(DAYTON, Ohio) — Ohio Attorney General Dave Yost is suing United Wholesale Mortgage, accusing the Michigan-based lender of conspiring with brokers to rip off Ohio consumers.
 
“Buying a home is hard enough without having to worry about a lender scheming behind your back,” Yost said. “This predatory business practice has no place in Ohio.”
 
According to the lawsuit, United Wholesale Mortgage falsely claims that brokers are independent from the company, saving borrowers money on loans by finding the best deals from different lenders.
 
In reality, the lawsuit says, the company colludes with many brokers to funnel nearly all loans back to itself. The scheme enables the company to charge borrowers above-market rates and fees instead of saving them money, as it claims.  
 
“Thousands of unsuspecting borrowers did not obtain any such ‘independent’ advice or representation,” the lawsuit says. “Rather, they were ensnared in UWM’s scheme, and steered, without their knowledge, to UWM’s higher-priced loans.”
 
From 2021 through 2023, the company issued roughly $605 million in mortgages to Ohioans, ostensibly through independent brokers. Those brokers directed 99% of their business back to United Wholesale Mortgage, the lawsuit says. In 2023 alone, 50 of the brokers funneled a combined $215 million in mortgages to the company.
 
Yost’s lawsuit, filed in Montgomery County Common Pleas Court, alleges violations of Ohio’s Consumer Sales Practices Act, Residential Mortgage Lending Act and Corrupt Practices Act, among others. It seeks compensation for affected consumers, civil penalties and a court order requiring the company to comply with Ohio law.
 
Consumer complaints involving United Wholesale Mortgage can be submitted by email to UWMOhioComplaints@bsfllp.com.

MEDIA CONTACT:
Dominic Binkley: 614-728-4127

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