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 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…