A lawsuit has been filed against United Wholesale Mortgage (UWM) in Ohio, alleging that the company pressures brokers to direct loans exclusively to them, undermining the independent advice these brokers are supposed to offer. The suit claims that UWM's practices result in borrowers paying above-market rates due to a lack of transparent competition. Attorney General Yost argues that this behavior constitutes predatory lending and has violated multiple consumer protection laws. He seeks restitution for affected borrowers and civil penalties against UWM.
Buying a home is hard enough without having to worry about a lender scheming behind your back, Yost said in a statement.
Yost charges UWM with violations of Ohio's Consumer Sales Practices Act, Residential Mortgage Lending Act and Corrupt Practices Act.
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