A federal judge in Michigan granted a motion filed by United Wholesale Mortgage (UWM) to dismiss parts of a countersuit filed last year by America’s Moneyline (AML). UWM originally sued AML in February 2022 for failing to comply with a policy that required UWM partners to cease doing business with rival Rocket Mortgage. AML responded with the countersuit, claiming that it was given assurances that the policy would not be enforced, voiding the ultimatum via promissory estoppel. The court disagreed with AML, ruling that AML had already signed off on UWM’s policy — in essence legally agreeing to UWM’s ultimatum by continuing to conduct business with UWM — before any alleged assurances were given. Not all parts of the countersuit, however, were thrown out by the court. AML’s claim that UWM’s policy violates antitrust laws remains.
Union Home Mortgage (UHM) announced its acquisition of Amerifirst Home Mortgage. UHM claims more than $13 billion in lending each year, while Amerifirst originated $2.8 billion in 2021 and $3.3 billion in 2020, according to a statement from the two companies. The addition of Amerifirst, based in Kalamazoo, Michigan, to UHM’s operations will add more than 300 loan consultants to its ranks.
Rocket Mortgage introduced Purchase Plus, a special-purpose credit program intended to increase accessibility to homeownership in underserved communities. The new initiative offers credits of up to $7,500 for first-time homebuyers to use toward their mortgage costs. Purchase Plus is available in specific census tracts across six major cities: Atlanta, Baltimore, Chicago, Detroit, Memphis and Philadelphia.
Planet Home Lending added a new team in Woodbury, New York, as part of its growing presence in the Tri-State area and continued expansion across the U.S. The team is led by regional vice presidents Jason Morano and Chris Wubbenhorst.