UWM

Bilt raised $250 million in the funding round led by General Catalyst and real estate investor GID, which were joined by home lender United Wholesale Mortgage, it said in the letter.

It's a rare theft of trade secrets complaint by the industry leader, which stayed out of the spate of litigation between competitors during the refinance boom.

Former account executives say the lender stiffed its workers by letting their retirement contributions cover plan expenses, rather than use existing funds.

Notable changes in executive compensation at public IMBs heavily relied on stock awards received that year.

The industry leader has simultaneously staved off lawsuits over its initiative and reached a settlement with one brokerage which allegedly violated its terms.

One of the tools introduced is a voicebot, dubbed Mia, which helps with consumer retention by making calls to check on clients for UWM broker partners.

United Wholesale Mortgage originated $32.4 billion, up 17% year-over-year and its best first quarter since 2022, helped by refinance volume of $10.6 billion.

Atlantic Trust Mortgage was recently dealt another legal blow after a federal judge in Michigan refused to dismiss UWM's All-In lawsuit against the brokerage.

The wholesale lender dubbed the development a "huge win" for itself and the broker community.

Ligation by the Ohio attorney general claims UWM has turned brokers in its network into retail loan officers who solely work for the company.