Dan Gilbert's Rocket Denies Involvement in Investigative Report Questioning UWM Mortgage Practices

April 06, 2024, 1:43 PM

Mat Ishbia and Dan Gilbert

The rivalry between Dan Gilbert's Rocket Mortgage and Mat Ishbia's United Wholesale Mortgage continues to play out in different ways. 

The latest: Gilbert's company on Friday rejected allegation by United Wholesale Mortgage President and CEO Mat Ishbia that it was involved in an investigative report questioning UWM's mortgage practices, the Detroit News reports. Gilbert's firm did, however, say the story seemed based on "factual, public information."

The News reports:

A consumer class-action racketeering lawsuit was filed in Detroit federal court this past week accusing the Pontiac-based wholesale-exclusive lender of conspiring with brokers to steer homebuyers into costly mortgages that resulted in borrowers paying billions of dollars in excessive fees. On the same day, a lengthy investigation exploring similar allegations against UWM was published by Hunterbrook Media, an affiliate of a hedge fund that disclosed it shorted UWM's stock and went long on rival Rocket Cos. Inc.

When asked about the Hunterbrook Media article, Ishbia said:

"That's Rocket Mortgage and Dan Gilbert doing Rocket Mortgage and Dan Gilbert things, and that’s what it's been funded by."

Rocket Mortgage spokesman Aaron Emerson wrote in a Friday email to The Detroit News.

"Rocket Mortgage and Dan Gilbert have no involvement in the deep, detailed 50-page Hunterbrook Media article exposing the business practices of Mat Ishbia and United Wholesale Mortgage.

"Dan Gilbert and Rocket Mortgage have no investment, other financial interests or relationship to Hunterbrook Media. The professional investigation speaks for itself and appears to be based on factual, public information uncovered by the journalists who conducted the investigation."

Read more:  Detroit News

Leave a Comment:

Photo Of The Day