Inman Connect
He didn’t even know his father owned a mortgage company but when he found out, it changed everything.
United Wholesale Mortgage CEO Mat Ishbia made the Forbes billionaires list for the first time in 2020 after taking his company public late last year. He became one of the richest mortgage executives in the U.S., second only to Rocket Mortgage CEO Daniel Gilbert, and the 51st richest person in the country.
United Wholesale Mortgage CEO Mat Ishbia
Back in September, UWM, the nation’s largest wholesale mortgage lender, announced it was going public via a merger with Gores Holdings IV, a special purpose acquisition company (SPAC) established by global investment firm The Gores Group.
Larimer County saw 28 new outbreaks of COVID-19 in the state s latest report, one of the highest weekly totals since the pandemic began. However, the number of cases associated with each outbreak remains relatively small.
Of the 28 new outbreaks, 10 are at schools and child-care centers. The state defines an outbreak as two or more cases at a site within a 14-day span.
There are now 106 active outbreaks in Larimer County with 4,077 people testing positive; 374 outbreaks have been resolved since the pandemic began, according to county and state data reported on Wednesday. Excluding Colorado State University, which has had 2,894 reported positive cases since October, the county lists 1,183 cases associated with outbreaks since the start of the pandemic.
Inman Connect
Refinances are steadily dropping, interest rates are rising and purchases are taking over the mortgage market – these top 10 purchase lenders from 2020 may be the best equipped to handle the shifting market.
As last year came to a close, the average rate for a 30-year fixed-rate mortgage sat at 2.67 percent, more than a full percentage point lower than the end of 2019. This drove the refinancing share of total originations by dollar volume to increase 55 percent in 2020 from 34 percent in 2019, according to the Mortgage Bankers Association’s Annual Mortgage Bankers Performance Report.
But now, refinance share is beginning to slip once again as rates rise. Activity in the housing market is beginning to decrease overall as rates rise, but this is especially true for mortgage refinances. Refinance activity has now decreased for nine of the past 10 weeks, as rates have gone from 2.92 percent to 3.27 percent over the same period.
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