Limiting mortgage brokers' choices is bad for brokers and consumers alike

Earlier in March, the head of America’s largest wholesale mortgage-lender—“United Wholesale Mortgage”—told the nation’s independent mortgage-brokers that, if they wanted to do business with “U-W-M”, they’d have to stop working with two of “U-W-M’s” biggest competitors. According to Gerard Scimeca [“symm-eh-kah”]—from “Consumer Action for a Strong Economy”—limiting brokers’ choice will ultimately mean fewer options, and higher costs, for consumers—including both first-time homebuyers, and homeowners who are looking to refinance… “What Mat Ishbia of ‘U-W-M’ effectively did was [to] instantly eliminate competition in the mortgage-industry. And, he did it by ultimatum—not by winning on the playing-field. Now, mortgage-brokers—whose job it is to shop around, for individuals and families, for the best mortgage- or refinancing-option—can’t even consider lending-options for some of the biggest lending-houses in the country. That will lead to fewer choices, and higher costs; limiting competition in this way always does. And, that means that brokers are going to lose—and American families are going to lose.” To learn more, go to “save-broker-choice”-dot-com.