Job Listings are the new Zillow

GM. This is Mortgage Nuggets, the newsletter that brings you the best of the mortgage industry so you're always the smartest one at the table. Every Mon, Wed, and Fri morning.

Welcome to the 324 new folks joining us since Monday. Let's dive in!

1. Funding for mortgage tech firms on the rise

Here's a rundown of mortgage-related tech companies that have recently got funded.

Splitero, a San Diego-based fintech that provides a platform for homeowners in the Western U.S. to access accrued home equity, announced it had secured $11.7 million in Series A capital.

Setpoint, a New York-based real estate platform that facilitates warehouse transactions for originators, raised $43 million in a Series A funding round in December led by Andreessen Horowitz.

Trained, received a $1 million investment from The Mortgage Collaborative's TMC Emerging Technology Fund in a Simple Agreement for Future Equity funding round in January.

2. Charted: Mortgage origination volume down

Demand for loans has decreased significantly due to high mortgage rates, resulting in a substantial decline in business for major home lenders in the past year.

For some time now, banks have been reducing their involvement in the mortgage industry. As a result, most home loans are now originated by non-bank lenders.

According to data from Inside Mortgage Finance, non-banks only originated 10% of mortgages in 2010, but by 2022, they had captured 65% of the market.

3. Job listings are the new Zillow

Browsing job listings is now a lot like browsing real estate listings — you check them out even if you're not in the market for something new.

With the recent implementation of New York City's salary transparency law and a new California pay transparency law, job listings are now more transparent, as employers are now required to post salary ranges on their job postings.

However, the usefulness of these salary ranges is yet to be determined, as some companies have posted ranges that are quite broad.

For instance, Netflix has a role listed with a salary range of $90,000 to $900,000, which may not provide much insight for job seekers.

While the intentions behind these laws are good, it remains to be seen how effective they will be in promoting true transparency in the job market.

4. More Nuggets

👀 Pennymac looks to capitalize on Wells Fargo’s correspondent exit (Housing Wire)

⬆️ Mortgage Rates Slightly Higher to Begin New Week (Mortgage News Daily)

🛠️ Homebuilder Price Cuts (CalculatedRisk)

5. Meme of the day

We’ve all been there …

❓ I'm currently on a quest to read more nonfiction books. Have a recommendation for me? I would greatly appreciate. Just reply to this email with the name of the book.

☀️ See y'all on Friday!

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