Despite a stalled spring market, the UWM president and CEO sees better conditions ahead for brokers
The first four months of 2026 have been quite the roller coaster ride for mortgage brokers, homebuyers, and existing homeowners.
Rates plunged into the high-5s early in the year, and optimism shot through the housing market with hopes of a strong spring ahead.
Unfortunately, rates returned to the mid-6s after overseas tensions led to higher oil prices, which eventually led to higher Treasury rates.
These higher rates have stalled the market a bit, as reflected in Monday’s report on April existing home sales released by the National Association of Realtors. Sales rose just 0.2% over March’s numbers, falling short of the 3% gain projected by economists.
However, despite recent headwinds, there is still optimism in the industry that with a new Fed chair and a hopeful end to higher energy prices, the second half of 2026 could see a resumed slide in rates.
Mat Ishbia (pictured top left), president and CEO of United Wholesale Mortgage, is hopeful that conditions will continue to improve throughout the rest of the year.
“The marketplace is fantastic for brokers, and obviously, we all like lower rates, but we don’t have a vote,” Ishbia told Mortgage Professional America. “There’s a new Fed chair coming in, and that will be good. And I know President Trump, the head of FHFA, Bill Pulte, and all these people are talking about how to lower rates and help affordability. The nice part is that the first way to do it is they work with brokers because it’s cheaper and faster.”
Controlling the controllables
Ishbia said when he speaks to brokers, he wants them to focus on the things they can control, which puts them in a stronger position regardless of market conditions.
“I think that’s the thing I keep my focus on and I tell our brokers,” Ishbia said. “Let’s continue to control what we can control, which is working hard, helping real estate agents, helping consumers, and marketing ourselves the right way. And then when rates come down, we will all dominate at a different level.”
While there are factors holding rates a little higher than some would like, Ishbia believes that eventually rates will begin to fall again. This could lead to both new home purchase and mortgage refinance opportunities for brokers.
“Do I think rates will drop this year? Yes, I do,” he said. “Do I think the war and some other things are happening that are slowing that process down? Of course I do. And I think some things will change. And when things change, I’m prepared, and our brokers are prepared.”
Mike Fawaz (pictured top right), longtime mortgage executive and founder of Origna8, echoed Ishbia’s sentiments and said it all comes down to making sure the customer’s needs are understood and met.
“I spent 15 years in this industry, and even when I was a loan officer, I’ve learned that you can only control what you can control,” Fawaz told Mortgage Professional America. “To me, it was all about the consumer. Make sure you understand their needs. It doesn’t matter what the rate is. There’s always going to be a need. And as long as you understand that and you really put the consumer first, you can deliver.
“Now we’re putting the broker first, but that also filters down to the consumer as well. It’s about what we can control. And my message to our members and to everyone else is to treat people like they’re humans, understand what they’re looking for, and deliver value.”
A major event this week
It has been an interesting stretch for UWM, as they continue their tug-of-war with CrossCountry Mortgage over Two Harbors’ loan servicing. The Two Harbors board is set to meet on May 19 and seems to be leaning toward the CrossCountry offer.
The latest development in that story saw UWM raise its offer to $12.50 per share in cash on Monday, with no cap or proration on the cash option.
That will be just one of the issues that will be the backdrop of UWM’s biggest event, UWM Live, coming up Wednesday and Thursday at the company’s Pontiac, Michigan, campus.
Ishbia is excited to bring brokers back to Michigan for the massive two-day event.
“There will be 5,000-plus mortgage originators and real estate agents there at UWM learning together as a community,” Ishbia said. “We have a really large community. And the nice part is, these people don’t feel like they’re competing. They’re all sharing ideas.
“Everyone’s going to learn together, and we all get better. And so I love that event. It’s a great eye-opening view of what the broker community is all about and how it’s going to continue to develop. So we’re really excited about it.”
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This article is part of our Monthly Spotlight series, which in May focuses on refinance products. Full coverage can be found here.
