NMP Mortgage Professional of the Month – Melinda Wilner

Posted on March 20, 2013 by lalawson

“UWM is unique in the fact that we connect our brokers directly to their own underwriting team. We provide transparency into the loan process, and our direct communication with underwriting is appreciated and valued by our client base.”

In this month’s issue of National Mortgage Professional Magazine, we had a chance to speak with Melinda Wilner, wholesale underwriting manager for United Wholesale Mortgage (UWM). Leading a team of 200 underwriters in support of thousands of mortgage brokers and originators takes a unique combination of knowledge, wisdom and empathy, along with a “whatever it takes” work ethic. We recently sat down with her to discuss the nature of underwriting in today’s mortgage industry, and how United Wholesale Mortgage has managed tremendous growth, while maintaining industry leading turn times.

Tell me about how you came to the mortgage industry.

A good friend of mine approached me at the end of 1999, suggesting that I pursue a career in the mortgage industry. After some research and a leap of faith I became a partner in a mortgage loan processing company. It really was a great fit with my background in economics and my technical and logical side. I felt like each loan was a puzzle with pieces building a quality loan file. This gave me good exposure to loan officers which allowed me to gain a clear understanding of the origination side of the business. Direct contact with borrowers gave me an even deeper understanding of the full process. I became very fluent with industry · guidelines, knowing what worked, and what did not. Every day was different, every loan file.was different and the industry and guidelines were changing rapidly, all of which kept me on my toes.

After the processing company, I was responsible for origination, compliance, processing, accounting, marketing and daily operations. It was not on the scale of what we are accomplishing at’ United · Wholesale Mortgage, but it prepared me for my experiences here.

When did you join United Wholesale? What drew you to the company?

I joined United Wholesale Mortgage in October of 2011. A good friend and colleague, Bob Fuller, had joined UWM. He reached out to me and said that I would be a perfect fit for UWM, which he described as an exceptional company with phenomenal growth. I look back and am so thankful that he made that call. Everything he said was true and without him I would not be here today. My initial attraction was that UWM was a family-owned business and they had a strong desire for growth, with high integrity and solid values. The office had so much positive energy! There was an extraordinary feeling of being able to have a voice and participating in change for the better. To be part of something that was growing and expanding, a bright spot in our economically struggling state, was enticing. The idea of working as a team, making improvements, solving problems, and accomplishing lofty goals, that is what drew me to United Wholesale Mortgage.

What are your responsibilities? What is your management style?

I am the underwriting manager for the wholesale underwriting department which is comprised of over 200 underwriters. I am responsible for their productivity, their loan quality, and simultaneously maintaining our world-class client service and industry leading turn times. On my management style, I like to empower my team members and give them the tools, support and guidance to let them get the job done. My door is always open to them to offer help or advice but I don’t want to monitor their every move. We have a great team of people who are trusted to get the job done right. A big thing for me is that people feel appreciated and respected, are respectful of others and have a friendly demeanor. Each day I expect that everyone will come with a positive attitude and give their absolute best. Also, our incredible growth has forced us to be nimble and make needed changes quickly, which mirrors my management style. The days of doing the same thing because that is how we have always done it are long gone. I’m never afraid to try something new to make it better and if it doesn’t work we go back to the drawing board and try again.

What allows you to continue to maintain better than average industry turn times?

The biggest thing that keeps us on schedule for consistently fast turn times is the willingness of our underwriting team and other departments to get the job done regardless of the loan volume. They are resilient and committed to going above and beyond, and are passionate about the values of the company. Our mantra is “Lending Made Easy” and our underwriting team delivers on that promise each and every day. They understand how important it is that we get the loans out to our brokers in a timely manner, while seamlessly delivering exceptional client service throughout the process. And UWM is unique in the fact that we connect our brokers directly to their own underwriting team. We provide transparency into the loan process, and our direct communication with underwriting is appreciated and valued by our client base.

What are a couple of things that originators can do to make sure that the files that they’re providing are good ones to help meet those turn times?

We really stress the power of putting together a great and complete file. Include as much documentation as possible upfront. By doing so, you’re going to eliminate surprises and delays later. Ask your borrower a lot of questions so that you have a clear understanding of their profile. Be aware of red flags and get potential problems uncovered and resolved if possible. Dig into the documentation and do your own “pre-underwriting.” Double-check the documents that the borrower sent in, make sure all the pages are included, review your income calculations, and look for address discrepancies and inconsistencies within the file. Cover letters are always great-if there’s anything quirky about the file, let the underwriter know. There are so many great brokers out there that truly take pride in the files they submit, and you can tell. Certain files are just like a book that’s easy to read. You open it up, everything is there for you, you read it, are able to make a decision, and you’re done with it!

