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.
–Rates continue to push above 7%, according to the latest data from Freddie Mac, as new inflation data and slower than expected economic growth have tempered hopes that the Federal Reserve will significantly slash rates this year.
-For its part, the Fed found inflation and high rates are the biggest concerns for financial professionals, in a semiannual report on financial stability. Also topping the charts for issues people worried about were credit quality, commercial real estate and banking sector instability.
-Texas-based Mr. Cooper announced two major leadership additions this week, with former Wells Fargo executive Ranjit Bhattacharjee joining as EVP and chief investment officer, and former Piper Sandler director Kevin Barker taking on the role of SVP of corporate finance.
-California-based megalender PennyMac posted stronger than expected earnings, reporting almost $40 million in profit for Q1 2024 and a 36% increase in brokers year-over-year. CEO David Spektor told investors he believes the market has returned to “rational pricing.”
–Two top New Jersey loan officers were charged by federal law enforcement in a “large-scale mortgage fraud scheme,” according to a release from the Department of Justice (DOJ). Christopher J. Gallo and Mehmet A. Elmas “routinely misled mortgage lenders” in order to secure lower rates, and face 30 years in prison and up to $1 million in fines.
