United Wholesale Mortgage announced today that over 10,000 brokers across the country are “all-in” with UWM, meaning they will no longer be sending loans to Rocket or Fairway Independent. The addendum was announced earlier this month as UWM President and CEO Mat Ishbia accused these lenders of “attacking” the brokerage channel and said brokers who sent loans to Rocket or Fairway could no longer work with UWM.
The announcement alleged that fewer than 400 brokers decided to end their relationships with UWM. It is also alleged that among the 10,000 brokers there are “many of the largest independent mortgage brokerage businesses in the country”.
“I have received hundreds of calls and emails from mortgage brokers across the country and have been blown away by the positive feedback we have received and the sheer number of businesses that have turned our guns off because they saw fit what to do, ”said Ishbia. “We will be able to view this as a pivotal moment that has helped catapult the growth of independent mortgage brokers.”