United Wholesale Mortgage finished the month at $9.41 billion – more than any other lender. And CEO Mat Ishbia says that’s largely due to the resurgence of brokers as a force to be reckoned with
United Wholesale Mortgage had a banner April, finishing the month at $9.41 billion – more than any other lender. And Mat Ishbia, UWM president and CEO, gives much of the credit for the company’s stellar performance to the broker channel.
“Our volume – which is 100% wholesale – has never been higher, and I think we’re just getting started. We’ve had a great month, but it’s really more about what it means for brokers,” Ishbia said. The massive swing of loan officers into the broker channel has been huge for us. We’re two or three times bigger than we were last year, and it’s because the broker channel is growing.”
Ishbia said that UWM’s success is also attributable to a culture that focuses on excellence.
“It’s all about service, so our brokers can look good in their markets,” he said. “We try to close loans fast, give great rates, and be a great partner to brokers – so brokers realize that we’re not the competition. I tell brokers all the time, ‘If you grow, we grow.’ Being a great partner has but us over the edge to where our market share is really significant in wholesale, which we’re really proud of.”
Ultimately, however, Ishbia said that the resurgence of the broker channel played the largest part in driving UWM’s record numbers.
“Seeing this phenomenon of branch after branch leaving the retail channel and becoming brokers is just incredible,” he said. “…All 3.600 people here truly believe that the broker channel is best for consumers and best for loan officers. We want to grow the broker channel. We’re constantly chasing that. We don’t focus on beating Wells Fargo or beating Quicken or beating Chase – we focus on helping brokers grow. And if we do that, the numbers will fall where they fall.”