So far what are your proudest accomplishments in your career?

By far, my proudest accomplishment is this past year at UWM. We experienced a phenomenal rate of growth in 2012. This was accomplished by the incredible efforts of our sales team and dedicated underwriters who worked hard to accomplish the task. I am proud that we have made it through all the growing pains without missing a beat, a true testament to our owners and management team. I am proud of being considered an integral part of this special company and am thankful for the positive recognition from many throughout the organization.

What would you say in terms of major influences on you and your career, whether it be people, books, managers, or anything outside of work?

I definitely love books and read all the time. I believe in continuous improvement and want to be better at what I do. Reading allows me to be a better manager, leader, and motivator. My father stressed education and learning. As one of the hardest working people I have ever known, his greatest gift to me was his work ethic. I follow in my dad’s footsteps, putting in an intense effort each day, and being satisfied with my accomplishments when I go home. He always encouraged me to be independent and resourceful, which is a requirement in this industry. If you don’t know the underwriting guidelines and how to find what you are looking for, you’re in trouble. My husband is also a great influence; he is motivational, supportive and understanding. We have two wonderful children who remind us daily of what is really important in life. My daily influence is the management, my colleagues and my team here at UWM. I am surrounded with an extraordinary group of talented, committed individuals and I learn so much from them. They have been the driving force in my success. They constantly challenge me and drive me to be better.

I found a quote about you to which I’d love to get your response: “This new underwriting manager, Melinda Wilner, is incredible-bright, attractive, efficient, hardworking and motivating. If you’re looking for a job in underwriting, this is the person you want to work for.”-Anonymous United Wholesale Mortgage Employee
I’m overwhelmed by hearing that. As a manager, every day you hope that your people feel respected by you and that they enjoy working for you. I’m touched. Those are things that I strive for-clearly not the bright and attractive part, but I’m tickled to hear that.

What would you say is your strongest characteristic that you feel inspires them to deliver the best for you?

I care deeply about them and enjoy sharing in their successes and challenges. I have their back and I know that without support they wouldn’t be who they are. I understand where

they are coming from and what they are dealing with having spent considerable time in many roles in the mortgage process. These shared experiences make a huge difference.

How does your experience as a mortgage broker help you support them?

Brokers are entrepreneurs who work hard running a business and investing their money to generate loans. I understand those pressures and the effort it takes to add new customers, to get referrals and to get quality loans closed. Our brokers and their loans are the lifeblood of UWM’s business and I deeply understand and appreciate their efforts. Also, when I was a broker I always had resistance to underwriters who believed that their way is the only way to meet a guideline. I think we do a really great job at UWM when it comes to seeking real solutions to make loan files work.

What would you say to those who are encouraging easing of underwriting standards?

If I was going to encourage any underwriting changes, it would be focused on people who have stayed in their homes and honored their commitments. This group is paying higher rates than are available today and should be allowed to improve their rate or program. Maybe they were given a mortgage, which wasn’t sold to Fannie or Freddie, and they’re stuck paying more than everyone else, with no options. This is an area that I would like to see some ease in underwriting standards.

What else would you want folks to know about you or United Wholesale that we haven’t covered?

I feel really confident that my past experiences have given me a true understanding of what brokers and loan officers go through. At UWM, we realize that the mortgage file in our hands is the loan officer’s next paycheck: I want each broker to know that by sending loan files to UWM, you will receive exceptional client service and your loan file will receive the timeliest review in the industry. We strive to make lending easy, and truly deliver every step of the way.

David J. Coster is senior editor of National Mortgage Professional Magazine. He may be reached by phone at {919} 559-2171 or e-mail davidc@nmpmediacorp.com.

Center Stage With United Wholesale Mortgage

Posted on February 5, 2013 by lalawson

The Niche Report, October 2012

Mat Ishbia is President of Michigan-based United Wholesale Mortgage (UWM), one of the fastest growing wholesale mortgage lenders in the country. Under his leadership, he has taken UWM to new heights, growing the company into a nationwide top-ten wholesale lender. He has successfully driven UWM employees to place a strong emphasis on second-to-none customer service. His efforts have UWM and United Shore Financial Services, LLC well on their way to achieving 10 billion dollars in wholesale-funded volume in 2013.

What makes United Wholesale Mortgage different from its competitors?
UWM is known for providing exceptional service, industry-leading turn times, expert Account Executives and the best technology in the business. We think strategically as to how everything we do at UWM will help make our brokers as successful as possible in today’s drastically different, regulatory-intensive lending atmosphere. Our top notch customer service definitely sets us apart, and from the innovative products we offer to our award-winning technology, everything is done to assist our brokers’ overall success and growth.

