DSCR loans are the fastest-rising corner of the mortgage market right now, and the biggest name quietly behind them is one almost nobody is connecting the dots on.

This is becoming its own chapter in a UWM story that Richard Christopher Whalen and I seem to be the only ones covering for some reason.

In plain English... a DSCR loan is a mortgage on a rental property where the bank basically shrugs at your pay stubs and asks one question: does the rent cover the payment? If the house pays for itself, you qualify. It is landlord lending, demand is surging, and it carries higher risk and higher margin than a standard agency loan.

Lenders originate loans, but they do not keep them, they sell them and recycle the cash into the next batch. The plain-vanilla agency loan gets sold straight to Fannie, Freddie, or a big aggregator.

But non-conforming loans, DSCR and the rest of the non-QM world, do not qualify for that path. So they get sold, directly or indirectly, into private-label securities: a few hundred loans pooled together and turned into a bond that investors buy. It is the corner of the market growing the fastest and every one of those bonds comes with a public, free rating report, from an agency like KBRA, that lists exactly whose loans are inside.

So here's the ten-minute exercise ... Google "KBRA GS Mortgage-Backed Securities DSCR," open the press releases, and scroll to the line that names who actually originated the loans in the pool.

Now look at the largest originator in Goldman Sach's most recent DSCR and non-QM pools ...

GS 2025-DSC2 (Oct 2025): UWM, 40.4%
GS 2026-NQM1 (Jan 2026): UWM, 23.8%
GS 2026-DSC1 (Feb 2026): UWM, 24.7%
GS 2026-DSC2 (Jun 2026): UWM, 34.2%

Four straight Goldman deals. UWM the single biggest loan supplier in every one. No other originator even cracks 10%.

The largest wholesale lender in America, built on plain-vanilla agency loans, is quietly the dominant feeder into Goldman's investor-loan machine.

Interesting in the broader scope, for a few reasons.

Read the rest of this post here …

One of my favorite business principles: "If you suck at marketing, you constantly have to sell. Get good at marketing, and things start coming to you."

Almost everyone runs the exact opposite playbook. Sell, sell, sell. Buy from me. Work for me. Refer to me. Take my meeting. "Just bumping this to the top of your inbox." Everyone's inbox is a wall of people asking for something, stacked on top of other people asking for something.

Nobody wants to be sold to. 0% of humans. 0%.

Flip it. Create value through content for the people who matter most to your business, whoever they are: past clients, referral partners, recruits, prospects.
LinkedIn content. And an email newsletter that is genuinely selfless. No pitch. Just things your audience actually finds interesting and valuable. Written like a human. Sent consistently.

Then the fun part...

Every issue, my clients drop links on purpose. Market data, tools, event pages, deep dives. Every click is a reader raising their hand and telling you exactly what they care about, without ever being asked. And here is the thing: nobody accidentally clicks a servicing-retention deep dive three weeks in a row. That reader is not a cold lead. That is the warmest lead on planet Earth. They came to you.

The hard part used to be seeing it. Now Claude Cowork plugs into Beehiiv and LinkedIn, reads the engagement on everything my clients publish, and tells them who is leaning in, on what topic, and when to reach out. Follow-up stops being a guess and becomes tactical warfare: 5-10x the open and response rates of cold outreach.

Value first. Attention earned. Attraction over pursuit.

Tonight, the US tries to break through to the Elite Eight for the first time since 2002, and it does it WITH Flo Balogun back in the lineup after his red card got wiped (turns out FIFA officials cave WAY easier than Jerome Powell). Belgium is the opponent, and they are old, slow, and frankly a little lucky to still be here, but knockout soccer loves humbling a favorite. A loud home crowd, our leading scorer back, and a spot in the final eight on the line. I would not miss it for anything.

Record to date, all posted publicly here: 41-33, plus $1,233, with a France ticket still simmering. Last night was a split, my Mexico and England both teams to score hit in a wild 3-2 England win, but my Mexico to advance bet went down with the hosts.

Here is what I have got the next couple of days.

MONDAY

🇵🇹 Portugal +1.5 and both teams to score, $220 to win $200. I almost took the over 2.5 here and talked myself into this instead. Portugal is a mess held together by a 41-year-old man's ego and adrenaline, but a mess with just enough talent to score once and keep it close. I want goals, I want chaos, and selfishly I want a Portugal upset, because Spain in the next round is a much scarier date for the USA than Cristiano running on fumes.

🇺🇸 USA to advance and over 1.5 goals in regulation, $250 to win $325. Almost took the over 2.5 here too, then remembered I would like to sleep this week. Belgium is old, slow, and one long throw-in away from a nursing home, and the US at home does not do boring. Both teams find the net, the crowd loses its mind, and the Americans gut their way into the final eight.

TUESDAY

🇪🇬 Egypt +1.5, $140 to win $100. Plus $100 to win $220 on Egypt +1.5 and both teams to score. Translation: I do not think Egypt wins, I think Egypt hangs around long enough to make Argentina sweat. Give me Salah or Marmoush poking one in and another tough grind win for the defending champs.

🇨🇴 Colombia to advance vs Switzerland, $450 to win $300. Colombia's back line has a strict no-visitors policy and Switzerland did not RSVP. They strangled a stacked Portugal side, have allowed 1 goal in 4 games, and play every match like the other team keyed their car in the parking lot. And then there is Switzerland. Their entire national identity is being pleasant and forgettable, which is also a fair scouting report on their soccer team. They are the beige rental car of international football. Reliable, climate-controlled, zero horsepower. Colombia is about to fold them up like a laundry pile and send them home to yodel about it.

Then the World Cup goes dark Wednesday to catch its breath, before the quarterfinals open Thursday with France vs Morocco. Let's keep it rolling.

Tiled Words, an awesome new daily puzzle game

Guess the movie by listening to the music, pretty cool

America’s iconic companies that disappeared

Americans of all ages are spending less time socializing

Two great email newsletters I love to consider subscribing to - The Morning Brew and The Hustle

So cool - a website platform that helps you find out the best foods to pair with each other

July 13 - MLB HR Derby

July 14 - MLB All-Star Game

July 14 - Consumer Price Index (CPI) inflation reading

July 15 - Producer Price Index (PPI) inflation reading

July 19 - World Cup Final

July 28-29 - Fed Meeting/Decision

July 30 - Gross Domestic Product (GDP) and PCE inflation reading releases

AUGUST

Aug 7 - July Jobs Report

Aug 12 - Consumer Price Index (CPI) inflation reading

Aug 13 - Producer Price Index (PPI) inflation reading

Aug 27-29 - Fed Jackson Hole Retreat

Aug 28 - FINAL NFL ROSTER CUTS FOR REGULAR SEASON!

Aug 29 - COLLEGE FOOTBALL RETURNS!

Aug 30 - US Open Tennis Tournament begins

“Some people think I'm against selling because I talk about giving all content away for free – but the truth is, building brand is the best sales strategy.” - Gary Vaynerchuk

Until the next one,
Swerb
[email protected]