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UWM’s Ishbia talks surprise partnership with past Rocket foe
A lunch meeting between once bitter adversaries turned into a business agreement that few in the mortgage industry saw coming this week.
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Now aligned on the same side, United Wholesale Mortgage CEO Mat Ishbia and longtime Rocket executive Mike Fawaz raised eyebrows with their eye-opening new alliance that provides a big boost and opportunity for scale to the company newly founded by the latter.
With the launch of new broker firm Origna8, Fawaz also rolls out a technology platform he hopes to create a community of like-minded peer third-party originators. Among the first people in the mortgage industry he chose to partner with was UWM’s Ishbia,
The partnership’s origins
Fawaz’s initial outreach caught Ishbia by surprise, the UWM CEO admitted.
“I give him credit. I thought to myself, ‘Would I do that?” Could I be open to something different?” he said in a joint interview with National Mortgage News.
“What I give him credit for is, he said, ‘I’ve been on one side of this and learned and built Rocket and done a great job over there for a long time. I want to learn what the other side has.”
The first meeting came through a mutual friend, who suggested it to Fawaz. “I think he thought I wouldn’t do it,” Origna8’s founder said.
“After having lunch with Mat and walking away and then getting to understand what they’re building, it was the obvious choice. We’re very aligned with how Mat thinks about the industry and what he’s trying to do. I think this comes as a surprise, and I’ve seen some of the people saying, ‘Wow, what a change of heart,'” Fawaz said.
Origna8’s development and focus
Fawaz’s new company will be working with multiple lenders, but as the largest wholesale originator in the country, UWM was a company he said he needed to explore a partnership with, both as a broker and tech startup.
“At some point in your life, you have to take a step back and look at everything,” said Fawaz, who worked at Rocket for 15 years.
“I can tell you right now; I am in full support, and we’re going to run and build something great together,” he said about the UWM relationship.
Described by Fawaz as an all-in-one platform, Origna8 contains a customer-relationship management platform and both loan-origination and point-of-sale systems housed within and backed with artificial intelligence capabilities. Also included is a dialer as well as a lead-generation platform.
Following his decision to
Beyond its use as a broker or technology tool, Origna8 is expected to also become a community-building resource for the right partners, Fawaz said. “We’re going to bring the right partners on, whether you’re a broker, lender. But you become a member of this community. If you’re a member of this community, you’ll be able to take advantage of all these services.”
Since announcing the launch earlier this week, Fawaz said he has already fielded approximately 1,900 queries.
Regarding the departure of its two former executives and their decision to cooperate with UWM, Rocket said it was intent on building out on the success of its own third-party platform, saying it had “never been more energized” about wholesale lending operations.
“We’re aware of Origna8, but our focus is on the momentum we’ve built since Dan and Mike’s departure,” a Rocket Pro spokesperson said in a statement.
“We’re doubling down on this business and redefining what it means to be a wholesale lender.”
In a
In what was likely the most controversial move of the dispute, UWM told brokers in 2021 that it would no longer purchase loans from those who also worked with Rocket or Fairway Independent Mortgage Corp. Violations of the directive, known as the all-in initiative, has led UWM to lodge several lawsuits against broker firms, with courts
Cooperation now between Fawaz and Ishbia, includes the sharing of resources that they think will benefit both leaders’ ambitions, they said.
“We have some proprietary tech, but we’re also using some of our lenders, including UWM. They have an incredible tech stack,” Fawaz remarked. “They’ve opened the doors for us to be able to API into some of these things and communicate back and forth and do our work efficiently.”
In working with Fawaz, Ishbia said he was following the same strategy he always employed. “I partner with the right people to be successful, and Mike’s going to be extremely successful, whether he was working with me or not,” Ishbia said.
“I think I can help him scale bigger and better and stronger, and I’m excited to help him, just like I do with 12,000 other mortgage brokers.”
Are You Building a Life or Just Maintaining One?
A physician I know well told me something recently that stuck with me. He said, “Everything in my life is fine. Good income. Good family. Good job. So why do I feel like I’m just keeping the machine running?”
He wasn’t burned out. He wasn’t struggling. He was succeeding by every measure anyone would use to evaluate his life. And yet.
I knew exactly what he meant, because I’ve felt it too. That quiet gap between a life that looks right and a life that feels right. Where everything is stable, but nothing is moving forward. Where you’re maintaining, but you’re not building.
