UWM Doubles Down On Claims About Hunterbrook Report

By KIMBERLEY HAAS Leaders at United Wholesale Mortgage are doubling down on accusations that an explosive report released last week by Hunterbrook Media is inaccurate and tied to their main competitor, Rocket Mortgage. Authors of the report, published on April 2, claimed that $39 billion in mortgages were referred to UWM by independent brokers who sent more than 99% of their business to the lender. They estimated that borrowers paid “between hundreds of millions and billions more in closing costs than people whose brokers found them typical loans.” “Litigators and mortgage experts say UWM’s conduct could constitute fraud and run afoul of laws passed after 2008 to protect borrowers,” the report’s introduction said. In a social media post published Tuesday…

UWM And Its CEO Play Blame Game After Bombshell Report, New Lawsuit

By KIMBERLEY HAAS Leaders at United Wholesale Mortgage are lashing out after a bombshell report that was followed up with a consumer class action lawsuit filed on behalf of borrowers. Hunterbrook Media published the report on Tuesday, which claimed that $39 billion in mortgages were referred to UWM by independent brokers who sent more than 99% of their business to the lender. These brokers were supposed to represent homebuyers and shop around for the best deal on their behalf. Instead, they became “loyalists” to UWM, according to the report. Hunterbrook estimated that borrowers paid “between hundreds of millions and billions more in closing costs than people whose brokers found them typical loans.” UWM CEO Mat Ishbia‘s “All In” ultimatum helped…

UWM Accused Of Fraud

United Wholesale Mortgage and its CEO Mat Ishbia are under fire with accusations that the company’s independent brokers aren’t independent after all. A report from Hunterbrook Media makes the claim that at least $39 billion in mortgages were referred to UWM by brokers who refer more than 99% of their business to UWM, throwing these brokers’ relationships with the lender into question. The claims call UWM’s basic setup into question: the idea that it works with independent brokers who shop around for the best deal for homebuyers. Instead, UWM turns its brokers into “loyalists” who choose UWM regardless of price. Hunterbrook estimates that borrowers paid “between hundreds of millions and billions more in closing costs than people whose brokers found…

Tim Birkmeier Retiring From Rocket, Mortgage Industry

Tim Birkmeier, Rocket Mortgage president, is retiring from the company and the industry altogether. After nearly three decades with Rocket, Birkmeier announced his leaving in a LinkedIn post. “As I move on to the next chapter in my life, I hope to have proven to those at RKT what can be accomplished when you are willing to sacrifice for the greater good, consciously make professional improvements, and be consistent in your actions to get great results,” he wrote. Birkmeier thanked Dan Gilbert, Bill Emerson, and Jay Farner, saying they allowed him to have a strong leadership voice in the company. “I will always have a deep respect for our unique and good company culture that has been formed through the…

As Rocket’s Jay Farner Retires His Impact Is Remembered

By KIMBERLEY HAAS After a 27-year career, Rocket Companies CEO Jay Farner is retiring this week and he will be remembered as a keen businessman who helped make mortgages more accessible to average Americans as technology pushed transactions out of traditional offices and onto mobile devices. Leaders at the company announced Farner’s retirement on February 13, saying that he had stepped down from his position on the Rocket Board of Directors and would begin transitioning his roles and responsibilities as CEO to longtime Rocket executive Bill Emerson. Emerson will assume the role of chief executive officer on an interim basis on June 1, according to the press release. Farner, who is 50 years old, said in a statement that he…