General World News

UWM sued over ‘corrupt’ scheme with brokers to steer loans

Top U.S. mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. The wholesale lender called the accusations a “sham.”

The lawsuit was filed on Tuesday in a Michigan district court by Therisa D. Escue, Billy R. Escue, Kim Schelble and Brian P. Weatherill. The accusations were made against the lender, its parent company UWM Holdings Corp., its president and CEO Mat Ishbia, and his holding SFS Holding Corp

The plaintiffs claim they hired independent mortgage brokers, believing the wholesale channel details ⇒

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