Declaring “a true partner doesn’t tell you how to run your business,” Rocket Mortgage is firing back at United Wholesale Mortgage in the Great Broker War of 2021. Days after UWM announced it would not do business with brokers who work with Rocket and another company, Rocket accused UWM of restricting brokers’ freedom of choice simply because Rocket is cutting into its market share. “Being a broker embodies the very concept of freedom,” Austin Niemiec, executive vice president at Rocket ProTPO, wrote in a letter to brokers. “Freedom to be a business owner. Freedom to choose lenders. Freedom to choose programs and pricing. Freedom to do what you think is best for your clients. Giving up that freedom means giving…
United Wholesale Management CEO Mat Ishbia is facing significant blowback from industry leaders over his edict that his company will not do business with brokers who work with his competitors. Ishbia announced Thursday that UWM will 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. Critics are calling the edict “bizarre,” “unethical,” “anticompetitive” and antithetical to the whole broker model. One broker said UWM is “butthurt” over Rocket’s deeper foray into the broker market. “We’re not sure this is even legal. It certainly isn’t ethical,” National Association of Mortgage Brokers President Kimber White said. “And it doesn’t…
Rocket Mortgage on Wednesday announced a new national broker directory on its website – allowing homebuyers and homeowners seeking to refinance to find local independent mortgage brokers to guide them through the process. Part of Rocket Pro TPO, the directory is designed to deepen Rocket Mortgage’s partnership with the broker community. “At our core, we are obsessed with providing Americans an incredible process through our powerful Rocket technology platform and infrastructure. There are many ways to receive this experience, no matter how they apply for a mortgage – including our Rocket Pro TPO national network of broker partners,” said Jay Farner, CEO of Detroit-based Rocket Mortgage. “Our clients deserve the opportunity to easily choose the method that makes them most…
Quicken Loans Mortgage Services is taking a bigger step into the broker pool – with new offerings and a new name. Quicken Loans Mortgage Services – which serves brokers, community banks and credit unions – will be rebranded as Rocket Pro TPO by late November. As part of the rebrand, the lender is creating a broker-branded origination hub to streamline the loan process. “Through the thousands of conversations we have had with our partners, we know brokers want cutting edge technology, marketing support and more referrals. QLMS is now aligning with the Rocket brand – the most recognizable mortgage brand in the country – and giving partners the ability to use it in their marketing to assist more Americans,” said Austin…
