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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.
In 2013, Ishbia became the CEO of United Wholesale Mortgage (UWM), an American mortgage lender founded by his father in 1986. [4] In 2015, under his leadership, the company became the leading wholesale mortgage lender in the United States.
Contact JC Reindl: 313-378-5460 or jcreindl@freepress.com. Follow him on X @jcreindl. This article originally appeared on Detroit Free Press: United Wholesale Mortgage returned to profit in 1st ...
A new 0% down mortgage is certainly an attention grabber for the Pontiac-based, mega mortgage lender, United Wholesale Mortgage. Under the 0% Down Purchase plan, qualified first-time borrowers and ...
The firm completed its first Home Mortgage-Backed Security (HMBS) issuance in July 2013, after receiving approval from Ginnie Mae, [7] in a program said to be "an essential financial solution for a growing number of senior citizens.". [8] The company was named as the leading HMBS issuer for the first half of 2015, according to NewView Advisors ...
The top 10 largest lenders by number of mortgages originated last year are: United Wholesale Mortgage: This lender originated 294,000 loans worth nearly $108.5 billion in 2023, according to HMDA data.
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 ...