While the trade group still submits formal comment letters, sometimes faster action is needed, such as a text from MBA President and CEO Bob Broeksmit to an administration official.
loanDepot’s common now trades for almost $5.00 a share after being close to $1.00 for much of the year. Theories for the shift include factors specific to the company or signs that the industry is turning the corner.
Even if interest rates on mortgages don't decline further, the Fed's 25-basis-point rate cut is seen as helping to increase awareness about rate moves.