Newrez asks court to trash OneTrust's counter complaint
National Mortgage News
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Newrez is asking a Pennsylvania federal court to throw out OneTrust Home Loans' recent counterclaims. The two lenders have been sparring via legal filings following the departure of James Hecht, former head of production at Newrez, and a handful of executives to OneTrust in the first half of the year. Newrez has accused Hecht, OneTrust's CEO, of being a mastermind behind an elaborate ruse to raid employees from the Pennsylvania-based company and steal trade secrets. In response to Newrez's litigation, OneTrust accused Newrez of unfair competition, tortious interference with contract, and defamation. The lender in its counter complaint also alleges that Newrez has had a "love and hate" relationship with its retail channel, which it purportedly tried to sell twice.?
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Long-time mortgage technologist Joe Tyrrell is back in the business, as the new CEO of Optimal Blue. He takes the top job at the product and pricing engine provider as it reestablishes itself in the marketplace as a standalone entity following its three-year sojourn as part of Black Knight. Ironically, it was Black Knight's acquisition by ICE Mortgage Technology, where Tyrrell served as president, that set Optimal Blue on its course, becoming a part of Constellation Software. Between the time he left ICE Mortgage Technology and now, Tyrrell was the CEO of Medallia, a customer experience technology firm that offers proprietary artificial intelligence. Read on to hear Tyrrell's perspectives on Medallia, generative AI and more.
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Average mortgage rates dropped for the second week in a row, thanks to signs of slowing economic growth, according to Freddie Mac. The average 30-year rate declined 4 basis points to 6.95% from 6.99% seven days earlier, according to the government-sponsored enterprise's Primary Mortgage Market Survey. It was the fifth decline in the last six weeks. The latest mark came in higher, though, than the 6.69% average of a year ago. Freddie Mac also reported the 15-year fixed average took a 12 basis point plunge to 6.17% from 6.29% week over week.??
The Federal Market Open Committee left interest rates unchanged after its meeting this week, but new data opened the door wider to potential changes to policy this year. Benchmark levels have remained at 5.25% to 5.50% since last July, with a unanimous FOMC decision coming out on the same day the Consumer Price Index showed signs of easing inflation in May. "The most recent inflation readings have been more favorable than earlier in the year, however, and there has been modest further progress toward our inflation objective," said Federal Reserve Chair Jerome Powell in a post-meeting press conference.
Despite recent easing, inflation comes in as the top worry for half of American consumers, and it has likely implications for future credit and mortgage borrowing. Approximately 50% of Americans listed rising prices for daily expenses, including groceries, gas and utilities, as their top financial concern in the next six months, according to the latest quarterly consumer pulse study from Transunion. Meanwhile, 84% ranked it in their top three, the highest mark since the credit reporting and data provider began collecting such data two years ago. The latter share is up five percentage points from one year ago.?
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