Coalition pushes back on GSE condo lending changes

Plus: Rate poaches 14 loan officers from New American Funding

July 10, 2026

🙌 Friday. We did it! Today’s edition is 701 words, a 2.5-minutes read. Let’s dive in…

Disclaimer: Average mortgage rates as of July 9, 2026. © MND Daily Rate Index.

1. Rate poaches 14 loan officers from New American Funding — and launches a sauna brand

Rate is touting the arrival of 14 loan officers from New American Funding, claiming they bring "nine figures" in production volume from the rival.

Most made the move in January and February, according to NMLS records. Rate president Shant Banosian credited the company's pricing, product depth, and technology for the defection.

In a separate — and eyebrow-raising — announcement, Rate also launched Rate Outdoors on Thursday, selling home saunas, cold plunges, and outdoor showers. It follows last month's launch of RateFit, a high-end performance wear line.

2. VantageScore launches 5.0 — its first model built on post-pandemic credit data

VantageScore has released VantageScore 5.0, a new tri-bureau credit scoring model available through Equifax, Experian, and TransUnion. It's the first nationwide tri-bureau score trained on post-pandemic consumer loan performance.

The model is aimed at unsecured lending and auto loans, claiming up to a 9% improvement in predictive performance over VantageScore 3.0. It also promises more consistent scores — 96% of scores stay within a 40-point range across all three bureaus.

“VantageScore 5.0 uses an innovative and simplified model design that minimizes credit score migration, maintaining a more consistent credit score within an ever-changing credit environment,” the release stated.

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3. More Nuggets

💼 Synergy One to take over Newrez distributed retail mortgage operations. (HousingWire)

📰 CFPB seeks input on mortgage disclosures and TRID rules. (FedRegister)

⚖️ Unlock Partnership Solutions agrees to comply with state consumer lending laws in home equity agreements. (Colorado AG)

📊 Mortgage rates increase behind Iran, inflation worries. (FreddieMac)

4. West Capital Lending fights back against loanDepot's bid to dismiss TILA suit

West Capital Lending is opposing loanDepot's motion to dismiss its lawsuit alleging loanDepot violated TILA's loan originator compensation rule by tying production managers' pay to loan pricing and profitability.

WCL says loanDepot used the structure to gain pricing flexibility that compliant lenders don't have — selectively undercutting competitors, including WCL itself, while reducing managers' compensation when they approved pricing concessions.

The two companies are no strangers to the courtroom — loanDepot sued WCL in October 2025 for poaching loan officers and misappropriating trade secrets. That case is also still pending.

5. Coalition pushes back on GSE condo lending changes

Three industry groups — CHLA, CAI, and NAMB — sent a joint letter to FHFA, Fannie Mae, and Freddie Mac warning that the GSEs' March condo rule overhaul could shut out buyers and lenders without meaningfully improving safety.

Condos represent about 35% of all U.S. housing and one of the most accessible paths to homeownership for first-time and moderate-income buyers.

The immediate concern is August 3, when limited condo reviews are eliminated in favor of full reviews — adding documentation, third-party review costs, and potentially more than $1,000 per borrower. The groups also want clearer definitions around "critical repairs" after lenders faced repurchase demands on performing loans over minor items.

Their ask: delay the reserve changes by at least a year and carve out exceptions for lower-risk transactions. UWM's Mat Ishbia put it plainly: "We've got to delay this because it's going to cause a major disruption in the condo market."

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

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