Brokers’ Choice

 

You’re shaping where we’re going next.

Brokers have spoken. We know choice is your biggest superpower, and we’re thankful for what this means for all our valued partners. It’s the dawn of a new era for our industry. Many new, exciting things are coming – more tech, more connections, more portal capabilities and more products, and our commitment to growing your business is stronger than ever. Your voice will be shaping where we’re going next. It’s a new day, and you're part of it.

Read Our Statement From March 16th

Today, Mat Ishbia and United Wholesale Mortgage distributed a press release that was false and clearly misleading. In the release, sent to the media and distributed to brokers across the country, UWM claimed 10,000 “broker shops” are partnering with UWM – attempting to mislead the broker and business community in order to show strength where little exists.

The real facts are that we are aware of many brokers who didn’t even receive an addendum, let alone the “broker shops” – meaning the actual brokerage firms – that they claim in the headline of their press release. To believe that 10,000 broker owners bent the knee to UWM is laughable.

Facts and Freedom Matter

Facts and Freedom Matter

A Letter From EVP, Austin Niemiec

Brokers – "Competition is not only the basis of protection to the consumer, but is the incentive to progress." - Herbert Hoover

Many of you have reached out to me directly to understand Rocket Pro TPO's stance on the disturbing announcement from another lender in the broker channel. The vast majority of the feedback...

Answers For Our Partners

If I submit loans to Rocket Pro TPO, am I restricted from doing business with other mortgage lenders?

If I accepted the broker amendment / addendum with Shore Mortgage (aka “UWM”), can I continue to do business with Rocket Pro TPO?

If I terminate my agreement with UWM, will they still close the loans that I already have in their pipeline?

No, absolutely not. We don’t put restrictions on who you can choose to do business with now and we won’t in the future. The Rocket Pro TPO team believes in a free and open market and, fundamentally, think our partners should be able to work with whomever they please. Optionality is what’s right for your client and what’s right for our broker partners like you.

The Rocket Pro TPO team doesn’t restrict who you can do business with. But, based on what we’ve seen (and heard in UWM’s Facebook Live Stream on 3/4/21), UWM is requiring their brokers to agree that they will no longer do business with Rocket Mortgage. We do not agree with restricting your ability to choose. According to the language of UWM’s own broker amendment, if you give UWM written notice that you are terminating your agreement with them, there will no longer be any anti-competitive constraints on your ability to submit loan applications to Rocket Mortgage or any other wholesale lender.

According to UWM’s own Facebook Live video from March 4, 2021, they state: “. . . if you decline the addendum, the loans you have with UWM, we’re not going to hurt a consumer, [we’ll] close every one of those loans with you.” Based on that, it seems like UWM will still close the loans you currently have with them. If you choose (because the choice is yours, not ours), to stop sending loans to UWM, we’ll do everything we can to help put you and your client in the best position possible.

If I submit loans to Rocket Pro TPO, am I restricted from doing business with other mortgage lenders?

No, absolutely not. We don’t put restrictions on who you can choose to do business with now and we won’t in the future. The Rocket Pro TPO team believes in a free and open market and, fundamentally, think our partners should be able to work with whomever they please. Optionality is what’s right for your client and what’s right for our broker partners like you.

If I accepted the broker amendment / addendum with Shore Mortgage (aka “UWM”), can I continue to do business with Rocket Pro TPO?

The Rocket Pro TPO team doesn’t restrict who you can do business with. But, based on what we’ve seen (and heard in UWM’s Facebook Live Stream on 3/4/21), UWM is requiring their brokers to agree that they will no longer do business with Rocket Mortgage. We do not agree with restricting your ability to choose. According to the language of UWM’s own broker amendment, if you give UWM written notice that you are terminating your agreement with them, there will no longer be any anti-competitive constraints on your ability to submit loan applications to Rocket Mortgage or any other wholesale lender.

If I terminate my agreement with UWM, will they still close the loans that I already have in their pipeline?

According to UWM’s own Facebook Live video from March 4, 2021, they state: “. . . if you decline the addendum, the loans you have with UWM, we’re not going to hurt a consumer, [we’ll] close every one of those loans with you.” Based on that, it seems like UWM will still close the loans you currently have with them. If you choose (because the choice is yours, not ours), to stop sending loans to UWM, we’ll do everything we can to help put you and your client in the best position possible.

If I have other questions, who should I contact?

If you have legal questions, you should consider seeking the advice of an attorney. If you have questions about what the Rocket Pro TPO team will do for you, please give your Account Executive a call. We’re here for you.

Have more questions? Call (833) 337-5257