Rocket’s Better-Than-Expected Q1

Rocket Companies had a better first quarter than many analysts feared, losing less than expected. Total adjusted revenue was $882 million, besting the $792.9 million consensus. This is up from $481 million in Q4 2022 but down from $1.93 billion for the quarter ended March 31, 2022. At the same time, the company lost $111 million in adjusted net income, on the heels of a $197 million loss in Q2 2022. Rocket’s GAAP net loss in Q1 was $411 million, down from $493 million last quarter. “Rocket delivered solid results in the first quarter in the backdrop of an uncertain macro environment. Adjusted revenue exceeded the top end of our guidance, driven by healthy client demand and strong execution,” Jay…

UWM Successes Subject Of Supplemental Complaint In Ultimatum Suit

By KIMBERLEY HAAS A Florida mortgage broker challenging United Wholesale Mortgage’s ultimatum agreement wants to include recent disclosures and statements related to the company’s successes to help prove his antitrust claims. Daniel Okavage of The Okavage Group in St. Augustine is pursuing a federal class-action suit on behalf of all mortgage brokers that work, or have worked, with UWM and sustained damages after the company’s CEO, Mat Ishbia, announced in March of 2021 they could no longer simultaneously do business with Rocket Pro TPO or Fairway Independent Mortgage. Okavage’s attorney, Robert Goodman, says thousands of brokers were cut off from opportunities to refer customers to the mortgage lender of their choice, resulting in business losses. Lawyers for UWM have moved…

Opinion: AS UWM Slashes Jobs, Ishbia Stands By ‘No Layoffs’ Claim

By JARED WHITLEY Despite Mat Ishbia’s repeated claims that his company, United Wholesale Mortgage, has never laid anyone off; the facts – and common sense – belie his statement, as UWM’s employee count is down 30 percent over the past two years. “While my competitors are cutting investments and laying off thousands and thousands of people, we continue to invest in technology, take care of our people, and have never laid off a single team member in our 37-year history,” Ishbia said at a recent webcast townhall. But, according to the company’s annual report filings with the Securities and Exchange Commission, UWM slashed its workforce by nearly a third – from a height of 8,600 in January 2021 down to…

Sun Belt Success And Stress: One-On-One With Troy Williamson

By KIMBERLEY HAAS Craving some sunshine? You are not alone as the migration to the Sun Belt continues past the pandemic. Data from U-Haul and North American Van Lines shows that the Carolinas, Florida, and Texas were among the top inbound states for migration last year. That trend is expected to continue. And as the state of North Carolina sees an influx of new residents, the coastal city of Wilmington has been attracting accolades. It was listed as the second best place to live in North Carolina by Forbes Advisor last fall, coming in after Raleigh, the state’s capital. In January, the median listing home price in Wilmington was $435,700, trending up 18.1% year-over-year. The median home sold price was…

AEI Housing Center Leaders Demand More Complete Research On Mortgage Inequity And Race

By SCOTT KIMBLER Racial inequity and home appraisals have caught the attention of leaders at the American Enterprise Institute Housing Center in Washington, D.C. AEI is a think tank supported by contributions and designed to keep an eye on policies and trends regarding the U.S. housing market. Leaders there say their goals are to provide transparent and objective mortgage and housing market trends, foster a stable system of mortgage finance that promotes sustainable homeownership, and develop market-based solutions to the nation’s shortage of economical housing. Tobias Peter, research fellow and assistant director of the AEI Housing Center, explained how people have been uncovering racial bias in appraising in recent years, oftentimes making news headlines. “A black homeowner wants to get…

Senus Named President And CEO Of St. Mary’s Bank

Leaders at St. Mary’s Bank have announced that Ken Senus has been named president and CEO. Senus takes over for Ron Covey, who retired at the end of 2022. Prior to being promoted, Senus was the company’s executive vice president and chief operating officer. He said he is honored to continue to build on the foundation Covey helped establish during his 14 years of service. “I look forward to continuing to leverage technology and innovation to enhance our member and employee experiences while embracing the credit union philosophy to give back to the community that Ron exemplified for years,” Senus said. St. Mary’s Bank has 11 branch locations in New Hampshire and is known as the nation’s first credit union.…

Florida Brokerage Firm Sued By Pennsylvania AG For Allegedly Misleading Consumers

By KIMBERLEY HAAS The attorney general of Pennsylvania announced on Wednesday that he is suing Florida-based MV Realty PBC, LLC and its founder, alleging the company scammed consumers. Attorney General Josh Shapiro said in a statement that Pennsylvania homeowners are falling victim to hidden terms in the Homeowner Benefit Program. “MV Realty is a scam that exploits Pennsylvanians in vulnerable financial situations, and my office isn’t buying it. My office will protect homeowners’ most important asset – the value of their real estate,” Shapiro said. Shapiro, a Democrat, won the race for governor of Pennsylvania in November. He will be sworn in on Jan. 17 in Harrisburg. MV Realty was founded by Amanda Zachman and has been doing business in…

Hitting The Market During The Holidays? What Sellers And Buyers Need To Know

By KIMBERLEY HAAS The housing market traditionally cools during the holiday season as people focus on family and friends but industry leaders say it is a good time for potential sellers and buyers to weigh their options. After mortgage rates recently surged above 7%, real estate activity and consumer sentiment took a nosedive. Home delistings hit a record high in November as sellers and buyers pulled out of the market, according to journalists Lily Katz and Ben Walzer at Redfin. Markets where home prices skyrocketed during the pandemic are now cooling the fastest. In Sacramento, Calif., an average of 3.6% of active listings were delisted per week during the 12 weeks ending on November 27, up 1.6 percentage points from one year earlier.…

Predictions: Chilly Market Ahead For Housing In 2023, Conditions Improve In 2024

By CHUCK GREEN According to experts, not only is the housing market expected to continue cooling this year, the forecast remains chilly entering 2023. Real house prices jumped 10.5% in September and logged a 60.6% YOY increase, according to First American’s Real House Price Index. But prices fell in 15 out of the top 50 markets they analyze. Mortgage originations saw their largest annual decline in 21 years this fall, further evidence that the housing boom is coming to an end. Originations fell 47% YOY in Q3, according to ATTOM Data’s Q3 2022 U.S. Residential Property Mortgage Origination Report. Quarter-over-quarter they were down 19%, the sixth consecutive drop. So, what in the name of the cranky barometer’s up? For one thing, surprise, surprise,…