UWM CEO says the fight with Quicken Loans is paying off

CEO of United Wholesale Mortgage On Wednesday he defended the final controversial move in the Battle of Crustown with rival Quicken Loans.

UWM said earlier this month that it will no longer work with any mortgage brokers that have also done business with Quicken and another competitor, Fairway Independent Mortgage in Wisconsin.

“I know how different people want to film it,” CEO Matt Ishbia said on an appearance on CNBC, but the decision wasn’t about doing things exclusively.Mad money. “

Ishbia told host Jim Cramer that the Michigan-based Pontiac had gained the upper hand in the ultimatum: Of 12,000 brokers, not even 500, they chose to continue the partnership with Quicken, he said.

Quicken, the Detroit-based lending giant that is owned by Missile companies, Is the largest mortgage lender in the country, followed by UWM.

Ishbia alleges that Quicken Loans is stunting growth in the mortgage sector, although he said he is not accusing the company of illegal practices.

“The truth is that brokers all exist,” Ishbia said. “They understand that Matt and UWM are here to protect the middleman channel and consumers because consumers get lower rates when they go through a middleman. This is not an opinion, this is a fact.”

Meanwhile, a missile Th says Wall Street Journal Its lending platform has grown its market share since UWM announced the move. Fairway For its part, he said National Mortgage News UWM’s agreement with brokers limits their chance of finding lower interest rates.