Rocket Pro TPO: UWM's Claim Is 'False And Misleading'
Rocket Pro TPO executive vice president, Austin Niemiec, issued a statement addressing United Wholesale Mortgage's press release, which says more than 10,000 broker shops agreed to its addendum. Niemiec says that UWM's claim is "false and misleading" and also states that since UWM's announcement of the addendum, Rocket is on pace to have the 10 best days in the company's history.
"Today, Mat Ishbia and United Wholesale Mortgage distributed a press release that was false and clearly misleading. In the release, sent to the media and distributed to brokers across the country, UWM claimed 10,000 'broker shops' are partnering with UWM – attempting to mislead the broker and business community in order to show strength where little exists," said Niemiec in his statement. "The real facts are that we are aware of many brokers who didn’t even receive an addendum, let alone the 'broker shops' – meaning the actual brokerage firms – that they claim in the headline of their press release. To believe that 10,000 broker-owners bent the knee to UWM is laughable."
Niemiec also revealed that 22 of the company's 25 largest partners have rejected UWM's ultimatum and will be continuing to work with Rocket. He stated that of those companies, many of them did more business with UWM prior to being forced to choose.
"In addition, one of UWM’s largest partners – who, previous to the ultimatum, had barely worked with us – has committed to doing business with Rocket Pro TPO and is refusing to sign UWM’s contract. Also, thousands and thousands of brokers told us they would not agree to UWM’s terms," said Niemiec. "The net result is that today we are again pacing toward one of the 10 best days in our company’s history – while providing our partners with incredible rates to pass along to their clients."
He added that the broker community has responded with a vote of support for Rocket, with daily registrations up 40% since Ishbia's ultimatum. Recently, Fairway Independent Mortgage Corporation also issued a statement that shares similar sentiments to Niemiec's response. Fairway CEO Steve Jacobson stated that UWM's recent announcement gave the company added attention and extra opportunities.
Rocket Companies CEO Jay Farner also echoed the sentiment stating that "more than 8,000 independent brokers have rejected becoming a controlled UWM branch."
"We completely understand the power of a mortgage broker is choice and independence, and we’d never ask them to sign a loyalty pact. The results speak for themselves," said Niemiec.