I advocate for housing, for fairness, and for the people too often left out or left behind. I offer guidance, open real doors, and help the next generation find their footing — and their future.
Well that didn't take long 🤣 ........ United Wholesale Mortgage CEO Mat Ishbia sounded off today on his weekly sales call about Rocket Companies acquisition of Mr. Cooper, per James Kleimann of HousingWire. 𝗔𝗺���𝗻𝗴 𝐈𝐬𝐡𝐛𝐢𝐚'𝐬 𝗴𝗿𝗲𝗮𝘁𝗲𝘀𝘁 𝗵𝗶𝘁𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗰𝗮𝗹𝗹: "The truth is, it’s fantastic because sometimes if you think someone is someone, and you don’t really know, and then you see who they really are, it’s very clear.” “Let’s take every refi, let’s buy a servicer and try to refinance these clients away. I respect their business strategy, there’s nothing wrong with their business strategy. It’s just really bad for brokers.” He told broker partners that Rocket has “effectively closed down” their wholesale channel, but won’t ever announce it. It’s a recruiting advantage for UWM’s broker partners, he said. “You can’t work with Rocket knowing what they’re doing. This is not for brokers.” On selling servicing again to Mr. Cooper: “They will never have a loan of ours again. You can catch more snippets at www.housingwire.com/.
Why does the guy on the left look like Patrick Stewart? 😂😂
Not to anyone in particular…. But I love these posts and ensuing discussions. A few weeks back we were commending benefits to brokers and realtors with the Redfin acquisition, today we are protecting the broker community because of Mr. Cooper. People, we are here to do business, whether United Wholesale Mortgage or Rocket Companies. And we do it with one goal - #profit and #opportunitymaximization. Each org takes a route that suits them. This includes our #brokercommunity too. United Wholesale Mortgage succeeded because it was at the right place at the right time. Imagine, if rates had not escalated in 2022 where would United Wholesale Mortgage be. Today Rocket Mortgage sees opportunity in an environment with a balanced rate correction. Nothing wrong. Will this rock anyone’s boat. NO. So let’s please focus on maximizing our opportunities and stop analyzing what Mat Ishbia thinks of how he is going to approach his business.
Did we expect different?
Paul Hindman i was on the call. I'm not sure Isbia cares much about this. He's more upset at Mr Cooper. A horse in a horse race focuses on themselves. That said he is absolutely pushing his chips in on screwing Mr Cooper. 100bps credit on every loan a broker can refi that is w MC. Lol.
"The truth is" = lie coming next. 90% of the time.
Mike Cush it wasn't in Greg's highlights, but Ishbia absolutely gave credit to Rocket for executing their plan. Business is business and good for them. His point was UWM will continue to focus on broker and realtors growing their business. His vision is a 180 from Rockets. That's all.
Wow, that sounds a little bitter to me, Greg. United Wholesale Mortgage operates as a pass-through, so direct relationships with borrowers are not their thing. As the slogan goes ”brokers are better” is still Mat Ishbia’s claim to fame and fortune. Plus, they are still number one — for now, anyway. Sure, these two companies are gonna remain giant sized enemies, but hey, that’s what makes our business interesting—right?
I have Mr cooper Yesterday I got an e mail regarding merging Don’t know what to expect!
It was just awesome… willing to lose money to have some fun
President & CEO @ Client Direct Mortgage | NMLS#1065732 aka Mortgage Oracle
1moIf you want to know how the broker community truly feels, this is where we discuss it first hand, my take on the statements that finally came out: -Closed down their wholesale HA, he wishes! Hold our beer 🍺 there are a lot of “us”! -First statement was incoherent- someone someone…what! -What did he say about the Redfin acq? You heard it here first, UWM no longer owns the broker channel! Now grab your popcorn 🍿 the movie has just begun! https://www.facebook.com/groups/2126035984395036/?ref=share_group_link&mibextid=wwXIfr