UWM, in particular, has been rolling out initiatives to try to either help its brokers bring more business or bring more brokers under its umbrella. Rosa and Dicker said that the Pontiac-based lender stands as their primary lender for their clients, but they also do business with lenders including Home Point and Caliber Home Loans, a Texas-based mortgage lender. In its earnings report earlier this month, Home Point reported having 8,744 broker partners as of June 30, up about 2,000 from the previous year.īy comparison, UWM has 11,000-12,000 brokers within its network, according to a company spokesperson. "This creates alignment between the broker and the consumer, and the competition forces Home Point and other lenders to put their best foot forward (in terms of) price, product, and service delivery. Mortgage brokers have choices, and retail officers do not," Newman said. "This advantage is fueled by one primary driver: choice. Home Point CEO Willie Newman told analysts earlier this month that the company has been analyzing data from the federal Home Mortgage Disclosure Act, and found that in 2021, brokers working with Home Point and other wholesale lenders saved consumers an average of $9,400 over the life of a loan, generally through lower up-front costs and lower interest rates.
Likewise, executives at Home Point Capital, an Ann Arbor-based wholesale lender, say they're working closely with brokers in their network and attempting to educate consumers on the benefits of working with independent mortgage brokers as opposed to direct-to-consumer retail lenders. And we feel really great about it right now and we'll continue to use that edge to help our brokers continue to win." "You have access to leverage our information, our training, our knowledge, (for brokers) to communicate in a positive way in their markets throughout America. "That's part of the partnership with UWM," Ishbia said. UWM, Ishbia said, is working to educate the brokers within its network on the ongoing changes in the marketplace so they can relay that information to their clients - the consumers who are financing homes. Speaking on an earnings call with analysts last week, Ishbia said that because of the rapid fluctuation in mortgage rates, consumers are "shopping" more, and coming to the conclusion that it's "cheaper" to go with a broker. The volatility being felt in the marketplace - and described by brokers like Dicker and Rosa - could play in their favor, according to Mat Ishbia, CEO of Pontiac-based United Wholesale Mortgage, the nation's largest wholesale mortgage lender. The "abnormal" markets years of 20, and even 2019, according to Rosa, were welcome news for consumers and mortgage lenders, but were not sustainable, the broker told Crain's. "There's definitely a normalization in the market," said Dante Rosa, the senior loan officer and owner of Dante Rosa Home Loans LLC in Macomb Township.
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Rates are now over 5 percent, clocking in an average of 5.13 percent average for a 30-year loan, Freddie Mac reported Thursday.įor some who have been around the mortgage industry for a while, the change of pace brought about by rising rates and a generally challenging real estate market in which home prices remain high is actually welcome news. Data from Freddie Mac shows that rate didn't tick back up above 4 percent until late March, which made for a home-buying and refinancing boom for all of 2021. The 30-year fixed rate mortgage hit a near record low of well below 3 percent in the tail end of 2020 when the country was in the throes of the COVID-19 pandemic. "And if there is a slowdown, capture more revenue for myself."
"I focus mostly on (home) purchase, and through networking with Realtors, it seems like a good opportunity to build my own book with the higher rates right now," Dicker said. But Dicker decided that amid the challenges in the industry, it was time to set up shop on his own, something he did in early August, launching Troy-based Your Mortgage Guy LLC.
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