Mat Ishbia to Brokers: Higher Rates Will Shake Out Weaker Competitors — Act Now

# Overview

At the AIME Fuse event Mat Ishbia, CEO of United Wholesale Mortgage, told brokers that the current higher-rate environment is not a reason to pause. He framed rate volatility as a business filter: some originators will retreat, and those who keep working will gain market share. Ishbia's message is straightforward and action-oriented: treat every day as a chance to win and stop waiting for rates to fall.

# What Ishbia said

# Market context cited

The article notes ongoing rate pressure: Freddie Mac's 30-year rate was reported at 7.03%, with some lenders quoting mid-7% levels. Many forecasters expected lower rates in 2026, but the market moved the other way, suppressing refinance volume and forcing brokers to focus on purchase activity and non-agency opportunities.

Desmond P. Smith, UWM's EVP and chief growth officer, reinforced Ishbia's theme. He recalled starting in the early 1990s when rates were in the high nines, and the market kept going. Smith highlighted persistent borrower needs — purchases, cash-out for liquidity amid high consumer debt — and said originators can choose to move with the market or be left behind.

# Practical actions for brokers

• Keep outbound activity up: continue calling past borrowers, agents, and referral sources rather than pausing for better rates.
• Prioritize loan types that remain in demand: purchase loans and cash-out refinances tied to debt management or liquidity needs.
• Invest time where it compounds: agent relationships, targeted marketing, and outreach to recently closed borrowers who may refinance if rates change.
• Reframe conversations: acknowledge rate pain but lead with solutions — affordability scenarios, alternative loan products, or timing plans.

# Why this matters now

Ishbia's argument is tactical: higher rates shrink the competitor pool and reward persistent originators. Given the observable rate environment and reduced refinance volume, the brokers who maintain activity and adapt to buyer profiles will be positioned to capture business both now and when rate movement creates refinancing windows.

# Bottom line