Our response to UWM's ultimatum
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.
At Rocket Pro TPO, 22 of our 25 largest partners have rejected UWM’s ultimatum and have elected to continue working with our company – many of which did more business with UWM before they were forced to choose. In addition, one of UWM’s largest partners – who, previous to the ultimatum, had barely worked with us – has committed to doing business with Rocket Pro TPO and is refusing to sign UWM’s contract. Also, thousands and thousands of brokers told us they would not agree to UWM’s terms.
The net result is that today we are again pacing toward one of the 10 best days in our company’s history – while providing our partners with incredible rates to pass along to their clients.
We completely understand the power of a mortgage broker is choice and independence, and we’d never ask them to sign a loyalty pact. The results speak for themselves. The broker community has provided us a resounding vote of support – with daily registrations up 40% since Mat Ishbia’s ultimatum. We also continue to lead the industry in pricing.