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Hunterbrook Media published a report on April 2, 2024, alleging, among other things, that UWM gets almost all its business “from brokers who sent UWM more than 99% of their business” rather than shopping mortgages to competing lenders, causing borrowers to pay UWM “between hundreds of millions and billions more in closing costs than people whose brokers found them typical loans.” The same day, a racketeering consumer class action suit was filed against UWM, alleging that UWM engaged in a mortgage loan “steering enterprise” with “captive” brokers in violation of federal racketeering laws and other provisions.
Following this news, UWM’s stock price dropped over 8%.