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United Wholesale Mortgage (NYSE: UWMC) has announced it will no longer do business with mortgage brokers who work with rivals
Rocket Companies Inc (NYSE: RKT)-owned Rocket Mortgage and privately owned Fairway Independent Mortgage Corp.
Both Rocket Companies and United Wholesale s stock have seen volatile trading this week amid a surge in interest from WallStreetBets traders.
What Happened: UWM President and CEO Mat Ishbia dropped the surprise announcement Thursday during a Facebook Live event that was promoted as highlighting UWM’s return to the jumbo market.
“If you work and send loans and send loans to Fairway Independent or Rocket Mortgage, which by the way is about 25% of the brokerage channel, if you work with them, you can t work with UWM anymore,” said Ishbia.
United Wholesale Mortgage (NYSE: UWMC) has announced it will no longer do business with mortgage brokers who work with rivals Rocket Companies Inc (NYSE: .