UWM Reports Record Earnings

United Wholesale Mortgage’s parent company announced financial results for the first time since going public last month, reporting large increases for the quarter and 2020 over the year before. UWM Holdings Corporation reported net income of $1.37 billion for the fourth quarter and full-year net income of $3.38 billion – increases of 821 percent and 715 percent over 2019, respectively. UWM also announced: Originations of $54.7 billion in loan volume, a 71 percent increase from the 4Q19 $31.9 billion loan volume, bringing UWM’s full year 2020 production to $182.5 billion, which is 69 percent higher than UWM’s prior record production for 2019 of $107.8 billion.Total gain margin of 305 bps in 4Q20 compared to 110 bps in 4Q19.Increased UWM’s equity…

UWM’s First Day On NYSE Ends Slightly Down

Mat Ishbia rang the bell – and UWM Holdings Corporation started trading Friday on the New York Stock Exchange. Trading under the ticker symbol “UWMC,” it opened at $11.95 and closed at $11.35 – and was trading at $11.25 after hours. “The energy at the New York Stock Exchange was electric today and marked the beginning of our journey as a public company,” UWM President and CEO Mat Ishbia said. “Today signifies the launch of us growing mortgage brokers and their businesses across America at the highest level while continuing to develop long term value for all our shareholders.”…

It’s Good To Be Mat Ishbia

By Elise Daniel United Wholesale Mortgage is slated to go public Friday. The Wall Street debut will turn Mat Ishbia into a billionaire overnight.  Ishbia is the 40-year-old President and CEO of UWM, the second-largest mortgage lender in the country. After playing college basketball at Michigan State University, Ishbia joined his dad’s mortgage company, United Shore, in 2003 and worked his way up. Ten years later, his father, Jeff Ishbia, made him president of United Shore’s primary business unit, UWM.   Ishbia is considered the biggest player in the wholesale sector. He was named one of the “Most Influential Mortgage Professionals Under 40” by National Mortgage Professional magazine in 2019. Merging with special purpose acquisition company (SPAC) Gores Holdings IV and going public will likely make him even…

State Cites United Shore For Covid Violations

Michigan state workplace safety officials on Friday issued a citation to United Shore Financial Services – where at least 84 employees have been diagnosed with COVID-19 – for “failing to implement necessary precautions to protect employees” during the pandemic. Pontiac-based United Shore, a major player in the mortgage industry, was fined $6,300 by the Michigan Occupational Safety and Health Administration (MIOSHA). United Shore was one of six companies cited by the state on Friday. “The MIOSHA investigations determined that these six employers were clearly not taking the appropriate steps to protect employees and their communities from the spread of COVID-19,” MIOSHA Director Bart Pickelman said. “These citations are meant to reiterate the employer’s duty. Precautions are necessary to establish and…

Employees Slam United Shore’s COVID Response

When the Oakland County health department sent an emergency order to United Shore and United Wholesale Mortgage CEO Mat Ishbia about safety protocols during the pandemic, they cited “numerous complaints” about the company’s practices and more than 50 positive tests. Those complaints are reflected on the company’s Glassdoor reviews, with numerous current and former employees alleging that company leadership forces employees to work in the office too close to others and doesn’t take health concerns seriously. “I’m disappointed in the way that United Shore has handled themselves with Covid19. They were late to the party by sending their employees to work from home, then forced them back at the beginning of July. It doesn’t surprise me to hear that there…

County Slaps UWM’s Ishbia With COVID Order

Amid multiple complaints and more than 50 confirmed COVID cases among employees, county health officials slapped United Shore with an emergency order this week requiring the company to comply with health and safety rules. Oakland County Health Officer Leigh-Anne Stafford sent a letter to United Shore and United Wholesale Mortgage CEO Mat Ishbia, demanding the company do more to protect employees. “The Oakland County Health Division has received numerous complaints that United Shore … is operating a business in direct violation of the Governors Executive Order 2020-161, that requires minimum activities for business operations and Executive Order 2020-153 that requires masks to be worn over the mouth and nose when in an indoor space. In addition, over 50 confirmed cases reported being…

Anthony Casa: The Fallout For AIME

A day after news broke that Association of Independent Mortgage Experts Founder and CEO Anthony Casa sent degrading video messages about the wife of a Quicken Loans executive, member companies reacted in very different ways. Theresa Niemiec, the wife of Quicken Executive Vice President Austin Niemiec, sued Casa for sharing videos via text alleging she had performed sexual favors for United Wholesale Mortgage CEO Mat Ishbia in college. (Mrs. Niemiec was 11 years old during Ishbia’s senior year at Michigan State.) The videos – and full background on the story – can be seen here. (Warning: Very crude and graphic language is included in the videos.) Here is a recap of reactions Monday to Casa’s actions – ranging from members backing…

UWM’s Ishbia: FHFA’s Calabria “A Great Leader”

United Wholesale Mortgage CEO Mat Ishbia on Tuesday called embattled Federal Housing Finance Agency Director Mark Calabria “a great leader” who is “doing good things” amid the coronavirus pandemic. “Mark Calabria is trying to do the right thing,” Ishbia said in an interview with National Mortgage Professional Magazine on Facebook Live. “It’s really easy to judge people and say I wish Mark Calabria would do X, I wish the CEO of Fannie Mae would do Y, I wish the Fed would do Z, Trump would do A. He’s doing his best to try to help not just mortgage lenders but everybody. He’s overseeing Fannie and Freddie. Ishbia continued, “I would tell him to keep up the great work, continue to listen…