Don’t forget to snag your free Slurpee today at participating 7-Elevens! Speaking of edible things, I like my Frosted Flakes, Froot Loops, and Raisin Bran. M&A is not confined to lenders: Imagine my surprise when I learned that Michigan’s WK Kellogg Co. is set to be acquired by the Italian candymaker behind Ferrero Rocher in a nearly $3 billion deal. Sometimes it is hard to track who’s doing what, and how it impacts us, which is why STRATMOR’s latest write up is titled, “The Tax and Spending Bill: The Impact on Borrowers.” Tracking locks is important: the locks that Optimal Blue tracks increased 2 percent in June. Non-QM locks account for an increasing percentage of total volume, rising over 7 percent during the month. “The steady rise in this category reflects the industry’s growing focus on flexibility and meeting borrowers where they are.” According to Curinos’ new proprietary application index, refinances decreased 21 percent week over week and increased 17 percent in June; the purchase index decreased 19% week over week and decreased 2% for June as a whole. June 2025 funded mortgage volume increased 15% YoY. (Today’s podcast can be found here and this week’s is sponsored by Truework, the only all-in-one, automated VOIEA platform that helps mortgage providers achieve up to 50 percent cost savings with an industry leading 75 percent completion rate. Today’s has an interview with National Community Reinvestment Coalition’s Josh Silver on ending redlining through a community-centered reform of the Community Reinvestment Act.)