Shawn Nevin, CEO of California-based America’s MoneyLine (AML), is the target of a $2.8 million lawsuit from lending giant United Wholesale Mortgage, and he has one word to describe it: “Anti-American.” At issue is UWM’s controversial “All In” policy, implemented by CEO Mat Ishbia last year. “If you work and send loans and send business to Fairway Independent or Rocket Mortgage … you can’t work with UWM anymore, effective immediately,” Ishbia said in a Facebook Live message last March. His policy sparked a lawsuit from mortgage brokers that is still working its way through the legal system. UWM claims in its lawsuit that AML has sent 560 loans to Fairway and Rocket, in violation of the “All In” agreement. Nevin responded…
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,…
In a public statement on LinkedIn, Jason Vondrak of Prospect Home Finance announced he has laid off 50 employees from his California-based company, and he laid the blame at the feet of United Wholesale Mortgage and its CEO, Mat Ishbia. “This was one of the hardest decisions of my life, and my heart goes out to all of our team members and their families that this affected,” Vondrak wrote. At issue is UWM’s decision last year to force brokers to sign an agreement that they will not work with Rocket Mortgage or Fairway Independent Mortgage – or else be banned from working with UWM, the largest wholesale mortgage lender. At the time, David Stevens, the former CEO of the Mortgage Bankers…
Good Morning! Today is Thursday, January 27. Supreme Court Justice Stephen Breyer is retiring. Neil Young is removing his music from Spotify, saying it has become “the home of life-threatening Covid misinformation.” The U.S. rejected Russia’s demands that NATO retreat from Eastern Europe and bar Ukraine from ever joining, but offered other areas of negotiation. The Mortgage Note Reports Rate Increases Into 2023: At least one economist says the Federal Reserve is already behind the inflation curve, and the mortgage industry should expect interest rate increases into 2023. Down, Up, Then Back Down: Mortgage loan application volume fell 7.1% from last week, with refis tumbling 13%, MBA reported. “Appropriate Pricing Policies”: CHLA sent a letter to FHFA Acting Director Sandra…
Good Morning! Today is Monday, January 10. A fire in a Bronx apartment building killed at least nineteen people. Russian forces have surrounded Ukraine on three sides as diplomats meet in Geneva for talks. “Power of the Dog” and “Succession” won top honors at the Golden Globes, which did not air this year due to criticism over ethical lapses and a lack of diversity. And in mortgage and housing news… Are UWM Workers Being Unreasonable?: United Wholesale Mortgage turned heads in the industry last week when it was reported that health officials are investigating the company after receiving complaints about how they are handling COVID, which lead some people to ask why employees in lending are expected to be in…
By KIMBERLEY HAAS United Wholesale Mortgage turned heads in the industry last week when it was reported that health officials are investigating the company after receiving complaints about how they are handling COVID, which lead some people to ask why employees in lending are expected to be in their offices to begin with. Michigan Occupational Safety and Health Administration Director Bart Pickelman confirmed to The Mortgage Note Wednesday that his agency has received 50 complaints against UWM since November 1, 2021. “MIOSHA currently has one open investigation and other investigations that are currently progressing through the appeals process. MIOSHA cannot provide information on an open investigation,” Pickelman said. A former employee told Fox 2 in Detroit that people who work at…
Good Morning! Today is Wednesday, January 5. A snowstorm in Virginia left hundreds of drivers stranded for more than 24 hours. Chicago canceled school today amid a clash with teachers about remote schooling during the Omicron surge. Walmart and Kroger are raising prices for BinaxNOW at-home Covid tests after a White House deal to sell them at cost expired. And in mortgage and housing news… UWM Under Fire: United Wholesale Mortgage is under scrutiny from both state and county health officials in the wake of complaints about the company’s handling of Covid. Loan Applications Down: Mortgage loan application volume dropped 2.7% from the week ending December 31, with refis down 2% as interest rates reached their highest point since April…
Michigan-based United Wholesale Mortgage is under scrutiny from both state and county health officials in the wake of complaints about the company’s handling of COVID-19, a Detroit TV station is reporting. The Michigan Occupational Safety and Health Administration (MIOSHA) Director Bart Pickelman confirmed to The Mortgage Note Wednesday that his agency has received 50 complaints against UWM since November 1, 2021. “MIOSHA currently has one open investigation and other investigations that are currently progressing through the appeals process. MIOSHA cannot provide information on an open investigation,” Pickelman said. And the Oakland County Health Department has also received numerous complaints about UWM, leaving health officials concerned amid the county’s soaring infection rate.“The test positivity rate in Oakland County is 25.5%. It’s the highest it’s ever…
By KIMBERLEY HAAS Mat Ishbia is helping to privately fund a new contract for the Michigan State University football coach, who was the punchline of many jokes on social media last weekend after his team lost to Ohio State in a blowout game. The Detroit News confirmed from a source close to negotiations last week that coach Mel Tucker and officials at Michigan State University were closing in on a new 10-year, $95 million contract that would make him one of the highest-paid coaches in college football. That agreement was made possible by financial commitments from Ishbia and Shift Digital CEO Steve St. Andre. After the embarrassing 56-7 loss to the Ohio State Buckeyes on Saturday, Sports Illustrated reported some Michigan…
11 months, 16 days. That’s how long it took former Association of Independent Mortgage Experts boss Anthony Casa to get back into AIME’s good graces after resigning in the wake of his lewd and misogynistic video texts about the wife of a rival. Casa, who took a leave of absence in July and officially stepped down in October, will participate in a panel discussion Friday at AIME’s annual Fuse conference – billed as the “largest nationwide gathering of independent mortgage professionals” – at the swanky Bellagio in Las Vegas. The panel will be moderated by Casa’s successor, AIME CEO Katie Sweeney. United Wholesale Mortgage – a longtime backer of AIME and Casa – is the title sponsor of the conference. …
