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The popular trading platform Robinhood has teamed up with Sage Home Loans to offer big mortgage rate discounts to its Gold members.While Robinhood hasn’t entered the loan origination game, they are referring members to Sage and the rate discount appears to be sizable.However, membership to Robinhood Gold does cost $5 per month (or $50 per year), so there is a cost.But it comes with a variety of other perks as well, such as 4% APY on uninvested cash. Not too shabby.Let’s take a look at this new mortgage perk to see if it’s worth exploring.Robinhood x Sage Home Loans PartnershipIf you’re already a Robinhood Gold member, or thinking about becoming one, their latest perk includes discounted mortgage rates with a third-party, unaffiliated mortgage lender called Sage Home Loans.So first and foremost, Robinhood isn’t making mortgages all of a sudden. They have simply partnered with a mortgage lender to provide a potential benefit to their customers.And I assume they earn a referral fee of some kind for doing so.What’s interesting though is you might be able to get a better deal with Sage Home Loans if you’re a Robinhood Gold member as opposed to simply contacting them directly.On top of that, they also provide a $500 closing cost credit when you use the company to buy a home or refinance an existing property.Taken together, you could potentially save a good deal of money, assuming the interest rate is also significantly lower than the competition.Sage cites an example of a $550,000 loan amount at 6.25% versus 7% resulting in savings of more than $100,000 over the loan term.Just note that the property cannot be located in New York state, nor can it be a mobile home or manufactured housing.And a minimum FICO score of 580 is required, with loan amounts between $100,000 and $3,000,000 accepted.Get a 0.75% Mortgage Rate Discount with Sage Home LoansThe discounted mortgage rates with Sage Home Loans are apparently a full 0.75% below the average, as provided by Mortgage News Daily.I dug into the fine print to see what the loan assumptions were as well. It’s for a primary residence, single-family detached home, with a loan-to-value ratio (LTV) of 75% and no other agency loan-level pricing adjustments (LLPAs).Basically a vanilla loan scenario for a loan backed by Fannie Mae, Freddie Mac, or the FHA/VA. Nothing too crazy here, though not everyone has 25% down payment.And that could change things if you’re only able to come up with say 5-10% down.However, Sage notes that, “In the event that the APR that Sage is pricing for the Baseline Average Loan Scenario is not 0.75% lower than the National Average Mortgage Rate upon its publishing each market day, a pricing reduction is applied by Sage to ensure the APR is at least 0.75% lower that National Average Mortgage Rate (the “Pricing Reduction”).”The company says all eligible Robinhood Gold subscribers receive the same pricing reduction benefit, even if your individual APR is higher or lower than 0.75% less than the Baseline Average Loan Scenario based on your specific loan scenario.In addition, the loan pricing includes one discount point paid at closing to get the desired rate, which is reasonable (though not everyone wants to pay any points at closing).Their sample rate for today is 5.92% versus the 6.67% daily rate compiled by Mortgage News Daily.That represents a 0.75% discount, as advertised, which is a pretty healthy discount. Just note that MND’s daily rate is a composite rate that is adjusted to account for points.In other words, MND may display a rate of 6.25% with no points while actual lenders might be quoting 6% or lower with points.They also throw out loss leaders that are quoting mortgage rates well below the norm in the marketplace.You Still Need to Shop Around and Compare Outside LendersUltimately, this seems like a pretty sweet deal from Robinhood, especially since the Gold membership is only $5 per month (or even less if paid for annually).And there isn’t an asset minimum to unlock this mortgage perk.However, as I say with all these “deals,” you need to compare what they’re offering to that of other lenders.Sure, Sage might offer a rate 0.75% below MND’s daily rate, but what if another lender offers a rate 1% below MND’s rate?You’ve got to look at the final numbers to see who is actually lowest, not just the “discount” offered.It doesn’t really matter what their discount is if another lender can provide a lower mortgage rate with lower fees.As such, shopping around is imperative, even if you’re a Robinhood Gold member.Those interested in applying must do so via the “Gold hub” on the Robinhood platform to ensure the proper discount and closing cost credit is applied.Also note that this new offer is part of a “rolling release” for Robinhood members, so you may not have access to it yet. Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 19 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.Latest posts by Colin Robertson (see all)

