Atlantic Mortgage Says UWM’s “All In” Lawsuit Unfounded, Never Signed Addendum
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…