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Palace Intrigue
By Jeff Walton & Kelly Guest
After the bitter battle between UWM and CCM for TWO, Better moved into the spotlight for ousting founder Vishal Garg. No word if they did that over Zoom; however, National Mortgage Professional asks a great question about the battle: As the dispute moves to court, the article asks, "If Garg’s conduct warranted his removal, why was Better willing to pay [$15M] to bring him back? Meanwhile, National Mortgage News got confirmation from Garg's attorney that the ousted leader has received SEC approval to solicit shareholder support for his return.
Table of Contents
CHATTER
What to Make of Warsh?
Warshy Washy: He Gave the What, Not the How - NMN
At Jackson Hole, Warsh clung to the 2% inflation rate, indicating rate hikes could come; however, industry econs note he didn’t note steps to get said inflation down.
A Lot of Coin…
$10K Closing Cost Credit: Better & Coinbase Partner
Better announced general availability for Better’s token-backed, conforming mortgage product. These first-of-its-kind mortgages will be originated and serviced by Better, powered by Coinbase, and designed in accordance with guidelines from Fannie Mae, making the first lien a standard, conforming mortgage.
As part of this offering, if approved for a loan by Better, Coinbase One members will be eligible for a rebate equal to 1% of the mortgage value, up to a maximum of $10,000. Rebates are applied as a lender credit against closing costs, and any rebates will be paid by Better, reflected directly on the borrower’s closing disclosure.
Sexy Sales Tool: eLend Parters with AI to Show Possibilities
American Financial Resources (dba eLend) announced a strategic partnership with AI-powered renovation tech platform Ready4Remodel to show borrowers what’s possible.
Through the partnership, eLEND partners and their borrowers will have access to Ready4Remodel's technology, helping make the renovation process more transparent and actionable.
Fannie/Freddie Suitor Releases White Paper: Oskenholt Capital Management Proposes GSE Solution
The white paper outlines a proposed structure for U.S. Financial Technology and Mortgage Corporation, a Texas-based public holding company that would sit above Fannie Mae and Freddie Mac. Their jointly owned U.S. Financial Technology platform would remain inside the consolidated group.
The proposal is designed to capture value that is difficult to surface under the current structure: operating and technology synergies, one larger listed parent, and the commercial development of U.S. FinTech in data, analytics and risk. Fannie Mae and Freddie Mac would remain separately chartered, separately capitalized and continue competing as mortgage enterprises.
"I believe this structure would create more value without dismantling what already works. Fannie and Freddie keep their charters, their capital and their competitive roles. U.S. FinTech gets room to become a much more valuable commercial business, and investors get one security that reflects the value of the whole platform. The idea is not to change what works. It is to make it worth more." – Jon Oskenholt
MOVING & SHAKING
CCM Completes Acquisition of TWO: TWO’s common stock will no longer be listed on the New York Stock Exchange and TWO will become a privately held subsidiary of CCM.
loanDepot Addresses Notice of NYSE Trading Price Non-Compliance: Says no immediate impact on listing of loanDepot’s Class A common stock or business operations and that company intends to cure the deficiency and return to compliance with the NYSE listing standard.
Veterans United promotes Jeremyah Grigery to CMO.
First American Home Warranty named Jason Gritters Chief Revenue Officer.
Certainty Home Lending named Troy Williamson as Senior Vice President of Mortgage Lending and Producing Sales Manage
MARKET/INDUSTRY
MLOs need to polish their crystal balls because Fed Chair Kevin Warsh says forward guidance is dead. This week will be jobs vs. inflation: Bill Bodnar breaks it down in his latest Master the Markets segment.
Mortgage Rates Hold Steady: Freddie 8-27-26
Mortgage Applications Decreased 1.0% from One Week Earlier: MBA Weekly Survey for the week ending 8-21-26.
“Mortgage rates reached their highest level in three weeks, with the 30-year fixed rate up slightly to 6.78%. Mortgage rates have increased around 20 basis points over the past two months, which has dampened refinancing activity. Refinance applications decreased, particularly for FHA and VA loans, and the average loan size for refinances was at its lowest since June 2025. Similarly, purchase activity was down over the week, driven by a 7% decrease in FHA applications. The purchase market has also slowed these past two months, with applications now 5 percent behind last year’s pace.” - Joel Kan, CMB, MBA’s Vice President and Deputy Chief Economist
Homebuyer affordability improved in July, with the national median payment applied for by purchase applicants decreasing to $2,175 from $2,191 in June, according to MBA’s Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey (WAS).
“Homebuyer affordability improved in July, as a decline in the median loan amount offset a modest increase in mortgage rates, bringing the typical mortgage payment down to $2,175. Affordability also improved on an annual basis, as earnings growth continued to outpace the increase in mortgage payments.” -Edward Seiler, MBA’s Associate Vice President of Housing Economics
New Home Sales Slump: HUD/Census Bureau
Sales of new single-family houses in July 2026 were at a seasonally-adjusted annual rate of 607,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 10.5% (±14.0%)* below the June 2026 rate of 678,000, and is 6.3% (±19.6%)* below the July 2025 rate of 648,000.
Soggy Summer
New Listings Up, Demand Down: Redfin
New listings rose 0.4% from a week earlier during the four weeks ending August 23 to their highest level since April. The total number of homes for sale rose 0.5% week over week, hitting their highest level since May.
Pending home sales, meanwhile, fell 1.1% from a week earlier to their lowest level in six months.
“Buyers have an opportunity to get a deal done before the market potentially picks back up after Labor Day. House hunters should consider homes that have been listed for several weeks; sellers of those homes may be willing to accept an offer under asking price, provide concessions like a mortgage-rate buydown or make repairs based on an inspection.” – Chen Zhao, Redfin’s head of economics research
Pay More, Get Less
12% Smaller, 72% More Expensive: lendingtree Analysis
New-home sizes declined nationwide over the past decade, with the Northeast as the only exception. The average size of new single-family homes sold across the U.S. decreased by 11.6% from 2,724 square feet in 2015 to 2,409 square feet in 2025. The South experienced the steepest decline (13.4%), followed by the Midwest (12.2%) and the West (9.2%). Only the Northeast saw an increase (1.1%).
New houses sold remain spacious by historical standards, despite recent declines. The average size of new single-family homes sold increased 17.5% from 2,050 square feet in 1995 to 2,409 square feet in 2025. Home sizes peaked in 2015 at 2,724 square feet. Regionally, new homes sold in the Northeast are the largest, averaging 2,866 square feet, while those in the Midwest are the smallest, averaging 2,262 square feet.
Smaller homes are making a comeback, but not everywhere. In 2025, 25% of new single-family homes sold were under 1,800 square feet, up from 16% in 2015. Meanwhile, the share of large homes (3,000 square feet or more) dropped from 33% in 2015 to 20% in 2025. In the Midwest, 31% of new homes sold were under 1,800 square feet in 2025, compared with 19% in the Northeast. The West and South recorded shares of 28% and 24%, respectively.
The average price per square foot of a new house surged over the past decade. The average price per square foot for new single-family homes sold in the U.S. rose 71.9% from $100.02 in 2015 to $171.95 in 2025. The Northeast saw the biggest jump (97.2%), followed by the West (87.1%), the South (70.4%) and the Midwest (60.9%).