The Senate Banking Committee approved Julian Castro, the mayor of San Antonio, on Wednesday to head the Department of Housing and Urban Development.
The committee voted 16-6 in favor of Castro, who testified at a confirmation hearing earlier this month that he would work to help pass housing finance reform in Congress. He also said he would continue to strengthen the finances of the Federal Housing Administration to avoid another government infusion like that required last year the first in the agency’s 80-year history.
Castro’s nomination now moves to the Senate floor. If confirmed, he will succeed Shaun Donovan, who has been nominated to head the Office of Management and Budget.
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.
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.
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.