Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How Freddie Mac is addressing affordable housing challenges

Freddie Mac is focused on addressing limited access to credit, housing inequalities, creation and preservation of affordable housing supply and advancement of homeownership education.

How to increase minority homeownership?

Today’s HousingWire Daily features a roundtable discussion from HousingWire’s Lunch & Learn series that looks at “Unpacking the lender’s vital role in increasing minority homeownership.”

Mortgage

In UWM’s war with Rocket, brokers must choose a side

Mat Ishbia's gambit has created two camps of mortgage brokers

mortgage person HW+_

Before Thursday, March 4, John was an unabashed fan of United Wholesale Mortgage. His West Coast brokerage shop sent tens of millions of dollars in loans to the wholesale mortgage giant in recent years. He loved their turn times, found their pricing to be competitive, and had good things to say about his account executive. He also believes UWM President and CEO Mat Ishbia is sincere when he says the ultimatum was issued to protect the broker channel from existential threats, specifically from Rocket Mortgage and Fairway Independent Mortgage.

“It’s honestly an excellent company,” he said of UWM.

But as of Monday, he will no longer do business with the lender, which originated over $182 billion in mortgages last year and is easily the biggest producer within the space.

“The reason I do this, the reason I’m a broker, is because I believe in choice – it’s that simple,” said John, whose real name is being withheld by HousingWire so he can speak openly about his decision. “So Mat can talk about how he’s doing this to protect brokers and all, but I just felt like what he did is anti-choice, anti-consumer and it isn’t aligned with our values. So yeah, we’re not going to sign.”

Ishbia, whose company went public in January and is valued at $16.58 billion, made arguably the biggest hardball play in the history of the broker channel in issuing his ultimatum on Facebook Live. At stake is the business of about 3,000 brokers who use UWM, Rocket and/or Fairway.

In Ishbia’s estimation, these two companies, which both have retail operations, are trying to cut the broker out of the mortgage equation. Rocket is training real estate agents to originate loans, and Fairway is trying to poach loan officers, he claims. And if such moves go unchecked, brokers could find themselves an endangered species in a decade, Ishbia believes.

This content is exclusively for HW+ members.

Start an HW+ Membership now for less than $1 a day.

Your HW+ Membership includes:

  • Unlimited access to HW+ articles and analysis
  • Exclusive access to the HW+ Slack community and virtual events
  • HousingWire Magazine delivered to your home or office
  • Become a member today

    Already a member? log in

    Most Popular Articles

    FHFA to make desktop appraisals permanent

    Desktop appraisals, a temporary flexibility implemented in March 2020 amid lockdowns and social distancing, will become permanent, the FHFA said today.

    Oct 18, 2021 By

    Latest Articles

    Rocket Pro TPO redesigns pricing calculator for brokers

    Rocket Pro TPO aims to help its broker partners grow their businesses. The new Pricing Calculator provides brokers with fast, reliable and accessible information that can help differentiate them from competitors. In the midst of this serious housing shortage, brokers need tools to help them provide top-notch service to homebuyers. 

    Oct 22, 2021 By
    3d rendering of a row of luxury townhouses along a street

    Log In

    Forgot Password?

    Don't have an account? Please