State AGs challenge FHFA's title waiver program

Plus: Loandepot and Movement drop poaching lawsuit

July 29, 2024

☀️ Morning! Thanks for kicking your week off with us. Today’s newsletter is 693 words, a 2.5-minute read. Let’s dive in…

Disclaimer: Average mortgage rates as of July 26, 2024. © MND's Daily Rate Index.

1. State AGs challenge FHFA's title waiver program

Attorneys general in 14 states have jointly sent a letter to Federal Housing Finance Agency (FHFA) director Sandra Thompson that urges the termination of the agency’s title waiver pilot program.

The letter was spearheaded by Tennessee Attorney General Jonathan Skrmetti and co-signed by attorneys general in Alabama, Arkansas, Georgia, Indiana, Kansas, Louisiana, Mississippi, New Hampshire, Oklahoma, South Carolina, South Dakota, Texas, and Virginia.

“The pilot program will shift title risk on refinanced loans purchased by Fannie Mae from state-regulated title insurance companies to Fannie Mae itself,” the letter stated. “Title insurance is a state-regulated industry, and homeowners will be better served if it stays that way. We call on the Agency to terminate implementation of this misguided pilot program.”

2. Monthly payment on a new mortgage drops in June

According to the Mortgage Bankers Association, homebuyer affordability improved in June, with the national median payment applied for by purchase applicants decreasing to $2,167 from $2,219 in May.

  • The national median mortgage payment for FHA loan applicants was $1,907 in June, down from $1,924 in May and up from $1,854 in June 2023.

  • The national median mortgage payment for conventional loan applicants was $2,180, down from $2,226 in May and down from $2,205 in June 2023.

“Homebuyer affordability conditions improved for the second straight month as declining mortgage rates continue to increase purchasing power and is enticing some borrowers back into the housing market”

Edward Seiler, MBA’s Associate Vice President.

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3. More Nuggets

📉 Oren Alexander, top real estate agent, faces another claim of sexual assault. (NYT)

⏫ Fed’s preferred inflation gauge ticks higher in June. (The Hill)

💰 Nashville ranked the nation’s top luxury market. Here’s the full list. (Realtor/WSJ)

🚨 COACH’S CORNER

Tomorrow!! Don’t forget to sign up for the 24-7 Mindset Webinar on July 30th, 1:00 - 2:30 pm central time, and learn how to increase your past client referrals, referrals from CPA, attorneys, financial advisors, and repeat customers. See you there!

— Dave Krichmar CEO

4. A $1 million starter home? It's the norm in 237 cities

A million-dollar price tag no longer means lavish and luxurious living. In more than 200 U.S. cities, buyers will find a price tag of $1 million or more on the typical starter home, a new Zillow® analysis finds.

  • The number of cities where a starter home is worth $1 million or more has grown from 84 five years ago to 237 today.

  • Nearly half of these cities with "million-dollar" starter homes are in California.

  • The typical starter home nationwide is worth less than $200,000.

5. loanDepot and Movement drop poaching lawsuit

loanDepot and Movement Mortgage have dropped their lawsuit against each other, ending the fight to question each other's top leaders. The case is dismissed permanently, and each company will pay their own legal fees.

loanDepot had accused Movement of hiring 26 of their employees and stealing trade secrets in 2021. Movement denied this and claimed Loandepot was harassing their former workers. loanDepot is still pursuing similar claims against CrossCountry Mortgage.

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

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