Detroit home renovation program to get $5M injection
April 15, 2021
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DETROIT (AP) Detroit and the Rocket Community Fund said Thursday that they are contributing $5 million to a program that renovates houses and provides better access to financing for existing and potential homeowners.
The funding is expected to add at least 200 homes across 10 Detroit neighborhoods to the Rehabbed & Ready program, which turns blighted single-family homes owned by the Detroit Land Bank Authority into move-in ready ones. The land bank oversees the renovations.
The $2.5 million from the Rocket Community Fund will finance renovations and help cover the gaps between construction costs and the sale prices of homes.
Both UWM and Rocket Mortgage claim victory as brokers choose sides
Both UWM and Rocket Mortgage claim victory as brokers choose sides
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UWM President and CEO Mat Ishbia: “We’re going to be able to look back at this as a pivotal moment that helped catapult independent mortgage brokers’ growth.”
The specific economic outcome of a feud between two Southeast Michigan mortgage lenders remains unclear, but officials with both United Wholesale Mortgage Corp. and Rocket Mortgage were claiming victory Wednesday.
Pontiac-based UWM earlier this month gave an ultimatum that brokers must halt doing any business with Detroit-based Rocket and one other lender if they wish to keep doing business with UWM. The outcome of that ultimatum has been nothing short of successful, according to UWM executives.
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Crain s Detroit Business collage from Bloomberg, NYSE, Crain images
United Wholesale Mortgage Corp. headquarters in Pontiac (clockwise, from top left); Mat Ishbia, president and CEO of United Wholesale Mortage; Rocket Companies sign on Woodward in Detroit; and Dan Gilbert, founder of Rocket Mortgage.
The line in the sand for the booming mortgage sector has been drawn by Mat Ishbia, but for some in the industry, the decision of which side to take is fraught.
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