UWM Issues An Ultimatum To Brokerages Working With Fairway And Rocket Mortgage – NMP Skip to main content

UWM Issues An Ultimatum To Brokerages Working With Fairway And Rocket Mortgage

Navi Persaud
Mar 04, 2021

While announcing its return to the jumbo market, United Wholesale Mortgage issued an ultimatum to brokerages and brokers that do business with Rocket Mortgage and Fairway Independent Mortgage Corporation. UWM president and CEO, Mat Ishbia, revealed that the company will be issuing an addendum to its partners, stating that they can not do business with the two aforementioned companies, during the company's recent State of the Industry Facebook Live.

"Independent mortgage brokers are leading a seismic shift in the mortgage industry and this does not align with the business model of some retail lenders," Ishbia said. "That’s why they are attempting to circumvent the mortgage broker in the lending process. As the #1 advocate for independent mortgage brokers, protecting the wholesale channel is part of UWM’s responsibility, which is why we’re asking our partners to go all-in with lenders who support them and their growth."

According to a press release from UWM, the move was made in response to "Rocket Mortgage and Fairway Independent Wholesale 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." After March 15, continuing to do doing business with UWM means these brokers can no longer do business with these two lenders.

"If you work and send loans and send loans to Fairway Independent or Rocket Mortgage, which by the way is about 25% of the brokerage channel, if you work with them, can't work with UWM," said Ishbia during the Facebook Live. "I can't stop you but I'm not going to help you, help the people that are hurting the broker channel. We don't need to fund Fairway Independent or Rocket Mortgage to try to put brokers out of business."

Meanwhile, the company has relaunched its Prime Jumbo product that has been simplified to help streamline the jumbo application process, with fewer overlays now that the appendix Q is gone. The new product includes LTVs up to 89.99%. The product will go live on March 17.

Published
Mar 04, 2021
Manufactured Housing: The New Affordable Alternative

While the housing market is grappling with widespread affordability and supply, manufactured homes are gaining ground as a new alternative. 

Industry News
Dec 03, 2021
Angel Oak Home Loans Opens 3 New Branches

Continues expansion in Western U.S. with new branches in California, Nevada & Utah.

Industry News
Dec 02, 2021
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021