In a post-earnings interview with the MPA, Ishbia explained how UWM has helped brokers in their work with a view to broader channel expansion. “We’ve been focused on helping brokers grow and win. Every other wholesaler in history has said, ‘Here’s my rate sheet. This is what we pay you. We buy your loans and customers from you and thank you for your business No no no let’s do this another way we will help you build your business , Mr. and Mrs. Broker We will support your growth We buy loans for you but you keep your customers Show me how to manage relationships Let me show you how to market yourself Let me show you how to train Ross Let me show you how to recruit Let’s partner!You help us, we help you increase.”
He likened the same style of teamwork he experienced as a standout player on Michigan State University’s 2000 championship basketball team to teamwork at UWM in relation to helping brokers. “My old background—a team mentality, a family mentality—has made UWM grow so fast,” he said. “It is focused on helping brokers and making the process faster, easier and cheaper, along with our technology. We are a total lender.”
Still, Ishbia suggested that being No. 1 is not the ultimate goal. “My goal is to be a broker,” he said. “I’m proud of it, but I don’t care about being No. 1. I care about growing and winning the broker channel and that’s what’s happening. Many loan officers are leaving retail and joining the broker channel.”
Read the following: Brokers on how to stand out from the crowd
Ishbia didn’t hesitate to criticize arch-rival Rocket when asked what he didn’t like about its business model. “Second, they’re not treating team members right. And third, all they’re doing is refinancing – his 90% of their business last year was refinancing this time. Last year. From he has decreased by 75% to he has decreased by 80%.