That gap is where most high-performing physicians live. And very few people talk about it honestly.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial, legal, or investment advice. Any investment involves risk, and you should consult your financial advisor, attorney, or CPA before making any investment decisions. Past performance is not indicative of future results. The author and associated entities disclaim any liability for loss incurred as a result of the use of this material or its content.
The Maintenance Trap
Medicine trains you to maintain. Show up. Execute. Repeat. The system rewards consistency, not creativity. And for a long time, that feels like enough. You’re earning well, your family is comfortable, you’re respected in your field.
But somewhere around year seven or ten, something shifts. You start noticing that the work doesn’t challenge you the way it used to. The problems are the same. The schedule is the same. The ceiling is the same. You’ve mastered the role, and now you’re just running the plays.
This is what I think gets mislabeled as burnout. For most physicians I talk to, the issue isn’t that they’re exhausted. It’s that they’re understimulated. They trained for a decade to solve complex problems, and now they’re in a system that doesn’t ask them to think that way anymore.
The restlessness isn’t a warning sign. It’s a signal that you’re ready for more.
What “More” Actually Looks Like
I want to be specific here, because “more” can sound like hustle culture if you’re not careful. I’m not talking about working harder or adding more to your plate.
I’m talking about building something that’s yours. Something that stretches you in ways clinical medicine stopped doing years ago. Something that gives you new skills, new income streams, and new ways to think about what your life could look like.
For some physicians, that means investing in real estate. For others, it’s launching a business or building a course. For others, it’s redesigning how they practice medicine itself, going concierge, starting a DPC, or building a private practice that actually reflects how they want to care for patients. And for many, it’s a combination.
The specific vehicle matters less than the shift: from maintaining someone else’s system to building your own.
I’ve watched this firsthand. I’ve seen physicians go from zero passive income to replacing half their clinical earnings in a few years. I’ve also seen physicians completely transform their practice model and end up working fewer hours, earning more, and spending more time with their patients. Not because they found a shortcut, but because they put themselves in the right environment, learned the right skills, and took consistent action.
Every one of them told me the same thing: the money was great, but what really changed was how they felt. They had energy again. They were thinking about problems that excited them. They felt like they were building something, not just clocking in.
The Identity Shift That Changes Everything
Here’s what I’ve learned about myself through this process. When I only had one identity, every problem in that one domain felt enormous. A bad interaction with hospital admin didn’t just ruin my day. It made me question my whole career.
Once I started building outside of medicine, something unexpected happened. I became a better doctor. Not because I learned some new technique, but because the pressure was off. I could show up to clinical work with a clear head. I could say no to the things that didn’t serve me. I could practice because I wanted to, not because I had to.
One day I’m in doctor mode. The next day I’m working on a business. The next day I’m coaching my kid’s soccer team. Having multiple identities doesn’t dilute who you are. It makes you more resilient. No single bad day can define your whole life when your life isn’t built on a single thing.
That’s the real unlock. Not escaping medicine. Expanding beyond it.
Why Environment Matters More Than Willpower
Most physicians who feel this restlessness try to solve it alone. They read a book, listen to a podcast, maybe open a brokerage account. And then life gets busy, the momentum fades, and they’re back to maintaining.
I’ve done this too. What changed for me wasn’t a strategy or a course. It was getting into a room with people who were actually doing it. Physicians who were building businesses, investing intentionally, redesigning their practices, and designing their weeks instead of just surviving them. That proximity changed my standards, my pace, and my belief in what was possible. There’s a reason every physician I know who’s achieved financial freedom points to community as the thing that made the difference. You learn faster. You get honest feedback. You stay accountable. And you stop feeling like the only person in your hospital who wants something different.
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From Maintaining to Building
If anything in this piece resonated, I want you to ask yourself one question: what would be different about your life in two years if you stopped maintaining and started building?
Not a dramatic exit. Not a reckless leap. Just a deliberate shift toward expanding what your life includes.
That’s what the Leverage & Growth Accelerator is built around. Over 600 physicians who are starting, growing, and scaling businesses alongside medicine, or redesigning how they practice it entirely. Live expert sessions, group coaching, a resource library, and a community that holds you to a higher standard than you’d hold yourself.
You can try it free for 30 days. No pitch after that, just a decision about whether it fits.
Because the question was never whether your life is good. The question is whether you’re building it on purpose.
