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- Mr. Cooper to onboard fewer Flagstar employees, cutting 400 jobs
Mr. Cooper to onboard fewer Flagstar employees, cutting 400 jobs
Plus: State AGs join suit to block CFPB shutdown
🐪 It's hump day. Today’s newsletter is 792 words, a 2.5-minute read.
Disclaimer: Average mortgage rates as of Feb 25, 2025. © MND Daily Rate Index.
1. Mr. Cooper to onboard fewer Flagstar employees, cutting 400 jobs
Mr. Cooper will onboard fewer Flagstar Bank employees than initially expected following its $1.4 billion acquisition of the bank’s residential mortgage servicing operations.
Flagstar began layoffs on Friday, with additional job cuts planned over the coming months, sources told HousingWire. A Mr. Cooper spokesperson confirmed that while the company had welcomed over 500 Flagstar employees, it would not bring on as many as originally projected.
Upon completion of the integration, Mr. Cooper expects to onboard approximately 350 servicing team members and 175 third-party originations (TPO) members from Flagstar. The TPO employees will transition to A&D Mortgage. Initially, Mr. Cooper had projected hiring around 1,200 Flagstar employees.
2. State AGs join suit to block CFPB shutdown
Twenty-three state attorneys general have joined a lawsuit fighting the shutdown of the CFPB. In an amicus brief filed last week, the states argue that closing CFPB would harm consumers and make consumer protection laws harder to enforce.
“Eliminating the CFPB will hurt everyday people and benefit billionaires like Elon Musk and his friends,” New York Attorney General James Letitia James. “The CFPB has put billions of dollars back in the pockets of Americans by going after predatory lenders, deceptive companies, and slashing junk fees. The only reason to get rid of this watchdog agency is to protect bad actors.”
The filing follows a move by the Trump administration earlier this month that essentially froze the CFPB’s enforcement activity.
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3. More Nuggets
🤝 Homeowners settle into higher rates, says Home Depot CFO. (Fortune)
📉 Mortgage rates are quickly moving toward 4-month lows. (MND)
💸 Homebuyers’ average down payment rises to 16% of the purchase price. (Redfin)
🏘️ Internal memo outlines DOGE’s plan to gut HUD. (The Washington Post)
🤣 The missing $25 gift card that’s rocking the Hamptons. (WSJ)
4. Case-Shiller: Home prices rose 3.9% in December
The S&P CoreLogic Case-Shiller National Home Price Index, covering all nine U.S. census divisions, revealed that U.S. home prices increased 3.9% year-over-year in December, a slight rise from the previous month's 3.7% growth.
The 10-City Composite recorded an annual increase of 5.1%, up from 5% in the previous month, while the 20-City Composite posted a year-over-year increase of 4.5%, up from 4.3% in November.
New York reported the highest annual gain among the 20 cities, with a 7.2% increase in December, followed by Chicago and Boston, with annual increases of 6.6% and 6.3%, respectively. Tampa recorded the lowest return, with prices declining by 1.1% in December.
5. Fannie Mae names 29 top mortgage servicers
Fannie Mae yesterday announced the results of its 2024 Servicer Total Achievement and Rewards (STAR) program, recognizing 29 mortgage servicers for “competency, capability, and overall performance.” The 2024 STAR program recipients are:
General Servicing
General Servicing, Solution Delivery and Timeline Management
Timeline Management
| General Servicing and Solution Delivery
General Servicing and Timeline Management
Solution Delivery
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☀️ You’re all caught up. See you on Friday!
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