He said: “We expected every single lender in America to do that, but to my knowledge UWM is the only large lender that decided to keep the fee.
“When brokers pushed back, they (UWM) sat silent for nearly a week and pocketed the 50-basis points on all those loans that were locked.”
MPA can confirm that an unrelated source last month flagged up concerns within the broker community that an unspecified group of lenders were not passing the cost savings on to customers, prompting calls to know who was “pocketing the extra 50-basis points and why”.
Niemiec went on: “The most troublesome piece of this whole thing is the excuse that Mr Ishbia gave. He said that they didn’t want to automatically remove the 50-basis points for American families across America because they didn’t want to prioritize the technology to do so.
“Not only did UWM decide to keep the 50-basis points for their own revenue on the backs of the American family and the American consumer, they were dishonest about it to the broker community – those that they claim to serve.”