The Wholesale Mortgage World was turned upside down on March 5th when President and CEO of UWM Mat Ishbia the largest wholesale lender in America went on Facebook and told the Mortgage broker world if they are going to work with UWM they can’t work with Rocket TPO, aka quicken loans.
UWM has been the top wholesaler for the past 6 years. They just went public and Mat Ishbia is now a billionaire and projected to be the 51st richest person in the US, according to Bloomberg. UWM only works with the wholesale broker channel.
They are calling out Rocket Pro Originate/Homes, not sure, Rocket, on training REALTOR®s to get mortgage licensed and get referral fees for sending Rocket loans. 50 basis points per transaction. I couldn’t find information on this but I have heard it’s true and wouldn’t doubt it.
Ishbia basically drew a line in the sand stating if you want to use Rocket Pro TPO you can’t use UWM.