HUD announces $40M in funding to expand housing counseling

Plus: CrossCountry sued for not reimbursing remote work expenses

May 20, 2024

👋 Good morning and welcome back to Mortgage Nuggets. Today's newsletter is 516 words, a 2-minute read.

Disclaimer: Average mortgage rates as of May 17, 2024. © MND's Daily Rate Index.

1. HUD announces $40M in funding to expand housing counseling

The Department of Housing and Urban Development (HUD) announced on Thursday the awarding of $40 million to expand housing counseling services to a greater number of vulnerable communities. The services will be available for current homeowners, prospective homebuyers, and renters alike.

The new funding will go to more than 165 housing counseling agencies and is designed to “build economic opportunity while helping homebuyers throughout America improve their credit, find down payment assistance programs, understand loan terms and types of mortgages, navigate the application process, and identify housing discrimination,” the announcement said. LINK

A MESSAGE FROM AIDIUM

🐝 LEARN: Pre-Built Automations Playbooks

Aidium’s pre-created content allows you to leave your mortgage marketing efforts on cruise control. Get up and running in no time with Aidium’s Playbooks and start automating redundant tasks now!

Learn more about:

  • Pre-Built automation playbooks

  • Easy personalization and customization to any existing automation

  • Content presets ready to go

Pre-Built automations ready to use as soon as you're onboarded! Learn more about Aidium’s Playbooks!

2. More Nuggets

📝 The mortgage reform that could unleash the next big US stimulus. (FT)

📈 FHA originations show signs of improvement: TransUnion. (Fortune)

⚖️ Ex-HUD Secretary Marcia Fudge joins Taft law firm two months after resigning from her cabinet position. (Taft)

🤝 Mortgage advisory firms Stratmor Group and Teraverde merge. (Press Release)

🏡 Unmarried millennials are twice as likely as boomers to buy homes solo—and 10 times as likely to buy with a friend. (Fortune)

3. CrossCountry sued for not reimbursing remote work expenses

A former employee is suing CrossCountry Mortgage in Illinois federal court, alleging the company imposed certain requirements such as a dedicated phone, high-speed internet e.t.c for remote work, but did not pay employees back for the expenses.

The lawsuit, filed by April Shakoor, seeks class-action status for over 100 affected employees, with claims potentially exceeding $5 million. This suit follows another legal challenge CrossCountry faced last year over wage disputes, which was dismissed. LINK

4. Donald Horton, founder of nation's largest homebuilder, dead at 74

Donald R. Horton, founder of homebuilder D.R. Horton, has died at the age of 74. Horton served as the chairman of the board since its inception in July 1991 and was President and CEO from July 1991 until November 1998.

David V. Auld, the company's executive vice chairman, has been appointed by the company's board to serve as executive chairman. LINK

"Throughout the Company's 46-year existence, he worked tirelessly to build a national homebuilding operation with a strong company culture, and the impact of his personal involvement with our team of operators across the United States has contributed immeasurable value to our company and people," Auld said.

You’re all caught up. See you on Wednesday!

Would you like to receive a done-for-you weekly marketing email that you can send to your realtors and/or clients? Start your 30-day free trial here.

Did someone forward you this newsletter? Subscribe here.

Interested in advertising to mortgage professionals like you? Get in touch.