Judge dismisses RESPA and RICO lawsuit against Zillow

Plus: Mortgage rates near 7% but demand is holding up

July 29, 2026

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Disclaimer: Average mortgage rates as of July 28, 2026. © MND Daily Rate Index.

1. Mortgage rates near 7% but demand is holding up

Rates for 30-year conforming loans hit 6.94% this week, up from near 6.15% in March, as Iran war tensions keep oil prices and inflation elevated.

Despite that, mortgage applications rose 1.9% last week. Refi demand was 7% above year-ago levels and purchase demand was essentially flat year over year.

All eyes are on today’s FOMC meeting — Warsh's second as chair. No rate change is expected but it's no longer a sure thing. CME FedWatch shows 30% of traders pricing in a 25 basis point hike, up sharply from a month ago.

2. loanDepot is opening a Miami corporate hub

The new center will house tech, marketing, recruiting, and mortgage fulfillment roles across its direct lending, retail, and partnership channels, starting with capacity for 120 employees.

  • It joins five existing corporate locations and gives loanDepot an East Coast anchor to go with its Irvine headquarters.

The expansion comes as the company posted a $54.9 million net loss in Q1 and continues to invest in growth despite margin compression — including its recently rejoined wholesale channel.

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3. More Nuggets

💰 Newrez posts strong Q2 profit, eyes $65B in originations for 2026. (HousingWire)

⚖️ Loandepot, West Capital Lending to argue LO Comp Rule suit. (NMN)

🥊 FICO 10T hits 70 lenders as VantageScore surges to 30% of TransUnion pulls. (NMP)

🏡 Foreign buyers seem to be following Zohran Mamdani's cue — and fleeing American real estate. (Fortune)

4. Fannie Mae wins motion to push discrimination lawsuit into arbitration

A federal judge dismissed a lawsuit brought by 44 former Fannie Mae employees — all of Indian national origin, mostly Telugu speakers, and most over 50 — who allege they were fired in a discriminatory mass termination.

The judge ruled the plaintiffs failed to produce evidence disputing that they agreed to arbitration under a 2015 agreement.

  • The case originated from a virtual meeting on April 3, 2025, where more than 80 workers were told they were terminated for cause. The plaintiffs sued under Title VII and the Age Discrimination in Employment Act.

The ruling doesn't end the fight — it moves it to arbitration. The plaintiffs' attorney said they are pressing forward and remain confident their clients "may finally have some justice."

5. Judge dismisses RESPA and RICO lawsuit against Zillow

A federal judge granted Zillow's motion to dismiss a lawsuit alleging its Flex agent referral program and Zillow Home Loans constituted a kickback scheme that steered buyers to more expensive in-house financing.

The dismissal was without prejudice, meaning plaintiffs can refile by August 17. It was the fifth round of complaints in this case, and KBW analysts said the likelihood a new complaint survives a fresh motion would be low.

Zillow wasn't shy about the outcome: "After a whopping five rounds of complaints, they still hadn't identified the who, what, when, where, or how that would connect Zillow's standard practices to any actual injury."

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