However, others in the industry were hopeful that a pushback by Rocket against the UWM ultimatum might bring an end to the ultimatum, providing a truly open wholesale market.
Brendan McKay (pictured top), chief advocacy officer for the Broker Action Coalition and owner of McKay Mortgage, said the negative reaction to Rocket’s move is missing something more important.
“I think that what this really is, is a symptom of the ultimatum,” McKay told Mortgage Professional America. “That is the root problem here. UWM, through the ultimatum, has created an uneven playing field.”
Dividing the broker community
McKay said he understands the criticism Rocket has faced for the incentive, but does not agree with it.
“Criticizing Rocket in this situation to me is akin to criticizing a kid on how they fight back against a bully,” he said. “I recognize this analogy paints Rocket as a kid getting picked on, which they’re a big, massive conglomeration, but in the wholesale market, UWM is the big dog in the space. Rather than giving the kid a hard time for paying all their friends $10 to stand up for them, I’m more interested in addressing the behavior of the bully and correcting that.”