When I started at UWM nearly ten years ago, I was an Account Executive operating in the Chicago area. I learned firsthand what it took to really add value to brokers. The level of support and responsiveness I delivered to my customers was instrumental to their success and my own. I was later recruited by our corporate office in Troy, Michigan to take the position of National Sales Manager at UWM, and began building our inside Account Executive team. I recruited only the best, brightest and most service-focused salespeople. Every program and plan that we implemented was largely based on service.

We now have more than 125 Account Executives and, along with our support and operations team members, everyone stays intensely focused on service. So when you ask what differentiates us from the competition, I’ll respond that it’s a combination of things, but all of them have a common denominator – service.

While many lenders may cite service as being a differentiator, what makes UWM’s customer service a game changer?
Along with the speed of UWM’s turn times, we provide direct access to our underwriters. We believe that you should communicate directly with your underwriters, and that they should always be responsive to your needs. Our underwriters call you on every approval and updated approval to explain exactly what you need to do to get your loan closed. We don’t have “go-betweens” at UWM – we let you talk to the person who is making the decision, which is not done in the industry anymore. This level of service is really unique and it allows us to make things as easy as possible for our brokers.

Is it your focus on service that defines your slogan, “Lending Made Easy”?
Lending Made Easy is UWM’s commitment to our broker network from submission to funding. We are continuously analyzing every aspect of our business to target how we can make things easier. From direct access to underwriting, to communication, to providing innovative technology, we’re constantly asking ourselves, “How can we make things even easier?”

Aside from our service focus, technology offering and extensive product selection, we provide a number of other free benefits to our brokers. UWM regularly holds educational webinars on industry trends, various products, how to effectively market themselves, selling smarter, etc. Further, we offer an instant chat feature on our website to quickly answer any questions brokers may have. We provide direct access to our underwriters, and inside AEs are always accessible and focused on ongoing broker support. Our products are underwritten to DU findings with very few overlays, which allows our brokers to know what to expect when they get their approvals. In addition, our response times are fast – every UWM employee strives to pick up the phone on the first ring and swiftly responds to every email.

What type of products do you carry?
We offer a full set of mortgage products to our customers, from the standard Conventional, FHA, USDA and VA, to the more niche products. We pride ourselves as being the one-stop shop for products for our brokers. We launched our ELITE program this year to reward brokers that work with borrowers of the highest quality, to provide them with the best conventional rates and pricing in the industry. This product has given our customers the best of both worlds – the best pricing and the best service – which is rarely seen in this industry. We offer a jumbo program called the Big & Easy, which is a true jumbo product allowing loan amounts up to $2.5 million and LTVs up to 80% nationwide. We’re one of the few lenders in the country that has the capability to underwrite, close and fund jumbo loans all under one roof. UWM was also one of the first lenders to successfully implement and fully support HARP 2.0 and DU Refi Plus.

We hear that your technology is some of the best in the industry. Tell us what sets you apart.
We have a proprietary technology system that provides our brokers with free web-based technology tools which they can access and utilize 24/7. We wanted complete control of our technology and didn’t want to rely on a technology vendor that may adversely affect our service levels due to their own issues, so we built and manage it ourselves.

Our back-office technology allows us to provide two days or less in turn times on new loans and one day or less on conditions. We developed a web-based technology platform specifically for our brokers that we call EASE (Easiest Application System Ever), which allows them to securely log in, upload a 1003, run product and pricing scenarios, decision loans, upload imaged files, view real-time status, manage conditions, and easily communicate with our underwriters. Easy Qualifier, also known as EQ, instantly qualifies and prices borrowers live on up to 12 different programs at once, determines the lowest payment option, provides a compensation calculator, verifies loan parameters within UWM’s guidelines, and prints out a borrower’s results page that details their options and how much they will save per option. Our brokers rely heavily on our technology. We’re a 100% paperless operation, which includes our online signup process for brokers and correspondents.

What can we expect to see from UWM in 2013?
Even more of the same exceptional service, success and growth! We’re well on our way to becoming a Top 5 wholesale lender, and we’re being very careful to maintain our existing service levels as we grow. We’ve doubled our employee head count and plan to hire another 400 over the next 12 months. We will be moving to a new company headquarters later this year in Troy, Michigan to accommodate our growth.

We will continue to offer free tools, services, training and more to make our brokers as successful as possible. We will always be focused on making lending easy for our broker network by providing them with the highest level of customer service, communication and consistency. We’ll never deviate from our “Lending Made Easy” brand promise to our valued brokers. That promise is here to stay.

