Workers across industries, including mortgage companies, had sent FTC comments describing how noncompetes compel them to endure jobs with poor working conditions. The MBA and other trade groups oppose the rule.

Examples from various industries, including the mortgage market, helped to push the FTC to issue the final rule.

Applications declined somewhat as interest rates increased.

Economists at Fannie increased their projections for originations, citing "our more optimistic home price growth expectation and somewhat lower mortgage rate path, along with an upgraded expectation for home sales."

Sam Valverde, the principal executive vice president at Ginnie, will serve as acting president following McCargo’s departure.

Among Mr. Cooper’s other top executives, Vice Chairman and former President Christopher Marshall was paid $8.6 million in 2023.

“The producers move over to a new firm and that’s it — that’s the M&A activity,” said David Fleig, who runs MorVest Capital, a servicing advisory firm.

Rocket plans to offer its AI platform to other companies later this year.

Roughly 106,400 mortgage workers have been handed pink slips since business peaked in the spring of 2021...

United Wholesale Mortgage had 6,700 employees as of the end of 2023, up 11.7%, the largest increase among the lenders in the analysis.