Independent Brokers will not back down without a fight.
America’s Moneyline (AML), a California-based brokerage announced that it filed a countersuit in response to United Wholesale Mortgage (UWM), after the lender attempted to sue AML for supposedly violating UWM’s unfair “All-In” Initiative.
AML is advocating for brokers and consumers who seek choice in the broker market and home ownership process. Simply put, UWM is restricting choice, because AML—as with other independent brokers—wants to provide as many options for its clients as possible. UWM’s “All-In” Initiative restricts that objective.
As AML CEO Shawn Nevin stated in National Mortgage Professional:
“Mat Ishbia’s ‘ultimatum’ is a blatant and desperate attempt to maintain his company’s grip on the throat of mortgage brokers across the country. As he works tirelessly to craft a false narrative around being the champion of brokers, his actions tell a completely different story. The fundamental purpose of being an independent broker is to have as many choices and options as possible to provide to your clients with the very best rate and loan program.”
“I’m standing up for what is right. This is a true David versus Goliath battle.”