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She said: “I would say that’s wildly untrue, it’s the competition that makes it more interesting. By the nature of wholesale, there has to be competition and there has to be other lenders – that’s what makes wholesale the best fit for the borrower.”
As the two largest wholesale lenders in the country, Rocket and UWM are fierce rivals. Both announced new conforming loan amounts of $715,000 at roughly the same time this month.
The rivalry became particularly intense last year following UWM’s ultimatum. This resulted in more than 10,000 brokers across the country being compelled to sign an addendum in which they agreed not to work with Rocket or Fairway ever again.
The move divided the broker community, but also set the tone for the future relationship between the two lenders.
Niemiec’s comments also centered around the string of closures or job cuts involving wholesale lending firms since the start of the year, which experts say is evidence of a shrinking mortgage market responding to soaring interest rates and spiraling inflation.
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