Bloomberg News WASHINGTON —  The House narrowly passed a massive tax and spending bill, capping months of deliberations and sending President Trump's signature legislative priorities to his desk, where he is expected to swiftly sign it, symbolically, on July 4. The bill passed in a 218-214 vote, mostly along party lines. Reps. Thomas Massie of Kentucky, a fiscal hawk, and Brian Fitzpatrick of Pennsylvania, a vulnerable GOP lawmaker in the midterms, were the only Republican holdouts who voted nay. Republicans voted on the bill after all-night deliberations aimed at placating both the party's fiscal hawks — who complain that the bill will add trillions to the budget in the next decade — and vulnerable Republicans who fear that the bill's deep cuts to Medicaid will embolden Democratic challengers in midterm elections next year. But Republican leadership worked overnight to iron out those differences Wednesday evening and into Thursday morning. House lawmakers voted 219-213 to allow the bill to come up for debate early Thursday morning. Before the measure could proceed for a full vote on the House floor, House Minority Leader Hakeem Jeffries, D-N.Y., spoke about the megabill for over eight-and-a-half hours, breaking the previous record for longest floor speech set by former House Speaker Kevin McCarthy, R-Calif., in 2021. The megabill, unusually, touches on a number of financial policy issues. Typically financial regulators, since they are almost uniformly funded outside of the traditional congressional appropriations process, are immune from the kind of political jockeying that comes during must-pass measures like the reconciliation bill. But this spending bill introduces a new method of controlling the funding of the Consumer Financial Protection Bureau. The megabill caps the amount of funding that the CFPB can receive from the Federal Reserve's operating budget at 6.5% — down from 12% previously — representing a 46% reduction in the bureau's maximum funding level.That reduction is still less severe than either the Senate Banking Committee's initial version of the bill, which zeroed out that source of funding for the bureau, or the House Financial Services Committee's version, which limited the bureau's draw to 5%. The Senate parliamentarian ruled out eliminating the Fed funding source entirely, but allowed the more modest 46% cut. This is a new way for lawmakers to exert control over the bureau, and can likely be used by either party in the future. Future Democratic-controlled Congresses could raise that limit above 12%, and it's possible that Republican-controlled Congresses could lower that limit further, so long as the agency has the budget to fulfill its statutorily required duties. The bill also offers bankers some big wins on the tax front. The bill extends the temporary Section 199(a) provisions established in the 2017 tax law, which allows owners of pass-through entities to deduct up to 20% of their taxable income from those entities. Many community banks are so-called subchapter S banks, which have fewer than 75 shareholders. Bank groups have argued that the provision helps keep community bank taxes in line with the corporate tax rate. It also incorporates the ACRE Act, which will give a 20% tax break for lending in rural areas secured by farm land or farm real estate. Bankers have argued that ACRE would help them compete with the Farm Credit System, a government-sponsored enterprise that can access capital markets at a much lower cost.

Economic uncertainty and tariff negotiations have left home builders that lenders increasingly partner with feeling blue. Builder confidence in June sank to a low akin to the onset of the coronavirus pandemic, according to the sector's latest monthly index. The homebuilding industry is dealing with the high mortgage rates suppressing stronger housing demand, and unique challenges in labor shortages and trade negotiations heating up costs. Robert Dietz, senior vice president and chief economist at the National Association of Home Builders. Herman Farrer/Herman Farrer Photography The nation's housing market is still short around 1.5 million homes, an ultimate tailwind for home builders, said Robert Dietz, the National Association of Home Builders' senior vice president and chief economist. Anticipated short-term interest rate cuts from the Federal Reserve that could have an influence on long-term mortgage borrowing costs, and tariff certainty may stabilize homebuilder economics, while certain aspects of President Trump's Big Beautiful Bill could offer greater economic momentum. The expansion of a low-income housing credit and extension of the lower tax rates in the bill may benefit homeowners in addition to builders and remodelers that are small businesses, according to Dietz."There's just a lot to cheer for that will help the housing market," Dietz said of the bill. That statement comes with a caveat, however, as the bill which had yet to pass at the time of Dietz's interview does do things like eliminate some tax credits for green construction. National Mortgage News spoke with Dietz about the homebuilder outlook on tariffs, the immigration enforcement impact on labor, and construction industry economics at large.This interview has been edited for length and clarity.

