Consumers Sue Mortgage Lender UWM Alleging Billions in Excess Fees

A bombshell class action lawsuit has been filed against United Wholesale Mortgage (UWM) and its CEO Mat Ishbia (pictured), accusing the company of a far-reaching scheme to cheat borrowers. UWM has labeled the lawsuit “a sham”.

Plaintiffs Therisa Escue, Billy Escue, Kim Schelbe, and Brian Weatherill – representing themselves and other similarly affected borrowers – claim UWM violated federal laws, including the RICO Act, by corrupting independent mortgage brokers to prioritize UWM’s interests over those of their clients.

They demand that UWM be held accountable for its alleged misconduct, stating that UWM orchestrated and executed a “deliberate scheme, in coordination with a host of corrupted mortgage brokers, to cheat hundreds of thousands of borrowers out of billions of dollars in excess fees and costs that they paid to finance their homes.”

Read the source article at Mortgage Professional America