Good Morning! Today is Tuesday, June 18. The Biden administration will give legal protections to undocumented immigrants who are married to American citizens. The Israeli military said it had suspended operations during daylight hours in parts of Gaza. Vladimir Putin will visit North Korea today.
The Mortgage Note Reports
Agent Advocacy: Realtor.com is expanding its ad campaign championing homebuyer representation to focus in on underrepresented and marginalized groups.
LD Leadership: Long-time loanDepot exec Viviana Abarca has been promoted to managing director of mortgage lending operations.
Technology Podcast: Generative AI is revolutionizing every aspect of the mortgage industry. Hear from industry leaders about its impact on accuracy, efficiency, and enhanced customer service.
In other mortgage and housing news…
Rents Rising: Rents in several Northeast and Midwest cities, such as Kansas City, Mo., and Washington, D.C., are rising this year, dealing a blow to the Fed’s inflation fight.
Prices Cool: U.S. home prices rose 0.3% month-over-month in May, the smallest increase on a seasonally adjusted basis since January 2023.
Company News: The Carrington Companies promoted Brett Wilbur to Chief Information Officer; WaterfallCalc released the FHA Payment Supplement Agreement documentation and automated claim process ahead of the January 2025 deadline.
Retail Slowdown: Retail sales rose by 0.1% in May, less than expected, as high interest rates and inflation continued to weigh on consumers.
Root Cause: Despite a pandemic construction boom, the housing shortage grew to 4.5 million homes in 2022, worsening the affordability crisis.
“Exploitative” Behavior: Investors filed a lawsuit against Pennymac over the company’s controversial post-Libor fix last year.