![]() If you choose (because the choice is yours, not ours), to stop sending loans to UWM, we’ll do everything we can to help put you and your client in the best position possible. if you decline the addendum, the loans you have with UWM, we’re not going to hurt a consumer, close every one of those loans with you.” Based on that, it seems like UWM will still close the loans you currently have with them. If I terminate my agreement with UWM, will they still close the loans that I already have in their pipeline?Īccording to UWM’s own Facebook Live video from March 4, 2021, they state: “. According to the language of UWM’s own broker amendment, if you give UWM written notice that you are terminating your agreement with them, there will no longer be any anti-competitive constraints on your ability to submit loan applications to Rocket Mortgage or any other wholesale lender. We do not agree with restricting your ability to choose. But, based on what we’ve seen (and heard in UWM’s Facebook Live Stream on 3/4/21), UWM is requiring their brokers to agree that they will no longer do business with Rocket Mortgage. The Rocket Pro TPO team doesn’t restrict who you can do business with. If I accepted the broker amendment/addendum with Shore Mortgage (aka “UWM”), can I continue to do business with Rocket Pro TPO? ![]() Optionality is what’s right for your client and what’s right for our broker partners like you. The Rocket Pro TPO team believes in a free and open market and, fundamentally, think our partners should be able to work with whomever they please. We don’t put restrictions on who you can choose to do business with now and we won’t in the future. If I submit loans to Rocket Pro TPO, am I restricted from doing business with other mortgage lenders? If you have questions about your legal rights, you should consult with an attorney. NOTE: These FAQs should not be construed as legal advice they are not. We’ve also put together the below information to help support the broker community and to address your questions. This is consistent with the representations made by UWM in its March 4, 2021, Facebook Live video. In the interest of our common borrower clients, I fully expect UWM to process and close all our loans currently in UWM’s pipeline. This termination is the result of UWM’s own actions, namely, (a) demanding the broker industry cease working with certain mortgage lenders and (b) unilaterally adding a grossly unfair damages provision in the broker addendum. terminates its broker agreement with United Wholesale Mortgage (“UWM”) pursuant to the applicable section of the agreement. To be clear, we’re not offering you legal advice here (and we encourage you to review your broker agreement with UWM) but, based on the version we’ve reviewed, it appears as though brokers can terminate their agreement through seven days' written notice. Clearly, UWM does not feel the same and, as a result of the uncomfortable position they’ve forced you into, we’ve put together draft termination language at the request of some mortgage brokers that you can consider using too. As we’ve said before, we believe in a free market and fair competition, so we encourage our broker partners to work with ALL lenders, including UWM. We at Rocket Pro TPO have an interest in standing behind our broker business partners and enabling them to guard against abusive practices and penalties. Broker partners have also been concerned about the unprecedented, harmful liquidated damages provision that UWM has included in the broker addendum. Over the last week, we’ve received countless phone calls from brokers who are concerned about what the UWM ultimatum-boycott Rocket Mortgage and Fairway Independent or you can’t do business with UWM-will mean for their business and current loan pipeline.
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