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A weaker than expected jobs reading from ADP Wednesday morning has rate watchers thinking the Federal Reserve might trim rates sooner rather than later after all. Figures compiled by ADP found companies cut 33,000 jobs in June compared to an expected hiring consensus of 98,000. On Thursday the U.S. Bureau of Labor Statistics releases its job reading for June…

In case you were unaware, President Trump has no plans to appoint current Federal Reserve Chair Jerome Powell to another term because of his unwillingness to cut rates sooner. Trump appointed Powell to the post during his first term…

Although subservicer Cenlar is still committed to expanding into warehouse lending and is exploring other business ideas, it recently decided to closed its offices in O’Fallon, MO. Roughly 90 workers are affected by the move. In a statement, company Chief Administrative Officer Glen Vilim called the decision “difficult.” A federally insured depository, Cenlar is based in New Jersey…

Onity is working on a securitization of reverse mortgages. A research note from BTIG says execution for reversed deals has improved “where guidance is for the senior debt to price” at +150 basis points over swaps compared to a deal Onity did last winter that was issued at +170 bps.

MORTGAGE PEOPLE: Non-QM lender ARDRI, Calabasas, CA, hired Kevin O’Shaughnessy as vice president of wholesale production. He joins the nonbank from The Lending Spot where he held the title of CEO. According to a press release from ARDRI, O’Shaughnessy’s “passion for lending started early — at just 10 years old, his father had him cold-calling prospects straight from the phone book.” 

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