State and local governments saw property tax revenue grow in the first quarter, but the latest increase reflected a slowdown from the reported pace a year earlier.The amount of property tax collected between January and March came in at $203.4 billion to start the year. The total surged 5.2% on an annual basis from first-quarter 2024 numbers of $193.3 billion.  Quarter over quarter, revenue increased by a seasonally adjusted 1.1% from $202.1 billion.The pace of growth, though, was cut almost in half from the 2.1% rate in the same three months in 2024.  "While this does show growth over the quarter, growth has notably slowed over the past year," wrote researchers at the National Association of Home Builders in its analysis of U.S. Census Bureau data.For calendar year 2024, property tax revenue surged 8.2%  but the pace narrowed in later quarters, with the trend continuing into the first three months of 2025, the data showed.While the impact of last November's election may not show the full impact on state coffers yet, the pullback in growth comes after voters in several states voiced their support for measures that stood to lower property taxes in their jurisdictions. An initiative to completely eliminate property taxes in North Dakota failed to pass. How property tax revenue compares to other sourcesTotal tax collected by state and local governments stood at $538.3 billion. The amount grew 1.3% quarter over quarter and 5.8% on an annual basis.Property taxes usually account for the largest percentage of collections revenue, and they made up 37.8% of the total in the first quarter. The share was near par with the full-year 2024 slice of 38%. The share was 37.9% over the same three-month period last year .By comparison, first-quarter state and local sales taxes added up to $148.9 billion, representing 27.7% of revenue. Personal income taxes came in just behind with a 26.1% share, equivalent to $140.5 billion collected. Making up the smallest portion was corporate income taxes, which totaled $45.4 billion and made up 8.4% of revenue.Collected sales tax grew 0.9% from the fourth quarter of 2024. Individual income tax revenue saw an uptick of 0.2%. The corporate tax category saw the fastest pace of growth at 6.6%.

Capital One confirmed it is closing the home equity lending business it acquired in the purchase of Discover.The news first appeared in a Reddit thread last week and then in Home Equity Lending News on July 1. That thread noted the company already notified affected employees of the decision to close the business known as Discover Home Loans."We conducted an extensive strategic business review of Discover's home loan business to better understand its position and potential as part of Capital One's business portfolio," a statement from a spokesperson said."Last week we announced the difficult decision to exit Discover's home loan business. We are focused on supporting our customers and associates through this transition," the statement continued.Capital One is expected to wind down the in-process pipeline and continue to service the existing loans. It apparently is looking at strategic options for the servicing portfolio going forward.The transaction closed on May 18 following a prolonged period of regulatory scrutiny and opposition from some members of Congress, including Sen. Elizabeth Warren, D-Mass.Discover's home equity lending business is all that remained from a failed attempt by the credit card provider to enter the first-mortgage business.In June 2012, it purchased Lendingtree Loans, a company also known as Home Loan Center. But three years later, it threw in the towel, selling the first mortgage operations to Amerisave Mortgage and the call center to the company now known as Rate.At the time, Discover said it would continue to originate home equity loans through its commercial bank unit.