The New Era of Underwriting

Posted on January 3, 2013 by lalawson

What does underwriting’s recent evolution mean for brokers and lenders?

Scotsman Guide – January 2013, Written by Bob Fuller

In the past 20 years, the mortgage industry has witnessed an evolution in the role of the underwriter. In the early 1990s, underwriters often were perceived as unapproachable members of the old guard whose words were final and whose decisions were never to be questioned.

The advent of automated underwriting, however, changed the personality of underwriting itself. Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector removed some of the subjective decisionmaking with respect to debt-to-income ratios and credit requirements. What evolved was a new breed of underwriter: individuals who were computer-savvy and whose expertise was in data and document validation. The Internet now provides underwriters with the means to fact check and validate data points with both ease and speed.

As Desktop Underwriter and Loan Prospector were being integrated into the mortgage industry, the pervasive fear among underwriters was that they were being replaced by automation and that the human element would soon be obsolete. Around the same time that automated underwriting became the norm, however, the culture of underwriting also shifted. The new crop of underwriters was not only more technologically savvy but also much more customer focused. The idea of combining quality service with quality underwriting took hold.

Along with this, relationships began to form between underwriters and mortgage brokers — relationships that were open, friendly and engaging. The idea of being able to talk to an underwriter, once considered by some to be nothing short of a fantasy, suddenly became a reality. Customer-service focused lenders have found a competitive advantage in removing communication barriers between their employees and their customers. What proceeded were customer friendly features like useful websites and paperless underwriting.

As loan-delinquency rates increased, secondary market credit-and-documentation requirements increased, as well. As 2013 gets under way, the mortgage industry is entering an exciting but cautious phase in underwriting. Interest rates continue to remain at historic lows, creating record origination volumes. Many brokerages are enjoying peak activity and profitability. Secondary market investors have learned from past endeavors and have appropriately calibrated their automated underwriting systems to produce measured, consistent and appropriate results.

Underwriters who were cutting their teeth in processing or underwriting in the 2000s have experienced two extreme cycles: one with thin files and inherently high risk, and the other with robust documentation and more stringent requirements. Born of that is prudence by the underwriter, as well as a methodical approach to validating loan data and documentation for accuracy and reasonableness.

In light of underwriting’s recent evolution, what’s the message to mortgage brokers and originators? Underwriters are expecting — or at least hoping for — increasingly complete documentation at the time of a loan’s initial submission. The pressure is on to minimize loan touches by the underwriter. The best underwritten loan is often the loan that’s been touched the least number of times by the least number of people.

This surely discredits an assembly line approach to origination, adding more and more credence to the idea that the initial loan submission should contain as much documentation as possible. Complete and accurate submissions from brokers enable underwriters to provide a thorough analysis and a timely response.

For managers and executives, underwriters’ message is clear: An exceptional lender is one that’s committed to servicing, coaching and helping develop the mortgage brokers with whom it works. It’s critical to train and develop underwriters to achieve the highest levels of quality and service, but it’s also important to keep the industry vibrant by supporting the development of all our partners, both internal and external. •

Bob Fuller is underwriting manager at United Wholesale Mortgage (UWM), based in Troy, Mich. UWM’s lending-made-easy culture is highlighted by delivering superior communication, underwriting consistency and top-notch customer service. For more information, call (800) 981-8898 or visit uwm.com. Reach Fuller at bfuller@unitedshore.com.

Look for a Focus on Customer Service to Grow Your Business

Posted on December 11, 2012 by lalawson

There is no question that in today’s ultra-competitive market, it is paramount to the success of a broker that they partner with lenders that place customer service at the forefront of their business models. Brokers need an arsenal of different tools and services to make them successful and help grow their business. Those lenders that are dedicated to growing a network of quality brokers have made investments and have taken significant measures to make service the number one priority. And, brokers who are truly committed to providing excellent service to borrowers seek out lenders that strive to provide the same service levels that they do.

Now, more than ever, wholesale lenders know customer service is key, but to varying degrees. Good service is something that all lenders want to provide; some are great at it, okay at it and subpar or bad at it. So, what should brokers look for in a wholesale lender with great customer service? Before you start doing business with a lender and run the risk of a bad experience and possibly losing deals, make a checklist of different buckets that you feel would help your business be more successful.

Responsiveness and communication
How responsive is the lender’s overall customer service? Ask them how accessible their underwriters and processors are. Are their account executives always prepared to meet your needs? What are their average turn times? They should obviously be rapid. How long to fund the loan? The representations you make to your customers in terms of their expectations is very important, and can reflect poorly on you if they aren’t met. Peel back the onion and ask for documented statistics.

