Real Estate

Billionaires Brawl As Everyone Just Tries To Get By: Download

As UWM and Rockets’ mortgage chiefs duke it out in the press, it seems both agents and consumers are wondering how they’re going to pay the bills.

On Inman Connect Las Vegas, July 30-Aug. 1 2024, noise and misinformation will be eliminated, all your big questions will be answered, and new business opportunities will emerge. Join us.

Each week on The Download, Inman’s Christy Murdock takes a closer look at the most read stories of the week to give you what you need to meet Monday. This week: As UWM and Rockets’ mortgage chiefs duke it out in the press, it looks like both agents and consumers are wondering how they’re going to pay the bills.

According to a new report from Redfin, 38 percent of renters don’t believe they’ll ever own a home. A combination of high interest rates, high home prices and low inventory has conspired to raise consumer frustration by 11 percentage points in less than a year.

Read: More and more renters believe they’ll never own a home.

While people on the ground are struggling to make ends meet and trying to find ways to pay less, the big fish at the top of the financial food chain are taking it from their luxury boxes. They are competing, making accusations of corruption, fraud. And spreading scandal for play.

Following the publication of shocking allegations about the business practices of United Wholesale Mortgages (UWM), CEO Matt Ishbia offered a simple explanation for the idea that his company had conned “corrupt” mortgage brokers. Millions of borrowers have been defrauded out of billions of dollars. “In fees and costs.

“It’s Rocket Mortgage and Dan Gilbert doing Rocket Mortgage and Dan Gilbert stuff,” Ashbia told reporters. “And that’s just who it’s funded by.”

Ashbia claims the allegations, made by a company affiliated with a hedge fund that held a short position in UWM, were manufactured by UWM’s fiercest competitor, Rocket Mortgage, and its founder, Dan Gilbert.

Ashbia’s claims that the Rockets and Gilbert were behind the allegations against UWM were posted on social media by Duane Rankin, a reporter who covers the Phoenix Suns — the NBA team Ashbia and his family played for last year. had bought

Gilbert – co-founder and chairman of the Rocket Companies, parent company of Rocket Mortgage – also owns the Cleveland Cavaliers.

While the mortgage titans clash, here on Earth, people are only concerned about getting into a home, and agents are concerned about how they’ll earn commissions as they experience a paradigm shift based on compensation. .

Our expert Inman contributors are offering tons of ideas to help you grow your business and get paid while taking care of your clients. From tapping into their existing equity to connecting with new homebuilders and advocating for fair housing, you’ll take care of buyers, sellers and yourself.

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