UWM, Gores Deal Done – Clearing Way For IPO

United Wholesale mortgage and Gores Holdings IV, Inc., announced Thursday the closing of their previously announced $16 billion business merging, clearing the way for UWM to go public Friday in the largest deal of its kind. The new company – UWM Holdings Corporation – will trade under the ticker symbol “UWMC” beginning Friday. “Today is a historic day for the entire UWM team and all independent mortgage broker partners throughout America,” UWM CEO and President Mat Ishbia said. “We are grateful to The Gores Group for their expertise in the SPAC process, they are the experts in these things and we’ve appreciated all of the guidance they’ve provided to get us to our listing day.” Read also: It’s Good To Be…

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…

There’s A Mortgage Industry IPO Boom. Why?

By Elise Daniel Even in the middle of an economic recession, IPOs are booming and mortgage companies don’t want to miss out. The mortgage industry at large is at a peculiar crossroads and companies and investors are jumping to cash in on a unique set of circumstances, at least in the short term.  Though some public debuts went on hold in the fall, likely due to market uncertainty surrounding COVID stimulus negotiations and the election, IPOs are back in 2021. Several lenders either went public or announced their plans to go public last year and many are expected to go public in the first quarter.  Between jaw-droppingly low interest rates and a booming stock market, many experts aren’t surprised so…

New Deal Puts UWM Logo On Red Wings Helmets

United Wholesale Mortgage will be the official mortgage provider for the Detroit Red Wings and their home Little Caesars Arena under a multiyear partnership, the Red Wings and Pontiac, Michigan-based UWM announced Monday. As part of the sponsorship, UWM logos will appear on the 11-time Stanley Cup champions’ helmets throughout the 2021 season as well as on the ice at Little Caesars Arena. The season begins next week. Financial details of the agreement were not disclosed. “We are excited to welcome UWM as the official mortgage partner of the Detroit Red Wings, and for this innovative, Michigan-based business to be the first-ever featured partner on our iconic red and white helmets,” said Chris Granger, Group President, Sports & Entertainment, Ilitch…

UWM Announces Earnings Ahead Of IPO

Ahead of its initial public offering, United Wholesale Mortgage announced that it closed $54.2 billion in loans in the third quarter of this year – up 81 percent from the third quarter of 2019. For the year, the Pontiac, Michigan-based wholesale lenders has closed $127.8 billion in mortgages – up from its total 2019 record of 107.8 billion.  “This is our best quarter in the company’s 34 years, showing that borrowers are recognizing that independent mortgage brokers offer better rates, greater speed and deeper experience,” UWM President and CEO Mat Ishbia said. The increased volume reflects an industry-wide growth in mortgage activity – especially around refinances – amid record-low mortgage rates. On Wednesday, the Mortgage Bankers Association announced that refinances…

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…

United Shore Employee: “Our Building Is Not Safe”

The number of United Shore employees who have tested positive for COVID-19 climbed to 84, according to the Oakland County Health Department – but CEO Mat Ishbia told the Detroit Free Press that the virus is “not being spread around here.” United Shore, a Pontiac, Michigan-based mortgage firm, was slapped with a county health order earlier this month after 53 employees tested positive for COVID-19. Since then, another 31 employees have tested positive, the Free Press reported Saturday. The first case at United Shore was recorded June 29 – and the company is believed to have the most cases of any Oakland County business, a county official told the Free Press. But Ishbia claims it has nothing to do with the…

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…