United Wholesale Mortgage
United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, works exclusively with independent mortgage brokers to provide homebuyers and homeowners access to mortgage financing products. Headquartered in Pontiac, Michigan, UWM is publicly traded on the NYSE under the ticker UWMC.
UWM President and CEO Mat Ishbia has been one of the mortgage industry’s most vocal supporters for the wholesale mortgage market and the mortgage brokers that fuel wholesale originations. In 2021, roughly 20% of consumers worked with an independent mortgage broker for their home financing needs.
2020 Home Mortgage Disclosure Act (HMDA) data revealed UWM as the second-largest lender in the country and the largest purchase lender by volume. In an interview with HousingWire in March of 2021, Ishbia said, “I don’t have on my board that my goal is to be the No. 2 overall lender, it’s to be No. 1 and we’re going to do that.”
As a publicly-traded company, industry professionals and investors have gained deeper insight into the UWM growth strategy. In earnings calls, Ishbia has emphasized that UWM’s technology sets it apart from the competition and will allow it to win in a more purchase-heavy environment. Ishbia shared that keeping margins low is a tactic to grow the wholesale channel.
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United Wholesale Mortgage dropped rates up to 100 bps across all loan types in a move to beat rival lenders.