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The CEO of United Wholesale Mortgage, Mat Ishbia, has responded to explosive allegations against his company, claiming that they have been orchestrated by their rival, Rocket Mortgage, and its founder, Dan Gilbert. Ishbia dismissed the accusations as baseless and part of a vendetta funded by Rocket Mortgage.
However, Hunterbrook Media, the media company that published the critical report on UWM’s alleged misconduct, refuted Ishbia’s claims, labeling them as baseless conspiracy theories. The allegations detailed in the report have led to a consumer lawsuit seeking class-action status against UWM.
The rivalry between UWM and Rocket Mortgage has been ongoing, with both companies accusing each other of unethical business practices. The feud escalated when UWM issued an “All In” ultimatum in 2021, excluding mortgage brokers from working with their rivals. This move has sparked legal battles and public accusations between the two mortgage giants.
Despite the intense competition between UWM and Rocket Mortgage, Rocket denies any personal enmity towards UWM’s CEO, Mat Ishbia. The ongoing feud has led to legal battles, lawsuits, and public accusations, shaping the landscape of the mortgage industry.
To stay updated on the latest news in the mortgage and real estate industry, subscribe to Inman’s Mortgage Brief Newsletter for a weekly roundup of important developments. If you have any questions or comments, feel free to email the author, Matt Carter.
The content discusses the allegations made against United Wholesale Mortgage (UWM) by a hedge fund affiliated with Hunterbrook Media. The allegations claim that UWM has corrupted mortgage brokers to cheat borrowers out of fees and costs. UWM’s CEO, Mat Ishbia, alleges that the accusations are a result of a conspiracy by rival Rocket Mortgage and its founder, Dan Gilbert. The allegations have led to a lawsuit seeking class-action status against UWM. The rivalry between UWM and Rocket has a personal element, with accusations of unethical business practices from both sides. The content also delves into the history of the rivalry between the two mortgage lenders and their efforts to dominate the industry. The ongoing feud has escalated to legal battles and public accusations, showcasing the intense competition in the mortgage industry.
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