While 10,400 brokers agreed to sign Ishbia’s addendum – with only about 600 deciding to bail out – some expressed reservations at the way the CEO handled the issue.
Kirk Tatom, president of Tatom Lending, told MPA that while staying with UWM had not been a difficult decision to make, Ishbia had been “disrespectful” towards brokers, comparing his ultimatum with cancel culture. Another broker, Yury Shraybman from Innovative Mortgage Brokers, said: “I was surprised and shocked that (the addendum) was put in place. The stance was extremely aggressive.”
Former Mortgage Bankers Association president and CEO David Stevens (pictured immediately above) went further. Speaking at last week’s National Association of Mortgage Brokers’ (NAMB’s) legislative and regulatory conference, he suggested the actions made those in the industry look like used car salesmen. He said: “It makes the mortgage industry look like we might as well have striped shirts and white plastic shoes – the traditional look of the used car salesman.”
Speaking to MPA this week, Ishbia hit back at Stevens, saying “his relevance in the industry is about zero.”