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If you want to be a good leader, you've got to actually interact with those that you're leading.
It seems like straightforward advice, but it can be difficult to implement.
"A lot of leaders struggle with being in the weeds of their business," UWM CEO Mat Ishbia says. "They think that they can just manage from 30,000 feet. That's not how successful companies are run."
For United Wholesale Mortgage CEO Mat Ishbia, it's not about what you know.
Ishbia says that specific skills, such as salesmanship, graphic design, or programming, can be taught. Those don't guarantee whether or not a candidate will succeed at the Troy, Michigan-based financial services business.
"I don't care about your résumé," Ishbia says. "I don't care about what school you went to. I don't care about what you did at your last company."
United Shore CEO Mat Ishbia says he likes to run his organization "like a 2,000-person basketball team."
It's a mentality he's taken from his days playing on the Michigan State Spartans under coach Tom Izzo.
Ishbia isn't exactly ordering the employees at his Troy, Michigan-based financial services business to run suicides or practice their layups.
It turns out not everyone sees fixed-rate loans as the belle of the ball. Many mortgage experts and financial advisors say an ARM can be the best choice for certain investors due to lower payments and, often, lower closing costs.
"Most savvy borrowers do consider ARMs as their chosen program," says Mat Ishbia, president and CEO of United Wholesale Mortgage, a lender in Troy, Michigan. "They are fully aware of when the loan terms are subject to change and take advantage of the low rates and potential to pay off their mortgage quicker (through extra principal payments) than a traditional fixed loan."
UWM has announced its inaugural Most Valuable Processor Award, created to recognize the most talented and hard-working loan processors in the industry as part of its “UWM Loves Processors” campaign. The Call for Nominations is now open and submissions will be accepted through Friday, March 3, 2017.
Two UWM leaders, CEO Mat Ishbia and Vice President, Sales Shaun Groves, made Mortgage Professional America's 2017 Hot 100 list. The annual feature highlights 100 of the year's biggest movers and shakers in the mortgage industry.
Student loans can be a major barrier to homeownership in more ways than one, which could explain why Millennials are losing hope in homeownership as part of the American dream.
United Wholesale Mortgage released a video showing three things to be on the lookout for in 2017, one of which explained the growing problem of student loans.
Over the years, mortgages have been viewed primarily as transactions, and the industry as one that generally lacked a sense of deeper meaning beyond the purpose of “getting a house” for a borrower. As we move further into 2017, the mortgage industry has an opportunity to change this perception while making this the year of automation.
Mortgages should have a greater meaning in borrowers’ minds than just sitting at a table to sign a huge stack of papers, cutting a check, and getting the key to a house.
Mortgage lender United Shore Financial Services LLC, the parent company of United Wholesale Mortgage, plans on hiring 600 people this year to help fill the new 20,000-square-foot expansion of its Michigan headquarters, according to Crain’s Detroit Business.
Mat Ishbia, president and CEO of United Shore, said they’re expecting a 50% growth this year.
“Our goal is to hit $30 billion in loan volume this year, despite predictions of a slowing market," Ishbia told Crain’s. "Bringing in top local talent is the key to our growth."