General World News

Three brokers go to war with United Wholesale Mortgage

United Wholesale Mortgage is facing a potentially ugly court battle from its own constituents. Three mortgage brokers in California claim that UWM pulled the rug out from beneath them in March when it changed the commission structure on mortgages that were quickly paid off by borrowers. The lawsuit is seeking class-action status. 

On March 12, 2020, UWM executive Allen Beydoun appeared in a video sent to the roughly 100 mortgage brokers he claimed were responsible for higher-than-industry-average prepayment speeds. 

In the video, which was reviewed by HousingWire, Beydoun said that the 100 or so brokers were “making a negative impact” on prepayment details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com