Down payments, not commissions, remain buyers’ biggest hurdles

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1. IMB profits per loan rise in 2025 but remain below historic norms

Independent mortgage banks earned an average of $785 per loan in 2025, up from $443 in 2024 — the highest profit level in four years at 21 basis points. But that's still well below the historical average of 45 bps, or $1,031 per loan, since MBA began tracking in 2008.

Volume rose and loan sizes hit a study high of $371,965, but per-loan costs still crept up to $11,094 — because rising wages, higher third-party charges, and weaker pull-through prevented lenders from spreading fixed costs over more loans the way they normally would.

Servicing income was the difference-maker. With it, 78% of firms were profitable in 2025. Without it, only 64% would have made money — underscoring how dependent IMBs remain on MSR income to survive compressed production margins.

2. Real estate 'finfluencer' gets jail time for $23M Ponzi scheme

Tyler Bossetti of Columbus, Ohio pleaded guilty to wire fraud and aiding in a false tax filing after running a real estate investment Ponzi scheme through his company Boss Lifestyle LLC from 2019 to 2023.

Bossetti took in more than $23 million from investors across the U.S. and abroad, promising returns of 30% or more through social media on Facebook and YouTube. Dozens of investors lost more than $11 million. He spent the money on a downtown Columbus condo, frequent travel, a $150,000 Mercedes SUV, and crypto investments.

He also filed 14 false 1099 tax forms, falsely telling investors their interest had been reinvested when it hadn't. Sentencing has not yet been scheduled.

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3. More Nuggets

🏦 FHFA’s Bill Pulte linked to Trump's controversial 'Jesus' meme post. (Axios)

🏡 Crucial home selling season off to a sour start. (WSJ)

🆕 GSEs roll out strict AI governance rules for lenders and servicers. (HousingWire)

💰 AnnieMac Cash2Keys program surpasses $1B in funded volume. (NMP)

📰 Trump resumes push to fire Fed’s Powell. (BankingDive)

4. Homebuilder confidence falls to seven-month low

Builder sentiment weakened in April, with the National Association of Home Builders (NAHB) Housing Market Index falling to 34, down four points from March and the lowest level since September.

About 36% of builders reported cutting prices in April, slightly down from 37% in March, with the average price reduction narrowing to 5% from 6% the previous month.

Regionally, the West saw the sharpest decline, dropping three points to 29. The Northeast and Midwest each fell two points to 42 and 41, respectively, while the South held steady at 35.

5. First-time buyers fall to record low

The share of first-time buyers entering the housing market dropped to just 21% last year, down 3 percentage points year over year and marking the lowest level since at least 1981, according to new data from the NAR.

By generation, the share of buyers who were first-time purchasers was:

• Younger Millennials: 60% (down from 71% last year)

• Older Millennials: 33% (down from 36%)

• Gen X: 21% (up from 20%)

• Younger Boomers: 8% (down from 9%)

• Older Boomers: 4% (unchanged)

• Silent Generation: 3% (down from 5%)

Older Millennials had the highest median household income of any generation at $132,700. They also purchased the largest homes, with a median size of 2,100 sq-ft.

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

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