Mortgage pros to join Ishbia on trading floor
Ringing the closing bell at the New York Stock Exchange has got to be one of the closest things for grownups as it is to be a kid in a candy store. As part of its observance of National Mortgage Brokers Day being celebrated today (July 18), United Wholesale Mortgage is taking some of its brokers on a unique field trip.
One hundred brokers tied to UWM have been picked to join company CEO Mat Ishbia on the trading floor on Wednesday. Brokers’ names then will be entered into a raffle to join the boss at the podium to ring in the closing bell at 4 p.m. that day.
Mortgage Professional America (MPA) reached out to Sarah DeCiantis (pictured top), UWM’s chief marketing officer, to learn more about this unique reward to brokers. She recalled her own trip to Wall Street to ring the closing bell when the company went public in 2021, noting UWM has observed the day set aside to honor mortgage brokers for the past three years.
Getting ready to ring that bell
“It’s extremely exciting,” DeCiantis told MPA during a telephone interview. “Most if not all of our clients will never be part of a company that goes public. So to be a partner with UWM and be able to have this experience, you can’t just go buy. It’s a once-in-a-lifetime thing.”
Some 2,000 submissions were received for the raffle to join Ishbia at the podium, DeCiantis said, before the list was whittled to the top 100. Submissions essentially comprised personal narratives of those wishing to participate – real-life stories reflecting the impact brokers have on clients.
“They’ve submitted these phenomenal stories on how they’ve impacted borrowers’ lives,” DeCiantis said. “It’s really a representation of not only recognizing them for what they do but also the impact that make on their borrowers and on the American Dream.”
Raffle submissions reflet full breadth of broker’s work
The breadth of personal experience UWM brokers conveyed runs the gamut in describing the experience of a typical broker.
- A borrower needed to have her taxes filed for the 10 years to become eligible for a purchase. It took nine months, but a broker from California was able to do it. As a surprise, the borrower put the broker’s one-year-old son on the title to the house.
- A Florida broker presenting options on VA loan at a veteran's hospital met a man who was homeless and living in a shelter. After learning about his situation, he was able to get him approved for a new home in 45 days, a life-changing experience for the vet and a fulfilling one for the broker.
- A legally blind couple struggled to get approved for their first home, being denied by many lenders. This broker helped get them approved, cleared to close, and in their new home in less than a month.
- An immigrant mother and her daughter escaping an abusive household struggled to be approved for a loan and were even ridiculed by other lenders who told her it was not possible due to her circumstances. A broker in New York was able to help them buy a home and make this borrower’s dreams come true.
- A mother and daughter in New York opened their own broker firm 18 years ago after getting tired of having little say in the mortgage process. After the mother passed away in 2020 the daughter continued in the mortgage industry, navigating the storms thrown her way while creating a valuable experience for her borrowers.
Read more: How to become a mortgage broker in New York
“What are the real impactful stories?” DeCiantis asked. “Maybe they went to a bank first and weren’t able to get the deal done. Who know what the reason was.” This year, she added, a “surprising number” of brokers showed up who used to work in the retail space.
And then she couldn’t resist a quick plug: “Of course, going with any mortgage broker you’re going to save money,” she said.
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