Save Broker Choice is a project of CASE, Consumer Action for a Strong Economy, the nation’s foremost organization devoted to the singular cause of promoting consumer interests through the advancement of free-market principles. Like all consumers, American homebuyers, prospective homebuyers, and those looking to refinance their homes deserve to have best options available for them to choose the financing that best fits their needs.
A demand by the country’s largest wholesale mortgage company could threaten choice in the mortgage brokerage industry. In early March, United Wholesale Mortgage CEO Mat Ishbia issued an ultimatum that any mortgage brokers working with United Wholesale Mortgage would have to agree to stop working with two of United Wholesale Mortgage’s top competitors, Rocket Mortgage and Fairway Independent. The move reduces the number of companies that mortgage brokers are allowed to work with and, in turn, impacts the homeowners, prospective homebuyers, and those looking to refinance who are looking to secure the best interest rates and financing terms. Simply put, limiting options for brokers will cause consumers to lose out.
American homeowners and prospective homebuyers – like all American consumers – deserve to have a competitive marketplace. They deserve choice.