Wholesale Mortgage Brokers Say Hasta La Vista To Quicken Loans

Large Wholesale Mortgage Brokers Like C2 Financial Begin Saying, “Hasta La Vista, Baby” To Quicken Loans

Large wholesale mortgage brokers like C2 Financial are cutting ties with Quicken Loans by the end of the week. C2 Financial General Manager Brian Kent released the company memo to the public:

As the leaders of C2 and the broker industry, we feel it is wrong for us to continue to partner with Quicken. Therefore, effective 8/15/18, C2 will no longer be working with Quicken.

Quicken Loans CEO Jay Farner told Housingwire that he was shocked by the alleged memo:

We are surprised and disappointed. That is the best way to put it.

Brian Kent essentially accused Quicken Loans of stealing clients from C2 Financial. 

Countrywide Financial used to do something similar during the housing boom. Back then, a wholesale broker would order a payoff from Countrywide. Instead of getting a payoff amount, the broker would get a call from the client claiming the Countrywide solicited them with a better deal. The broker had to two choices. Either cut his commissions or let the customer walk. 

Read more at MFI-Miami