Joy Knoch Promoted To Chief Strategy Officer At Fairway

Joy Knoch has been promoted to Chief Strategy Officer at Fairway Independent Mortgage Corp., the company announced. In this newly created role, Knoch will oversee origination and processing, training, and lending tech systems. “Our goal is to use systems to streamline our loan manufacturing process and improve the loan experience for borrowers, loan officers, and realtors,” Knoch said. “We’ll do this by gathering input from producing L.O.s, operations managers, and our corporate team to create a more efficient roadmap.” Knoch brings nearly three decades of mortgage industry experience to the position, having worked at Fairway since 2011 where she most recently served as senior vice president of loan processing and branch support. Prior to that role, she was the company’s…

UWM Introduces Refi Discount Program

United Wholesale Mortgage is making a push for refinances as rates have moderated. Company leaders announced Refi 100 this week, a temporary program allowing its broker partners to offer discounts of 100 basis points for conventional rate-and-term refinances. The discount can be applied to new locks through March 29.  Loans originated by UWM must be at least 365 days from the previous note date to qualify, but no seasoning is required for non-UWM loans. The move comes at the beginning of what may be a good moment for refis, which saw a boost last week as rates moderated. They’re up by 2% and account for 34.2% of total mortgage applications, an increase. In 2023, three million mortgages were originated at…

UWM Rebrands Consumer-Facing Website To “Mortgage Matchup”

United Wholesale Mortgage is rebranding its consumer-facing website to reflect a more modern approach to connecting consumers and real estate agents with independent mortgage brokers. The website’s name, FindAMortgageBroker.com, will be replaced with Mortgage Matchup. Leaders at UWM say this gives the brand a modern and refreshed identity. The site offers educational materials about the buying and refinancing processes, as well as a searchable database of brokers in their area. UWM’s marketing team conducted the research and concept testing for the rebrand in-house. “We are incredibly excited to further connect consumers and real estate agents with independent mortgage brokers across the country through this rebrand,” said Chief Marketing Officer Sarah DeCiantis.  “The DNA and mission of this website has not…

Top Lenders Q3 Earnings Roundup

Earnings for the third quarter of 2023 are out offering a view into how lenders did. Here’s a snapshot of how some of the nation’s top lenders handled this summer. Rocket Mortgage Rocket reported solid earnings with a net revenue boost of 12.8% YOY, though profits remained effectively flat from Q2 at $1.2 billion. Originations totaled $22.2 billion, down 13.2% YOY and also basically the same from last quarter, no big surprise given current market conditions. Its gain on sales margin rose for a third straight quarter, up 2.76%. “I am very proud of our team for delivering strong results against a challenging economic backdrop,” said Varun Krishna, CEO of Rocket Companies. “In today’s climate, innovation is essential. With the…

As Americans Struggle To Afford Mortgages, UWM’s Ishbia Tears Down Homes To Build Mansion

By JARED WHITLEY Mat Ishbia is building his dream home in Michigan, and he’s tearing down five other homes to do it. It’s a display of extravagance that has housing advocates and social justice activists looking askance. At a time when Michigan is expected to lose thousands of affordable housing units over the next few years, particularly in the hard-hit Detroit area, the United Wholesale Mortgage CEO is building a 60,000-square-foot mansion in the Motor City suburb of Bloomfield Township. To build his 14-acre estate, Ishbia is tearing down his current 22,000-square-foot house, which is just eight years old, as well as five neighboring homes. Once completed, the Ishbia compound will include a trampoline park, reflecting pool, statues, tennis court,…

UWM, Rocket Best Profit Expectations For Q2

The country’s two largest mortgage lenders reported unexpected profits in the second quarter of 2023. United Wholesale Mortgage and Rocket Companies both bounced back last quarter after dismal results at the beginning of the year. UWM reported a net income of $228.8 million, making up for losses of $138.6 million in the first quarter of 2023 and $62.5 million in the fourth quarter of 2022. It originated $31.8 billion in loans, up from $22.3 billion in Q1. The boost coincided with warm weather bolstering home sales, though this past spring buying season was tepid compared to historical norms. “UWM continues to prove that regardless of the interest rate environment, our business model, coupled with the broker channel being the best…

Continued Employee Complaints Against Ishbia’s UWM Lead to Lawsuit

By JARED WHITLEY Storm clouds continue to hang over some U.S. markets. Four real estate titans have recently lost their Fortune 500 status. There are dire predictions specifically for the commercial real estate sector. Forbes summed up the housing market this week with, “Despite being well into the spring homebuying season, the housing market is still experiencing a winter chill.” But for one company, the bad news is much worse. Two lawsuits have been filed against Michigan-based United Wholesale Mortgage, with former underwriters accusing the company of a variety of misdeeds, including: ·      Retaliation ·      Hostile workplace environment ·      Gender/sexual harassment ·      Failure to pay minimum wages and overtime This is the latest of a long list of accusations against…

OPINION: Mat Ishbia, the King of Flops

By STEPHEN L. MILLER The courtside theatrics of Phoenix Suns owner and sports thespian Mat Ishbia are more proof that the NBA is turning into professional soccer on the hardwood. Soccer is notorious for players who practice the art of the flop: Flailing and falling as if in the throes of injury, only to magically recover once the whistle has been blown in their favor. On Sunday night, however, the Jon Lovitz routine (“I’m an actor!”) made its way from the players to ownership. With just over two minutes to play in the Suns’ eventual win, their guard Josh Okogie fell into the courtside stands while attempting to retrieve a loose ball. The ball found itself in the hands of…

UWM Introduces 1% Down Payment

United Wholesale Mortgage is offering a 1% down payment product in a bid to bring in more borrowers. The Conventional 1% Down allows buyers to pay 1% towards their new home. UWM will then pay an additional 2%, up to $4,000, for a combined 3% down payment. “We are bringing back the Conventional 1% Down to give independent mortgage brokers a competitive edge with borrowers and real estate agents, while also helping make homeownership more affordable and accessible for borrowers across the country,” said Mat Ishbia, president and CEO of UWM. “We’re going to continue developing products and solutions that will help get more borrowers into homes faster, easier, and cheaper, and Conventional 1% Down is a great example of…

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…