Rocket Mortgage Management Tries To Sabotage An RE Closing

By Steve
September 14, 2022
3 min read

Rocket Mortgage Management Bullied An Employee And Tries To Sabotage His Real Estate Closing By Refusing To Give His Lender A Verification Of Employment

Rocket Mortgage Management

UWM CEO Mat Ishbia posted this on LinkedIn. You can see it here.

For years I have written about the cattiness and cult like mentality of Rocket Mortgage management on MFI-Miami. But this recent incident is just over the top.

Management bullied an employee. Then they attempted to sabotage his real estate closing.

Why?

He had the audacity to give the deal to his brother who is an independent mortgage broker.

I thought all the Kool-Aid drinking ended after Dan Gilbert’s May 2019 stroke.

After the stroke, Gilbert stepped away from day-to-day operations immediately after his stroke. Apparently, I was wrong. 

When it was time to close a few days ago, Rocket Mortgage’s HR department refused to give the employee’s underwriter or the broker a verbal verification of employment. 

Rocket bosses grilled the employee after a Kool-Aid drinker (formerly known as Gilbots) in HR received the call and ratted him out.

Rocket management also made it clear that he could lose his bonuses for not using Rocket for the financing. In addition, management threatened him with termination if he did not apply for financing using the Rocket Mortgage phone app. They also told him point blank that they would not give him the verification of mortgage. 

The Rocket employee’s mortgage broker brother was funding the loan through Rocket’s crosstown rival, United Wholesale Mortgage. 

As Lender Meltdown readers know, UWM has been kicking the bejesus out of Rocket Mortgage and other lenders with their ‘Game On’ pricing initiative.

This is why UWM’s profits were up 55% in the 2nd quarter. By contrast, Rocket’s earnings have plummeted over 94% compared to a year ago. 

UWM CEO Mat Ishbia Steps Up To Blast Rocket Mortgage Management 

Rocket Mortgage Management

UWM CEO Mat Ishbia

The apparent Facebook posting got the attention of United Wholesale Mortgage CEO Mat Ishbia.

Ishbia wasn’t afraid to call out Rocket for their boorish and catty behavior. Ishbia wrote:

This image was shared with me earlier today… this is sad and despicable that Rocket Mortgage would do this to hurt any consumer, let alone one of their own employees. This borrower is buying a home and working with an independent mortgage broker (their brother), and Rocket will not confirm they currently work there (a Verification of Employment) because THEY want to do the loan, and don’t want the consumer going to a different mortgage lender. This type of behavior is exactly the opposite of what good mortgage companies and decent human beings do. As low as Rocket goes on many things in our industry, it still surprised me that they would hurt a consumer in this way, but UWM will make sure to solve the problem and take care of this borrower.

For over 20 years, the Kool-Aid drinking Gilbots at Rocket (formerly known as Quicken Loans) have been bad mouthing and trying to steal loans from independent brokers.

It’s good to see guys like Ishbia are willing to stand up and put the smack down on Rocket Management.

Also, Check Out More Articles About The Imploding Lending Industry On Lender Meltdown.

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