For the first time since mid-April mortgage rates fell below 6.7%, but the data doesn't take into account the diminished likelihood the Federal Open Market Committee will reduce short-term rates at this month's meeting.It is a result of this morning's jobs report coming in hotter than expected, with observers now postulating the Fed is more likely to hold rates in place, in spite of the pleadings of President Trump and Federal Housing Finance Agency Director Bill Pulte.The rates the Fed controls do not directly set mortgage pricing, but other indicators such as the 10-year Treasury yield react to views on the direction of the economy.The 10 basis point decline in the 30-year fixed rate mortgage was the largest weekly movement since the 21-basis point increase in the April 17 Freddie Mac Private Mortgage Market Survey. That followed a 13 basis point drop for the first week of March.The 30-year FRM averaged 6.67% in the July 3 survey, down from last week when it was 6.77%. A year ago it averaged 6.95%.Meanwhile, the 15-year FRM averaged 5.8%, from last week's 5.89% and from 6.25% as of July 3, 2024.Why mortgage rates moved lower this weekIt is the fifth week in a row rates have dropped."This is the largest weekly decline since early March," said Freddie Mac Chief Economist Sam Khater in a press release. "Declining mortgage rates are encouraging and, while overall affordability challenges remain, we are seeing more sellers enter the market giving prospective buyers an advantage."Today's PMMS report is "another positive sign in a multi-week trend of gradual improvement," said Samir Dedhia, CEO of One Real Mortgage, in a comment. "This steady movement is creating some much-needed stability in the market and giving buyers and homeowners more confidence heading into the heart of summer."The 10-year Treasury has been on the rise all week. It was at 4.33% as of 11 a.m. on Thursday morning. But it closed on June 30 at 4.23%. This was down by 5 basis points from the June 27 close.What other mortgage rate trackers are showingZillow's rate tracker put the 30-year FRM at 6.78% on Thursday morning, up one basis point on the day, but two basis points lower than last week's average.Lender Price data posted on the National Mortgage News website indicated the 30-year FRM at 6.792%, compared with 6.837% a week ago."Mortgage rates continued to drift lower this week, to the levels seen in April, driven by cooler-than-expected economic data," said Zillow Home Loans Senior Economist Kara Ng in a Wednesday evening statement. "While tariffs continue to pose an upside risk to inflation, particularly as the deadline for a 90-day tariff pause expires on July 9, market narrative has focused on a cooling economy instead."The Mortgage Bankers Association's Weekly Application Survey put the conforming 30-year FRM at 6.79% as of June 27."Mortgage rates have fallen five weeks in a row, and haven't been this low since April," said Holden Lewis, home and mortgage expert at NerdWallet, in a comment issued after the MBA data came out. "This decline in rates should bring out home buyers, who will find that they have negotiating power and a plentiful selection of houses to choose from."However, one market participant is still optimistic for a July FOMC reduction. "Despite this better-than-expected payroll report, I suspect that the Fed may still cut key interest rates in late July if the inflation news continues to come in below economists' consensus expectations," said investment banker Louis Navellier in a commentary.

Fairway Independent Mortgage is rebranding as Fairway Home Mortgage.The Wisconsin-based lender has operated under its original name since its founding in 1996. But the company is ready for a change, its founder said.Steve Jacobson, CEO of the firm, said the move "reflects a fresh look, a renewed perspective, a future-forward vision." He emphasized that it's more than a cosmetic change — it signals how the company is positioning itself for long-term growth."It represents our evolution, and our commitment to innovation, all while staying rooted in the values that have always defined Fairway," Jacobson added in a statement.As of Thursday, the company's website has the updated title and a tagline in a large typeface that says "all roads lead to home."Jon Tobias, president of branch production at Fairway, said the tagline doubles down on the organization's commitment to be a life-long partner for borrowers."With All Roads Lead Home, we're building a connected ecosystem that supports our clients through every step of their home journey — before, during, and long after closing. A solution that makes home feel like HOME," Tobias said in a statement.The retail mortgage lender has future plans to highlight the brand revamp by rolling out initiatives on its website that will emphasize its connection to the concept of home, it said.The creation of a connected ecosystem seems to be a business strategy on the minds of many players in the industry.In the past half a year, Rocket Companies moved to acquire Redfin and later announced its intent to buy Mr. Cooper. The integration of both firms are expected to create an origination-servicing flywheel.This has set off a chain reaction in which other industry participants have also moved to build out their recapture possibilities. Bayview announced its $1.3 billion acquisition of Guild Mortgage, while Lower announced it is buying up Movoto, a home search website to help create an end-to-end homeownership platform.

