U.S. Moneyline’s antitrust lawsuit against UWM has been dropped (temporarily)

A federal judge has moved to dismiss a separate antitrust lawsuit against United Wholesale Mortgage Co. and its subsidiaries. all-in initiative.

America’s Moneyline, one of First mortgage brokers targeted UWM countersued in February 2022 for violating the All-In ultimatum, claiming the wholesale lender “seeks to establish a monopoly in the wholesale mortgage industry.” A federal judge in Michigan dismissed the case on March 29 The reason for this appeal is that Florida judge’s recommendations A month in advance as a reason.

In February, U.S. Magistrate Judge Laura Lothman Lambert recommended dismissal of a lawsuit filed by Florida brokerage The Okavage Group, which also accused UWM of violating federal antitrust laws, because it failed to convince her of the wholesale lender’s ultimatum. It’s anti-competitive.

“Plaintiffs have failed to allege any factual allegation that reasonably alleges the likelihood of a real adverse effect on competition, and therefore fail to allege that the ultimatum is related to harm to competition within the mortgage market as a whole or within the wholesale retail mortgage market,” the Florida magistrate judge said. There is a sufficient connection.”

(The Okawachi Group filed objections to Lambert’s filing, which will ultimately be reviewed by U.S. District Judge Wendy W. Berger of the Middle District of Florida in Jacksonville.)

U.S. District Judge Laurie J. Michelson in Michigan wrote that she agreed and adopted Florida’s ruling and granted UWM’s motion to dismiss. Still, Judge Michaelson said that if Judge Lambert’s recommendation is overturned, the Michigan courts will “consider these rulings and whether they warrant reconsideration of this.”

AML did not respond to a request for comment. A spokesperson for UWM said the company was “not surprised by the federal court’s decision.” “This is what we expected and know it is the right decision based on the law and contract.” Signed,” a spokesperson for the company said. added.

As of Monday, AML’s website was no longer operational, and it currently sponsors only two officers under the National Mortgage Licensing System.

Meanwhile, Mortgage Moneyline, an entity created two years ago by AML owner Shawn Nevin and the company’s former chief operating officer Dean Lob, has a dozen AML-registered employees and an active website. Mortgage Moneyline was created in May 2022, three months after documents show UWM filed a $2.8 million lawsuit.

UWM is suing three other companies Loans were sold to Fairway and Rocket, two of the cases filed within the past four months. Another lender, Mid Valley Funding, agreed to settle last June and pay UWM $40,000, the company confirmed. (Since February, Fairway no longer participate Wholesale Loans. )

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button