Editor’s Note: The Mortgage Mix is RISMedia’s biweekly highlight reel of need-to-know mortgage-industry happenings. Watch for it every other Friday afternoon.
– Rocket Mortgage has filed a lawsuit against rival United Wholesale Mortgage (UWM), seeking $100 million in damages. Rocket has accused UWM of profiting off of loans it sold to Mr. Cooper, which Rocket acquired in March, by pushing for refinancing of mortgages with UWM, a violation of a non-solicitation agreement. The lawsuit further claims that UWM CEO Mat Ishbia put a “bounty” on loans Mr. Cooper had bought by offering an 100-basis point discount to refinance with UWM.
– Mortgage rates ticked up the first week of May to well over 6%. Rates initially rose the second week as well—hitting 6.46% on May 13—before settling at 6.36% by Thursday, May 14. Mortgage applications also rose 4% week-over-week by May 13, indicating homebuyers were undeterred by high mortgage rates.
– On May 7, Bright MLS Chief Economist Lisa Sturtevant shared new insights on the near-future for mortgage rates in a statement shared with RISMedia, saying that “(t)he expectation of rates below 6% this spring has disappeared and buyers and sellers likely will face rates in the mid-6% range into the summer.”
– Zillow and Rocket are facing lawsuits under the Real Estate Settlement Procedures Act (RESPA), with plaintiffs claiming that Rocket and Zillow’s referral of homebuyers to their own companies’ mortgage products constitute illegal kickbacks, experts see a complicated path forward for regulation. The outcome of the lawsuits could have ramifications for how mortgage leads are referred, though industry insiders tell RISMedia that RESPA (passed in the 1970s) is outdated with how technology has reshaped the housing market since.
– In Rocket Companies’ Q1 earnings call earlier this month, the company touted a strong quarter bolstered by its strategic investments in AI (that don’t forget the human component of business) and strong momentum from a partnership with Compass to syndicate private listings via Redfin.
– UWM experienced an “exceptional” Q1, per Ishbia on the company’s quarterly earnings call, with a 39% annual increase in loan origination volume, which reached $44.9 billion.
– UWM Holdings is currently in a bidding war with Cross Country Mortgage for Two Harbors Investment Corp, a real estate investment trust. Most recently, Cross Country upped its offer to a range of $12.45-$12.68 per share, following Two Harbors rejecting UWM’s offer of $12.50 per share.
– Mortgage lender Newrez has launched a consumer-facing AI assistant built directly into ChatGPT, saying it is the first mortgage lender of its kind to make such a product. The bot is based on Newrez’ own underwriting and lending guidelines, which the company claims will help “demystify” the mortgage lending process for consumers. “By applying our actual underwriting and lending logic inside ChatGPT, we’re giving borrowers an accessible way to learn without pressure,” said Newrez Chief Information Officer Brian Woodring. This move is not unprecedented; in late 2025, Zillow debuted an integration of its own app with ChatGPT.
– HomeSmart and Guild Mortgage have partnered, with Guild serving as a preferred provider for HomeSmart and offering loan officer services for partnered brokerages. “HomeSmart’s national reach and entrepreneurial agent culture make them a natural partner for Guild. This collaboration allows us to bring our lending expertise, local execution and service-first approach to HomeSmart agents across the country,” said Guild Mortgage Division Senior Vice President Rick Hogle.
– Foreclosure filings posted an annual gain for the 14th consecutive month in April, despite a small downturn from March readings. Reporting has attributed this, as well as a rise in mortgage delinquencies, to the end of pandemic-era financial support previously offered by the Federal Housing Agency (FHA).
– With rates above 6%, some buyers are turning to mortgage assumptions from the sellers, per local reporting in Sacramento.
