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Having fun is part and parcel of the culture at United Shore Financial Services, a 30-year-old Troy, MI-based company that houses the nation’s number-one wholesale lender, United Wholesale Mortgage (UWM).
According to Mat Ishbia, president and CEO, fun is good for business.
“If you take care of your people, they’ll take care of your clients,” says Ishbia. “We’re here 40 hours every week. And we want it to be a place that our team members enjoy and have fun while they’re at work.”
UWM President/CEO Mat Ishbia explains to CNBC's Diana Olick how present-day adjustable rate mortgages are different than ones from the past, and how these ARMs can benefit consumers.
United Wholesale Mortgage has announced Loan Swap, a pipeline management tool enabling originators to manage the order of their loans in UWMs underwriting queue. Loan Swap gives UWM's network of brokers a greater level of control over their entire pipeline, managing their loans to meet their borrowers’ timelines.
In a major break with industry tradition, one of the country’s largest independent mortgage companies wants to free the masses from mandatory escrow accounts and let borrowers go DIY. Michigan-based United Wholesale Mortgage, which has a network of 7,000 participating brokerage firms nationwide, has begun offering mortgages with no requirement for escrow accounts — and no penalty for the privilege.
“We don’t think it’s right to charge” more — typically a quarter of 1 percent (0.25 percent) of the loan amount — “for something most borrowers can handle” on their own, says Mat Ishbia, United’s president and chief executive. “On a $400,000 loan, is it right to charge an extra $1,000? We don’t think so.”
In a HousingWire feature, UWM Chief Operating Officer Melinda Wilner sat down for an Executive Conversation to discuss the central role of Operations in a competitive mortgage environment. She explains UWM's unique, service-driven approach to its Operations teams and highlights how critical they are to the company's overall success.
United Wholesale Mortgage (UWM) Executive Vice President of Sales Allen Beydoun has been named a Vanguard Award winner by HousingWire, one of the housing industry’s premier news outlets. This award cuts across every demographic to present a comprehensive list of industry professionals and business leaders whose influence is felt throughout their organizations, their communities and the whole housing economy.
United Wholesale Mortgage (UWM) continues to revolutionize lending with its "go doc-less" movement, introducing an automated suite of tools that bypass submitting hard copies of documentation needed for loan approval. Following an automated income verification tool that was releases less than one month ago, this latest platform includes automated asset verification and tax returns, further enhancing the doc-less loan experience provided by UWM.
You need to do one thing very well to succeed in the mortgage business, and large banks are learning that lesson the hard way. They have been focused on too many things, and as a result, they are experiencing disruption and are retreating from the mortgage business. While this isn’t a good situation for the banks, it’s a great opportunity for consumers, who can benefit from better and more affordable services from smaller independent companies, which aren’t held back because of conflicts of interest or too little time to devote to mortgage borrowers.
A desire to own their own businesses led many loan officers to become mortgage brokers during the industry's growth period. As brokering regains its footing, that entrepreneurial spirit is making a comeback.
"Everyone's saying 'gosh, the brokers are still thriving; I got to get back in it, and that's what's happening right now," said Mat Ishbia, president and CEO of United Wholesale Mortgage.