United Wholesale Mortgage CEO Already Watching Upcoming IPO
Mat Ishbia is about to have a very busy day. The CEO of United Wholesale Mortgage (pictured) will go public on January 22 under the biggest SPAC ever. He grew the company from a staff of 12 to a team of 8,000 in 17 years, creating the second largest lender in the country. Now he’s made public and he’ll likely become a billionaire in the process. Ishbia, however, does not appear to be on the verge of peaking personally or professionally. On the eve of a huge accomplishment, he’s much more likely to talk about the future goals and concrete goals of the brokerage channel than to give himself a pat on the back.
“A big goal [post-IPO] for us is accelerating the growth of the mortgage broker channel, ”Ishbia said. “We want to educate consumers across America and show them that the fastest, easiest, and cheapest way to get a mortgage is to go to findamortgagebroker.com and find a local broker.”
Ishbia cites this desire to develop the broker channel as his main reason for bringing the company to the stock exchange. He estimates that the IPO will bring $ 1.4 billion in cash to UWM, capital that he says will both allow his business to weather future storms while continuing to invest in the broker channel. .
Beyond raising the profile of the broker channel, Ishbia wishes to reinvest part of the capital raised in the technology and service operations of its company. He points out that UWM’s “superior” technology is the key to their success in closing loans more than twice as fast as the industry average. Maintaining and maintaining their baseline will also strengthen UWM’s position when rates eventually rise.
Ishbia made headlines last Christmas for giving Cadillac leases, vacations and home renovations to UWM staff at their Christmas party. He also pledged a distribution of $ 35 million to $ 50 million in shares to be returned to employees. Each employee will receive a minimum of $ 1,000 in UWM shares, including the roughly 500 people the company added this week. He wants his employees to be invested in the success of the business so that they can enjoy the IPO with him, and therefore have a stake in UWM’s next big push.
“We’re going to win together and really squeal,” Ishbia said. “We’re going to continue to stay in the weeds of the business, keep grinding and taking it to the next level because being number two isn’t on my list of goals … that’s not where our goal is.” story ends, so we’re going to continue to grow by educating consumers, helping brokers win and having our best ever year in 2021. ”
When asked if he was feeling nervous before the IPO, Ishbia stressed that focusing on the business has kept him grounded. Her schedule is filled with meetings, calls and webinars up to and during the IPO. He’s excited to go public and is proud of what his team has done to bring UWM to this point, but stressed that focusing on business goals and staying “in the weeds Of the company were crucial to their success so far. Ishbia does not intend to deviate from this goal, simply because he has taken an important step.
Just over 20 years ago, Ishbia experienced another historic achievement – winning the NCAA National Basketball Championship as a point guard for the State of Michigan. According to him, this success as a role player in a team of 14 people informed this new success at the head of a team of 8,000 people. In a personal sense, he sees the IPO as a greater achievement than his national title. At the same time, he believes that without that success and exposure to a top coach in Tom Izzo and a team manager in Mateen Cleaves, he wouldn’t be where he is today.
Ishbia is a contender through and through, but he’s also a team player – and he sees this move as a win for the broker channel and the start of a big push for brokers.
“It’s not UWM that goes public, it’s the entire brokerage chain that goes public,” Ishbia said. “UWM, the leader of the brokerage channel, goes public and now we’re all on a bigger stage. This will allow brokers to develop their activities, but everyone must do their part. John Smith Mortgage in Minnesota needs to go from 10 loans per month to 12. Jenny Smith Mortgage in New Mexico needs to go from 20 loans to 30. We’re going to help everyone in this channel. The IPO is linked to the fact that UWM is an excellent partner. “