Mortgage

AIME: The real story is borrowers simply get a better deal using brokers

Trade group responds to Quicken/UWM conflict

The battle for the borrower kicked up a notch as mortgage retail giant Quicken Loans accused workers at United Wholesale Mortgage of subverting their lending operations by handing out flyers at its headquarters.

In that charge, Quicken alleges that the newly formed trade group, the Association of Independent Mortgage Experts, is simply an extended marketing arm of UWM.

Both AIME Chairman Anthony Casa and UWM CEO Mat Ishbia brushed off those claims, with the former saying that the offending flyer (see below) still has a point.

“The big story here is the flyer provided by Quicken Loans to HousingWire,” Casa said, via email.

“The disparity between the rates being offered to consumers by independent mortgage brokers through the Quicken Loans Wholesale division in comparison to the rates being offered to consumers if they go directly through Quicken Loans retail or Rocket Mortgage is substantial.”

Casa said the information on the flyer, as of yet unconfirmed by HousingWire, confirms that consumers get much lower interest rates simply by using an independent mortgage broker and going through Quicken Loans Wholesale versus going directly to Quicken Loans Retail.

“The takeaway is consumers save HUGE by working with an independent mortgage broker, confirming exactly what the Association of Independent Mortgage Experts has been saying for months that independent mortgage brokers are the best option for consumers,” he added.

As to the charge that Casa is being directed by Ishbia, Casa provided examples of his social media posts praising Home Point Financial and Pacific Union Financial, both top 10 wholesale lenders, as well as Caliber Home Loans, the No. 2 wholesale lender in the country and UWM's No. 1 competitor.

Here's the flyer, click to enlarge:

UWM flier

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