Since we launched Save Broker Choice, more voices are speaking out about the dangerous move by United Wholesale Mortgage CEO Mat Ishbia’s move to stifle competition in the mortgage marketplace and hurt American consumers.
Today, we are highlighting some of the comments made by former Bush Administration official and political commentator Peter Roff. As Roff writes:
Ishbia’s tactics undermine the goal of mortgage brokerages: to identify the lowest interest rates for borrowers and streamline the mortgage process. With Rocket – an industry leader in the mortgage space – now stripped out of the Rolodex of many brokers, consumers will almost surely be required to pay more.
That will cause the housing market to slow down at a most inconvenient time for buyers, sellers, and the country as a whole.
Roff noted a number of industry analysts also expressed concerns over Ishbia’s tactics, including:
Mortgage Bankers Association President and CEO Bob Broeksmit who said, “Consumers are best served when they have choices created by a robust, competitive market that offers a multitude of loan prices, products, and service levels. Our mortgage market is extraordinarily competitive, with thousands of lenders, multiple delivery channels, and varying business models. MBA does not condone activities designed to thwart competition in the mortgage market and limit loan options available to borrowers.”
It is clear that UWM’s moves are gaining more scrutiny and derision. Killing competition in the mortgage marketplace is unfair to American consumers and must be stopped.