Mortgage brokers to ring NYSE bell today, here’s how to watch it LIVE
Mat Ishbia, the CEO of United Wholesale Mortgage recently recorded a 40-minute interview with Barry Ritholtz over at Bloomberg, if you want to have a listen. Like most of Ishbia’s public sermons these days,he’s focusing on how great UWM is and how great he thinks the company can become.
Ishbia said when he took over UWM in 2013, the company closed $10 billion in loans. In 2020, that number was $180.
“We’re going to do more in 2021, and everyone else is not going to,” Ishbia said, thanking investment in tech and support staff to get him to the win.
“Our business model is much more balanced, much more focused on the consumer and on the broker,” he said, adding later. “We’re taking over the #1 spot in the coming years.”
And the former college basketball player is taking his team all the way to the top, he says. Top in order to commemorate National Broker’s Day (July 18)
Ishbia will be joined by several other mortgage brokers as they ring the bell to close the markets at the NYSE today. It should be quite a sight to see!
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Cloudstar remains crippled by ransomware attacks, may not be free to clear title by the end of the month
Cloud-based IT provider Cloudstar has been hit by ransomware, taking down its systems and preventing its title customers who use its service to access their data to close mortgages.
Cloudstar is currently negotiating with the crooks that infected its computers, with no end in sight yet. It may not have the system back until next month, some fear.
“On Friday, July 16, Cloudstar discovered it was the victim of a highly sophisticated ransomware attack,” the Florida-based biz warned its customers over the weekend.
“Due to the nature of this attack, at this time our systems are currently inaccessible, and although we are working around the clock, we do not have a definitive restoration timeline. Our Office 365 mail services, email encryption offering and some support services are still fully operational.
“Cloudstar has retained third-party forensics experts Tetra Defense to assist us in our recovery efforts and also informed law enforcement. Negotiations with the threat actor are ongoing. We are working diligently to address this matter as quickly as possible and will keep our stakeholders informed.”
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The hottest housing market in the US is in Montana???
New rankings show how the housing boom has ignited homebuying in smaller to midsize cities around the U.S.
Billings, Montana is the new No. 1 hottest housing market on The Wall Street Journal/Realtor.com Emerging Housing Markets Index, boosted by its affordability and appeal to remote workers.
The index reflects how the housing boom has ignited homebuying activity in smaller to midsize cities around the U.S. The top 20 cities in the ranking have an average population size of just over 300,000.
In the latest index rankings published on Tuesday, smaller cities dominate. The No. 2 metro area is Coeur d’Alene, the lakeside Idaho city that held the top position when the index premiered in April. Fort Wayne, Ind., Rapid City, S.D., and Raleigh, N.C., round out the top 5.
The index identifies the top metro areas for homebuyers seeking an appreciating housing market and appealing lifestyle amenities. This quarter’s version added the new criteria of real-estate taxes, which caused some areas in the Northeast, Midwest and Texas with higher property taxes to fall in the rankings.
About 65% of page views on Billings property listings came from outside the metro area in the second quarter, up from about 57% a year earlier, according to Realtor.com.
The Wall Street Journal/Realtor.com Emerging Housing Markets Index ranks the 300 biggest metro areas in the U.S. In addition to housing-market indicators, the index incorporates economic and lifestyle data, including unemployment rate, wages, commute time and small-business loans.
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