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Mortgage

United Wholesale fights back against Quicken Loans’ allegation of mortgage mischief

"We don't prefer the method used"

Quicken Loans yesterday accused workers of United Wholesale Mortgage of using vandalism to subvert their mortgage lending operations.

Quicken claims that UWM workers littered the outside areas around its Detroit and Phoenix offices with flyers seeking to undermine its employees.

In that article, Quicken had the floor. Today, UWM provided its response to the entire situation to HousingWire. Here is a summation of that response.

UWM does not specifically admit or deny those placing the flyers are employed with them and did not say if they were directed to do so by their superiors. UWM did say, however, they didn’t like how it went down.

Here’s the statement:

“UWM encourages and empowers its 2,700 team members to spread the word that an Independent Mortgage Broker is the best option through social media, gatherings with family and friends, or even a conversation with local coffee shop baristas. Although we don’t prefer the method used in the case brought up by HousingWire, the reality is that mortgage broker loan officers have access to the best rates, technology and products available in the industry. We support anyone’s ambition and commitment in promoting the broker channel. Through a variety of different efforts, we have successfully connected 246 retail loan officers to broker shops this year, and helped hundreds of others start their own mortgage broker shop.”

As to the charge by Quicken that the newly formed trade group, the Association of Independent Mortgage Experts, is an arm of UWM marketing, the wholesale giant had this to say:

“UWM is a true partner to our mortgage broker clients. We have helped thousands of mortgage brokers, including great partners like Anthony Casa (Garden State Home Loans), across the country with full-service marketing, including things such radio scripts, press release templates, social media, customizable videos and much more. This support extends further into the various industry associations that we support, such as AIME and NAMB, among several others.

Quicken Loans’ wholesale business practices have been challenged recently by several mortgage brokers across the country. They have been accused of using their broker channel and repurposing loans for their retail business. In an attempt to deflect attention away from this, Quicken has issued statements about UWM and their President and CEO, Mat Ishbia which are inaccurate and inappropriate.

We hope Quicken Loans, along with all other lenders that have both retail and wholesale channels, will reflect on their practices and make adjustments to treat brokers like true partners and not just as a lead source for future retail growth.”

Casa serves as chair of AIME, his response is published here.

United Wholesale ended its response by reiterating its focus on wholesale lending and broker channels and added that it sees little value in getting into a "back and forth" battle with Quicken Loans.

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