A federal judge dismissed the most serious charges against United Wholesale Mortgage in a racketeering lawsuit which arose from an explosive media report last spring. U.S. District Judge Brandy R. McMillion this week tossed all but two claims against the megalender which borrowers suggested improperly steered them to higher cost loans. The class action case, […]
Why a federal judge dismissed RICO accusations against UWM Read More »
United Wholesale Mortgage has reduced the fees and added other enhancements for one of its title alternative programs. The company’s title review and closing program, known as TRAC+, looks to save borrowers money by significantly reducing costs for refinances compared with traditional title insurance options. In the past, Mat Ishbia, president and CEO, has been
UWM reduces fees, enhances TRAC+ title alternative offering Read More »
Analysts at Morgan Stanley have downgraded UWM Holdings, the parent of United Wholesale Mortgage, citing valuation risk, given the 55% increase in its stock price since the end of July through today. But at various points between those two milestones, the gain in UWM on a percentage basis was even higher. On July 31, UWM’s
UWM downgraded by Morgan Stanley on stock valuation risk Read More »
UWM Holdings CEO Mat Ishbia’s new target for mortgage broker originations share is for them to do over half of production. On the company’s earnings call, he cited statistics giving the current broker share at 30%. “Our goal is for brokers to be No. 1,” Ishbia said. “In my mind, that means 50.1%; I don’t
UWM aims for broker-majority market amid 300% profit surge Read More »
Bilt Rewards, the platform best known for doling out rewards points for rent payments, more than tripled its valuation to $10.8 billion in a fresh funding round as it seeks to do the same for mortgages. The firm is also ending its relationship with Wells Fargo & Co., according to a letter to customers that
UWM backs Bilt as rent rewards expand to mortgages Read More »
United Wholesale Mortgage is suing nearby rival Towne Mortgage in a rare theft of trade secrets case from the industry’s largest lender. The lawsuit filed in January accuses nine former UWM account executives of taking trade secrets, including broker partner information, to Towne. The competing retail and wholesale lender and servicer last month denied the
UWM sues nearby rival Towne Mortgage for poaching Read More »
United Wholesale Mortgage is refuting claims by former account executives that the company mismanaged its large retirement savings plan. Plaintiffs accuse UWM of directing unvested employer contributions in the company’s 401(k) plan toward future employee contributions, rather than administrative expenses. The class action complaint suggests the money-saving moves by UWM cost workers, whose contributions then
UWM disputes it mismanaged its employees’ retirement savings Read More »
Executives at independent mortgage banks saw their average annual compensation remain largely flat in 2024 compared to the previous year, according to filings with the Securities and Exchange Commission. Some IMB leaders saw their pay rise or dip slightly due to stock awards received in 2024 — or a lack of them compared to 2023.
Here’s how much executives at public IMBs made in 2024 Read More »
United Wholesale Mortgage is victorious in yet another challenge to its “All-In” initiative after a federal appeals court ruled against a Florida brokerage. The Okavage Group filed an antitrust suit against UWM in 2021 over the megalender’s ultimatum for brokers working with competitors Rocket Cos. and Fairway Independent Mortgage Corp. The brokerage, led by Dan
UWM survives All-In challenge in federal appeals court Read More »
United Wholesale Mortgage announced the rollout of two artificial intelligence-powered tools designed to give mortgage brokers an added edge in competing for and retaining borrower business. One of the tools is an AI-powered voice bot named Mia, which acts as a personal assistant for brokers. The other tool, called LEO, helps brokers present more competitive
UWM rolls out two AI-powered tools to give brokers edge Read More »