In a Facebook Live video today, United Wholesale Mortgage (UWM) President and CEO Mat Ishbia (pictured) said UWM will no longer partner with brokers who partner with Rocket Mortgage and at Fairway Independent Mortgage Corporation.
A press release following the video explained that the move was a response to Rocket and Fairway allegedly participating in actions to keep loan officers away from brokers and excluding brokers from the process by speaking directly to realtors. .
“Independent mortgage brokers are leading a dramatic change in the mortgage industry and it doesn’t fit the business model of some retail lenders,” Ishbia said. “This is why they are trying to bypass the mortgage broker in the loan process. As a leading advocate for independent mortgage brokers, protecting the wholesale channel is UWM’s responsibility, which is why we ask our partners to partner with lenders who support them and their growth.
In the Facebook Live video, Ishbia described Rocket and Fairway as “hurting the wholesale channel.” He alleged that Fairway solicited loan officers and “spoke negatively about brokers”. He alleged that Rocket is going directly to realtors to “weed out the brokers”.
Ishbia gave brokers until March 15 to sign an addendum stating that they were not working with these lenders. If they don’t, they will no longer be able to work with UWM.
“As of today, at UWM, we are not helping those who help them,” Ishbia said. “If you work and send business to Fairway or Rocket, you can’t work with UWM as of now. ”