Rocket edges ahead in loans as UWM dominates volume

👋 We hope you had a great Easter weekend. Today’s newsletter is a 2½-minute read.

1. Rocket edges ahead in loans as UWM dominates volume

In 2025, Rocket Mortgage led in total number of loans issued (429,332; 6.33% share) with $116.16 billion in volume, while United Wholesale Mortgage (UWM) issued slightly fewer loans (422,120; 6.25%) but dominated in total loan value with $164.32 billion.

2. Finance of America hit with data breach lawsuit before company disclosure

A customer has sued Finance of America in Texas federal court over an alleged ransomware attack on March 20, filed before the company has made any public disclosure of a breach. A cybersecurity blog reported that a group called Word Leaks claimed credit for the attack.

The complaint suggests the breach may have exposed Social Security numbers and other personal data, with a potential class of tens of thousands to hundreds of thousands of customers. Finance of America has not reported any incident to state attorneys general databases and hasn't commented.

It's part of a broader pattern — mortgage industry data breach lawsuits are frequently filed before the full scope of an incident is known, and they've consistently settled rather than reaching trial.

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3. More Nuggets

📊 Benchmark Mortgage sues ex-employees for stealing P&L data. (TMS)

🧑‍🏫 Jobs rebound in March, unemployment at 4.3%. (The New York Times)

📈 RESPA cases are rising as states fill CFPB void. (National Mortgage News)

💰 Father-son lender duo owes ex-LOs $1M in back wages. (NMN)

4. Office-to-apartment conversions hit another record

More than 90,000 converted apartment units were under construction as of early 2024 — four times the number from 2022 — as empty office buildings continue to get repurposed into housing.

Financial pressure is a big driver: roughly one-third of all office loans mature by 2027, pushing owners of underperforming properties to act. New York leads all markets with 16,358 units underway, followed by D.C., Chicago, Los Angeles, and Dallas. Philadelphia, Denver, and St. Louis saw conversions more than double year-over-year.

About 24% of total U.S. office inventory is considered suitable for conversion — though feasibility depends heavily on building age, floor plate size, and access to natural light.

5. Opendoor acquires Doma's closing unit, partners with Fannie Mae on title program

Opendoor is buying Doma's closing and escrow operations — 85 employees included — and partnering with Fannie Mae on the GSE's Title Acceptance Program, which lets eligible refinance loans close without lender's title insurance by using algorithmic risk assessments instead of manual title searches. About 80% of deals qualify, resulting in faster closings and lower costs.

Doma's technology has powered Fannie's program since 2024. Under the new structure, Doma's algorithms handle the title risk decision while Opendoor handles closing and escrow.

It's a direct play on the closing process, which Opendoor has long identified as the hardest part of its pitch to simplify home transactions. The company reported a $1.3 billion net loss in 2025 but says it's on track toward profitability.

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

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