loan factory

Morning Roundup (3/3/2022)– Loan Factory’s Nguyen Says UWM Ultimatum ‘Has Divided Our Community’

Posted on by TMN Editor
Good Morning! Today is Thursday, March 3. Russia has continued to attack major cities in Ukraine, creating a humanitarian crisis. The Jan. 6 committee said there was evidence to conclude that Donald Trump may have committed crimes to try to stay in office. Fitbit is recalling its Ionic smartwatch after reports of overheating batteries. The Mortgage Note Reports Loan Factory’s Nguyen Says UWM Ultimatum ‘Has Divided Our Community’: In a one-on-one interview with The Mortgage Note, Nguyen explains why he chose to stop doing business with Mat Ishbia’s company rather than agree to it’s ‘All In’ ultimatum. Weak App Activity: Mortgage loan application volume fell 0.7% last week, faring slightly better than the prior week’s 13.1% drop but continuing a trend…

NGUYEN: UWM’s Unfair Ultimatum ‘Has Divided Our Community’

Posted on by TMN Editor
By DARIA BACHMANN “As a broker, I believe in choice. A broker is supposed to shop around, look for what’s best for the consumer. I don’t want people to coerce me, I try to have freedom as a broker.” That’s the view of Thuan Nguyen, CEO of Loan Factory, who talked to The Mortgage Note about the impact on his company and customers from United Wholesale Mortgage’s anti-competition ultimatum one year ago. UWM’s controversial CEO Mat Ishbia told brokers like the Loan Factory they had to stop working with Rocket Mortgage and Fairway Independent Mortgage if they wanted to keep offering loans from his company. In recent weeks, Ishbia proved his threats were more than mere bullying. He’s taking legal…