The association is closely aligned with United Shore, according to the lawsuit. The lawsuit names as defendant Anthony Casa, a New Jersey resident and chairman of the Association of Independent Mortgage Experts, a Clarkston-based nonprofit trade group for the wholesale mortgage industry. The narrow, but increasing overlap of wholesale mortgage competition appears to be in the background of a lawsuit filed earlier this month by Theresa Niemiec of West Bloomfield, who is married to Austin Niemiec, the executive vice president of Quicken Loans Mortgage Services, the company's wholesale mortgage lending operation. Quicken Loans officials did not respond to requests for comment for this report. "From our perspective, offering both direct-to-consumer (or retail) lending in addition to working with mortgage brokers creates a conflicting ideology of what's best for borrowers versus what's best for the bottom line, and that's where the competition lies." But have also continued to stay in retail as that is where the larger margins and profits are," the statement continues. "In recent years, Quicken Loans has started to more aggressively enter this space as they saw it is a growing channel in the market. Officials at United Shore say that overall they view the increasing competition with Quicken Loans as "healthy," but believe that "independent mortgage brokers are what's best for borrowers because they're given access to endless options allowing brokers to provide consumers with the best rates, excellent service and speed, therefore this is the only way we do business," according to a statement from the company. "I don't think anyone would term (this) 'healthy competition.'"īoth Gilbert, 58, and United Shore President and CEO Mat Ishbia, 40, are graduates of Michigan State University and both are known for being fiercely competitive. "You know we've always heard reports about them competing for customers, one of them badmouths the other one," Cecala said. But this time does feel different, he said. Given that the companies are located in the same region and effectively compete for talent, the competition comes as no shock to Guy Cecala, CEO and publisher of the Bethesda, Md.-based industry trade publication Inside Mortgage Finance. That competition also appears to have played a role in incidents that spurred a lawsuit by the wife of a Quicken Loans executive against an executive with a trade group representing the wholesale mortgage business. Quicken Loans' recent inroads into the wholesale lending market - a mainstay for United Shore - appear to be driving an uptick in the animosity between the industry juggernauts, which combined employ about 25,000 people in the region. and United Shore Financial Services LLC, two of Southeast Michigan's largest employers and fierce competitors in the mortgage industry.
Bad blood appears to be intensifying between Quicken Loans Inc.
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