UWM’s CEO Ishbia in jumbo mortgage push
Ishbia spoke to the MPA on a variety of topics last month. This is what he had to say:
Refinancing and Buying – “Refinancing has definitely slowed down across the industry because interest rates have risen slightly. Those who have started the buying business are those who are growing and thriving, and those who have not made purchases are struggling. If you don’t do a lot of shopping, you will likely be doing less business in the second and third quarters.
“The interesting thing is that our brokers are also more loan officers joining the broker channel. We are seeing a migration of personal loan officers through the broker channel, which has been very positive for our business. “
Low inventory – “I’m not worried about that at all. Obviously there are fewer houses for sale, which is why the values of the houses are rising faster than normal, but there are also many borrowers who cannot make mortgage payments that could sell their house when the forbearance ends.
“In the third or fourth quarter of next year, a lot more inventory will (will) come onto the market. I think often it’s just an excuse when people say they don’t do a lot of shopping because stock is low. It’s just not the reality. Inventory is low, but what happened is that a lot of those purchases are lost to cash buyers. “