General World News

Effects of UWM’s broker policy could be very damaging

This month, United Wholesale Mortgage took the industry by surprise when it made a statement that it would block mortgage brokers from doing business with the company if they did business with either Quicken Loans or Fairway Mortgage. With that announcement came a modification to the UWM-broker contract, making note of significant financial penalties for violating this new policy.

I was astonished, frankly. I have met UWM CEO Matt Ishbia on a few occasions and quickly appreciated his competitive personality. He has built his company from the ground up, taking it public and ringing the bell at the details ⇒

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