Trump to nominate Bill Pulte as FHFA director

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⏰ We'll be off Monday but back in your inboxes Wednesday!

1. Trump to nominate Bill Pulte as FHFA director

President-elect Donald Trump on Thursday selected Bill Pulte to lead the Federal Housing Finance Agency, tapping the private equity CEO and philanthropist to become the country's top housing regulator.

If confirmed, Pulte would oversee Fannie Mae and Freddie Mac, the government-controlled mortgage giants standing behind roughly half of the U.S. residential mortgage market.

The Trump administration is expected to pursue a plan to release Fannie and Freddie from government control — a complex maneuver that could have major repercussions for the mortgage market.

2. Longbridge sues Mutual of Omaha over biased review websites

Longbridge Financial has filed a lawsuit against Mutual of Omaha Mortgage, accusing it of deceptive practices through biased review websites, Review Counsel and Advisory Institute.

Longbridge alleges these sites unfairly promote Mutual’s reverse mortgage services by presenting misleading rankings and advertisements under the pretense of independent reviews.

Mutual, a leader in Home Equity Conversion Mortgage (HECM) endorsements, denies the claims, asserting the ratings are objective and has filed a counterclaim for damages.

🚨 Coach’s Corner

It is going old school! Social media is important but some old-school tactics are going to be the key in this market. Tune in for my breakdown!

— Dave Krichmar CEO

3. More Nuggets

🚦 Elkhart man losing HUD benefits for using marijuana. (WNDU)

📰 Turner tackles HUD program reforms at confirmation hearing for housing secretary. (ABC News)

💸 A&D Mortgage buying former Flagstar TPO channel from Mr. Cooper. (NMP)

4. FCC warns of nationwide mortgage scam

The Federal Communications Commission (FCC) issued a nationwide alert this week, cautioning homeowners about a fraud scheme called "Green Mirage," in which scammers pose as mortgage lenders to extract payments.

The operation targets individuals who may have previously sought mortgage relief, exploiting their expectations of lender contact. Fraudsters often possess detailed personal information, including names, addresses, and mortgage lender details, to appear legitimate, the FCC said.

The scam employs caller ID spoofing to mimic the phone numbers of over 400 legitimate mortgage institutions, amplifying its reach. The FCC urged homeowners to remain vigilant and verify any lender communications independently.

5. Mortgage applications up 33.3% from holiday week

Mortgage applications increased by 33.3% for the week ending January 10, 2025, following a decline the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

• The FHA share of total applications was unchanged, staying steady at 16.9%. Meanwhile, the share of total applications from the Department of Veterans Affairs and Department of Agriculture (USDA) loans decreased. The VA share shrunk to 15.7% from 16.2% the week prior and the USDA share decreased to 0.5% from last week’s 0.6%.

This jump, which comes amid ongoing concerns about inflation and rising bond yields, reflects an adjustment for the New Year’s holiday and signals increased activity in both the refinance and home purchase markets.

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

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