gauntlet Thrown: Competitors Balk at Zillow's Clear Cooperation Policy
Zillow announced listing access standards that require listings to be submitted to the MLS within one day or risk not appearing on Zillow or Trulia for the duration of the listing contract/time on market. In response, Homes.com CEO Andy Florance sent an email to Homes.com agent subscribers, slamming Zillow’s policy as an act of “audacity” and “power play of epic proportion.” He even included a link to the DOJ’s Antitrust Division for agents who feel the policy goes too far.
Big Enemies, Big Alliances: UWM will integrate Google Cloud AI and machine learning tools into its platform, touting enhanced underwriting automation, streamlined document processing and improved client support with AI-driven chat experiences. Not to be outdone, Rocket announced an integration with the ARIVE platform.
Equity Smart Ditches UWM to Board the Rocket Ship
NMP reports that Rocket Pro gained 435 loan officers who originated approximately 1600 loans last year.
Ohio AG Dave Yost Sues UWM: Yost claims the company issued about $605 million in mortgages to Ohio residents from 2021 to 2023, and that brokers involved in the loans directed 99% of their business back to UWM. "Thousands of unsuspecting borrowers did not obtain any such 'independent' advice or representation," the suit said.
The CFPB Gave Small Loan Providers a Break: The bureau announced that it will not prioritize enforcement or supervision actions with regard to entities that do not satisfy future deadlines under the regulation to submit registration information. The order refers to deadlines for entitles subject to 12 CFR 1092.206(a)(2) and 12 CFR 1092.206(a)(3). The statement concluded saying, "The Bureau will instead continue to focus its enforcement and supervision activities on pressing threats to consumers."
CFP-Bloodbath: Federal Judge Pauses Bureau's 90% RIF
The CFPB fired between 1,400 and 1,500 workers Thursday, eliminating as much as 90% of its workforce.
Offices across the agency would have been reduced to 0 staff
Staff members to retain access to CFPB IT systems
U.S. District Judge Amy BermanJackson ordered that Thursday's mass dismissals be suspended pending a decision on whether the government is in violation of her order.
Poking Powell: President Trump Touts Termination on Truth Social
Federal Reserve Chairman Jerome Powell has been given a Trumpian nickname - "Too Late" - and got trounced for not cutting rates. The two men have made no effort to hide their mutual disdain.
MOVING & SHAKING
American Financial Resources promoted Robert Pieklo to CEO, Michael Brenning to COO following record Q125 performance.
Northpointe hired Patrick Collins as SVP of Mortgage Warehouse Lending.
NMP reports that Jeffrey Massotti was promoted to VP, National Sales TPO at Carrington Wholesale, and Kris Pope was hired as Head of Growth at Realfinity.
MARKET/INDUSTRY
Mortgage Rates Remain Under Seven: Freddie 4-17-25
The 30-year fixed-rate mortgage ticked up but remains below the 7% threshold for the thirteenth consecutive week. At this time last year, rates reached 7.1% while purchase application demand was 13% lower than it is today, a clear sign that this year’s spring homebuying season is off to a stronger start.
Kerfuffle to calm? The Treasury Secretary touted his toolkit, and Bill Bodnar talks bond market tailwinds, and welcomes the Fed quiet period in his latest Master the Markets segment.
Mortgage applications decreased 8.5% from one week earlier: MBA Weekly Survey for the week ending 4-11-25.
Back In Black: MBA 2024 Annual Mortgage Bankers Report
Independent mortgage banks and mortgage subsidiaries of chartered banks reported an average profit of $443 on each loan they originated in 2024, up from an average loss of $1,056 per loan in 2023.
Marina Walsh, CMB, MBA’s Vice President of Industry Analysis: “After two preceding years of net losses, net production income was back in the black in 2024. Production revenues improved, and per-loan costs decreased as volume picked up, particularly in the second half of the year.
Home Prices Continue To Rise: Fannie Mae
Single-family home prices increased 5.2% from Q1 2024 to Q1 2025, largely unchanged from the previous quarter's year-over-year growth pace of 5.3%
On a quarterly basis, home prices rose 1.4% in Q1 2025 on a seasonally adjusted and non-seasonally adjusted basis.
Up, Up & We Pay: ATTOM Data’s 2024 Property Tax Analysis
Analysis covers 85.7M U.S. single-family homes
The average tax bill rose 3% to $4,172 in 2024 despite a slight dip in effective tax rates.
Home values rebounded 4.8% to an average of $486,456 after a decline in 2023.
Effective tax rates decreased slightly to 0.86%, down from 0.87% in 2023.
$357.5B in property taxes were levied on single-family homes in 2024, down 1.6% from 2023.
The average tax on a single-family home in the U.S. rose to $4,172 in 2024, a 2.7 percent increase over the previous year.
In 2023, the average tax on a single-family home had increased 4.1 percent over the prior year.
Brace Yourself: Redfin Says It Takes More Income to Buy Than Rent
Americans need an annual income of $117,000 to afford the typical home for sale. That’s 82% more than they need for the typical rental, up from 73% more last year. The gap is widening because home prices are rising faster than rents.
Sellers Are Sanguine: Realtor.com Says Most Believe They’ll Get Asking or Above
81% of potential home sellers believe they will receive their asking price or more this year, signaling strong confidence in the 2025 spring housing market.
Despite persistent affordability concerns and high mortgage rates, 70% of those surveyed think it’s a good time to sell.
In addition to pricing optimism, 75% of potential sellers believe their homes will sell within the average time frame or faster, and 63% expect to avoid significant concessions during the sales process.
Unsexy Upgrades Pay More! NAR's 2025 Remodeling Impact Report
Forget blingy countertops and fabulous flooring, here’s what gets the highest ROI (and how much) for home improvements:
New Steel Front Door – 100%
Closet Renovation – 83%
New Fiberglass Front Door – 80%
Digging into Debt: AmeriSave Survey
AmeriSave Mortgage went deep in a recent survey. There are many graphs and maps, with one showing debt attitudes in red vs. blue states and circumstances that trigger money stress. Worth a peek to get a read on your region; highlights include:
More than 1 in 4 (25.4%) homeowners feel stressed about debt but are managing it
9.7% feel completely overwhelmed by debt
Nearly one-third of respondents (30.8%) cited credit card debt as their biggest source of financial stress, with 31% spending more than $1,000 each month on credit payments
Just over half (52.9%) of those surveyed prioritize paying off debt with the highest interest rates, suggesting high financial literacy around debt reduction.
Only 4.2% of respondents have used home equity to consolidate debt, though nearly 1 in 4 (23.7%) agreed that home equity can be a valuable tool for this purpose.