Detroit News: Matthew Roling on consumer impact of UWM ultimatum
About 65% of 4,600 independent mortgage brokers agreed not to do business with Rocket Companies Inc. and another competitor, missing United Wholesale Mortgage Holdings Corp. CEO Mat Ishbia's expectations to enlist 80% or more. The Pontiac-based lender issued an ultimatum earlier this month saying it no longer will work with brokers originating loans through Detroit-based Rocket and Wisconsin's Fairway Independent Mortgage Corp. It accused the companies of "unethical" business practices. Experts say the ultimatum is unlikely to affect consumers looking to get the best rates given the competition in the industry. "I think it doesn't mean a lot," said Matthew Roling, an adjunct professor of finance at Wayne State University who previously worked for Rocket Mortgage-affiliate Rocket Ventures from 2012 to 2017. "The service and the pricing and the convenience consumers get won't be seriously impacted by this."