Former Rocket Executive Mike Fawaz Joins UWM On New Broker Platform

A new mortgage broker platform led by Mike Fawaz, a former top executive at Rocket Pro TPO, is set to debut this May. The platform will be headed by Dan Sogorka as CEO, a move that signals a significant shift in the competitive landscape of the wholesale lending market as major industry players realign their strategic partnerships.

The upcoming launch is bolstered by a key partnership with United Wholesale Mortgage (UWM), which will serve as the platform's inaugural lender. This collaboration is particularly noteworthy given the ongoing rivalry between UWM and Rocket Mortgage, suggesting a potential shift in broker loyalty and technology preferences within the industry.

The platform aims to streamline the mortgage process for independent brokers, offering tools and resources designed to compete with large-scale retail lenders. As the May launch approaches, market analysts will be watching to see how many brokers transition to the new system and whether it triggers a response from other major wholesale lenders.

By positioning itself as a tech-forward solution backed by the nation’s largest wholesale lender, the new venture could redefine the relationship between independent brokers and their funding partners. This development marks a new chapter for Fawaz, who was previously a prominent face for UWM's primary rival.

This report is based on details provided by housingwire.com.