Maybe there's one CEO and his leadership team that really is in the weeds of the business and knows the business better than the rest. 'Maybe just maybe there really is one elite mortgage company in America. 'What we have said would happen has happened,' Ishbia said on an earnings call. Rocket, meanwhile, originates loans directly with customers as well as through brokers. Brokers represent more than 20% of originations in the highly fractured industry, and UWM has dominated the channel as the top wholesale lender for the past seven years. The feat particularly is telling as UWM originates mortgages exclusively through the independent brokers who work directly with homebuyers and homeowners to find the best loan for them across multiple lenders.

And the company has waged public relations wars on Rocket Mortgage parent Rocket Cos. Ishbia committed last year to make UWM the country's largest mortgage lender by 2024. He took over the top job in 2013 and has grown it into the publicly traded mortgage giant it is today with approximately 7,000 employees. It accomplishes a long-sought goal for CEO Mat Ishbia, a now-billionaire who joined his father's 12-person company after graduating from Michigan State University where he played on its 2000 championship basketball team. The milestone comes after UWM slashed interest rates on its loan products amid rising rates nationwide. Inc., founded by mortgage mogul Dan Gilbert, meanwhile, were falling 2.9% to $6.32 on Friday. Investors rewarded the news, sending UWMC shares 20% higher to close the week at $3.71, though shares in the company remain down 38% year-to-date. on Friday booked $325.6 million in net income in the third quarter on $33.5 billion in closed loan volume, surpassing by 31% crosstown rival Rocket Mortgage LLC as the nation's largest originator by volume in the quarter. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.Pontiac-based United Wholesale Mortgage Holdings Corp. compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products.

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