Newrez lays off 156 employees

👋 Good morning and happy Wednesday. Today’s newsletter is a 2½-minute read.

1. Newrez lays off 156 employees

Pennsylvania-based Newrez filed a WARN Notice in its home state and Florida on May 2, cutting 103 employees at its Greenwood Village office as well as 53 jobs at its Jacksonville office, after closing an acquisition.

Neither of the letters provided a reason for the layoffs, but the WARN Notice was filed the day after Rithm, parent company of Newrez, acquired Computershare Mortgage Services and SLS for $720 million and merged the companies with Newrez.

The layoffs are expected to go into effect July 1, 2024. A Newrez spokesman said by email the company could not comment on the layoffs.

2. Fannie "Real Estate Owned" inventory decreased in Q1 2024

Fannie reported results for Q1 2024. Here is some information on single-family Real Estate Owned (REOs).

• Fannie Mae reported the number of REOs decreased to 7,791 at the end of Q1 2024, down 5% from 8,403 at the end of the previous quarter, and down 9% year-over-year from Q1 2023.

For Fannie, this is down 95% from the 166,787 peak number of REOs in Q3 2010.

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3. More Nuggets

⛓️‍💥 The CEO who hired his wife, gave his dog a title, and brought down a bank. (WSJ)

💸 More home sellers are paying capital gains taxes — but there are ways to reduce your bill, experts say. (CNBC)

👋 'Godspeed': Enforcement of NAR settlement changes shifts to MLSs. (inman)

📎 Finance of America merges its two reverse mortgage brands, American Advisors Group (AAG) and Finance of America Reverse (FAR). (MPA)

4. Fannie Mae: Housing sentiment flat in April

The Fannie Mae Home Purchase Sentiment Index (HPSI) was unchanged in April at 71.9, revealing signs of once again plateauing as consumers continue to adjust to higher interest rates and home prices.

This month, 67% of consumers indicated that it’s a good time to sell a home, while 20% said it’s a good time to buy a home. These two indicators are up 10 percentage points and three percentage points, respectively, since the end of 2023, despite mortgage rates having moved steadily upward.

Additionally, the share of respondents who expect mortgage rates to go down over the next 12 months fell to 26%. The full index is up 5.1 points year over year.

5. Groups urge delay in VASP compliance deadline

The Mortgage Bankers Association and the Housing Policy Council are requesting the U.S. Department of Veterans Affairs to postpone the compliance deadline for the Veteran Affairs Servicing Purchase (VASP) program beyond October 1.

This program, intended to prevent foreclosures for veterans affected by COVID-19 economic impacts, is considered unready by these organizations due to unresolved operational questions and the need for more preparation time. They suggest a delay to ensure effective implementation and proper communication about the program's start.

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

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