“Now we’re seeing the stories on the street of servicers that paid a five multiple to buy the MSR, willing to lose money on the new reorigination and retention unit, to blend the cost structure of the two together,” he said. “What that means to a broker on the street is you can’t have a super high comp plan on a refi.”
Speaking at the AIME Fuse event, United Wholesale Mortgage CEO Mat Ishbia encouraged brokers to act now, stressing that waiting for even lower rates means missing opportunities. https://t.co/yfhEN7I8AM
— Mortgage Professional America Magazine (@MPAMagazineUS) October 27, 2025
He said to check with lenders to set up comp plans, which will allow you to compete with servicers on these refinances.
“You’ve got to work with lenders that will allow you to have a Lender Paid purchase comp plan and a Lender Paid refi plan,” Brenning said. “It’s legal and compliant. As you go out and look to do rate-and-term refis for your clients, cash-out refis, IRRRLs, or streamlines, make sure you have a low enough comp plan on the refi to go toe to toe with the servicers out there.
“Because we’re seeing them at a level we’ve never seen them before. They’re razor-sharp, cutthroat competitors doing the right thing for their own personal financials as a company, but not good for the broker community. So, brokers, be aware, the servicers are out there. They’re hunting for your portfolio. They’re hunting for your client. You’ve got to be ready for that.”
Upgrading everything
To position themselves to help brokers win those recaptures, AFR became eLEND. Brenning said it was more than just a name change.