While 10,400 brokers agreed to sign Ishbia’s addendum – with only about 600 opting for the bailout – expressed some reservations about the way the CEO handled the issue.
Kirk Tatom, President of Tatom Lending, said MPA that, while staying with UWM was not a difficult decision, Ishbia was “disrespectful” to brokers and compared his ultimatum to the culture of resignation. Another broker, Yury Shraybman of Innovative Mortgage Brokers, said, “I was surprised and shocked that (the addendum) was introduced. The attitude was extremely aggressive. “
Former Mortgage Bankers Association President and CEO David Stevens (pictured directly above) went even further. Speaking at the National Association of Mortgage Brokers (NAMB) Legislative and Regulatory Conference last week, he suggested the measures make people in the industry look like used car salesmen. He said, “It makes the mortgage industry look like we have striped shirts and white plastic shoes just as good – the traditional look of the used car salesman.”
Speaking to MPA this week, Ishbia Stevens hit back and said, “His relevance to the industry is about zero.”