(Bloomberg) --California, gripped by a housing shortage that is forcing families from the state, wants to build 2.5 million homes. But it's running out of safe places to put them.Much of the land best suited for new housing — wind-swept, grassy hills surrounding the state's major cities — now faces an extreme threat of wildfire, brutally illustrated by the Los Angeles-area blazes in January that killed 30 people and destroyed more than 16,000 structures. Fires have also leveled entire towns in the Sierra Nevada foothills, often considered an affordable place to buy a home. With California's peak fire season on the way, the state's main firefighting agency recently updated its maps showing the places at risk, and the danger zone now encompasses an area the size of Georgia.  The California coast, meanwhile, confronts the long-term threat of rising seas. The state forecasts eroding coastlines will endanger $18 billion of existing homes and commercial buildings in the coming decades, and San Francisco officials have already decided to close part of one seaside highway rather than defend it. Governor Gavin Newsom set the state's ambitious housing-production goal, trying to solve a larger cost-of-living crisis that has tarnished California's image and threatens its economy. Many in the Democrat-led legislature have jumped in, embracing the "abundance" doctrine of cutting red tape that hinders building. Newsom this week signed legislation that will exempt many housing projects from a key environmental law to speed development. But the effort faces the challenge — made worse by a changing climate — of finding appropriate places to build.California is hardly alone in seeing climate-related limits to growth. In Arizona, groundwater restrictions have halted construction of more than 150,000 housing units, and one developers' association estimates the Phoenix area could run out of buildable land in two to three years. In the Houston area, city and county officials have offered buyouts to homeowners in areas that have proved far more flood-prone than once believed. Such issues add to a nationwide housing shortage that the Brookings Institution last year estimated had reached nearly 5 million units. "The signals are starting to happen now, and we're starting to see limited development because of the better understanding of what the risks are," said Carlos Martín, director of the Remodeling Futures Program at the Harvard Joint Center for Housing Studies. "It's really a fine-tooth comb that you have to look through, in terms of all the available land."To be sure, California's housing crisis is — in several key ways — self-made. Residents have repeatedly voted to shield open space and farmland from development in places such as Marin County, north of San Francisco, and Ventura County, near Los Angeles. Environmental concerns and community opposition have held up projects across the state. California policymakers have tried to spur construction of apartment buildings within cities to ease the crunch, but some local governments refuse to cooperate. Development of single-family homes has increasingly been pushed into the agricultural Central Valley, away from most major job centers.The state's median price for a single family home now stands at $900,000, according to the California Association of Realtors — a cost few residents can pay. In the San Francisco Bay Area, it's $1.4 million. And yet, the eye-watering prices — and Newsom's efforts — haven't triggered a construction boom. About 101,500 new housing units received permits across the state last year, according to the US Census Bureau's Building Permits Survey.  That's a 9% drop from the previous year and the state's lowest annual total since 2015. Despite the need for new housing, years of traumatic wildfires have made many local officials leery of allowing construction in risky spots. Last year, Anaheim rejected a 498-unit apartment complex that would have been tucked into a canyon near a Costco, because it could have added 24 minutes to neighborhood evacuation times in the event of a fire."We've had a couple of previous fires that impacted these communities, and for some of these people, it took three hours to get out,"  said Mayor Pro Tem Natalie Meeks, who voted against the project. "In light of what happened in the Palisades and Altadena, three hours — that's a death sentence."And the areas considered to be at high risk have spread, after years of on-and-off drought. Developer John Ohanian is overseeing construction of one of the state's largest housing projects, more than 15,000 homes framed by the San Bernardino Mountains northeast of Los Angeles. Dubbed Silverwood, the development offers wildflower-studded hills, hiking trails — and the possibility of ownership for middle-class buyers. But just weeks before Ohanian planned a grand opening, the state's firefighting agency redrew its wildfire hazard maps. Silverwood, once outside the hazard zone, now lies in the highest tier of risk, showing bright red on the state maps."They dropped a bomb on us," Ohanian said. "It was a stunning change in fire risk. So