NAR president Tracy Kasper resigns

Hi and welcome back to Mortgage Nuggets, your daily slice of mortgage news - always fresh, never stale. Today’s newsletter is 622 words, a 2.5-minute read.

1. Mortgage rate optimism jumps significantly

The spring housing market may have been kickstarted early this year, following a sharp drop in mortgage interest rates in December. Rates are about a full percentage point lower than they were in October, and consumers expect they will fall even more.

Optimism about mortgage rates increased sharply in December, according to a monthly consumer survey by Fannie Mae. For the first time since the survey was launched in 2010, more homeowners on net believe rates will go down rather than up, according to Mark Palim, deputy chief economist at Fannie Mae.

“This significant shift in consumer expectations comes on the heels of the recent bond market rally,” said Palim. “Notably, homeowners and higher-income groups reported greater rate optimism than renters.”

2. NAR president Tracy Kasper resigns

The president of the embattled National Association of Realtors has resigned, just four months into her tenure.

N.A.R. announced Ms. Kasper’s surprise exit on Monday in a brief news release that implied that Ms. Kasper had received a blackmail threat. She “recently received a threat to disclose a past personal, nonfinancial matter unless she compromised her position,” and she reported the matter to the police, according to the news release.

Kevin Sears, who had been N.A.R.’s first vice president before stepping into the role of vice president in August when Mr. Parcell resigned, will now take over as president.

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3. LoanDepot's $3.5M settlement gets preliminary nod

A federal judge in California granted preliminary approval to loanDepot's $3.5 million settlement to resolve a proposed class-action lawsuit that alleged it misled investors leading up to its IPO.

The judge's decision comes over objections from a shareholder who argued that the settlement amount was insufficient and that the deal was reached prematurely.

U.S. District Judge Josephine L. Staton, determined that the seven-figure settlement appeared to be fair, reasonable, and adequate.

4. Catch up quick

🐂 Wall Street is trying to nail down the timing of Fed’s cuts. (WSJ)

🎓 Mortgage Educators and Compliance acquired by 360training. (Press Release)

📈 Home equity lending blossomed in 2023. (HousingWire)

5. Zillow's 2024 hottest markets list

Zillow just announced its 10 hottest markets for 2024 using the following metrics: Zillow's forecast for local home value growth, the speed at which home listings go under contract, job growth per new home permitted, and the growth in owner-occupied households. Here’s their list:

Source.

👋 See you on Friday!

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