By KIMBERLEY HAAS
The CEO of Rapid Home Loans says to succeed in the current landscape, mortgage professionals need to know how to make the most of every opportunity.
Abe Miri cofounded the company, located in Dearborn, Michigan, with Alex Abazid in March of 2022. Licensed in 24 states, they use a call center style to conduct business.
For Miri, who says he has always worked in an outbound environment, that’s his bread and butter.
“If somebody gives me a lead, I’ll work it to the bone. And that’s kind of the mindset you have to have,” Miri said. “It’s always a hustle. That’s what I always say, it’s a nonstop hustle.”
That drive has helped push Rapid Home Loans…
By ERIN FLYNN JAY
In recent years, cities in warmer weather states have boasted the nation’s hottest housing markets but now the spotlight is on one of the snowiest places in the country.
Last month, Zillow released its annual predictions for the hottest housing markets of 2024. Buffalo, NY, took spot number one based on its affordability.
The predictions are based on an analysis of home value growth, recent housing market activity, projected changes in the labor market, home construction activity, and the number of homeowner households in the top 50 metropolitan areas according to population.
Buffalo makes homeownership a real possibility, especially for younger generations looking to purchase their first home. The average home price came in at $248,445,…
By KIMBERLEY HAAS
The chairman and CEO of United Wholesale Mortgage says they will continue to assert market dominance in 2024 as the company remains 100% committed to the success of the broker channel.
Mat Ishbia spoke during an earnings call on Wednesday after leaders at UWM reported a net loss in 2023 of $69.8 million – inclusive of a $854.1 million decline in fair value of MSRs – and a diluted loss per share of $0.14. In 2022, the company’s net income was $931.9 million.
Total loan originations for 2023 were $108.3 billion, of which $93.9 billion was purchase volume. In comparison, originations were at $127.3 billion in 2022.
Ishbia started his comments by saying 2023 wasn’t one of…
By CHUCK GREEN
They may not be your typical neighbors, but they could be moving next door soon: Friends who have carpooled their way into homeownership.
According to a recent survey by JW Surety Bonds, nearly 15% of Americans have co-purchased a home with a person other than their romantic partner and another 48% would consider it.
Just over a quarter (26%) of the individuals who co-purchased a home with a non-romantic partner said they bought it with a friend.
Not surprisingly, young people are the most likely to consider this option. Gen Z would be the most willing to co-buy with a friend at 70%, with one in four Zoomers saying they believe co-buying a home can strengthen relationships.…
By KIMBERLEY HAAS
The CEO of Rocket Companies says they will achieve scaled growth and profitability through their AI-fueled homeownership strategy.
Varun Krishna spoke during an earnings call Thursday after leaders at Rocket reported that their total net revenue for 2023 was $3.8 billion. In comparison, total net revenue was reported at $5.8 billion for 2022.
Krishna started his comments by saying they delivered strong fourth-quarter and full-year results despite market challenges as the industry faced persistent strains in affordability and inventory.
He pointed out that their purchase market share grew by 14% and their refinance market share grew by 10%.
Krishna said by continuing to leverage artificial intelligence, they will transform an industry that is ripe for innovation.
“With…
Having a team of motivated mortgage professionals has helped Agave Home Loans grow since it was founded at the beginning of 2020.
Co-owners Marshall Gottlieb and Douglas Wang conducted business that year from two bedrooms at Wang’s house during a time when the Covid pandemic disrupted the traditional work from an office model. They had a list for cold calls and if they connected with a potential client on the phone, they would have to sprint to a quiet place to talk to them.
Today, Agave has 70 team members and was listed as a 2023 top performing partner for wholesale and correspondent lending by Rocket Pro TPO.
Gottlieb recently sat down with Editor Kimberley Haas to talk about their…
By ERIN FLYNN JAY
Compared to homeowners, renters feel bad about their finances, but in most of the country renting is the more affordable option right now.
A recent Axios Vibes survey by The Harris Poll shows that homeowners are nearly twice as likely to say they are getting ahead financially when compared to renters. 57% of renters and 29% of homeowners described their financial situation as “poor.”
According to Emily Peck, a markets correspondent at Axios, part of the problem is that the median asking rent in the U.S. is up 40% from the first quarter of 2020. With average hourly earnings rising only 20% during the same time period, wages did not keep up with costs.
Homeowners were…
The senior vice president and chief marketing officer at Guild Mortgage has a message for loan officers: You are your brand.
Adam O’Daniel joined Guild Mortgage at the end of last year and has 15 years of experience in the mortgage and financial services industries. He has served in leadership roles at Open Mortgage and Movement Mortgage, where his high-performing marketing teams focused on brand storytelling, borrower education, social media, and innovation, according to a press release.
Terry Schmidt, CEO of Guild Mortgage, said in a statement that they are growing and are ready to connect with clients in new and innovative ways. Headquartered in San Diego, the company has more than 4,000 employees and over 250 retail branches in…
By KIMBERLEY HAAS
This Valentine’s Day, if you are ready to get off the sidelines and into the housing market, you are likely not alone in your quest to find a place you love.
Potential buyers are coming out of the woodwork and touring homes, according to Redfin’s Homebuyer Demand Index, which measures requests for tours and other buying services from Redfin agents. And although that hasn’t translated into home sales yet, they expect this increase in tours to convert into an improvement in pending sales over the next few months.
Dana Anderson, a data journalist at Redfin, explained that more buyers are touring homes now because mortgage rates are holding steady at below 7% and some of these people…
By CHUCK GREEN
While many Millennials and some Gen Zers have flown the coop, a number of them don’t have to save up their frequent flyer miles to get back home.
As it turns out, a hefty portion of both groups aren’t straying far.
In a survey of nearly 2,000 U.S. Millennials and Gen Zers to determine how close they live to their parents and why, LendingTree found that the majority of them are choosing to lay down a welcome mat of their own in their hometown.
57% of Millennials and Gen Zers have settled in their hometowns. 42% of those who never uprooted felt it was incumbent upon them to remain close to family, while convenience compelled 36% to…