Were these helpful in any way? Make sure to sign up for the newsletter and join the Passive Income Docs Facebook Group for more physician-tailored content.
Peter Kim, MD is the founder of Passive Income MD, the creator of Passive Real Estate Academy, and offers weekly education through his Monday podcast, the Passive Income MD Podcast. Join our community at the Passive Income Doc Facebook Group.
Further Reading
Gold Days Of GrubHub: $50 Off $100+ Instacart Grocery Orders Every Sat & Sun (5/1 – 5/31)
The Offer
Direct link to offer
- GrubHub is launching a promotion called ‘Gold Days Of GrubHub’ from May 1 – May 31, 2026. Most of the deals seem pretty week but you can get $50 off $100+ on grocery orders via Instacart every Saturday and Sunday in May
Our Verdict
Requires GrubHub+, you can also get that for $0.99 a month during this promotion (enrolls you in auto billing so remember to cancel). Most readers will already have GrubHub+ from various promotions such as Amazon Prime.
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3 Best Consumer Staples Stocks to Buy and Hold for Decades
Investors tend not to think of consumer stocks as growth names. These companies often have conservative management, rarely matching the returns of higher-flying growth stocks, and in many cases, pay dividends.
Fortunately, some of these names have a track record of delivering long-term returns and will likely continue to do so. Knowing that, investors can buy these three consumer staples stocks and should earn significant returns by holding them for decades.
Image source: Getty Images.
Constellation Brands
Constellation Brands (STZ 2.56%) is a leading alcohol company that has dealt with internal and external threats. Sales have suffered as consumers across generations have reduced alcohol consumption.
Also, while it distributes America’s No. 1 beer, Modelo, the beer’s ties to Mexico stoked worries about tariff threats. Internally, the company did not foresee the falling consumption patterns and relied too heavily on wine and spirit brands that did not perform well.
However, investors have priced these challenges into the stock, perhaps overly so. That prompted Warren Buffett to invest some of Berkshire Hathaway‘s cash into the stock before he retired, and this was likely a wise decision. Moreover, Constellation has divested some of its underperforming wine and spirit brands.
The divestiture was partially responsible for an 11% sales decline in fiscal 2026 (ended Feb. 28). Nonetheless, it generated $1.8 billion in free cash flow in that fiscal year. That allowed it to repurchase shares and fund its dividend. That payout, which has risen every year since 2015, pays investors $4.12 per share annually, a 2.6% cash return.
Today’s Change
(-2.56%) $-3.96
Current Price
$150.40
Key Data Points
Market Cap
$27B
Day’s Range
$150.22 – $154.42
52wk Range
$126.45 – $196.91
Volume
1.9M
Avg Vol
2.1M
Gross Margin
50.47%
Dividend Yield
2.63%
Furthermore, in fiscal 2027, the company forecasts net sales will remain steady at the midpoint. The stock has also risen 15% since the beginning of the year. Considering its P/E ratio of just 16, one could argue that this Warren Buffett stock is absurdly cheap right now.
PepsiCo
Like Constellation, PepsiCo (PEP 0.64%) provides a unique opportunity to investors as it adapts to evolving consumer tastes. Aside from its flagship cola, Mountain Dew, Gatorade, Doritos, and Quaker Oats are among the products under its umbrella.
In recent years, consumers have become increasingly leery of sugary drinks and processed foods, leading to a reduction in sales. PepsiCo has responded by changing the ingredients in many of its products and buying some brands associated with healthier offerings, such as Siete Foods.
Its recovery is showing some promising signs. In its fiscal first quarter (ended March 21), net revenue grew by nearly 9%, well above the 2% in fiscal 2025. Also, even though free cash flow was negative $406 million in fiscal Q1, it improved from year-ago levels. Investors should note that the free cash flow was nearly $7.7 billion in fiscal 2025.
That cash repurchased shares and supported its dividend, which has increased for 54 straight years. At $4.69 per share annually, it yields almost 3.7%.
Today’s Change
(-0.64%) $-1.00
Current Price
$155.29
Key Data Points
Market Cap
$214B
Day’s Range
$153.48 – $156.49
52wk Range
$127.60 – $171.48
Volume
4M
Avg Vol
7.4M
Gross Margin
54.22%
Dividend Yield
3.64%
Analysts forecast a 5% revenue increase in fiscal 2026, indicating its market pivot is working. Furthermore, its stock has risen by almost 10% this year, and at a P/E ratio of 24, it is likely not too late to invest in a probable recovery in PepsiCo stock.
