Anthony Casa, founder of the Association of Independent Mortgage Experts, apologized in an online video on Sunday for "inappropriate" comments about the spouse of a Quicken Loans executive.
Casa said the executive sent him a video text message telling him the couple were celebrating a record level of mortgage production in the company. The AIME founder claimed that the two of them also "made some comments that wanted to incite me".
"Unfortunately, I let the emotions of the situation go through me and replied with a video message. I said some really inappropriate, lewd comments about that person's wife, things I should never have said, things I shouldn't have done." I don't think so, "he said in a video that was posted on LinkedIn.
"I will do this right with everyone involved. I will do better to move forward. I will communicate with integrity in any private or public communication," said Casa.
Casa said a civil lawsuit was filed regarding the incident, but NMN was unable to independently confirm the legal action. Quicken declined to comment.
Casa, who has criticized lenders who create competition for mortgage brokers by offering multiple lending channels, has had a long-standing professional rivalry with Quicken, which he has classified as "combative". The CEO of a Quicken rival, United Wholesale Mortgage, has worked for AIME in the past.
Mortgage brokers' market share has been relatively small since the Great Recession, but has increased in recent years. In 2011 it was around 7%, by 2019 it was 16% according to CoreLogic.
Competition between Quicken and United Wholesale has recently intensified due to Quicken's IPO plan, and analysts have speculated that United Wholesale could also go public.
"UWM is aware of the unsettling comments from Mr. Casa and has checked and does not tolerate this type of behavior," the company said in a statement.
Casa did not respond to a request for additional comment.