Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon.
-After intense pushback from the industry and the general public, the Federal Housing Finance Agency (FHFA) rescinded a planned rule that would recalculate mortgages based on credit score, which was intended to subsidize higher-risk borrowers. The decision was widely applauded within the industry, with many claiming it could depress an already soft mortgage market.
-For almost a month, mortgage rates have remained stable after a long period of significant volatility, now at 6.35%, according to Freddie Mac. The average 30-year fixed hasn’t topped 6.5% since mid-March.
-Loan officer Shant Banosian had $925 million in originations and 1,617 closed loans in 2022, according to Scotsman Guide—enough to lead the industry, though he wasn’t able to extend his streak of consecutive billion-dollar years. Currently affiliated with Guaranteed Rate, the once (and future?) “Billion Dollar Man” boasts eight straight years as a top five producer.
–Mega-lender LoanDepot has seen its stock soar almost 20% in recent days, posting better than expected Q1 results (while still operating in the red). The company laid off over 5,000 workers last year, and has faced several controversies recently, including alleged labor law violations and a racial bias lawsuit.
-Pump the brakes! Equity Prime Mortgage is countersuing a NASCAR team that it used to sponsor, after racers accused the lender of failing to pay portions of a $6 million multi-year deal. Jesse Iwuji Motorsports ran their most recent race without a sponsor as the dispute plays out in court, according to Morional Mortgage News.
-New Jersey is considering a proposal that could provide more than a year of forbearance for homeowners affected by Hurricane Ida, which thundered across much of the United States last summer. Thousands of homeowners were affected by the hurricane, and FEMA has stopped accepting new applications for disaster relief.
