Editor’s Note: The Mortgage Mix is RISMedia’s biweekly highlight reel of need-to-know mortgage-industry happenings. Watch for it every other Friday afternoon.
-Rocket Companies, coming off an acquisition spree this year, announced strong earnings for Q2 on July 31, with executives providing a trickle of details on how the company will utilize consumer portal Redfin in its business. Integration will include a $6,000 closing credit for Redfin clients who also use Rocket financing, and pre-qualification “buttons” on every Redfin listing.
-A federal judge this week ordered the Department of Housing and Urban Development (HUD) to resume certain fair housing grants, which had been paused months ago by the Trump administration. The decision came in a lawsuit filed by the National Fair Housing Alliance, which has argued HUD is required by law to distribute congressionally-designated funds to programs that are used to help build housing as well as support counseling, education and other efforts in support of fair housing.
-A sprawling bipartisan housing bill advanced out of committee this week in a rare moment of consensus in Congress, with U.S. Senators on both sides of the aisle lauding the bill. Addressing an extremely broad swath of policy priorities, the bill contains everything from incentives for small dollar mortgage loans to requiring lenders to maintain procedures for second appraisals when they are requested by consumers.
–Bloomberg reports that President Donald Trump is meeting personally with the heads of major banks to discuss removing the GSEs from conservatorship, with at least three major meetings scheduled or already occurring. JPMorgan CEO Jamie Dimon, Goldman Sachs CEO David Solomon and Bank of America CEO Brian Moynihan are named, but Bloomberg claimed more bank heads will likely meet with Trump soon.
-Fannie Mae is facing a new lawsuit from former employees who claim they were fired for discriminatory reasons. At least 65 people have joined in the lawsuit, all who were fired for alleged fraud through misuse of a gift-matching program. The lawsuit claims the employees utilized company-approved charities and have been provided no other evidence of the alleged fraud. They are seeking back pay and reinstatement.
-California based loanDepot named Founder Anthony Hsieh as permanent CEO, according to a release from the company. Hsieh has chaired the company’s board since 2021, but had stepped down from the CEO role in 2022. He took the reins back in June on an interim basis, after former CEO Frank Martell departed to take another position.
-The Federal Housing Finance Agency (FHFA) is considering a repeal of its fair lending, fair housing and equitable housing finance rule, amid a broader pushback against fair housing by the Trump administration. The FHFA argues that the rule is “duplicative,” but has invited public comments before issuing a final decision.
-President Donald Trump signed a new law aimed at helping struggling VA borrowers. The VA Home Loan Program Reform Act sailed through Congress with bipartisan support. It allows VA borrowers to tack on delinquent payments to the end of their loan period in some circumstances, and help veterans avoid foreclosure.
