He said: “We expected every lender in America to do this, but as far as I know, UWM is the only major lender that has chosen to keep the commission.
“When the brokers abandoned the trade, they (UWM) sat in silence for almost a week and assigned 50 basis points on all blocked loans.”
The MPA can confirm that an outside source last month raised concerns in the brokerage community that an unspecified group of lenders were not passing savings on to customers, prompting them to call to find out who was “assigning the additional 50 basis points and why.”
The German continued: “The worst part of it all is the excuse that Mr. Ishbia gave. He said they don’t want to automatically remove 50-base points for American families across America because they don’t want to prioritize technology to do so.
“Not only did UWM decide to keep 50 basis points for its own revenue on the back of the American family and the American consumer, it also dishonestly told the broker community – those they claim it serves.”