In response to UWM’s announcement, Austin Niemiec, Rocket Pro TPO vice president, said in an interview with HousingWire: “Brokers are incredibly smart and savvy mortgage professionals and business owners. Conquest will still be out there, but our regular programs, our elite programs, our non-elite programs, our regular conventional, FHA, VA, all those programs, those are going to be the focus.” It’s had it’s in place,” but moving forward, “We’re gonna pivot here at UWM, we’re all gonna do it together.
Ishbia said that the program’s “been great. In May 2020, UWM launched its “Conquest” program to enable brokers to go after new customers, even ones that a broker lost to another lender just weeks earlier. The news is just one of three announcements from the wholesale lender, which announced the launch of Prime Jumbo, coming March 17, with LTV up to 89.99%, and sharpened pricing across the board. Ishbia pointed to the “other 75 great lenders” and said that there are other lenders where he doesn’t agree with their business practices, “but these two are going after the broker channel.” 1, the wholesale mortgage lending division of Rocket Companies launched a national mortgage broker directory on its website, and this week launched a jumbo product for brokers. If you want to do that as your own deal, no hard feelings, but you can’t work with UWM anymore,” he said.Īccording to the announcement, the decision comes in response to Rocket and Fairway participating in actions including soliciting loan officers away from brokers and working directly with real estate agents to cut brokers out of the entire process.
“We don’t need to fund Fairway Independent or Rocket Mortgage to try to put brokers out of business. “I can’t stop you, but I’m not going to help you, help the people that are hurting the broker channel, and that’s what’s going on right now. “If you work with them, can’t work with UWM anymore, effective immediately,” Ishbia said. Mat Ishbia, president and CEO of UWM, gave brokers and owners a deadline of March 15 to sign an addendum saying they are not working with those two lenders. United Wholesale Mortgage (UWM), the top wholesale lender in the nation, announced on a Facebook live Thursday that UWM will no longer partner with brokers who also work with Rocket Mortgage and Fairway Independent Mortgage Corp.
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