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 Fairway Independent Mortgage, causing about $355,000 in damages.
If Atlantic Trust wanted to work with other lenders, they argued, it needed to submit written notice that it was terminating its business with UWM. That is standard under Ishbia’s ultimatum, which has been controversial since it was introduced in March 2021 because it forces brokers to stop sending loans to Rocket and Fairway if…
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 JARED WHITLEY
To steal from Detroit rapper Eminem, “Will the real Suzanne Okun please stand up? Please stand up? Please stand up?”
Because she’s strangely hard to find.
According to a 2019 biography posted in the industry publication Scotsman Guide, Okun was “a successful executive with more than 25 years of success in the financial-marketing and mortgage industries … [with] a proven record of increasing volume while improving efficiencies and encouraging interaction.”
But, interestingly, no photo of her appears with her biography, no relevant social media accounts were publicly available, and several phone numbers associated with her were either wrong or no longer in service.
While going off the grid is unusual, what industry observers find even more odd…
By JARED WHITLEY
Storm clouds continue to hang over some U.S. markets. Four real estate titans have recently lost their Fortune 500 status. There are dire predictions specifically for the commercial real estate sector. Forbes summed up the housing market this week with, “Despite being well into the spring homebuying season, the housing market is still experiencing a winter chill.”
But for one company, the bad news is much worse.
Two lawsuits have been filed against Michigan-based United Wholesale Mortgage, with former underwriters accusing the company of a variety of misdeeds, including:
· Retaliation
· Hostile workplace environment
· Gender/sexual harassment
· Failure to pay minimum wages and overtime
This is the latest of a long list of accusations against…
By JARED WHITLEY
Despite Mat Ishbia’s repeated claims that his company, United Wholesale Mortgage, has never laid anyone off; the facts – and common sense – belie his statement, as UWM’s employee count is down 30 percent over the past two years.
“While my competitors are cutting investments and laying off thousands and thousands of people, we continue to invest in technology, take care of our people, and have never laid off a single team member in our 37-year history,” Ishbia said at a recent webcast townhall.
But, according to the company’s annual report filings with the Securities and Exchange Commission, UWM slashed its workforce by nearly a third – from a height of 8,600 in January 2021 down to…
By JARED WHITLEY The Neighborhood Assistance Corporation of America (NACA) has announced a lending program for minority-owned businesses it calls “Economic Justice Loans,” with the stated goal of helping historically underserved populations build generational wealth. The political-progressive organization’s action raises the question of whether people of color are still being denied access to credit in 2022. “This lending model provides the foundation for hundreds of millions of dollars in additional lending,” NACA’s founder and CEO Bruce Marks said in a press release. “We have learned that if you build it, they will come. NACA’s Best in America Mortgage targeting underserved communities started with a few million dollars in commitments and now has over $20 billion. We expect the same outcome with extraordinary terms…