Educational and training support
Today’s marketplace is highly fluid and ever-changing. To stay on top of their game, brokers must be knowledgeable and up-to-speed on industry happenings that can impact their business—both positively and negatively. Without keen insight, you cannot provide good, accurate advice to your customers. Not many lenders offer educational services to brokers that help them stay abreast of key things such as new government assisted programs, regulatory concerns and compliance adherence, marketing strategies, selling tips, technology usage, general industry issues and more. A lender that is committed to continually educating its brokers should offer valuable tools like Webinars and training sessions, and have knowledgeable account executives who are eager to answer your questions. It is in the lender’s best interest to provide educational options that will support your success. Ask what they offer.

Technology tools
The technology tools a lender provides makes all the difference. Providing a feature-rich Web portal to brokers is a must. A good broker-facing portal should be able to instantly return an accurate decision and price and along with the option to lock rates. Can multiple programs all be returned at once with the click of a mouse? Key features should include an online 1003, pipeline management, file tracking, conditions oversight, real-time status views, document uploads, appraisal ordering, e-signing, ease of communication with the back-office and integrations with the broker’s LOS. In addition, these same tools should be available on smartphone and tablets for brokers to conveniently access in the field. Ask to get a walk-through of their broker portal by an account executive.

Issue resolution
There will always be fires and various matters that need immediate attention. What are the lender’s response time and resolution time? Are they organized in terms of getting you to the right person who can quickly address the problem and provide a remedy for it? You need a responsive lender that can quickly react to your needs. Can you always reach a live person? Accessibility is a necessity when you need immediate answers. Do your research. Ask around and do not hesitate to contact a lender to see how they can best service your needs.

Corporate culture
Excellence in customer service starts with the culture the lender fosters. Lenders that have a “service-first culture” and mantra throughout the company means that their employees have a solid understanding of the commitment they must make so customers feel valued and treated as a priority. Sure, you’ll hear many of the same marketing messages from lenders that purport to be service-oriented, but are they really? How do you know? Ask what the company’s mission and vision is and how they are organized.

Reputation
What are other brokers saying about the lender’s service levels? Do your homework. There are plenty of blogs, discussion boards, LinkedIn groups, etc. that openly share information—both good and bad. Use social media and the Web to dig up research before signing up to be a new broker. Additionally, look for testimonials from other brokers on the lender’s Web site. If brokers love the service that is provided, they’ll gladly offer testimonials and the lender will want to aptly display them on their Web site, literature, advertising, etc.

Growth
The rate of a lender’s expansion in the wholesale arena can be telling as to its level of customer service. In this market, it’s difficult for lenders to grow unless they’re taking good care of their most valued asset—their customers. Look around the Web for statistics, media coverage, articles, press releases, etc. that give you a sense of their growth rate and progression. If the company shows solid growth in the marketplace and has positive industry perceptions behind their corporate brand, there’s a reason for that. Finding those lenders that offer the “above type” of benefits can be challenging in this highly fluid market. To put lender differences into perspective, create a comparison matrix of the companies you are considering doing business with and it will help you decide.

Opportunity knocks
Brokers are able to offer more product and pricing options than retail loan officers can. You have an excellent opportunity to capitalize on being more solution-oriented in working with borrowers. It’s how well you market yourself, the knowledge you have when dealing with borrowers, and the level of service you are able to provide, which is only as good as the trusted go-to lenders you have developed relationships with.

Customer service is king. Your lender(s) of choice should be intensely focused on ways to provide a very positive experience in dealing with them that keeps you coming back. Lenders that are truly committed to a service-focused culture fully grasp that nurturing strong broker relationships determines their long-term sustainability and success. In this market, lenders live and die by the customer service sword. Your lender’s success is your success. Don’t settle for mediocrity. Partner with a lender that provides you with the tools and service that make you their number one priority. Those originators that cannot provide high levels of service and responsiveness to borrowers are at a competitive disadvantage to those that can.

Mat Ishbia is president of Michigan-based United Wholesale Mortgage (UWM), a fast-growing lender dedicated to the wholesale channel with a companywide emphasis on customer service. He can be reached by e-mail at mishbia@uwm.com.

United Wholesale Mortgage Reports Huge Uptick in Originations for Q3

Posted on October 22, 2012 by lalawson

The Niche Report, October 2012

Troy, Mich., October 19, 2012 – United Wholesale Mortgage (UWM), a national wholesale mortgage lender operating in 49 states, announced that it grew its residential lending volume from $1.245 billion in Q2 to $2.019 billion in Q3, representing a 62 percent increase.

