Mortgage rates sink, buyers rush back

☀️ Hey there, welcome back. Today’s newsletter is 681 words, a 2.5-minute read.

1. Mortgage rates sink, buyers rush back

Rates fell for the third straight week, dropping to 6.35% as markets responded to the Iran ceasefire and lower oil prices.

• Purchase apps rose 10% for the week and are now 14% above last year's levels — a sharp reversal after briefly dipping below year-ago comparisons just two weeks ago.

• Refi demand rose 6% and is 52% higher than this time last year, when the 30-year fixed was 55 basis points higher.

Rates have ticked back up slightly to start this week as peace talks with Iran remain uncertain, keeping volatility in play for lenders managing pipelines heading into the heart of spring buying season.

2. Job cuts driven by A.I. are rising on Wall Street

The six biggest U.S. banks — JPMorgan, Citi, Bank of America, Goldman Sachs, Morgan Stanley, and Wells Fargo — collectively cut 15,000 jobs last quarter while posting $47 billion in profits, up 18% year over year. All six credited AI.

Bank of America CEO Brian Moynihan told employees just four months ago "you don't have to worry" about AI taking jobs. Last week he said the bank shed 1,000 positions by "eliminating work and applying technology" — and predicted more ahead.

Wells Fargo's Charlie Scharf has been the most direct: "Most other bank chieftains are afraid to say it because no one wants to say we are going to have lower head count in the future."

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3. More Nuggets

📰 The TCPA "czar" talks spam call lawsuit risks for lenders. (NMN)

🏡 Toll Brothers expands into fast-growing Northwest Arkansas. (Globe and Mail)

📊 Zillow revises its home price forecast across over 400 housing markets. (Map)

⚖️ A star LO's ultimatum sparks ugly legal fight. (LinkedIn)

💵 Edge Home Finance secures Presidio investment. (NMP)

4. SecurityNational Mortgage sues CMG Financial over alleged employee raiding in Arizona

SecurityNational is accusing CMG Financial of orchestrating the mass resignation of staff from its Scottsdale and Glendale offices, filing suit in Arizona federal court.

According to the complaint, CMG specifically sought to recruit entire branches rather than individual originators "in order to gain immediate market position at the expense of its competitors." SNMC is seeking unspecified damages to be tripled upon resolution.

The complaint follows a pattern — CMG faced similar poaching claims from A&N Mortgage Services and Nations Lending in 2025, making this the latest in a string of employee-raiding lawsuits targeting the lender.

5. Pennymac launches a mortgage program for Team USA athletes

Pennymac is rolling out a specialized home loan program for U.S. athletes, built around the reality that elite athletes don't get paid like W-2 borrowers — income tied to sponsorships, prize money, and short competitive windows doesn't fit standard agency underwriting.

The program pairs athletes with dedicated loan specialists trained on nontraditional income, along with exclusive loan benefits and an education hub. It builds on Pennymac's existing role as the official mortgage provider for Team USA and the 2028 LA Games.

The athlete angle is eye-catching, but the underlying strategy is familiar — lenders increasingly creating affinity-based programs for borrowers with variable or unconventional income who don't fit the agency box.

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

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