At Inman Connect Las Vegas, July 30-Aug. 1 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: As mortgage heads from UWM and Rocket fight it out in the press, it seems like both agents and consumers are just wondering how they’re going to pay the bills.
According to a new report by Redfin, 38 percent of renters don’t believe they’ll own a home — ever. A combination of high interest rates, high home prices, and low inventory have conspired to bump up consumer pessimism by 11 percentage points in less than a year.
While folks on the ground struggle to make ends meet and try to find a way to put together a down payment, the big fish at the top of the fiscal food chain are battling it out from their dueling luxury boxes, hurling allegations of corruption, cheating, and pay-for-play scandal-mongering.
Following the publication of shocking allegations surrounding United Wholesale Mortgage’s (UWM) business practices, CEO Mat Ishbia offered a simple explanation for the idea that his company has “corrupted” mortgage brokers in order to cheat “hundreds of thousands of borrowers out of billions of dollars” in fees and costs.
“That’s Rocket Mortgage and Dan Gilbert doing Rocket Mortgage and Dan Gilbert things,” Ishbia told reporters. “And that’s just what it’s been funded by.”
Ishbia claims the allegations, made by a company affiliated with a hedge fund that’s taken a short position in UWM, have been cooked up by UWM’s fiercest rival, Rocket Mortgage, and its founder, Dan Gilbert.
While mortgage titans brawl, here on the ground, people are just worried about getting into a home in the first place, and agents are worried about how they’ll generate commissions as they experience an unprecedented compensation-based paradigm shift.
Our expert Inman contributors are offering up plenty of ideas to help you grow your business and get paid while also watching out for your clients. From tapping into their existing equity to connecting with new-home builders and advocating for fair housing, you’ll take care of buyers, sellers, and yourself.
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Say farewell to the ‘Forever Home’
You need to earn $100,000 just to afford a starter home. Rachael Hite writes that like spotting a dodo bird, finding your forever home in today’s market might be a thing of the past.
How NAR’s settlement threatens Black Realtors and homebuyers
This is a moment in history when NAREB and our leaders must stand up for justice and equality, writes Dr. Courtney Johnson Rose, president of the National Association of Real Estate Brokers.
Christy Murdock is a freelance writer, coach, and consultant and the owner of Writing Real Estate. Connect with Writing Real Estate on Instagram and subscribe to the weekly roundup, The Ketchup.
The mortgage industry is currently embroiled in a heated battle between top players, UWM and Rocket, with allegations of corruption and cheating being thrown around. However, amidst this drama, the focus needs to be on the struggles of everyday individuals trying to buy a home and the concerns of agents trying to make a living in this challenging environment. A new report by Redfin highlights the growing pessimism among renters who believe they may never own a home due to high interest rates, home prices, and low inventory. While the bigwigs fight it out, agents are looking for ways to generate commissions and navigate a shifting compensation landscape. Inman Connect Las Vegas promises to provide clarity and opportunities for those navigating this complex real estate market. Expert contributors offer strategies for agents to grow their business and provide value to their clients, from leveraging existing equity to advocating for fair housing. Despite the chaos at the top, agents must stay focused on their clients and finding innovative ways to thrive in a challenging market.
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