Pending home sales hit highest level since 2022

♻️ Here's Monday. Thanks for kicking your week off with us. Today's newsletter is 525 words — a 2.5-minute read.

1. Veterans United lawsuit expands to include bait-and-switch claims

An amended complaint against Veterans United now accuses the lender of offering artificially favorable rates during the shopping phase, then raising costs at the lock phase — blaming market conditions that, according to supporting loan officer documents, actually improved during the same period.

The amended complaint has grown from 3 plaintiffs to 15, from 4 claims to 8, and now includes RESPA violations, consumer protection claims in five states, and expanded testimony from six confidential loan officers and five real estate agents.

The original suit alleged the lender misleads veterans into thinking it's connected to the VA while running a referral fee arrangement with preferred agents. Veterans United called the amended complaint "volume and hyperbole, not substance."

2. Pending home sales hit highest level since 2022

Pending sales rose 7.7% year over year in the four weeks ending May 3, as mortgage rates briefly pulled back and more inventory came to market. Active listings are near their highest level in five years, and Google searches for "homes for sale" hit a 9-month high.

But the market is still slower than past springs. The typical home is taking 43 days to go under contract — three days longer than a year ago — and only 26.4% of homes are selling above asking price, the lowest share for this time of year in at least five years.

Rates have since ticked back up on renewed Iran war uncertainty, which could cut the momentum short.

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3. More Nuggets

🏘️ The country with 9 million empty homes. (the Hustle)

🚀 Rocket leans further into servicing and borrower retention In Q1. (NMP)

🏦 Loandepot files $250 million shelf registration. (Stock Titan)

🚨 Coach’s Corner

Love on the Transaction Coordinator, here is why! (Youtube Video)

— Dave Krichmar CEO

4. CrossCountry matches UWM's $12 bid for Two Harbors — in all cash

CrossCountry has raised its offer to $12 per share in all cash, matching UWM's headline price just days before the May 19 shareholder vote. Two Harbors' board unanimously reaffirmed its support for CrossCountry, arguing the all-cash structure offers certainty that UWM's stock-based default cannot.

The board's knock on UWM: based on UWMC's May 7 closing price, the default stock consideration under UWM's offer was worth roughly $7.88 per share — well below the $12 headline figure.

The vote is still scheduled for May 19. If approved, Two Harbors becomes a privately held CCM subsidiary in Q3 2026 — capping one of the most contentious mortgage M&A battles in recent memory.

5. FTC warns Mortgage Connect over blanket noncompete agreements

The FTC sent a warning letter to Mortgage Connect after reviewing court filings from a Pennsylvania lawsuit where the company tried to enforce a noncompete against a former employee.

The issue: Mortgage Connect appears to require all employees to sign noncompetes regardless of their role — a practice FTC Chairman Andrew Ferguson said could burden workers and smaller competitors.

Ferguson questioned whether the company's stated justifications — protecting confidential information, goodwill, and specialized skills — could be addressed through narrower tools like nondisclosure and nonsolicitation agreements instead.

The FTC stopped short of declaring a violation but cited feedback from mortgage industry participants who described noncompetes as "a huge problem" that hold loan officers and branch managers "hostage year after year."

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

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