HUD moves to shut dozens of offices

Plus: Home buyers are fed up with high mortgage rates, Fannie Mae says

March 10, 2025

📲 Monday, once again. Today’s newsletter is 757 words, a 2.5-minute read…

Disclaimer: Average mortgage rates as of Mar 07, 2025. Š MND Daily Rate Index.

1. HUD moves to shut dozens of offices

The Trump administration plans to close dozens of HUD field offices, potentially leaving 34 states and Washington, D.C., without local mortgage insurance offices. This move may violate a federal law requiring HUD offices in every state.

Under the proposal, only six of the current 65 offices would remain open—in Anchorage, Greensboro, Honolulu, Jacksonville, Los Angeles, and San Juan. Seven regional hubs would continue operations, though Seattle and San Francisco offices would close.

Critics warn that these closures could disrupt affordable housing programs and mortgage processing. HUD has not provided the required cost-benefit analysis or sought necessary congressional waivers, raising concerns about legality and transparency.

2. Home buyers are fed up with high mortgage rates, Fannie Mae says

Fannie Mae's latest survey shows frustration among home buyers, with 76% saying it’s a bad time to buy. High mortgage rates, averaging 6.63% in early March, are driving pessimism. Only 30% of respondents expect rates to fall within the next year, down from 35% in February.

With home prices remaining elevated—$396,900 for existing homes in January—affordability is a major concern. Despite this, buyers are adjusting to the 6%-7% mortgage rate range, but Fannie Mae warns that housing sales will likely remain subdued due to these factors.

“This growing pessimism makes sense, as mortgage rates had remained near the 7% threshold for a few months, including when we fielded this survey”

Mark Palim, chief economist at Fannie Mae
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3. More Nuggets

👀 Trade levies could add an extra $10,000 to the cost of building a home. (WSJ)

🏦 Goldman gives managers a choice: Dallas, Salt Lake City or Leave. (Bloomberg)

📰 Federal Reserve chief Jay Powell plays down growth worries after jobs report disappoints. (Financial Times)

🏚️ FHA extends foreclosure, eviction moratorium for LA wildfire victims to July. (HUD)

❌ Rocket Mortgage to cease Canadian operations. (Windsorite)

4. loanDepot CEO Frank Martell to step down

LoanDepot has announced a leadership transition in which its founder Anthony Hsieh will return to the company’s executive team as executive chairman of mortgage originations, while its CEO, Frank Martell, will step down from his current posts and transition to a board advisory role, effective June.

A search for a successor to Martell is underway, and if a permanent CEO has not been appointed by June 4, Hsieh will serve as interim CEO until one is appointed, loanDepot said in a Thursday (March 6) press release.

“We are grateful to Frank for his leadership during this pivotal time and wish him all the best,” Hsieh said in the release. “LoanDepot is a special company with unique potential — and I am all in as we work together to drive a new era of growth an innovation while continuing to delight customers in everything we do.”

5. Dream Finders’ Jet HomeLoans buys Cherry Creek

Jet HomeLoans, a mortgage subsidiary of homebuilder Dream Finders Homes, has acquired Cherry Creek Mortgage's securitization and servicing platforms.

The deal, which closed on March 4, should provide Jet HomeLoans with greater secondary execution it can use to help homebuyers with affordability, an executive told HousingWire.

Cherry Creek’s salesforce was acquired by Guild Mortgage in March 2023, but its securitization and servicing platforms were not included in that transaction. Jet HomeLoans, founded in 2017, reported $2.3 billion in mortgage originations in 2024 and was fully acquired by Dream Finders last year.

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

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