Rocket accuses UWM of targeting Mr. Cooper borrowers

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1. Rocket accuses UWM of targeting Mr. Cooper borrowers

Rocket Mortgage has expanded its lawsuit against UWM, alleging the wholesale lender violated nonsolicitation agreements covering nearly 182,000 mortgages whose servicing rights were sold to Mr. Cooper in 2024. Rocket claims the activity accelerated refinances and is seeking at least $100 million in damages as a result.

According to the amended complaint, the covered loans prepaid at roughly 2.5 times the rate of comparable mortgage pools, with more than 15,500 loans refinanced by December 2025. UWM was involved in more than 48% of those refinances, with Rocket pointing to programs including Refi75, KEEP, and Refi Shield 100.

Rocket also alleges UWM provided brokers with lists identifying specific Mr. Cooper loans to target. UWM has denied the allegations and called the lawsuit baseless. Rocket is seeking compensatory damages, plus interest and legal costs.

2. eXp ends mortgage JV, eyes Newrez partnership

eXp and Kind Lending are winding down Success Lending, their mortgage joint venture launched in 2021. The JV has originated about $270 million year to date, compared with $526.5 million in all of 2025.

eXp is now exploring a new joint venture with Newrez, pairing the lender’s origination platform with eXp’s nationwide agent network. Newrez originated $31.3 billion in mortgages in the first half of 2026, more than four times Kind Lending’s $7.5 billion.

Success Lending currently has 113 loan officers across 22 active branches, while Newrez operates about 15 mortgage JVs. A partnership with Newrez could give eXp a broader platform to scale its mortgage business while leveraging its agent network.

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3. More Nuggets

🚨 Mortgage rates surge to 6.71%. (FreddieMac)

💰 Homes in highly rated school zones cost 35% more. (Redfin)

💼 New American Funding lays off 160 employees in consumer direct division. (HousingWire)

👥 Gen Z accounted for one in five mortgage rate lock purchases in Q2 2026. (ICE)

🏠 New home listings reach a 4-year high in August. (Redfin)

4. Mortgage Nerds moves to NEXA Lending platform

Mortgage Nerds is joining NEXA Lending after an 18-month search for a new platform, with founders Mike Cox and Brian Hofmann citing NEXA’s servicing and borrower-retention capabilities as key factors. Its work with veterans through Vetted VA also helped seal the deal.

The move comes as NEXA continues to expand, following its acquisition of UMortgage, the addition of Anthony Casa as an executive partner and the launch of NEXA Unlimited, which gives loan officers access to 100% of the revenue from loans they originate.

Mortgage Nerds will keep its name and continue its VA education efforts under the NEXA platform, while affiliated Processing Nerds will remain an independent third-party processor serving brokers nationwide.

A MESSAGE FROM MORTGAGE NUGGETS

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5. Pending sales turn negative for the first time since November

Pending home sales just snapped an eight-month winning streak, falling 0.2% year-over-year in August, the first annual decline since last November, according to Realtor.com’s update.

Key takeaways from the report:

• Pending sales turned negative (-0.2% YoY) for the first time since November, down from a May peak of +4.8%, while new contract signings fell 3.4% year-over-year.

• 20.4% of listings saw a price reduction in August, matching last year's rate for the first time in 2026.

• Delistings remain 12.6% below last year's pace with no late-summer spike

• The median list price fell to $424,500, down 1.3% YoY — the 10th straight monthly decline.

• Active listings rose 3.6% YoY to 1.14 million, the fastest growth so far this year, though levels remain 11.1% below pre-pandemic norms.

☀️ You’re all caught up. See you on Wednesday!

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