“The immense growth that we are experiencing is a direct result of the second-to-none service that is provided to our brokers, coupled with the innovative products and aggressive pricing we offer,” said Mat Ishbia, president of UWM. “Our companywide mantra is ‘Lending Made Easy,’ which is a steadfast commitment we make to our brokers in an effort to continually and consistently ensure that doing business with us is incredibly simple. At the rate we are growing, UWM is well on its way to becoming one of the top five wholesale lenders in the country.”

Throughout 2012, UWM launched several new products, programs and tools that have been key in driving its growth, which include: the innovative ELITE program for conventional products; ‘The Big and Easy,’ a true jumbo loan product on up to $2.5 million; HARP 2.0; the implementation of HARP 2.0 with up to 175% LTV/Unlimited CLTV with DU®; USDA products; and enhancements to its broker portal, EASE.

In addition, UWM regularly holds educational webinars for its brokers on industry trends, new products, effective sales and marketing strategies, and more. UWM also established and continues to build upon a superior, uniquely formed internal sales force model that engages in ongoing industry education and support for brokers.

UWM doubled its employee head count and has plans to hire another 400 over the next 12 months. The company will be relocating to a larger corporate headquarters in Metro Detroit by end of year to accommodate growth.

Center Stage With United Wholesale Mortgage

Posted on October 15, 2012 by lalawson

The Niche Report, October 2012

Independent Wholesale Lender on Record Pace

Posted on October 8, 2012 by lalawson

Inside Mortgage Trends, September 2012

United Shore Financial Services in Troy, MI, is on course to a record-breaking $7 billion in residential mortgage originations in 2012, thanks to a robust wholesale lending operation and excellent relationships with mortgage brokers.

Great customer service, a strong broker-support system, capable and efficient technology and strong management are the big factors for United Shore’s rapid growth, said Mat Ishbia, president of United Wholesale Mortgage, USFS’s wholesale arm.

United Shore originates loan under three brands. United Wholesale accounts for 90 percent of USFS’ business volume and about 90 percent of staffing. Shore Mortgage, a call center operation, and Capital Mortgage Funding, a traditional retail subsidiary, account for 5 percent of the parent’s mortgage production.

In 2011, United Shore originated approximately $1.6 bull ion in wholesale and retail mortgage loans. The company recently reported a year-to-date volume of $4 billion and is expected to surpass $7 billion by the end of 2012.

Wholesale originatons alone jumped 294.0 percent year-over-year while retail saw production balloon by 200 percent, according to Ishbia.

Although United Wholesale has always been an FHA shop, it has been doing more conventional mortgages in the last couple of years. Today, the company portfolio is made up of 75 percent conventional loans, 20 percent FHA loans, about 3 percent VA and USDA loans, and 2 percent jumbo loans.

With the majority of wholesale loans coming through the broker channel, United Wholesale’s underwriting turn times are two days on new home loans with borrowers closing within 10-15 days of submitting a loan application. Other lenders take 60 days to close, Ishbia pointed out.

In addition, borrowers do not have to go through a help desk when they have any question or need assistance. “They ca talk to a live underwriter on the phone alone with our sales representative,” he said. “Our sales representatives are among the most knowledgeable when it comes to mortgages.”

Sales reps undergo intensive training, particularly in compliance. In turn, they serve as coaches to the brokers to help improve their communication skills and knowledge of the products. “It is more of a coaching mentality than just simply pushing loan products,” Ishbia said. “Compliance requirements are as intense, if not more, than balance sheet requirements. Compliance is not our enemy but our source of strength.”

Ishbia believes that regardless of other factors, the key to a successful wholesale mortgage operation is the level of lender service to brokers. Part of that is good account management, quick response to broker inquiries or concerns, faster turn times, easy access to loan processors, mentoring, educational training and more.

United Wholesale spends an enormous amount of time and money every month on seminars, webinars, and town all meetings to keep its brokers updated on compliance and loan products, as well as continuous training.

Technology Is Key

Technology, however, looms over all others, said Ishbia. It is the one factor that will make or break a lender in a highly competitive business environment. the lender that can offer the best technology will attract the best producers, he said.

United Wholesale’s platform is completely proprietary and built from scratch. “We make it simple for the brokers to work with us on the origination side and to be in compliance with state and federal laws and regulations,” Ishbia noted.

It is important for a lender to have a broker portal that is easily accessible to originators. The portal must be secure and able to run various product and pricing scenarios, capable of returning an accurate decision fast, order an appraisal and able to lock in rates. It should allow brokers to check on the status of each loan in the pipeline and must ave E-sign capability, Ishbia said.

