Mat Ishbia just provided rocket fuel to his war with Rocket Mortgage. The United Wholesale Mortgage CEO announced Thursday that his company will no longer work with brokers who do business with Rocket Mortgage or Fairway Independent Mortgage Corp. “Starting today, we are not helping those that help them. If you work and send loans and send business to Fairway Independent or Rocket Mortgage, which by the way is about 25 percent of the brokerage channel works with either of them. … If you work with them, can’t work with UWM any more, effective immediately,” Ishbia said on a Facebook Live. “I can’t stop you, but I’m not going to help you, help the people that are hurting the broker channel.…
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.”…
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…
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…
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…
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…
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…
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…
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…