we're all dealing with it."It wasn't just Ohanian's project. The California Department of Forestry and Fire Protection, or Cal Fire, added about 1.4 million acres to the high and very high fire hazard zones in the latest map updates. More than 59,000 square miles now face moderate to very high fire risk."If they're in one of these zones, there's really a very non-zero chance fire is going to visit them," said David Sapsis, a Cal Fire researcher who led the mapping project.The changes won't block future construction at Silverwood, whose homes already feature non-flammable roofs, sprinkler systems and ember-resistant vents. But Ohanian anticipates added expenses, such as wider roads to prevent evacuation gridlock and using costly tempered glass that won't shatter as easily during a fire. Potential buyers could have difficulty finding insurance on the private market, a significant deterrent. They may have to rely on the state-run insurer of last resort, which offers pricey but bare-bones coverage. Some may balk at buying a home that may not still be standing in a few decades.Still, he remains optimistic the desire for ownership, combined with fire-resistant construction, will win over potential buyers. "The big thing is price — people are coming here because they're just getting hammered everywhere else," Ohanian said. "Unless they stop having babies, they're going to still need houses." Similar dilemmas are playing out in Arizona, where entire cities have risen from the desert by drilling for groundwater. Before a new community can be built, the state must give the green light that the development has enough groundwater for the next 100 years. In 2023, state officials said the aquifers around Phoenix could no longer support the 100-year requirement, effectively blocking much new groundwater-dependent growth. More than 150,000 planned housing units remain on hold, according to the state's largest home builders association."The kind of home building that has been so much a hallmark of growth in the Phoenix area, the kind of sprawling exurban development – that is pretty much paused," said Sarah Porter, director of the Kyl Center for Water Policy at Arizona State University.Private investors now face billions of dollars in sunk costs with no returns on the horizon, said Spencer Kamps, legislative director for the Home Builders Association of Central Arizona, whose organization is suing the state over the restrictions. "As housing prices continue to increase and housing options are diminished, the only option is going to be rentals," he said.  The state's largest housing development — Teravalis, expected to house 300,000 residents about 35 miles west of Phoenix — only has water access for a fraction of the project. Another 2,500 homes planned at nearby Verrado could face delays. Charley Freericks, who is heading the Teravalis project for Howard Hughes Holdings Inc., said the company has a decades-long horizon for completing construction and is working with elected officials to push forward the entire build-out. "The need for new housing in the Phoenix West Valley is urgent," he said.For parcels that still have access to grandfathered water rights, known as "cause," land values are many times higher, said developer Anita Verma-Lallian. Land in Queen Creek southeast of Phoenix, she said, can sell for hundreds of thousands of dollars per acre if it has assured water, while nearby property without those rights can be largely worthless to developers. Her firm has started buying cheap land impacted by the groundwater restrictions and rezoning it for industrial uses, which do not face the 100-year groundwater requirement. Meanwhile, cities are scrambling to find new sources of water by shipping it from elsewhere and building costly infrastructure to keep builders building. "If you have a property with cause, it's like having gold in Arizona," Verma-Lallian said.To contact the author of this story:Eliyahu Kamisher in San Francisco at ekamisher@bloomberg.net

Mortgage bankers and brokers have been engaging in cautious hiring and they might want to remain careful about it given the complications the latest job numbers add to the rate outlook.At 266,700, nondepositories in the industry added an estimated 1,300 positions during the May homebuying season when compared to revised April numbers as total U.S. jobs reported with less of a lag climbed too, adding a stronger-than-anticipated 147,000 positions in May.  