In recent statements, Ishbia expressed respect for Rocket's business model but criticized its negative impact on brokers, claiming that Rocket's actions hurt their wholesale channel and recruiting efforts for UWM. He announced the severance of UWM's relationship with Mr. Cooper and suggested brokers aggressively refinance loans sold to Mr. Cooper for better terms. To incentivize this, UWM is introducing 'Refi Shield 100,' offering brokers 100 basis points to reclaim UWM loans, even at a loss for UWM. Ishbia's comments reflect broader concerns over competitive practices in the real estate financing market.
I respect their business strategy, there's nothing wrong with their business strategy. It's just really bad for brokers.
Effective Tuesday, UWM no longer has any relationship with Mr. Cooper... They will never have a loan of ours again.
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