UWM, a mortgage lender based in the U.S., has recently entered into a settlement agreement with Mid Valley Funding, a brokerage shop. The lawsuit, brought by UWM against Mid Valley, involved claims that Mid Valley had violated UWM’s “ultimatum” by sending loans to rival mortgage lenders Rocket Mortgage and Fairway Independent Mortgage Corporation.
Under the terms of the settlement, Mid Valley agreed to pay UWM undisclosed compensatory and punitive damages. Additionally, Mid Valley agreed to withdraw from certain payment for order-flow arrangements with UWM’s competitors. Further as part of the agreement, Mid Valley committed to reducing exposure to UWM’s competitive landscape and implementing further controls.
Below are some of the key elements discussed in this news story:
• UWM settled a lawsuit with broker shop Mid Valley Funding
• UWM’s lawsuit stemmed from claims Mid Valley sent loans to UWM’s rivals
• Mid Valley agreed to pay UWM undisclosed compensatory and punitive damages
• Mid Valley also agreed to withdraw from certain payment arrangements with UWM’s competitors
• Mid Valley committed to reducing exposure to UWM’s competitive landscape and implementing further controls
You can read this full article at: https://www.housingwire.com/articles/uwm-and-broker-shop-mid-valley-settle-ultimatum-lawsuit/(subscription required)
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