Rocket is suing UWM for $100M

Plus: Kevin Warsh is the new Fed chair

May 15, 2026

🌅 Rise and shine, y'all. It's Friday. Todays newsletter is 567 words, a 2-minute read.

Disclaimer: Average mortgage rates as of May 14, 2026. © MND Daily Rate Index.

1. Rocket is suing UWM for $100M

When UWM sold $773 million in mortgage servicing rights to Mr. Cooper in 2024, it agreed not to solicit those borrowers to refinance. Rocket — which acquired Mr. Cooper last October — says UWM broke that promise across 182,000 loans, causing nearly $100 million in lost servicing revenue.

The lawsuit names specific programs: "Refi Shield 100," which cut rates 100 bps on Mr. Cooper-held loans, and UWM's AI-powered KEEP system, which Rocket says targeted those specific borrowers rather than mass marketing. It also cites a video where Ishbia told brokers to go after Mr. Cooper loans, saying he'd "lose money just for fun" to hurt the company.

UWM called it "baseless and opportunistic" and pointed to the timing — filed shortly after Rocket closed the Mr. Cooper acquisition and days after former Rocket wholesale chief Mike Fawaz announced his UWM partnership.

2. Kevin Warsh is the new Fed chair

The Senate confirmed Kevin Warsh to succeed Jerome Powell, and the housing industry is cautiously optimistic. Warsh's first FOMC meeting as chair is expected in June, with markets anticipating no immediate rate move.

Warsh is widely expected to resist rate hikes and push toward cuts — but the Iran conflict and sticky inflation have complicated the timeline. The 30-year fixed sat at 6.66% Thursday.

"Generally, a Warsh-led Fed could be modestly more dovish on rates, anchored by productivity optimism, while still carrying a hawk’s credibility. For housing, the key is whether he builds consensus across the Fed that reduces policy and mortgage-rate volatility, and keeps affordability from slipping further for households." said Dr. Selma Hepp, Cotality Chief Economist.

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3. More Nuggets

🏚️ Why a 2008 housing crash can’t happen again. (HousingWire)

🗞️ Newrez debuts Rezi Assistant in ChatGPT for lender-specific guidance. (Press)

💰 CrossCountry boosts cash payout in bid for Two Harbors. (NewsWire)

📈 Foreclosure filings up 18% from a year ago. (ATTOM)

4. UWM launches 86 bps refi incentive and upgrades its AI assistant Mia

At its annual UWM LIVE! event, Mat Ishbia announced "Refi '86" — an 86 basis point pricing incentive on conventional and government refinance loans through June 30, named after the company's founding year.

Ishbia also unveiled upgrades to Mia, UWM's AI-powered voice assistant, which has closed 80,000 loans since launching last year. New features include on-demand call options for listing agent outreach, pre-qualification follow-ups, and past-client mortgage reviews.

A Spanish-language version, Mia Español, also launched — automatically switching to Spanish when it detects the caller speaking it. Ishbia's message to brokers: "LOs that use AI will replace LOs that don't."

5. Linkhome to buy Mortgage One Group

Nasdaq-listed Linkhome has agreed to buy Mortgage One Group, a Texas and California-focused lender with 30 LOs, licenses in 18 states, and about $174 million in annual origination volume. The deal is expected to close by July 1.

The acquisition gives Linkhome the lending infrastructure it needs to scale its AI-powered Cash Offer and Buy Before Sell programs nationally — products that require integrated capital and underwriting capabilities to fund deals on tight timelines.

Linkhome plans to layer its AI across loan processing, underwriting, borrower communication, and operational automation.

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

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