Homebuilder confidence rises by most since 2024

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1. OneTrust moves to add CrossCountry, CEO to lawsuit

OneTrust Home Loans moved to expand its federal lawsuit to include CrossCountry Mortgage and CEO Ronald Leonhardt, alleging they joined a coordinated effort to harm its business.

The case accuses former manager Broch Lassig and coach Rick Ruby of misusing confidential financial data, including internal profit-and-loss statements. Ruby, who runs several CrossCountry branches, admitted reviewing clients’ financials and left voicemails disparaging OneTrust to a loan officer later recruited.

New evidence cites CC CEO Leonhardt’s alleged defamatory remarks as further proof of collusion. OneTrust seeks to add defamation, trade libel, tortious interference, and unfair competition claims. A hearing is set for Nov. 13.

2. Russell Vought says he will shut down CFPB

White House Budget Director Russell Vought said Wednesday that he intends to shut down the Consumer Financial Protection Bureau (CFPB), contradicting previous statements by the Trump administration that it would not close the bureau.

Vought made the statement during an appearance on “The Charlie Kirk Show,” where he said that only a few employees remain at the CFPB’s Washington headquarters “while we close down the agency.” He added, “So we want to put it out and we will be successful probably within the next two or three months.”

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3. More Nuggets

🤝 Howard Hanna enters NYC with Elegran Real Estate acquisition. (HH)

🏘️ Fraudulent deed document shows Cleveland woman sold her home... 11 years after she died. (News 5)

📉 Mortgage rates quickly approaching long-term lows. (MortgageNewsDaily)

📝 FHFA seeks input on the future of Fannie/Freddie. (FHFA)

🚨 Coach’s Corner

Double Down on this one thing! (Youtube Video)

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4. Rocket mortgage tops rivals with new loan limit

Rocket Mortgage increased its conforming loan limit to $825,550 for single-family homes in 48 states. This is higher than competitors’ $819,000. The change takes effect immediately for both direct borrowers and brokers.

The federal agency that sets official limits will announce its update in November, but Rocket and others moved early.

For Alaska and Hawaii, Rocket set a higher limit of $1,238,325. This is the highest loan cap announced so far by any lender. The move also renews debate about whether government-backed loans should cover amounts close to $1 million.

5. Homebuilder confidence rises by most since 2024

Confidence among homebuilders rose this month by the most since early 2024, boosted by lower mortgage rates that are chipping away at the nation’s affordability problem.

The index from the National Association of Home Builders increased 5 points in October to 37, the highest since April. A value below 50 means more builders see conditions as poor than good.

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

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