The House has voted 223-193 to block implementation of the new Labor Department overtime rules despite a veto threat by the president.Twenty Republican House members joined the Democrats in approving and attaching an amendment to the Labor Department appropriations bill that would block the department from enforcing the new overtime rules, which went into effect Aug. 23. However, House Republican leaders are determined to kill the overtime amendment before the appropriations bill goes to the president for his signature. The Mortgage Bankers Association and other industry groups support the new overtime rules because they reinforce their interpretation that loan officers receiving commissions are not entitled to overtime pay. "We remain confident that this will be the law of the land," said MBA's Erick Gustafson.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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