Kimberly-Clark
Similar to PepsiCo, Kimberly-Clark (KMB 2.38%) has built its business around trusted brands. It owns Kleenex, Huggies, Cottonelle, and others. Also, its upcoming acquisition of Kenvue, which was once the consumer health division of Johnson & Johnson, will place more familiar brands like Tylenol and Listerine under its umbrella.
Over the last year, the stock has suffered amid rising input costs, expenses related to a company restructuring, and the $48.7 billion cost of acquiring Kenvue. In that time, the stock lost more than one-fourth of its value.
Today’s Change
(-2.38%) $-2.34
Current Price
$96.10
Key Data Points
Market Cap
$33B
Day’s Range
$94.95 – $98.72
52wk Range
$92.42 – $144.31
Volume
5.4M
Avg Vol
5.2M
Gross Margin
35.67%
Dividend Yield
5.14%
However, these moves could spark the beginnings of a recovery. In 2025, its net sales fell by 2%. Also, it generated $1.6 billion in free cash flow in that year, down by 35% amid the restructuring.
Share levels remained steady, though it is on track to continue funding the dividend that has risen for 54 consecutive years. At $5.12 per share annually, it yields about 5.1%, enough to pay investors while they wait for a recovery.
Analysts anticipate net sales growth of around 3%. Moreover, its P/E ratio has fallen to 16, a level near multiyear lows. Between that valuation and its high-paying, growing dividend, any positive news could spark a recovery in the stock.
What the Market Knows That WACC Doesn’t
Valuation sits at the heart of strategic decision-making. At its core, it is the trade-off between today’s capital and uncertain future cash flows. Traditionally, companies forecast cash flows and discount them using the weighted average cost of capital (WACC), derived from the Capital Asset Pricing Model (CAPM). While widely accepted, this framework often fails to reflect the return investors are actually pricing into a company’s shares.
Enter the market implied discount rate (MIDR) — the discount rate that equates expected future cash flows, based on consensus forecasts, to the current stock price. Unlike WACC, MIDR reflects the return investors are implicitly demanding, embedding their assessment of risk, credibility, and future performance.
Deploying MIDR at scale requires solving practical challenges such as filling gaps in analyst models, validating assumptions, extending forecasts, and automating large volumes of inputs. Once addressed, however, MIDR becomes a reliable valuation metric that can be applied consistently across companies and timeframes.
We examine where MIDR and WACC diverge, why intra-sector dispersion is substantial, and how management can use these insights to create value.
Using S&P Capital IQ data, we analyzed every company in the S&P 500 over the last three years. The results show meaningful divergence between MIDR and WACC across sectors.
Starbucks is winning customers back after investing $500 million in workers and stores
Starbucks on Tuesday reported quarterly sales growth in the U.S. that blew past Wall Street’s expectations, and its operations chief credited more staffing in its stores and enhanced employee benefits for the coffee chain’s quickly improving fortunes.
“It really comes from the coffee houses and the partners who empower them, which has been a focal point of this turnaround all along,” Starbucks chief operating officer Mike Grams told Fortune in an exclusive interview after the earnings release. “It’s all led to our coffee houses just simply running more consistently.”
The company said that comparable sales, a metric that strips out the impact of recently opened or closed stores, rose 7.1% in the United States last quarter, the second quarterly increase in a row and well above the 4.5% increase analysts were expecting, according to Consensus Metrix. (Companywide, comparable sales rose 6.1%, while total revenue increased 9% to $9.5 billion.)
Most encouragingly for the company, U.S. store traffic was up again, rising 4.4%, meaning Starbucks continues to win back customers it had lost in recent years because of myriad problems such as long lines for order pickups, inconsistent quality of the items ordered and stores that had eliminated seating or were simply inadequately maintained and uninviting.
To address those in-store problems, under Brian Niccol, the former Chipotle CEO who took Starbucks’ reins in 2024, Starbucks has increased staffing at peak hours, raised wages, and enhanced parental, leave, healthcare and education benefits among other steps.
Some of Starbucks’ moves seem to address complaints the Starbucks Workers United union, which represents about 600 of the company’s 10,000 U.S. stores, has made regarding scheduling and wages. The union and Starbucks agreed last month to return to the bargaining table, with negotiations expected to start soon, the Journal reported. Grams told Fortune that stores, whether unionized or not, are all getting the same treatment regarding scheduling. In a statement to Fortune, union spokesperson Michelle Eisen said there are still workplace problems to solve at the corporation: “The reality of working at Starbucks is that stores are understaffed, and workers struggling to get by, and lack critical on-the-job protections.”
