{"id":110489,"date":"2021-03-25T00:37:12","date_gmt":"2021-03-25T00:37:12","guid":{"rendered":"https:\/\/fin2me.com\/?p=110489"},"modified":"2021-03-25T00:37:12","modified_gmt":"2021-03-25T00:37:12","slug":"united-wholesale-mortgage-says-its-crosstown-war-with-quicken-loans-is-paying-off","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/united-wholesale-mortgage-says-its-crosstown-war-with-quicken-loans-is-paying-off\/","title":{"rendered":"United Wholesale Mortgage says its crosstown war with Quicken Loans is paying off"},"content":{"rendered":"<ul>\n<li>United Wholesale Mortgage and Quicken Loans are at odds over an ultimatum issued by UWM earlier this month. <\/li>\n<li>CEO Matt Ishbia defended the move, in which UWM said it would no longer work with any mortgage brokers who also conducted business with Quicken and another competitor.<\/li>\n<li>&quot;My business is not designed to make my competitors like me,&quot; he said.<\/li>\n<\/ul>\n<p>The CEO of United Wholesale Mortgage on Wednesday defended a recent controversial move in a crosstown battle with rival Quicken Loans.<\/p>\n<p>UWM earlier this month said it would no longer work with any mortgage brokers who also conducted business with Quicken and another competitor, Fairway Independent Mortgage in Wisconsin.<\/p>\n<p>&quot;I know how different people want to portray it, but the decision was not about doing things exclusively,&quot; CEO Matt Ishbia said in an appearance on CNBC&#x27;s &quot;Mad Money.&quot;<\/p>\n<p>Ishbia told the show&#x27;s host Jim Cramer that the Pontiac, Michigan-based company gained an upper hand in the ultimatum: Out of 12,000 brokers, not even 500, chose to continue partnering with Quicken, he said.<\/p>\n<p>Quicken, the Detroit-based lending giant owned by Rocket Companies, is the nation&#x27;s top mortgage lender, followed by UWM. <\/p>\n<p>Ishbia claims Quicken Loans is stunting growth in the mortgage sector, though he said he does not accuse the company of illegal practices.<\/p>\n<p>&quot;The reality is, brokers are all in,&quot; Ishbia said. &quot;They understand that Matt and UWM is here to protect the broker channel and consumers because consumers get lower rates when they go through a broker. That&#x27;s not an opinion, that&#x27;s a fact.&quot;<\/p>\n<p>Meanwhile, Rocket tells the <em>Wall Street Journal<\/em> that its lending platform has grown market share since UWM announced the move. Fairway, for its part, told <em>National Mortgage News<\/em><em> <\/em>that UWM&#x27;s agreement with brokers limits their opportunity to find lower interest rates.<\/p>\n<p>Questions for Cramer?<br \/> Call Cramer: 1-800-743-CNBC<\/p>\n<p>Want to take a deep dive into Cramer&#x27;s world? Hit him up!<br \/> Mad Money Twitter &#8211; Jim Cramer Twitter &#8211; Facebook &#8211; Instagram<\/p>\n<p>Questions, comments, suggestions for the &quot;Mad Money&quot; website? madcap@cnbc.com<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/03\/24\/uwm-ceo-says-fight-with-quicken-loans-is-paying-off.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>United Wholesale Mortgage and Quicken Loans are at odds over an ultimatum issued by UWM earlier this month. CEO Matt Ishbia defended the move, in [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":110488,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>United Wholesale Mortgage says its crosstown war with Quicken Loans is paying off - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/united-wholesale-mortgage-says-its-crosstown-war-with-quicken-loans-is-paying-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"United Wholesale Mortgage says its crosstown war with Quicken Loans is paying off - Fin2me\" \/>\n<meta property=\"og:description\" content=\"United Wholesale Mortgage and Quicken Loans are at odds over an ultimatum issued by UWM earlier this month. 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