![]() Rocket won’t need to look under the couch cushions for the money. He said the ‘bully shield’ initiative, as it has been dubbed internally, was “really a drive towards doing the right thing.” In an interview, Fawaz said Rocket hasn’t thought about how much cost would incur to support the decision. UWM declined to comment on Rocket’s decision. Since the financial penalty is removed, the ultimatum is – in effect – null and void, Rocket Mortgage said. (…) Optionality and freedom becomes more and more important,” he said. “Maybe at the time when the ultimatum went out, the market was busy and people made decisions without thinking through what happens when the market changes. ![]() The decision was not just targeted towards UWM but to the broker community, Fawaz said in an interview with HousingWire. This includes covering the anticompetitive Ultimatum penalties and resulting court costs that UWM attempts to hold you hostage with,” Fawaz said. “ Rocket is willing to indemnify brokers who choose to work with us - or even Fairway. Those who decided to work with either Rocket or Fairway could no longer send loans or applications to UWM. He said the lenders were inhibiting mortgage brokers from growing their business. In May 2021, UWM’s CEO Mat Ishbia asked brokers to sign an “All In” agreement by pledging to stop working with Rocket or Fairway. ![]() “Starting today, we stand behind brokers who want to use Rocket or Fairway, but fear Mat Ishbia‘s lawyers,” Mike Fawaz, EVP of Rocket Pro TPO said at the lender’s Ignite Live sales event with brokers on Monday.įawaz’s comments on Monday come nearly two years after UWM gave brokers an ultimatum to choose between the Michigan lender or Rocket Pro TPO and Fairway. Rocket Pro TPO, the wholesale arm of Rocket Mortgage, wants to court brokers from its competitor United Wholesale Mortgage even if it means covering legal costs to bring them over.
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