Ishbia Under Fire After Slamming Rocket Mortgage As The Industry Sees Reductions In Workforce

By KIMBERLEY HAAS The CEO of United Wholesale Mortgage has come under fire after posting online that he is “disappointed” with Rocket Mortgage’s decision to offer buyouts to members of its workforce. Mat Ishbia posted on LinkedIn last week that this should not be necessary for a company that made over $5 billion in profits last year. “These 2,000+ people will struggle to find new jobs, and I think it’s disgusting that they’re thinking short term and are solely focused on cutting a few million per month in costs… this is the wrong thing to do to people,” Ishbia said. Ishbia went on to write that they have not had a single layoff in 35 years at UWM. The post…

Morning Roundup (4/25/2022)– Real House Prices, Rate Hike Impact

Good Morning! Today is Monday, April 25. Emmanuel Macron, the incumbent president of France, won re-election over Marine Le Pen. A man died after setting himself on fire in front of the Supreme Court to protest climate change. Wildfires in Arizona, Nebraska, and New Mexico have killed at least one person and destroyed hundreds of structures. The Mortgage Note Reports Rocket Mortgage Works to End Digital Divide In Detroit: Editor Kimberley Haas reports that leaders at the company have been working with local officials who say there is still much work to be done. Real House Prices: FirstAm’s Real House Price Index jumped up by nearly 31% in February, the fastest growth in the more than 30-year history of the series. Rate Hike Impact: Nathaniel Drake of Fannie’s…

Rocket Mortgage Works To End Digital Divide In Detroit

By KIMBERLEY HAAS Leaders at Rocket Mortgage are working to end the digital divide in Detroit where it is estimated that one-quarter of residents do not have internet access. That number is down from nearly 40% in 2016, according to Dana Afana at Detroit Free Press, but those working on the issue say there is still a long way to go especially considering how important the internet is post-2020. The Changing the Course initiative was established in that year to end the digital divide in Detroit, where Rocket Mortgage is located. Money raised from The Rocket Mortgage Classic, which made history in 2019 as the first PGA TOUR ever held in the city, supports the campaign. The tour raised $1.35…

America’s MoneyLine CEO Fights Back, Calls Out Mat Ishbia And Files Counter-Complaint Against UWM

By KIMBERLEY HAAS The CEO of California-based America’s MoneyLine is fighting back after being slapped with a $2.8 million lawsuit from lending giant United Wholesale Mortgage. In a statement released on Friday morning, Shawn Nevin claimed that UWM uses illegal, anti-competitive practices. At issue is the “All In” policy implemented by UWM CEO Mat Ishbia. Ishbia said in a Facebook Live message last March that brokers who work with Fairway Independent or Rocket Mortgage could no longer work with UWM. “Mat Ishbia’s ‘ultimatum’ is a blatant and desperate attempt to maintain his company’s grip on the throat of mortgage brokers across the country,” Nevin said. “As he works tirelessly to craft a false narrative around being champions of brokers, his…

UWM Embattled on Multiple Fronts Over Treatment of Lenders, Employees

By DARIA BACHMANN United Wholesale Mortgage is facing more public scrutiny as court battles — and backlash from brokers — mount. The second-largest mortgage lender in the nation, UWM has come under criticism over how it treats both its employees and its customers. UWM announced in April it would force brokers to sign an agreement that they will not work with Rocket Mortgage or Fairway Independent Mortgage – or else be banned from work with UWM, the largest wholesale mortgage lender.  Mortgage industry leaders called the ban “unethical and uncompetitive.” Bob Broeksmit, head of the Mortgage Bankers Association, said at the time, “MBA does not condone activities designed to thwart competition in the mortgage market and limit loan options available to borrowers.” UWM,…

Which City Would Win In The Super Bowl Of Housing Markets?

By KIMBERLEY HAAS It’s Super Bowl weekend and The Mortgage Note is taking a look at which city would win if Los Angeles and Cincinnati’s housing markets were pitted against each other. With sports commentators picking the Rams over the Bengals and the notoriously high-priced homes in the Los Angeles market, such as “The One” on sale now for $295 million, people might assume the California city would be the automatic winner. But that depends on how the two markets are lined up. As Tyler Sullivan says in his recent predictions for CBS Sports, both teams are worthy champions in their respective conferences and the Bengals have been a fantastic Cinderella story with their line-up of young faces. Is the same true for Cincinnati? Let’s look…

Morning Roundup (2/9/2022)– Applications Down, Rocket Superbowl Ad

Good Morning! Today is Wednesday, February 9. New York State will drop its indoor mask mandate this week. Mitch McConnell denounced the RNC’s characterization of Jan. 6 as “legitimate political discourse.” The House passed a bipartisan bill to keep the Postal Service solvent and to reduce mail delays. The Mortgage Note Reports Gearing Up For The Big Game: Leaders at Rocket are inviting people to take a peek at the homes they could buy if they win the world’s largest official game of Super Bowl Squares and they have revealed which stars will appear in their ad. 2022 Expectations: Home price appreciation and stock shortages are likely to continue through the first few months of 2022, as December saw price growth pick back up…

Rocket Preps Fans For Super Bowl With Previews Of Homes They Could Win, Teaser Of Big Ad

By KIMBERLEY HAAS With the big football game coming up this weekend, leaders at Rocket are inviting people to take a peek at the homes they could buy if they win the world’s largest official game of Super Bowl Squares and have revealed which stars will appear in their ad. Rocket Mortgage will give two grand prize winners $500,000 each for a home purchase during the game. $50,000 will be awarded every time the score changes. Rocket Homes, their sister company, has published an article highlighting what type of home a potential winner could select in various parts of the country. According to the article, the median sale price of a house in America is $335,212. The average house has…

Morning Roundup (1/13/2022)– Foreclosure Filing All-Time Low, Mortgage Applications Up

Good Morning! Today is Thursday, January 13. Donald Trump endorsed booster shots and said politicians who hid their vaccination status were “gutless.” Kevin McCarthy, the top House Republican, said he would not cooperate with the House committee investigating the Capitol riot. More than 8,000 unionized employees at Kroger’s King Soopers stores in Denver went on strike on Wednesday. And in mortgage and housing news… Mortgage Applications Up: Mortgage loan application volume rose 1.4% from last week, though refis once again fell, MBA reported. All-Time Low: ATTOM’s Year-End Foreclosure Market Report found foreclosure filings dropped to an all-time low in 2021, down 95% from a peak of nearly 2.9 million in 2010. Forty-Year High: The BLS’s Consumer Price Index reported that…

More Than $1 Million To Be Given Away During Super Bowl LVI Squares Sweepstakes

By KIMBERLEY HAAS Leaders at Rocket Mortgage say entries are open for the world’s largest official game of Super Bowl squares. The Detroit-based company announced on Wednesday that two grand prize winners will receive $500,000 each that can go toward a dream home. $50,000 will be awarded every time the score changes. Bob Walters, CEO of Rocket Mortgage, said watching the Super Bowl has been a staple of American culture for the last 55 years. Introducing the Rocket Mortgage Super Bowl Squares in 2020 has elevated that experience for millions of viewers across the country, he said. “Past winners have had their lives transformed and we are eager to give more Americans that opportunity again this year,” Walters said in…