By JARED WHITLEY Leaders at a mortgage broker caught up in litigation over United Wholesale Mortgage’s “All In” ultimatum say they never agreed to be in an exclusive relationship with Mat Ishbia’s company. Lawyers for UWM filed suit against Atlantic Trust Mortgage Corporation in January, claiming they submitted at least 71 mortgages to rivals Rocket Mortgage or…
By JARED WHITLEY Did Mat Ishbia win another battle in the “Broker War?” That appears to be the underlying message from Fairway Independent Mortgage Corporation, where leaders announced last month they would be shutting down their wholesale platform. Although CEO and Founder Steve Jacobson described the move as a “business shift, nothing more, nothing less,”…
By STEPHEN L. MILLER The courtside theatrics of Phoenix Suns owner and sports thespian Mat Ishbia are more proof that the NBA is turning into professional soccer on the hardwood. Soccer is notorious for players who practice the art of the flop: Flailing and falling as if in the throes of injury, only to magically…
By KIMBERLEY HAAS The executive vice president of Rocket Pro TPO told brokers across the country on Monday that they are willing to indemnify those who choose to fight United Wholesale Mortgage’s anti-competition ultimatum. During a live-streamed Ignite Live event, Mike Fawaz said he believes the ultimatum was one of the worst things to happen…
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…
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…
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…
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,…
A consumer group launched a campaign designed to raise awareness among policymakers about the Broker Wars in an effort to put pressure on United Wholesale Mortgage over their refusal to work with brokers who do business with two competitors. The Consumer Action for a Strong Economy created “Save Broker Choice,” which urges the public to…
Good morning! Today is Monday, March 15. The IRS began sending its first round of stimulus checks. Wells Fargo is getting backlash after announcing that its direct deposit customers won’t see stimulus funds in their accounts until March 17. The mayor of Miami Beach says too many people are coming to his town for Spring…
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