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Mortgage headline; UWM #BrokerBattle; Better raising $$$ 💸

By May 12, 2021 No Comments

Utah mortgage headline gets fixed

There’s a headline in a local Utah publication that needs to be fixed:

“Utah real estate frenzy leads to record workload for county recorders”

The story reports how staff in the Salt Lake City recorder’s office are swamped.

Why? The number of records the office has processed jumped 43% last year, fueled by a booming real estate market and refinances. Already this year, the workload is up another 38%, according to Recorder Rashelle Hobbs.

The good news help is on the way!

Four new staffers are now getting trained, and four additional staffers could be hired later, with a focus on mapping skills that are key for processing new developments.

This means the headlines should really say:

“Utah county recorders never bothered to modernize their systems and now have to throw a ton of money at their problems in such a way that still won’t fix the problem.”

It’s a little long, but still, there you go, fixed it for you.

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United Wholesale CEO: Rocket #BrokerBattle “is going so well.”

United Wholesale Mortgage CEO Mat Ishbia said Tuesday that his controversial ultimatum that forced mortgage brokers to pick between his firm or Dan Gilbert's Rocket Companies has been a big success for UWM.

“I couldn’t have imagined it going so well,” Ishbia, 41, said during an earnings call with Wall Street analysts. “Obviously, my competitors, they don’t like the decision, but our business is not designed to make them like us.”

Ishbia's ultimatum required brokers by March 15 to stop working with Detroit-based Rocket and a Wisconsin-based competitor, Fairway Independent Mortgage Corp., if they wished to continue working with UWM. Rocket Companies is the parent of Quicken Loans.

Overall, UWM reported a first-quarter net income, or profit, of $860 million compared with $20.3 million during the same quarter a year ago and $1.37 billion in the fourth quarter of 2020. About 25% of UWM's first-quarter mortgages were home purchase loans, versus 75% mortgage refinancings.

EDITOR’S NOTE: Last week, Rocket claimed it was winning.

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With Josh Pitts

Digital mortgage lender Better is going public

Digital mortgage lender Better will make its market debut by merging with Aurora Acquisition Corp., valuing the company at $7.7 billion, the companies said in a joint statement Tuesday. 

Softbank will invest another $1.5 billion via a PIPE, or private investment in public equity, once the deal closes. 

Better, a digital platform that was founded in 2016, will have $778 million of primary proceeds to fund growth, said the statement. 

The company has more than $24.2 billion in loan volume, has placed $7.7 billion in title insurance, $1.4 billion in homeowners insurance and $691 million in real estate transaction volume. 

The deal is expected to close in the fourth quarter.

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