Mat Ishbia Excited About 2025 After UWM’s “Banner Year”
By KIMBERLEY HAAS
The CEO of United Wholesale Mortgage says they are excited about the potential ahead in 2025 after coming off a “banner year.”
UWM Holdings Corporation announced on Feb. 26 that its loan origination volume in 2024 was $139.4 billion, up from $108.3 billion in 2023.
Refinance originations increased from $14.4 billion in 2023 to $43.4 billion in 2024.
After a net loss of $69.8 million in 2023, the company ended 2024 with a net income of $329.4 million.
Mat Ishbia said in a statement that it’s not by chance the wholesale mortgage lender is performing at a high level.
“It’s a result of relentless focus, innovation, and putting our mortgage broker partners first, every single day. Our dominance in the mortgage industry comes down to one simple truth: We never stop improving so we can be the best option for our partners and their borrowers,” Ishbia said.
He said that despite 2024 being a tough year for home sales, UWM had a record year in purchase production. It tripled its refinance volume when compared to 2023.
“The broker channel is incredibly strong right now, as it continues to post a higher share of the industry. Together, our winning formula coupled with the momentum of the broker channel, we will continue to be a championship combination in the future,” Ishbia said.
During a conference call for financial analysts and investors, Ishbia said they are well prepared for 2025.
“We’re ready for whatever the market gives us. Whatever the market does, we’re ready to dominate here,” Ishbia said.
He said they have invested in technology. Their people continue to grow and flourish.
“Our team loves coming to work every day,” Ishbia said. “We’re expecting a great first quarter but even more importantly an amazing 2025 here at UWM.”
Ishbia said he supports President Donald Trump and his agenda, saying the people who will lead and regulate the mortgage industry represent a “positive change.”
UWM is still fighting a class action lawsuit filed after Hunterbrook Media released a report in April claiming brokers working as loyalists sent the company a vast majority of their business.
Hunterbrook is comprised of two entities: a hedge fund and a website that publishes articles based on publicly available data. Hunterbrook Capital makes trades based on stories it uncovers through Hunterbrook Media.
Hunterbrook Media disclosed that Hunterbrook Capital shorted UWM and took a long position on Rocket Companies stock as part of the report.
The plaintiffs’ lawyers argue their clients did not receive the benefits of an independent mortgage broker because their brokers were not shopping for the best deals from lenders. They claim UWM and Ishbia benefited because the company requires broker loyalty through contractual agreements that are not disclosed to consumers.
Brokers are allegedly rewarded for their loyalty to UWM through rankings on the Mortgage Matchup website, faster underwriting times, access to teaser products and discounts, as well as lavish meals, live entertainment, and luxury travel.
Lawyers for UWM argue that lawsuit was filed in bad faith as part of a “coordinated attack.”
In court paperwork filed on Feb. 14, they claimed the plaintiffs signed an agreement with Hunterbrook and do not contest that the hedge fund shorted UWM’s stock.
UWM’s lawyers said that in order to help Hunterbrook make good on its bets, “Counsel solicited plaintiffs, filed this lawsuit with false and inflammatory allegations five hours after Hunterbrook’s report, and sent copies around the country — harming UWM’s stock, all to Hunterbrook’s benefit.”
They argue that allowing federal courts to be used in the furtherance of short-selling efforts would set a dangerous precedent and unleash a flood of suits intended to manipulate stock values for personal gain.
UWM’s lawyers have moved to dismiss the lawsuit twice.