Yost sues mortgage wholesaler, alleging it colludes to rip off homebuyers
According to the 645-page lawsuit filed by AG Dave Yost Wednesday, the state looks to hold United Wholesale Mortgage 'accountable for orchestrating and executing a deliberate scheme to deceive thousands of Ohio homebuyers into paying millions of dollars in improper fees and excessive interest rates on their mortgages.'
Judge strikes down Ohio law that would have required age verification on social media
The lawsuit alleges that while United Wholesale Mortgage claims the brokers are independent, it actually conspires with the brokers to funnel the loans back to itself, resulting in above-market rates for borrowers.
'Buying a home is hard enough without having to worry about a lender scheming behind your back,' said Yost. 'This predatory business practice has no place in Ohio.'
United Wholesale Mortgage, the state's largest wholesale mortgage lender, denied the charges in a statement.
It essentially repeats the frivolous allegations contained in a virtually identical lawsuit filed last year by a law firm that has a business arrangement with a hedge fund. In response to that lawsuit, we are seeking sanctions against the law firms that filed it, and have moved to dismiss the claims. We will take similar actions against this PR stunt by the Ohio Attorney General, and will continue to defend these allegations to the fullest extent permitted by law. UWM stands with the thousands of independent mortgage brokers who serve the unique needs of borrowers across the country.
United Wholesale Mortgage
The lawsuit alleges that of the approximately $605 million in mortgages United Wholesale Mortgage issued to Ohioans from 2021-23, 99 percent were directed back to it.
'Thousands of unsuspecting borrowers did not obtain any such 'independent' advice or representation,' claims the lawsuit. 'Rather, they were ensnared in UWM's scheme, and steered, without their knowledge, to UWM's higher-priced loans.'
The lawsuit, filed in Montgomery County Common Pleas Court, seeks consumer compensation, civil penalties and an judicial order to the company to comply with the state's laws.
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