United Shore Named Nation's No. 2 Overall Mortgage Lender

PONTIAC, Mich., June 3, 2019 /PRNewswire/ -- United Shore, home to the #1 wholesale mortgage lender UWM, set a company record with $17.56 billion in mortgage loan volume and 35% wholesale market share in the first quarter of 2019, leapfrogging two other mortgage giants to become the No. 2 overall mortgage lender in the U.S., according to data compiled by Inside Mortgage Finance.  UWM outpaced big bank lenders Wells Fargo and Chase in overall lending in the first quarter of 2019, per the new report. Additionally, early indications show United Shore as the No. 1 mortgage lender for the month of April, surpassing Quicken Loans and all others. The Pontiac-based company has been the No. 1 wholesale mortgage lender in America for four years and was the fastest-growing lender in the entire mortgage market for 2018. To top it off, they are now the No. 1 purchase lender in America after closing more home purchase loan business than anyone else.

"I'm extremely proud of our nearly 3,800 team members who work hard every single day to make sure our mortgage broker clients receive the best client service experience. Without their hard work and dedication, none of this would be possible. Less than 10 years ago, we were unranked in the mortgage business and today we've claimed the No. 2 spot and are still growing," said Mat Ishbia, President and CEO of UWM.

"UWM ranking as the No. 2 overall mortgage lender in America is a testament to the value independent mortgage brokers bring to consumers. More borrowers understand that mortgage brokers offer the fastest closings, best rates and best client service of anyone in the mortgage industry."

The jump to No. 2 is due to an influx in consumers seeking brokers to help them find the best loan possible, rather than shopping directly with an online lender or a bank. Brokers choose to do business with UWM thanks to the best rates and pricing in America, which UWM rolled out at the start of the year, along with the company's notable technology and industry-renowned, elite client service. UWM is 100% dedicated to the wholesale mortgage channel, which means they do not do direct-to-consumer retail loans. Instead, they rely solely on providing independent mortgage brokers with the best experience, tools and partnership to help them grow. As more and more consumers elect to work through a broker for their mortgage because of the superior access to loan options that they have through a broker, individual independent mortgage brokers thrive, the mortgage broker channel as a whole grows, and so, too, does UWM.  

UWM is on track to overtake the top mortgage lender overall this year. Currently the top lender, Quicken Loans, does both direct-to-consumer retail mortgage originations as well as wholesale, which includes any loans that are originated by an independent mortgage broker on behalf of a borrower. At the end of 2018, UWM's production marked a 41% increase year-over-year, as the lender closed more than 145,000 home loans throughout the country while earning 22% of the wholesale market share. And in the first quarter of 2019, UWM was up 114% year over year, while the current top lender, Quicken Loans, was up 10% year over year. Both Michigan-based companies grew in the first quarter, while the mortgage market was down 6.6% overall.  

To handle this unprecedented growth, United Shore continues to grow their team with additional talent from the Metro-Detroit area. They have already hired over 1,100 team members in 2019, with the goal of hiring 900 more by year-end to handle mortgage loan demand. United Shore is known as one of the best places to work in Michigan, as well as nationwide, and as the fastest-growing company in Metro-Detroit.  

About United Shore

Headquartered in Pontiac, Michigan, United Shore is one of the largest, coolest and fastest-growing independent mortgage lenders in the United States. It is home to United Wholesale Mortgage (UWM) the No. 1 wholesale mortgage lender in the nation, providing state-of-the-art technology and unrivaled client service, from the industry's leading account executives. Operating under parent company United Shore, UWM is known for its highly efficient, accurate and expeditious lending support, UWM underwrites and provides closing documentation for residential mortgage loans originated by independent mortgage brokers, correspondents, small banks and local credit unions. UWM's exceptional teamwork and laser-like focus on delivering innovative mortgage solutions are driving the company's ongoing growth and its leadership position as the foremost advocate for mortgage brokers. For more information, visit www.uwm.com or call 800-981-8898. NMLS #3038.

MEDIA CONTACT:
SARAH DECIANTIS, Chief Marketing Officer
[email protected]  585 South Boulevard E. Pontiac, Michigan 48341
UWM.com

SOURCE United Wholesale Mortgage

Related Links

http://www.uwm.com