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