Trump fires CFPB Director Rohit Chopra

❄️ Good morning. We're in February, folks. Today’s newsletter is a 2.5-minute read.

1. Trump fires CFPB Director Rohit Chopra

CFPB Director Rohit Chopra was fired by President Donald Trump on Saturday, Feb. 1, after receiving a termination email from the White House, CNN reported.

• A White House official stated, “It’s the executive’s decision and prerogative to see who they want in that role.”

The move came amid pressure from major consumer banks and tech industry leaders, some of whom are facing lawsuits from the CFPB. Trump is the first president to fire a leader of the CFPB.

Chopra, appointed by former President Joe Biden in 2021, will also step down from the FDIC board, a position tied to the CFPB leadership role.

2. States seeing the largest gains and losses in homeownership

A New Jersey Real Estate Network study, analyzed by NMN, shows that while some states have seen significant increases in homeownership rates, others have experienced declines. The study examined U.S. Census data from 2019 to 2024 to pinpoint these shifts.

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3. More Nuggets

⚖️ Key Fed measure shows core inflation at 2.8%, in line with expectations. (CNBC)

📰 Evergreen Home Loans expands to five Southeast states. (RecordNews)

⏸️ American Heritage Lending halts funding loans in Maryland. (NMP)

💸 Salt Lake City builder sues developer for $3.1M for alleged unpaid work. (BankingDive)

🐺 How wolves explain America’s urban-rural divide. (theHustle)

4. OCMBC President arrested for DUI, murder

The president of the eighth-largest wholesale mortgage lender and largest Non-QM lender (by volume), OCMBC, has been arrested for the murder of an 88-year-old man she struck while driving under the influence of alcohol on Friday evening.

• The crash, which involved a Land Rover SUV and a Ford Transit van, happened at around 6:15 p.m. at the intersection of Golden Lantern and Stonehill Drive, according to the Orange County Sheriff's Department.

Serene Rosenberg, better known in the industry as Serene Vernon, of Dana Point, Calif., was booked into the Orange County Jail for driving under the influence with three prior convictions and “DUI causing injury,” according to the Orange County Sheriff Department.

5. Pennymac is building up its broker business

Pennymac, the first top mortgage lender to report earnings this January, saw its net income surge to $312.4 million for the year 2024—up nearly 116% from 2023.

Fourth-quarter revenue climbed to $470.1 million from $361.9 million a year ago, even as overall quarterly production dipped following a burst of refinance activity when mortgage rates eased from July to September.

The lender's shift is underscored by its broker-direct channels. In the third quarter of 2024, the $5.3 billion that Pennymac locked through its broker-direct channels was a 78% increase from the year before. The $4.5 billion of broker-direct locks in the fourth quarter was a 60% annual increase.

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

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