United Wholesale has in place its custom borrower-qualification technology that is accessible through its existing EASE (Easiest Application System Ever) broker portal. Called EQ (Easy Qualifier), the decision-making system allows originators to qualify and price borrowers on up to 12 different programs at once. Other functions include status reporting, document uploading and communication tools. The broker portal integrates into its back-office system.

Strong leadership is also crucial, said Ishbia. His father, Jeff, currently the chairman of the board, founded United Wholesale 26 years ago.

The father and son management team, along with Kip Kirkpatrick, United Shore’s chief executive officer, David Hall, head of retail, and Terry Durant, founder of Capital Mortgage have build a culture that is drawing many top talents in the wholesale industry. From just over 400 employees, USFS has grown to more than 800 employees in September and expects the workforce to reach more than 1,000 within the next year.

To accommodate this expansion and prepare for further growth, USFS will soon be moving into a new, larger facility in Troy, MI, within proximity of competitors Flagstar Bank and Quicken Loans.

“Investments we have made in our wholesale business over the past few years are paying off,” Ishbia said. “We believe United Wholesale is currently the fastest-growing wholesale division of any mortgage lender in the U.S. This growth is consistent with our intent to become one of the nation’s largest independent mortgage lenders.”

Look for United Wholesale Mortgage on the Cover of October’s Scotsman Guide!

Posted on September 27, 2012 by lalawson

UWM recognized as a Legend of Lending by National Mortgage Professional Magazine

Posted on September 20, 2012 by lalawson

National Mortgage Professional Magazine, September 2012

Legends are born on the field of battle or on the fields and courts of play. In the mortgage world “legendary status” is not achieved overnight—it’s earned after years of hard work, overcoming adversity and excelling where others have failed. Michigan-based United Wholesale Mortgage (UWM), a division of United Shore Financial Services LLC, and a nationwide wholesale lender, has earned over the past 26 years the right to be labeled as one of the honorary “Legends of Lending.” Some would point to another legend from Michigan to identify where United Wholesale Mortgage found its inspiration.

Michigan State University has a legendary history in college basketball. From its two National Championships in 1979 and 2000, to its iconic players including Earvin “Magic” Johnson and Mateen Cleaves, Michigan State has established itself as one of the greatest college basketball programs in the country. Since 1995, the Michigan State University men’s basketball program has been led by future Hall of amer Tom Izzo. Coach Izzo is famous for teaching the fundamentals—defense and rebounding—believing that a team that does those things well can compete with any other team they might play. His motto is: “Players Play–Tough Players Win.”

United Wholesale Mortgage is led by Mat Ishbia, a former Michigan State walk-on point guard who was a member of the national championship team in 2000. Ishbia later became a graduate assistant to Coach Izzo, which continued to strengthen his own philosophies on what it means to lead a winning team. In 2003, Ishbia would bring his work ethic, winning spirit and determination that made him a champion on the basketball court to United Wholesale Mortgage.

United Wholesale Mortgage was already a leader in one aspect of the lending industry prior to Ishbia’s arrival. The firm had established itself as one of the top wholesale providers of FHA loans in the country. Paired with its sister firms, Shore Mortgage and Capital Mortgage Funding, both retail loan shops, to form United Shore Financial Services, the organization became a big fish in a small pond. Ishbia joined United Wholesale in 2003 as an account executive in the Chicago area, but within three years had impressed the
company’s leadership with his focus and intensity and was brought into the Detroit-area headquarters to become its national sales manager.

When asked about what those early days were like, Ishbia stated: “We were known as an FHA lender and FHA wasn’t really relevant then. We never offered sub-prime loans because our senior management did not want them in our portfolio. We lost business during the sub-prime period, but it has proven time and time again the decision was on point and the right thing for us to do.”

Then in 2007, as we all know, the mortgage industry changed drastically and sub-prime lending disappeared. It was the opportunity that United Wholesale Mortgage was prepared for—particularly with Mat Ishbia, now the company’s president, running point.

As FHA lending started growing in popularity in 2008, Ishbia made a crucial business decision that facilitated United Wholesale Mortgage’s rise into the highest ranks of the industry. He decided to bring all of his account executives in-house, and all but eliminated
traditional externally-based sales personnel. When asked about this move Ishbia explained:

“What I wanted to find out was who they (account executives) were talking to, when were they talking to them and were they trained well-enough to represent United Wholesale Mortgage. What I found was that the outside AEs had required more extensive training. We brought all of our AEs inside and began training them like they were sales managers at broker shops or leaders at broker shops. Most people in the industry didn’t understand his change, and still most companies don’t do it this way, but I think it is a big differentiator and makes us who we are at United. My AE’s roles are not different than traditional outside AEs—we just think they are enhanced.”

