“Over the 12 months through Sept. 30, the company [UWM] earned $329 million and paid out $601 million [in dividends] to Ishbia’s holding company,” the Journal reported. As a wholesale mortgage lender, UWM works exclusively with mortgage brokers, and Ishbia often credits brokers’ ties to local real estate agents and homebuyers for the company’s success. At the time, he claimed that those companies were attempting to poach mortgage brokers’ clients through their direct and retail channels. UWM faced criticism for Ishbia’s “All In” ultimatum to mortgage brokers and also became entangled in litigation as both a defendant and a plaintiff. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday.

Source: Wall Street Journal November 16, 2023 15:18 UTC