Starbucks said its baristas currently average $30 an hour in total pay and benefits. And that in turn has helped Starbucks execute a turnaround that is gathering steam, according to its executives. Starbucks’ investments had pinched profits in recent quarter, but this last quarter saw profit and sales rise simultaneously for the first time in two years, easing Wall Street’s nerves and sending shares up.
In all, Starbucks has spent $500 million on moves like adding staffing at peak hours to speed up service and make it more accurate. The company has also spent money on increased training for baristas and store upgrades.
Grams said that more staff during the rush periods helps it give green apron partners, as Starbucks calls its employees, more time to correctly read labels on an order, reducing the risk of mistakes. He also said that 95% of employees are getting their preferred schedules and that 98% of available shifts are filled, allowing the coffee store to operate more consistently. The extra staffing has meant more capacity for measures such as having an additional employee taking orders at the register, or more people around to make complicated beverages, or another person around to hand items off to the customer.
In many ways, this focus on staffing is reminiscent of the pay increases Walmart and Target announced starting a decade ago to improve customer service as those retailers reinvented, and the increased staffing we are now seeing at Macy’s that is fueling its comeback. It turns out happier employees who have bought into a transformation or turnaround are good for business.
Another focus of the Starbucks investment has been incentives to retain talent and reduce churn at the store manager level. “Our highest performing coffee houses are far more likely to have leaders who’ve been in the role over a year,” said Grams.
The Seattle-based company also plans to provide bonuses to baristas whose stores meet performance goals, such as sales targets and customer satisfaction. They can earn as much as $300 as a quarterly bonus, or $1,200 for a full year, the company said.
Also boosting Starbucks’ sales have been menu innovations such as protein-boosted drinks and energy refreshers. Starbucks’ comeback has been anchored by a focus on better service, upgraded stores and new beverages, instead of discounts to restore Starbucks’ standing with customers.
“This isn’t just a turnaround, but a reawakening of what’s made Starbucks exceptional in the first place,” said Grams.
Ripple Expands Partnership With Bullish
Bullish (NYSE: BLSH), an institutionally focused global digital asset platform and exchange, and Ripple are building upon their existing long time partnership. According to a statement from the two firms, the agreement means extending Bullish’s options markets to Ripple Prime users.
On another note, Ripple and OKX have announced a strategic partnership to bring Ripple USD (RLUSD) to eligible markets on OKX.
The company adds that the integration provides Ripple Prime’s institutional customers direct access to Bullish’s regulated BTC options markets said to be the second-largest by open interest for crypto-settled Bitcoin options. This complements existing connectivity to Bullish’s spot, perpetuals, and dated futures.
Stablecoins such as Ripple USD (RLUSD) can be used to trade options on Bullish.
Chris Tyrer, President of Bullish Exchange, said institutional demand is on the rise and superior tools are required.
Ripple Prime is one of the largest global non-bank prime brokers, offering multi-asset brokerage, clearing, and financing services, clearing over $3 trillion in 2025.
Mortgage applications dip as spring buyers push ahead despite higher rates
Purchase applications rose 1% on a seasonally adjusted basis and 2% unadjusted, leaving purchase demand 21% above year-ago levels.
“Mortgage rates increased slightly last week, with the 30-year fixed rate rising to 6.37 percent. The increase in rates led to a 4 percent decline in refinance application volume. However, purchase activity for conventional loans picked up almost 2 percent for the week,” said Mike Fratantoni, MBA senior vice president and chief economist.
“More notably, purchase application activity was more than 20 percent above last year’s pace. After a brief pause, in part because of the elevated geopolitical uncertainties, potential homebuyers certainly appear to be moving forward this spring and taking advantage of the more favorable inventory conditions in most parts of the country,” he said.
Refis cool, purchase loans carry the market
The latest figures extended a bumpy spring pattern. Earlier in April, MBA data showed a sharper 10.4% weekly drop in applications as the 30‑year rate touched 6.57%, its highest level since last August, before easing slightly in recent weeks.
Refinances accounted for 42.5% of total applications, down from 44.2% the prior week, while adjustable‑rate mortgages made up 8.3% of activity.