A deep dive into UWM’s recent announcement

In today’s HousingWire Daily episode, HousingWire Digital Media Manager Alcynna Lloyd joins HW+ Managing Editor Brena Nath to discuss last week’s virtual Spring Summit and the hottest topics the HousingWire editorial team is covering. One of those topics being United Wholesale Mortgage’s (UWM) recent announcement.

Last week UWM announced it will no longer partner with brokers who also work with Rocket Mortgage and Fairway Independent Mortgage Corp., sharing the latest updates on the story.

For some background on the interview, here’s a brief summary of HousingWire’s coverage of UWM’s announcement:

United Wholesale Mortgage (UWM), the top wholesale lender in the nation, announced on a Facebook live Thursday that it will no longer partner with brokers who also work with Rocket Mortgage and Fairway Independent Mortgage Corp.

Mat Ishbia, president and CEO of UWM, gave brokers and owners a deadline of March 15 to sign an addendum saying they are not working with those two lenders.

“If you work with them, can’t work with UWM anymore, effective immediately,” Ishbia said. “I can’t stop you, but I’m not going to help you, help the people that are hurting the broker channel, and that’s what’s going on right now.

“We don’t need to fund Fairway Independent or Rocket Mortgage to try to put brokers out of business. We don’t need to do that. If you want to do that as your own deal, no hard feelings, but you can’t work with UWM anymore,” he said.

HousingWire Daily examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.

HousingWire articles related to this episode:

HousingWire Daily

Hosted by the journalists behind the headlines, HousingWire Daily examines the most compelling mortgage, real estate, and fintech articles reported from the HousingWire newsroom.

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