Florida Company Sues Over UWM’s Broker Ban

A Florida real estate broker filed a federal lawsuit against United Wholesale Mortgage’s parent company and CEO Mat Ishbia over the launching the Broker Wars, in which Ishbia forbade brokers from doing business with two competitors if it wanted to continue to work with UWM. The lawsuit, filed in U.S. District Court in Jacksonville, alleges UWM issued its ultimatum “in a desperate attempt to stifle competition” and to “mitigate its acknowledged risk of losing market share.” UWM announced in April that it would force brokers to sign an agreement that they will not work with Rocket Mortgage or Fairway Independent Mortgage – or else be banned from work with UWM, the largest wholesale mortgage lender. Ishbia charged the two companies…

Best Places To Work: Rocket, Zillow Make List

Fortune released its Top 100 Places to Work list Monday, with four mortgage/real estate companies making the list – led by Rocket Companies at No. 5. Here are the four companies that made the list (Cisco was No. 1): 5. Rocket Companies 8. Camden Property Trust 22. Bank of America 47. Zillow Group “Everything we do is framed by our culture and by our ISMs. Over the past year, we have been guided by the ISM ‘We’ll Figure it Out’ as we navigated the challenges introduced by the pandemic while still creating the best possible experience for our team members,” said Jay Farner, Rocket Companies’ CEO and Vice Chairman. “When COVID-19 began spreading across the country in the U.S., we rapidly launched…

Zillow, RE/MAX: This Is How Twitter Wars Start

It started innocently enough: I look at Zillow like it’s my social media. 🤷🏻‍♀️🏡— Whitney Ortiz (@OrtizWhit) March 30, 2021 Which Zillow appreciated: We like to think of it as research 😎— Zillow (@zillow) March 30, 2021 But then RE/MAX had something to say: You might want to try a more trusted site. 😉— RE/MAX (@remax) March 30, 2021 We’ll update you with any developments in the burgeoning Twitter war.…

Miami Marlins Home Renamed loanDepot Park

The Miami Marlins have joined the growing trend of selling naming rights to banks or mortgage companies, as media reports say the Marlins ballpark will be known as loanDepot Park beginning Wednesday – just in time for Opening Day. Details have not been announced. The ballpark has been named Marlins Park since its opening in 2012. The Marlins joining the White Sox and Guaranteed Rate Field with mortgage-related naming rights. In other banking-related deals, the Braves play at SunTrust Park, the Mets at Citi Field, the Pirates at PNC Park, the Tigers at Comerica Park and the Diamondbacks at Chase Field. Earlier this month, MLB announced that loanDepot – “the Official Mortgage Provider of MLB” – was named the presenting…

TMN Interview: Should Mortgage Cos Turn To Bitcoin?

By Elise Daniel Tesla made headlines when the electric vehicle company invested 1.5 million in Bitcoin in February. Last week, Elon Musk announced that customers could now buy Teslas with Bitcoin. Other tech-forward companies including MicroStrategies and Square have also invested in the cryptocurrency.  However, many traditional investors and financial institutions are still approaching Bitcoin with skepticism. Warren Buffet has outright condemned Bitcoin, likening cryptocurrency to rat poison and claiming it has no value. Treasury Secretary Janet Yellen said Bitcoin is an “extremely inefficient” currency. Though historically Bitcoin has been very volatile, even skeptics may find it difficult to ignore the recent BTC bull market.  The digital currency’s increasing adaptation is attributed to what Bitcoin believers have jokingly called “number go up technology” on the Twittersphere.…

Ishbia: UWM “Standing Up For What Is Right”

United Wholesale Mortgage CEO Mat Ishbia went on CNBC on Wednesday to assert he is the good guy in the BrokerWars by standing up for brokers and “for what is right.” “I know how different people want to portray it, but the decision was not about doing things exclusively,” Ishbia said on an interview on CNBC. “We basically said ‘Hey mortgage brokers, 12,000 of you guys, if you’re partnering with Rocket, they’re out there doing things – maybe you call it underhandedly, maybe in a gray area, to affect consumers and brokers.’ What we’re saying is, listen I can’t stop them, but if you’re going to work with them, don’t work with us.” UWM announced earlier this month that it will force brokers to…

Report: Broker Wars Driving New Fairway Business

Like Rocket Mortgage, Fairway Independent Mortgage is reporting increased interest from brokers after United Wholesale Mortgage launched the Broker Wars. HousingWire reported today: Since UWM president and CEO Mat Ishbia appeared on Facebook Live on March 4 and announced that brokers could not work with Fairway and Rocket Mortgage and still do business with UWM, Fairway has seen a dramatic uptick in business, according to its CEO, Steve Jacobson. “We typically had one or two inquiries a week for the broker channel,” said Jacobson, who founded the lender in 1996. “We’re up over 100 inquiries since March 4.” Fairway, which did about $3.5 billion in the wholesale channel in 2020 (compared to about $62 billion in retail), lost roughly 5%…

Mint App: Get Mortgage Approval In 8 Minutes

Personal finance app Mint and Rocket Mortgage announced an expansion of their partnership Tuesday that allows Mint users to get approved to purchase home entirely digitally in as few as eight minutes. Mint, owned by Intuit, allows borrowers to. complete the entire process within the app and is designed to simplify time-consuming and confusing mortgage processes. “This continuation of Mint’s partnership with Rocket Mortgage builds on our efforts to break down barriers and give buyers an advantage in the competitive market,” said Varun Krishna, senior vice president and head of Mint for Intuit Consumer Group. “The first-of-its-kind simplified digital mortgage experience inside the Mint app is a game changer for homebuyers. Mint users can now lock-in the best rate and…

Broker Wars: Behind The Day 1 Numbers

So, who won the Broker Wars on Day 1? Depends on who you ask. The Issue Earlier this month, United Wholesale Mortgage issued an ultimatum to mortgage brokers across the country: Either sign an agreement that forbids them from doing business with Rocket Mortgage and Fairway Independent Lending or lose the ability to do business with UWM, the largest broker mortgage channel in the country. If a broker signs the agreement with UWM and then originate a loan with Rocket or Fairway, they would be subject to a $50,000 fine. The deadline to sign the agreement was Monday. What Happened Monday? The Detroit News reported Tuesday that roughly 65 percent of 4,600 independent mortgage brokers took UWM’s side in the dispute, signing an agreement…

Despite Email, UWM Vows To Close All Broker Loans

By Elise Daniel United Wholesale Mortgage reiterated Friday that it will close loans in process with brokers even if they do not sign an agreement to not work with two competitors by Monday’s UWM-imposed deadline. The Mortgage Note raised the issue after obtaining an email from a UWM employee to a broker that appeared to indicate otherwise. “Any loans with Rocket Mortgage must be disclosed on the Addendum if you do choose to accept the terms,” the email said. “The terms are to no longer send business to Rocket Mortgage and to Fairway Independent after you have accepted the addendum. “The 3/15 part is simply the last day to complete the addendum. If it is not completed by 3/15, all loans in…