Now with 105 inside AEs and growing, this bold move has clearly paid off for United Wholesale Mortgage. Having all the sales representatives together within UWM’s headquarters in Metro Detroit has enabled the organization to move beyond its singular focus of FHA and become a diversified wholesale lender providing a comprehensive product mix to its brokers nationwide. Conventional loans currently encompass 85 percent of their volume, and their percentage of purchase is above the industry standard during the current refi boom. Realtors and brokers lean on UWM to meet or exceed their purchase contract dates.

Another advantage that UWM has on the competition is their ability to arm their account executive team with an arsenal of innovative products, providing their broker network the best possible options for their borrowers. A prime example is their ELITE program which is said to provide the best conventional 30-year fixed rates and pricing in the industry for elite borrowers. Last year, they introduced their jumbo loan product, called The Big & Easy, which is a true jumbo loan up to $2.5 million with clear and hasslefree guidelines. Their product offerings and online broker portal, dubbed EASE, have helped differentiate United Wholesale Mortgage from their competition.

Coach Izzo has famously said, “We’ll play anybody, anyplace, anytime. It doesn’t matter, morning, noon or night, and it doesn’t matter who it is.” It sounds like United Wholesale Mortgage shares that philosophy.

In addition to the unique inside account executives differentiating United Wholesale Mortgage in the marketplace, Ishbia and Executive Vice President of Sales Allen Beydoun would point to two other factors that set United Wholesale Mortgage apart and explain its rise to national prominence. Beydoun put it this way: “Our customer service is second to none. While it may be taken for granted that service is key in this industry, we take it to another level. On top of that, our commitment to the fastest possible turn times, from submission to closing, gives us a distinct advantage.”

Describing this customer service superiority in more detail, Beydoun explained that it all goes back to having the AEs and operations staff together in one office. “UWM employees come to work knowing that they are experts in their field. This is not just a job to them, and that is projected in our customer service and communication. When you have a question, the answer can be found in a matter of minutes,” he said. He further explained that all calls are answered by a live receptionist and routed to the correct person the first time, and underwriters are always available to speak with you directly. Underwriters proactively call out every loan and update to conditions. Giving brokers direct access to a dedicated underwriting team has created a unique structure at UWM that guarantees second-to-none service levels.

UWM is continually analyzing ways that they can make the lending experience even easier for their brokers. This continuous improvement commanded the creation of UWM’s slogan: Lending Made Easy. UWM listens to their broker’s needs and reacts with innovative solutions. Backed by a massive inhouse IT team comprised of professionals with extensive mortgage technology backgrounds, UWM is able to create their own proprietary online tools. Their commitment to Lending Made Easy doesn’t sit idle. UWM is constantly staying on the forefront of technology to provide cutting edge mortgage
tools to make the entire loan process even easier for brokers and their borrowers.

United Wholesale Mortgage has big goals. Chief among them is to become a constant presence in the top five of wholesale mortgage lenders. With the departure of the biggest banks from the wholesale market, United Wholesale Mortgage is seizing this opportunity to continue its growth while maintaining the value proposition that has led to its success—the most knowledgeable AEs in the industry, unparalleled customer service, and consistently he fastest underwriting turn-times of any wholesale lender.

Coach Izzo once said: “I’m so sick of people saying, ‘He’s a defensive coach, he’s a rebounding coach.’ I want to be a great defensive coach, a great rebounding coach, a great running-game coach, a great offensive- execution coach, a great special- teamssidelines- out-of-bounds coach. I want utopia. I want my players to want utopia.”

Somewhere, just outside of Detroit, Mich., Mat Ishbia is probably saying something similar. The point guard, who took advantage of his opportunities, made it through the “wars” and achieved success on the national stage, wants even more for his firm. If wholesale mortgage banking utopia can be achieved, if it can be made better through hard work and diligence, then United Wholesale Mortgage is a good bet to get to that ball first and put astrong, two-handed grip on it.

David J. Coster is senior editor of National
Mortgage Professional Magazine. He may be
reached by phone at (919) 559-2171 or e-mail
davidc@nmpmediacorp.com.

United Wholesale Mortgage Named a 2012 Top Tech-Savvy Lender!

Posted on September 18, 2012 by lalawson

Mortgage Technology Magazine, September 2012

United Wholesale Mortgage launched its custom borrower qualification technology that’s accessible through its existing broker portal and lets originators qualify and price borrowers on up to 12 different programs at once. The portal’s additional functions include status reporting, document uploading and communication tools. The Troy, Mich.-based wholesale lender’s broker portal integrates into its back office system.