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United Wholesale Mortgage reported that some large broker shops across the country have signed the UWM all-in addendum representing over 90% of broker shops who will no longer work with Rocket Mortgage and Fairway Independent Mortgage Corporation, exactly one week after the Facebook Live announcement.
The All-In addendum states that after March 15, broker-owners continuing to do doing business with UWM means they can no longer do business with both Rocket Mortgage and Fairway Independent Mortgage Corporation.
UWM alleges that Rocket and Fairway participate in actions that directly zero in on working around or cutting out the people at the heart of the wholesale community: loan officers and real estate agents. The company states that over a year ago, broker powerhouses C2 Financial Corporation and NEXA Mortgage, LLC parted ways with Rocket because they saw practices taking place that was not supportive of the broker community, according to a press release.
"The support and appreciation we have received over the last week has far exceeded our expectations," said Mat Ishbia, president and CEO of UWM. "Our partners understand the importance of working with a lender focused on the future growth of not only their business but the entire channel."
The list of broker shops who signed UWM’s addendum cited future growth, client service and technology as reasons for choosing to move forward, but above all else, a lender who they never need to worry about competing with them, according to UWM.
"We decided to stay with UWM because Quicken/Rocket is the sleeping Giant," said Joseph Shalaby CEO, E Mortgage Capital, according to the press release. "The broker community continues to empower Rocket by expanding their wholesale channel thereby increasing the likelihood that their Rocket professional platform will gain more traction and create the potential of eradicating our past, present and future business relationships."
"When deciding between UWM and Quicken it was a clear option for Groves Capital to stay partnered with UWM, our go-to lender that backs the brokers, and provides the quickest turn times and the best customer service," said Christoffer Groves Owner of Groves Capital. "It wasn't a hard choice to keep us brokers in the industry for the long haul, it was the right choice for longevity for my company and my partnered Loan officers.”
Recently, Rocket Pro TPO executive vice president Austin Niemiec responded to the imposed addendum in a letter to brokers.