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,” about 100 people are expected to lose their jobs as a result.
“The people who have run Fairway’s Wholesale Department are some of the most talented, humble people in the business and will be a huge value add at their next mortgage home,” Jacobson said in a statement. “We want to thank our entire amazing wholesale team for its dedication and professionalism over the years.”…
By KIMBERLEY HAAS
A Florida mortgage broker challenging United Wholesale Mortgage’s ultimatum agreement wants to include recent disclosures and statements related to the company’s successes to help prove his antitrust claims.
Daniel Okavage of The Okavage Group in St. Augustine is pursuing a federal class-action suit on behalf of all mortgage brokers that work, or have worked, with UWM and sustained damages after the company’s CEO, Mat Ishbia, announced in March of 2021 they could no longer simultaneously do business with Rocket Pro TPO or Fairway Independent Mortgage.
Okavage’s attorney, Robert Goodman, says thousands of brokers were cut off from opportunities to refer customers to the mortgage lender of their choice, resulting in business losses.
Lawyers for UWM have moved…
Three veteran mortgage execs are joining Fairway Independent Mortgage as part of an “aggressive expansion” of the company’s production group, Fairway announced in a press release. Scott Bristol joins as SVP, Sales and Recruiting; Brian Chick as SVP, Area Manager; and John Lowe as SVP, Division Manager. “We’re pleased to welcome Scott, Brian, and John to Fairway, as well as many others,” said Fairway CEO Steve Jacobson. “We have increased the number of our originators by 30% over the past year.” Bristol previously served as President of PrimeLending from 2014 to 2018, and lead the company to a volume increase from $4 billion to $15 billion. He later joined Flagstar Bank as SVP of National Production, overseeing another jump in…
Good Morning! Today is Monday, February 7. The White House said a Ukraine invasion could come “any day now.” The Dutch speedskater Ireen Wüst became the first person to win individual golds at five Olympics. New Jersey’s Democratic governor will lift the state’s school mask mandate. The Mortgage Note Reports CA Broker Calls Out UWM: Jason Vondrak of Prospect Home Finance announced he has laid off 50 employees and blamed UWM and its CEO, Mat Ishbia. loanDepot CEO Remains Focused On Long-Term Strategy After Mixed 2021 Results: The CEO of loanDepot says they will continue to focus on their long-term strategy to become the most trusted homeowner fulfillment company in the world after the company released their results for 2021,…