That, combined with a drop in unemployment to 4.1%, might not be enough to convince independent policymakers the economy is weak enough to lower short-term rates even though it's something housing regulator Bill Pulte and other Trump administration officials want."The housing market has been waiting for a Fed rate-cutting cycle to light the fuse on the 2025 homebuying season, but the labor market's surprising resilience has extinguished some of that optimism," First American Senior Economist Sam Williamson said in an emailed statement.While there are some underlying signs of weakness in the job numbers, monetary policymakers who have a tendency to err on the side of caution will likely not consider them sufficient to take action, said Mike Fratantoni, chief economist at the Mortgage Bankers Association."While there are certainly some signs of softening in the private sector, the report is likely to keep the Federal Reserve on hold for now,"  he said in an emailed comment. He still forecasts two cuts this year.Fed Chairman Jerome Powell has been concerned about cutting rates prematurely in a way that renews price inflation he's worked throughout his term to stave off. However, he said a reduction is possible, depending on what economic indicators show.Several factors influence long-term mortgage rates that currently dominate the market beyond Fed policy, including the trading of bonds backed by the regulated entities Pulte oversees. But what beleaguered Chairman Powell and his colleagues control also can be a key driver.Pulte has been escalating his battle against Powell over the question of whether the economy is weak enough to warrant Fed to make cuts in short-term rates given the market's mixed signals. Although there have been widespread federal layoffs, Fratantoni noted that other government entities have been filling in the gap, masking a notable drop in employment outside the public sector."Half of these job gains were in state and local government, leaving private sector job gains at 74,000," Fratantoni said. That number is "half their pace of recent months," he added.Also earlier this week, a lagging May report on job openings registered a 400,000 increase to 7.8 million from a month earlier. This number has now risen for two months in a row.The Job Opening and Labor Turnover survey also indicated that there's been "a slight weakening in hiring," according to a Barclays report. However, the Barclays commentary also noted that this occurred because "stronger quits offset a decline in layoffs and discharges.""Potential homebuyers are likely to remain cautious unless, and until, the job markets begin to improve again, or mortgage rates drop sufficiently to spur more activity," Fratantoni said.Mixed economic signals could help lenders if there is enough weakness to warrant a rate drop that spurs more interest in a sluggish market, so long as it doesn't go so far as to hurt housing sentiment and loan performance. Exacerbated inflation also could harm housing.While mortgage lenders might welcome a rate cut under those circumstances, there have been times the intervention from President Trump has worried the capital markets and he's temporarily backed off. The markets are monitoring the situation to determine the outcome.(Mortgage servicers have benefited from the current rate environment and could face challenges if a cut materializes.)Monetary policymakers have traditionally been independent but President Trump is not the first to try to influence them, according to a recent Wall Street Journal article, which noted the Nixon and Johnson administrations also made attempts to exert pressure on the Fed.

Kevin Wall, who abruptly departed First American as co-president of its title underwriter one week ago, has a new job: CEO of Title Resources Group.Current CEO J. Scott McCall is becoming the privately held company's vice chairman. The changes become effective July 28. Kevin Wall is the new CEO of Title Resources Group. Last year's acquisition of Doma boosted TRG to the fifth largest title underwriter at the holding company level behind the big four of Fidelity, First American, Stewart and Old Republic; by subsidiary, the First American business Wall headed had the largest market share, according to American Land Title Association data.TRG wrote 2.9% of title premiums last year, while Doma did 1.8%. The pro forma 4.7% vaulted the holding company above Westcor Land Title, which accounted for 3.8%."Kevin's proven ability to lead large, complex organizations and deliver results through innovation and operational excellence makes him the ideal leader for TRG's next phase," said Alan Colberg, chairman of the board, in a press release. "His deep industry expertise, client-first mindset and track record of building high-performing teams will be invaluable as TRG continues to expand its national footprint and deliver best-in-class solutions to our partners and customers."In his new role, McCall will work with TRG's clients and partners, the press release noted.Besides FATIC, which has a 22.2% market share, the ALTA data shows, Wall also headed up the company's agent/lender group, which consists of the agency, mortgage solutions, Docutech, First American India, Servicemac and Firstfunding businesses, his LinkedIn profile noted."Joining Title Resources Group is an exciting new chapter in my career," Wall said. "TRG's commitment to innovation, customer service and partnerships with agents and lenders aligns perfectly with my own values."In 2013, Wall was hired as the president of First American Mortgage Services, coming to the company from the Solutionstar unit of what was then called Nationstar (now Mr. Cooper).He also previously worked at Fortress Investment Group, Corelogic (now rebranded as Cotality) and Wells Fargo.