As UWM and Rocket mortgage loan officers spar in the media, brokers and consumers alike are left wondering how they’re going to pay their bills.
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Each week on The Download, Inman’s Christy Murdoch takes a deep dive into the week’s most-read articles to give you what you need to face Monday head-on. This week: Brokers and consumers alike are left wondering how they’ll pay their bills as UWM and Rocket mortgage loan officers battle in the press.
According to a new report from Redfin, 38% of renters think they’ll never own a home. A combination of high interest rates, high home prices and low inventory has pushed consumer pessimism up 11 percentage points in less than a year.
Read: More and more renters believe they will never own a home
While those on the ground are struggling to make ends meet and trying to find ways to come up with a down payment, the bigwigs at the top of the financial food chain are vying for money from their luxury boxes, and are trumpeting allegations of corruption and wrongdoing. I’m throwing it. And they pay people to stir up scandal.
Following the publication of shocking allegations surrounding United Wholesale Mortgage’s (UWM) business practices, CEO Matt Ishbia said the company “scammed hundreds of thousands of borrowers out of billions of dollars.” briefly explained the idea of “corrupt” mortgage brokers. ” fees and expenses.
“It’s Rocket Mortgage and Dan Gilbert doing Rocket Mortgage and Dan Gilbert,” Ishbia told reporters. “And that’s just what’s being funded.”
Ishbia said the allegations were made by an affiliate of a hedge fund with a short position in UWM and by UWM’s fiercest rival Rocket Mortgage and its founder Dan Gilbert. claims.
Ishbia’s claims that Lockett and Gilbert are behind the allegations against UWM were posted on social media by Duane Rankin, a reporter who covers the Phoenix Suns, the NBA team that Ishbia and his family purchased last year.
Gilbert, co-founder and chairman of Rocket Companies, the parent company of Rocket Mortgage, is also the owner of the Cleveland Cavaliers.
While the mortgage giants are in a frenzy, here on earth, people are only concerned about getting into a home in the first place, and real estate agents experiencing an unprecedented fee-based paradigm shift are wondering which I’m worried about how they will generate fees.
Inman’s expert contributors have lots of ideas to help you grow your business and get paid while taking care of your clients. From leveraging existing assets to connecting with new home builders to advocating for fair housing, we take care of buyers, sellers, and yourself.
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Christy Murdoch is a freelance writer, coach, and consultant. real estate writing.Connect to Real Estate Writing Instagram Subscribe to our weekly roundup, ketchup.