Rocket Companies has seen its stock soar and fall in recent days in a rally that some have compared to that which happened early in the year to GameStop. Ishbia specifically accused Rocket of paying real estate agents to cut out competing brokers and instead refer clients to Rocket’s team, and of soliciting brokers' past clients rather than working with those other brokers. Mortgage brokers currently have between a 17% to 22% share of the mortgage market, according to Ishbia.
#Quicken wholesale pro
"The directory not only includes the 43,000 individual loan officers who work with us, but every mortgage broker in the country,” Austin Niemiec, executive vice president of Quicken's broker division called Rocket Pro TPO, said in the news release. Quicken announced in January its launch of a new national mortgage broker directory on as part of the company's effort to expand options for home buyers and help brokers to grow their own business. Mortgage refinancing is a traditional strength for Quicken. This pivot could become more crucial for Quicken later in the year, when the mortgage refinancing boom is forecast to fade and the majority of new mortgages would be for home purchases. Ishbia's ultimatum could cause problems for Quicken's plans to continue expanding its business beyond direct-to-consumer mortgages by doing more business with mortgage brokers. Representatives of Quicken Loans and Fairway did not return messages seeking comment. More: Pontiac-based United Shore could steal No.
More: Rocket Companies stock soars 70% on speculative trading, mirroring GameStop rally He added, "So here is the question, 'Are you all in? Are you in or are you out?' ”
"So I’m starting today and saying at UWM, we’re not helping those that help them," Ishbia said. “If you work with them, (you can’t work with UWM any more." Ishbia said he is giving brokers until March 15 to sign an agreement pledging to stop working with Rocket or Fairway. Those who continue working with those two competitors can no longer work with UWM. He did not accuse the companies of any illegal behavior. are engaging in behaviors that, in his view, inhibit mortgage brokers from growing their share of the overall business. In a live presentation on Facebook Thursday aimed at mortgage brokers, UWM CEO Mat Ishbia claimed that Rocket Companies and another Wisconsin-based competitor known as Fairway Independent Mortgage Corp. 4 overall lender, did $182.5 billion in originations last year - all of it involving brokers. UWM, ranked by industry publications as the No. Of Quickens' $320 billion in mortgage originations in 2020, just under one-third of that total involved mortgages for brokers, a category of business known as wholesale lending. 1 mortgage lender by overall business, it trails UWM in the key category of underwriting loans for independent mortgage brokers. While Quicken Loans, the largest component of Dan Gilbert's Rocket Companies, is the nation's No. The chief executive of Pontiac-based United Wholesale Mortgage dramatically raised the stakes Thursday of his company's competition with Detroit-based Quicken Loans, telling mortgage brokers that they must choose between the two firms.
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