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Brokers, you have just a few more days to make your decision: stick with UWM and agree not to work with Rocket Pro TPO and Fairway, or cut ties with the largest player in the wholesale market.
I've spoken to dozens of brokers over the last week. The range of responses has reflected the diversity of a growing channel. There's a large contingent of brokers who feel like such a powerplay by Ishbia was absolutely necessary.
"Rocket will squeeze the life out of the brokers if you let them," said one pro-UWM broker. "We'll be like the real estate agents getting fed our own shit by Zillow and Redfin. In the broker channel, only Mat could do something like this. He's thinking about the future."
Similarly, there's a large contingent of brokers who resent being forced into making a decision. Many of them say they're brokers because they fundamentally believe in giving customers choice. UWM's ultimatum is in opposition to that idea, they say.
As you might imagine, shops that do a lot of business with both UWM and Rocket are in a no-win situation at the moment.
"This bullshit in Detroit is going to cost me probably $200,000 this year," said one angry broker on the West Coast, who used to send a majority of his loans to UWM but says that's over. "I'm going to lose at least a few LOs because of this stunt. It's ridiculous."
I have a story coming out this weekend that examines how the ultimatum will affect broker shops both big and small, from coast to coast. The piece will also touch on what this battle means for the economics of the channel in the short-to-medium term.
Brokers, I'd love to hear from you: Have you made a decision yet? You can reach out to me anonymously at jkleimann@housingwire.com
James Kleimann
Managing Editor, HousingWire
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