Yesterday, HousingWire unveiled its HW Tech 100 awards list, highlighting several small tech vendors dedicated to improving efficiencies in mortgage lending.
Today, the CEO of United Wholesale Mortgage, Mat Ishbia, went on the record as defending the roles those companies play in mortgage lending — even declaring a huge HouseCanary settlement against a Quicken Loans sister company as “good for all of us.”
He goes over the logic in his 3 Points with Mat Ishbia on the United Wholesale Mortgage YouTube channel (full video below) — basically painting a picture of a tech David versus a mortgage lending Goliath.
“Why does this matter to you? Over $700 million, that’s not a small fee,” Ishbia explains in the video:
“Also we need these technology vendors, we need these little companies that come and disrupt our business. So this is good for all of us, we want these firms to come and disrupt it, and come up with a new way to help you with a Realtor, to help you with a consumer, help us with valuations.”
“We need this, we all need this. The jury basically validated these technology firms have a place in our industry.”
Amrock, the title insurance, settlement services, and valuations provider formerly known as Title Source, “willfully and maliciously” stole trade secrets from HouseCanary and must pay more than $706 million for the theft, a Texas jury ruled this week.
The verdict, which was handed down last month by a Bexar County jury, found that Amrock fraudulently misappropriated HouseCanary’s real estate valuation technology and appraisal analytics and breached both confidentiality and other agreements between the parties.
As a result, Amrock was ordered to pay $706.2 million to HouseCanary, a verdict that Amrock calls “unconscionable” and promises to fight.