Despite his attack on Ishbia, Niemiec recognized the current market downturn “is a little bit more unique” and did not reflect a cyclical pattern.
“We’ve gone from a market that was about $4 trillion – the biggest we’ve ever seen with historically low rates – to probably around $2 trillion in a very quick period of time – and that’s very rare,” he said.
Ishbia was not available for comment, but in a forthcoming edition of MPA TV, UWM’s chief operating officer, Melinda Wilner, was asked to respond to the claims that the company wanted no competitors in the wholesale market.
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.”