Mat Ishbia is President and CEO of United Wholesale Mortgage. One of the nation's leading advocates for wholesale lending, Mat has changed the lending platform, turning UWM into a $28 billion company and the No. 1 wholesale lender in the country.
[Expert commentary] One retail loan officer after another is leaving retail lenders to either start their own mortgage broker shop or join a mortgage broker because they want access to more products, better technology and better pricing than they have at their retail lender.
UWM's CEO Mat Ishbia writes that the mortgage business is so commoditized that it’s easy to focus on price as a difference maker – but if you’re a mortgage broker or correspondent that picks a lender based solely on its cheap rates, it will likely cost you big in the long run. Read more about what matters most: customer satisfaction.
If a loan originator works at a retail lender that only aligns itself with one specific mortgage insurance company, he or she may have to charge more from borrowers that have a higher DTI, or charge more if there is only one borrower on a loan instead of two.
[Op-ed] Mortgage lending is still often maligned in the mainstream press. When will coverage begin to accurately reflect all the hard work we, as lenders, put into getting Americans into homeownership? Here, Mat Ishbia, the CEO of United Wholesale Mortgage, calls out a CNN report that gets it so wrong.
From our perspective at UWM, our business has been built on supporting growth initiatives of brokers and that will continue to be our top priority. We buy loans, not customers. One thing that separates us from our competitors is the effort we put in to delivering the best partnership tools in the industry, so that our brokers can keep their clients.
The mortgage business is great for sales professionals who have an entrepreneurial spirit and are relationship-driven. When comparing both sides of the wholesale vs. retail debate — or mortgage broker vs. bank — there is no doubt that the best way for loan officers to grow their business and take greater control over their career is through the wholesale channel.
With the recent turnover in leadership at the Federal Housing Finance Agency, we may be standing at the precipice of great change in the government’s role in supporting the mortgage market through Fannie Mae and Freddie Mac.