Is UWM Violating Antitrust Law?


It has been well-documented both in the media and in this blog about the anti-consumer impact of United Wholesale Mortgage’s “All-In” Initiative.

America’s MoneyLine (AML) though, in its countersuit, has sought to highlight another devastating effect of Mat Ishbia’s ultimatum: its anti-competitive and antitrust violations.

AML highlights these issues in its court filing:

“UWM’s conduct is a violation of antitrust laws, as the Ultimatum is a concrete and pure example of an attempt to agree to stifle competition, and UWM’s exclusionary conduct is done intentionally to prevent competition between wholesale lenders resulting in less fair competition and increased lending pricing.”

It is also worth noting that the filing discusses in detail the alternatives offered by other lenders and why the ultimatum impedes their business.

The filing continues:

“AML believes that this restraint on competition and trade that precludes brokers from providing fair alternates to UWM’ s products to home refinance and purchasing consumers results in a 20% loss in business, since UWM’s products are in many cases more expensive and less competitive than various products that Rocket Pro and/or Fairway Independent Mortgage provide. As an example, UWM does not provide any lending options for potential borrowers with less than a 620 credit score, while Rocket Pro does offer financing options for these potential borrowers who comprise approximately 5%-10% of the market.”