United Wholesale Mortgage (UWM) is launching an in-house appraisal service, giving its brokers an alternative to appraisal management companies (AMC) starting October 1. The program gives UWM the ability to handle the appraisal on its own by contracting directly with appraisers. UWM CEO Mat Ishbia said AMCs are “middlemen” that cause unnecessary delays in the lending process. “We understand how important it is for independent mortgage brokers to get a fast and efficient appraisal on their borrowers’ home,” Ishbia said. “This new team will be using state of the art technology, making it faster and easier, so brokers and borrowers can get the elite client service they deserve and expect from UWM.” AMCs are regulated by state agencies and are required…
Good Morning! Today is Thursday, September 9. Elizabeth Holmes’ trial starts today; she’s accused of defrauding investors and patients through her blood-testing company Theranos. Job openings in the US have leveled off after breaking records over the summer. Eighty percent of gas and oil production on the Gulf coast is still down after Hurricane Ida. And in mortgage and housing news…Rates Don’t Budge: Freddie Mac’s latest Primary Mortgage Market Survey found that mortgage rates held steady another week, up just .01% from last week to 2.88%. Feminists, Former Employees Cry Foul Over Ishbia’s Big-Dollar MSU Player Stipends: UWM’s Mat Ishbia is paying $6,000/year in stipends to MSU football and basketball players — but only the men. Women’s advocates see sexism,…
United Wholesale Mortgage CEO Mat Ishbia made headlines with the announcement his company—one of the largest lenders in the U.S.—plans to start accepting Bitcoin as payment for mortgages later this year. “That’s something that we’ve been working on,” Ishbia said, “and we’re excited that hopefully, in Q3, we can actually execute on that before anyone in the country because we are a leader in technology and innovation.” Ishbia’s announcement puts his company on the front line of the debate over the potential dangers of novel techno-currencies like Bitcoin. Bitcoin is among the class of financial products known as “cryptocurrencies,” digital currency systems developed and traded using a variety of computational and security networks. The process of developing and obtaining cryptocurrencies can…
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…
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.”…
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…
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…
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…
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…
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…
