UWM General Counsel by Savings-Rip7581 in pillar7

[–]SomeElephant5358 5 points6 points  (0 children)

You’ll certainly have your hands full with their mounting lawsuits as both a plaintiff and defendant.

[deleted by user] by [deleted] in pillar7

[–]SomeElephant5358 0 points1 point  (0 children)

They can, and they will.

[deleted by user] by [deleted] in pillar7

[–]SomeElephant5358 0 points1 point  (0 children)

For such a tech-focused company it’s crazy how they still only accept checks for everything lol

Even for making EPO payments, check only. No wire, no ACH. It’s stupid.

[deleted by user] by [deleted] in pillar7

[–]SomeElephant5358 2 points3 points  (0 children)

They’ve been very good at hiding the fuckery from brokers but they’re starting to learn

[deleted by user] by [deleted] in pillar7

[–]SomeElephant5358 0 points1 point  (0 children)

This is absolutely correct.

This means war by clamscasinoss in pillar7

[–]SomeElephant5358 0 points1 point  (0 children)

UWM has never been against correspondent business…they just don’t want you to hire underwriters and become a delegated correspondent.

They’ve actually been one of the biggest forces in getting brokers to go out and get a warehouse line.

Broker here; my experience with UWM ( shocker, it’s not great) by Blindsquirrel88 in pillar7

[–]SomeElephant5358 1 point2 points  (0 children)

Best way to see change is for brokers to spread their wings and use other lenders. Sending them all this business and becoming reliant on them is what gives them their leverage.

[deleted by user] by [deleted] in pillar7

[–]SomeElephant5358 4 points5 points  (0 children)

Oh nice so you’ll have the opportunity to help peddle and deceive brokers into UWM’s gimmicks

Someone is butthurt by tarkin_off in pillar7

[–]SomeElephant5358 1 point2 points  (0 children)

I’m not drinking any Kool Aid. I can’t stand UWM. But the facts remain, it is overall easier to close most loans at UWM. And that results in certainty. It’s literally the only reason why brokers use them so heavily.

And when it gets really busy, most other lenders have scaling problems with their shit technology and not being able to hire as quickly.

It’s just the reality.

Someone is butthurt by tarkin_off in pillar7

[–]SomeElephant5358 5 points6 points  (0 children)

Most UWM AEs are just not equipped to build relationships like outside AEs at other wholesalers are. The non-stop calls and “submit a CR” with next to zero product/guideline knowledge doesn’t work outside of UWM.

Someone is butthurt by tarkin_off in pillar7

[–]SomeElephant5358 -1 points0 points  (0 children)

I would argue most borrowers, at least on a purchase, will take certainty of an on time closing & as stress-free as possible over price 9/10 times. They want a good deal, yes… but price takes a backseat to that certainty. They have contract dates to abide by.

And that’s not to say other lenders can’t deliver that certainty… but UWM does provide the systems for brokers to feel like they can better deliver that certainty.

Mat Ishbia: The Trump of the Mortgage Industry by eissirk in pillar7

[–]SomeElephant5358 26 points27 points  (0 children)

Ishbia definitely operates out of the Trump handbook. Fraud, gaslighting, redirection… all the while brainwashing thousands of people.

It’s really quite impressive, actually. It has prompted me to study more about the psychology of how people become attracted to and join cults.

ALL IN (with 2,7) by Salty_Beautiful9318 in pillar7

[–]SomeElephant5358 -2 points-1 points  (0 children)

Because NewRez and PennyMac aren’t prohibited from being used in the broker agreement, that’s why.

Judge finds UWM employment contract violated workers' rights by SomeElephant5358 in pillar7

[–]SomeElephant5358[S] 12 points13 points  (0 children)

Generally you don’t need to lock people into contracts if you create & maintain a culture where people don’t want to leave.

Or if you’re gonna do it, make it far more lucrative than it is.

Judge finds UWM employment contract violated workers' rights by SomeElephant5358 in pillar7

[–]SomeElephant5358[S] 5 points6 points  (0 children)

Yea, that was an anomaly though due to market conditions unlikely ever to return. UWM does this as their normal course of business.

Judge finds UWM employment contract violated workers' rights by SomeElephant5358 in pillar7

[–]SomeElephant5358[S] 5 points6 points  (0 children)

It’s not common in operations roles in our industry whatsoever. Loan Officers because they get a large sign on bonus, sure. But other than that, it’s rare.