United Wholesale Mortgage Bars Mortgage Brokers From Doing Business With Them If They Do Business With Rocket Mortgage
United Wholesale Mortgage is the top wholesale lender in the nation. Now UWM CEO Mat Ishbia is flexing his muscle. He announced on a Facebook live earlier this month that UWM will no longer partner with brokers who also work with Rocket Mortgage (formerly Quicken Loans) and Fairway Independent Mortgage Corp.
Mat Ishbia gave brokers and owners a deadline of March 15th to sign an addendum. The addendum specifically states makes brokers pledge they are not working with those two lenders.
Ishbia said:
The announcement from United Wholesale Mortgage stated the decision was in response to Rocket and Fairway. The two companies solicited loan officers away from brokers and began working directly with real estate agents to cut brokers out of the entire process.
On February 1st, the wholesale mortgage lending division of Rocket Companies launched a national mortgage broker directory on its website.
Ishbia pointed out there are other lenders where he doesn’t agree with their business practices. However, these two are going after the broker channel.
United Wholesale Mortgage And Rocket Mortgage Are In A Broker War!
The news is just one of three announcements from UWM. The company also announced the launch of Prime Jumbo with LTVs up to 89.99% and sharpened pricing across the board.
In May 2020, UWM launched its “Conquest” program to enable brokers to go after new customers. Conquest also allows brokers to go after customers that the broker lost to another lender just weeks earlier. In addition, Ishbia said that the program has been performing great. Conquest will still be out there, but UWM’s regular programs, elite programs, non-elite programs, regular conventional, FHA and VA. All those programs are still going to be the focus.
In response to UWM’s announcement, Rocket Pro TPO vice president, Austin Niemiec said in an interview with HousingWire:
The long simmering feud between UWM and Rocket Mortgage erupted a year ago. Last July, Former AIME CEO Anthony Casa blasted out a video claiming Niemiec’s wife once performed oral sex on UWM CEO Matt Ishbia.
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