Fairway has finally weighed in on the battle happening in the broker channel. On March 4, UWM CEO Mat Ishbiaissued an ultimatum to brokers, saying that if they wanted to do business with UWM, they could not also work with Rocket or Fairway. It has proved acontroversial position, with brokers choosing sides andboth UWM and Rocket claiming they have come out on top.
In an interview with Managing Editor James Kleimann, Fairway CEO Steve Jacobson, who hadn't spoken about the subject until now, says his company has seen a huge uptick in business since the ultimatum, with more than 100 inquiries from brokers since March 4.
It makes sense: Fairway suddenly found itself in the middle of a battle between the country's largest retail lender and the largest wholesale lender — and getting mentioned in every news article, opinion piece, podcast, and social post on the subject. You can't buy that kind of press.
In case you missed some of the action, here's a roundup of our coverage:
Fairway CEO Steve Jacobson addresses UWM's allegations, the ultimatum it issued, and why it's concerned about one particular clause in the broker agreement.
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