Hello, brokers and LOs!
In Tuesday's edition of LendingLife, I published news on the top broker shops that signed UWM's addendum. In all, UWM said 4,600 brokers were required to take action, and 3,000 signed. About 400 declined, and 1,200 brokers didn't answer, the wholesale lender said.
One LO whose broker declined the addendum (HW+) said it's caused some problems with his existing pipeline. Although UWM told LOs that they can close out the pipeline and the lender will do right by borrowers, "Then you find out he [Ishbia] ends up announcing that everything has to be done by April 15," the LO said. "I've got purchases that were in there that were closing April 20th, April 24th. And they're not closing, so I have to take it somewhere else."
The LO said he believes that there are no winners in this cosmic battle among Michigan billionaires, which has even spilled over into naming rights to college sports teams. Brokers are the losers in this battle, the LO said.
"Quicken is going to cherry pick and purchase companies that brokers use and Ishbia will tell them that they can't use them anymore," the LO said. "Essentially Mat says he is #allin for the broker channel but is going to be turning his brokers into retail loan officers after all this is said and done."
OK, let's end the UWM-Rocket drama there for now. There's plenty of other mortgage news to talk about!
Here's one question for you: given the microscopic levels of inventory, it's very feast or famine for your real estate agent clients right now. How are you dealing with that? A number of LOs have told me they've focused heavily on financial planners. As always, you can reach out anonymously by emailing me at jkleimann@housingwire.com.
James Kleimann
Managing Editor, HousingWire
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