"Fawaz frequently criticized UWM CEO Mat Ishbia's All-In ultimatum, which penalized brokers for sending loans to Rocket. He previously called Ishbia a playground bully and helped launch Rocket's Bully Shield initiative to pay legal fees for brokers sued by UWM."
"After sitting with Mat and learning about what he's done, Fawaz acknowledged his past statements but said his perspective shifted after viewing the industry from outside the walls of Rocket. I got to really take a nonbiased look, Fawaz said."
"Ishbia welcomed the partnership, stating, 'Mike's been an adversary of ours at UWM and me and obviously, he's a winner and a leader.' He emphasized that Fawaz would receive the same partnership and service as any other broker."
"Fawaz does not expect Rocket to join the platform, citing a preference for pure wholesale lenders. He stated, 'If you're a wholesale lender and you have a retail side, I don't think we're going to do anything with you.'"
Fawaz criticized UWM CEO Mat Ishbia's All-In ultimatum and previously called him a playground bully. However, after engaging with UWM's vision and leadership, Fawaz's perspective changed. He acknowledged his past statements but emphasized a nonbiased view of the industry. Ishbia welcomed the partnership, recognizing Fawaz as a fierce competitor. Fawaz expressed a preference for partnering with pure wholesale lenders, while Ishbia reinforced his stance against multichannel lenders. The partnership comes after UWM's recent challenges.
Read at www.housingwire.com
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