Douglas Elliman is now in the mortgage business

🏁 Wednesday is here. Keep your head up! Today’s newsletter is a 3-minute read.

1. Douglas Elliman is now in the mortgage business

Douglas Elliman has launched Elliman Capital, an in-house mortgage platform created with Associated Mortgage Bankers, starting in Florida with plans to expand nationwide. The move aims to streamline financing and capture more revenue through ancillary services as brokerage margins tighten across the industry.

The platform will offer a wide range of loan products, including conventional, jumbo, construction, bridge, and investment property loans. It’s designed to serve diverse borrowers, including self-employed clients and foreign nationals. FHA, VA, and USDA options are expected to follow.

Agents will gain direct access to mortgage professionals, real-time updates, and multiple lender options. But success hinges on convincing agents, many with existing lender ties, that Elliman Capital can compete on service and pricing.

2. Opendoor shares jump as traders flock to newest meme stock

Opendoor Technologies Inc. jumped 120% on Monday, extending its gravity-defying rally from last week, as investors continued to pile into the stock that has found a sudden fandom among retail traders and social-media platforms.

• Opendoor has been the subject of chatter among retail traders on social media in recent days after Eric Jackson, founder of Toronto-based hedge fund EMJ Capital made as series of posts on social media platform X encouraging buying.

The stock’s triple-digit surge sent shares of the company soaring to $4.97, well-above the $1 level it was bouncing around for the last few months.

Sit back, relax, and leave the loan processing to wemlo ® 🏝️
Summer is hot enough – with wemlo, you don’t have to sweat the busywork.

Enjoy the summer vibes and soak up the season – our flexible, third-party processing lets you focus on what matters most: closing deals and guiding clients through the mortgage loan process.

Whether you're poolside or powering through your pipeline, wemlo has your back.

Book a wemlo demo today.
NMLS ID #1853218

3. More Nuggets

🏡 Weekly mortgage demand flatlines as rates hit 4-week high. (CNBC)

📉 NAR downgrades housing market forecast for 2025. (BAM)

🎥 VantageScore CEO on credit scoring and impact on mortgage lending. (Youtube)

🏚️ 15% of pending sales were cancelled in June. (Redfin)

👀 JPMorgan explores lending against clients’ crypto holdings. (Reuters)

📊 The U.S. economy is regaining its swagger. (WSJ)

4. Rocket lays off 2% of workforce

Rocket Companies has laid off about 2% of its workforce—roughly 285 employees—just weeks after closing its $1.75 billion all-stock acquisition of Redfin. The company cited overlapping roles following the merger, with cuts hitting recruiting, product management, and engineering teams.

The move comes as Rocket shifts focus from deal-making to integration, with another acquisition Mr. Cooper Group still pending regulatory approval. Among major mortgage lenders, Rocket is the only one to shrink its headcount over the past year.

Laid-off employees will receive 12 weeks’ severance plus an extra week per year of service, along with extended health benefits and job placement support.

5. New American Funding reports data breach

New American Funding disclosed a data breach stemming from a third-party vendor compromise, potentially exposing sensitive borrower information. The breach originated from Mobile Notary Zone (MNZ), which provided notary services.

Though New American’s own systems weren’t hacked, an unauthorized actor accessed data shared with the vendor—including names, Social Security numbers, birthdates, and financial account details tied to loan closings.

The company terminated all services with MNZ immediately and notified law enforcement and regulators. Affected individuals are being offered free credit monitoring, identity theft protection, and $1 million in insurance via Experian IdentityWorks.

Sit back, relax, and leave the loan processing to wemlo ® 🏝️
Summer is hot enough – with wemlo, you don’t have to sweat the busywork.

Enjoy the summer vibes and soak up the season – our flexible, third-party processing lets you focus on what matters most: closing deals and guiding clients through the mortgage loan process.

Whether you're poolside or powering through your pipeline, wemlo has your back.

Book a wemlo demo today.
NMLS ID #1853218

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

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