Real Estate

UWM CEO says fight with Quicken Loans is paying off

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The CEO of United Wholesale Mortgage on Wednesday defended a recent controversial move in a crosstown battle with rival Quicken Loans.

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.

“I know how different people want to portray it, but the decision was not about doing things exclusively,” CEO Matt Ishbia said in an appearance on CNBC’s “Mad Money.”

Ishbia told the show’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…



Source cnbc.com

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