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Pontiac-based United Wholesale Mortgage, now the nation's top mortgage lender, this week found itself in the crosshairs of a new activist hedge fund — on a mission to tank the company's stock ...
More: Pontiac’s United Wholesale Mortgage targeted in lawsuit, exposé alleging fraud More: Billionaire Mat Ishbia razing 5 Bloomfield Twp. homes to build mansion, 'amusement park'
Mathew Randall Ishbia (born January 6, 1980) [1] [2] is an American billionaire businessman who is CEO and chairman of mortgage lender United Wholesale Mortgage. He is the majority owner of the Phoenix Suns of the NBA and Phoenix Mercury of the WNBA alongside his older brother, Justin. [3]
United Wholesale Mortgage was founded by Jeff Ishbia in 1986 while working as an attorney. He founded the company as a side business under the name Shore Mortgage. [3] It started off focusing on conventional and FHA loans and the name was later changed from Shore Mortgage to United Wholesale Mortgage. [4] By 2003, the company had 13 employees.
The programs, announced two weeks ago and offered by United Wholesale Mortgage, allow qualified borrowers to receive up to $15,000 in down payment assistance.
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The mortgage broker originates the loan; however, the funding of the loan as well as the decision on the creditworthiness of the loan is handled by the wholesale lender. [2] The name of the wholesale lender typically appears on the loan documents, while the broker acts as an agent for the lender and collects a fee. [3]
Mat Ishbia's mortgage company had another profitable quarter, despite an industrywide decline in mortgages because of higher rates. United Wholesale Mortgage reports $301M profit during tough ...