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United Wholesale Mortgage to go public after merger with more than $16B valuation
(WXYZ) — United Wholesale Mortgage announced plans to go public after merging with Gores Holdings IV Inc. in what will be a special purpose acquisition company (SPAC) by an affiliate of The Gores Group.
According to United Wholesale Mortgage, the combined company will operate under the United name and be listed on the NASDAQ under the ticker symbol "UWMC."
The company said the new deal gives them a valuation of more than $16 billion.
Pontiac-based United Shore is the largest wholesale mortgage originator in the U.S. The news comes more than a month after Quicken Loans went united shore wholesale mortgage under the name Rocket Companies.
Mat Ishbia, President and Chief Executive Officer of UWM, said, “Becoming a public company will enable us to advance our strategy and capitalize on new opportunities to expand our already established leadership in the mortgage industry under our unique family culture, which has been the cornerstone of our Company’s success for the last 34 years," UWM President & CEO Mat Ishbia said in a release.
Alec Gores, Chairman and Chief Executive Officer of The Gores Group, stated, “We are pleased to partner with UWM in this milestone transaction. Mat and his team have built an impressive organization that is the market leader in wholesale lending and has a strong focus on culture and delivering quality service and offerings for its customers," The Gores Group CEO and Chair Alec Gores added.
According to a release, the current owners of UWM will retain around 94% ownership of the combined company and the existing management team will lead the business.
The deal is expected to close in the fourth quarter of
United Shore Financial Services LLC (USFS) has agreed to pay the United States $48 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet applicable requirements, the Justice Department announced today. USFS is headquartered in Troy, Michigan.
“The settlement announced today holds United Shore accountable for its endorsement of ineligible loans for FHA mortgage insurance,” said Principal Deputy Assistant Attorney General Benjamin C. Mizer, head of the Justice Department’s Civil Division. “Over the past several years, the Civil Division, in collaboration with numerous U.S. Attorneys’ Offices, HUD and its Office of Inspector General, has diligently worked to hold FHA-approved lenders accountable for actions that deprived homeowners of their homes, wasted taxpayer funds, and contributed to the financial crisis. The settlement announced today is yet another success in this continuing effort.”
“The federal government insures loans on the condition that lenders comply with certain rules noaa weather forecast bangor maine safeguard federal funds,” said U.S. Attorney Barbara L. McQuade for the Eastern District of Michigan. “When lenders breach their duty of due diligence and make risky loans that go bad, taxpayers pay the bill. By holding accountable lenders who fail to comply with underwriting requirements, we hope to send a message to all lenders that they must comply with government standards for federally insured loans.”
“USFS acknowledged that it failed to comply with FHA underwriting and united shore wholesale mortgage control (QC) requirements, resulting in improperly originated mortgages,” said U.S. Attorney John W. Vaudreuil for the Western District of Wisconsin. “While USFS deserves credit for acknowledging and resolving its conduct, that conduct not only resulted in substantial losses of public funds, but also put Wisconsin homeowners at risk of losing their homes or ruining their credit. This large settlement should send a clear message that such conduct will not be tolerated.”
During the time period covered by the settlement, USFS participated as a direct endorsement lender (DEL) in the FHA insurance program. A DEL has the authority to originate, underwrite and endorse mortgages for FHA insurance. If a DEL approves a mortgage loan for FHA insurance and the loan later defaults, the holder of the loan united shore wholesale mortgage submit an insurance claim to HUD, FHA’s parent agency, for the losses resulting from the defaulted loan. Under the DEL program, the FHA does not review a loan for compliance with FHA requirements before it is endorsed for FHA insurance. DELs are therefore required to follow program rules designed to ensure that they are properly underwriting and certifying mortgages for FHA insurance, to maintain a QC program that can prevent and correct deficiencies in their underwriting practices, and to self-report any deficient loans identified by their QC program.
The settlement announced today resolves allegations that between Jan. 1,and Dec. 31,USFS failed to comply with certain FHA origination, underwriting and QC requirements. As part of the settlement, USFS admitted to the following facts: USFS improperly pressured underwriters to approve FHA mortgages and its compensation plan used a formula expressly tying underwriter compensation to the percentage of loans approved by the underwriter and closed by USFS. USFS also falsely certified that direct endorsement underwriters personally reviewed appraisal reports prior to USFS approving and endorsing mortgages for FHA insurance.
Additionally, although USFS’ internal QC reviews showed severe problems with FHA insured mortgages, USFS routinely failed to provide any meaningful information to senior management regarding its QC findings.
USFS also failed to adhere to HUD’s self-reporting requirements. While USFS’s QC reviews identified hundreds of materially-deficient FHA insured loans during the time period at issue, USFS self-reported only three loans to HUD.
As a result of USFS’ conduct and omissions, HUD insured hundreds of loans approved by USFS that were not eligible for FHA mortgage insurance under the Direct Endorsement program, and that HUD would not otherwise have insured. HUD subsequently incurred substantial losses when it paid insurance claims on those loans.
Further, on Jan. 10,after the United States initiated an investigation into USFS, USFS made certain discretionary distributions to a shareholder in the company.
“The settlement announced today strongly demonstrates HUD OIG’s continued efforts to identify and investigate underwriting deficiencies in the origination and underwriting of single-family residential loans insured by FHA,” said HUD Inspector General David A. Montoya.
“This settlement, once again, demonstrates HUD’s unyielding efforts to root out poor underwriting practices in its mortgage insurance programs,” said Acting HUD General Counsel Tonya Robinson. “We want to thank the Department of Justice for partnering with us in holding lenders accountable for their actions. It is critically important that lenders comply with HUD’s underwriting standards and originate mortgages that are in accordance with FHA requirements and that borrowers can united shore wholesale mortgage settlement was the result of a joint investigation conducted by HUD, HUD’s Office united shore wholesale mortgage Inspector General, the Civil Division’s Commercial Litigation Branch and the U.S. Attorneys’ Offices for the Eastern District of Michigan and the Western District of Wisconsin.
United Shore Financial Services - Customer Service Department of the Year
Company: United Shore Financial Services
Company Description: United Shore Financial Services, headquartered in Troy, Michigan, is one of the largest and fastest-growing independent mortgage lenders in the country. Founded inUnited Shore employs over 1, team members and provides industry-leading client service, innovative technology, and a unique, energetic and work culture built on a foundation of fun and friendship.
Nomination Category: Customer Service Department Categories
Nomination Sub Category: Customer Service Department of the Year - Financial Services - or More Employees
Tell the story about what this nominated department achieved since the beginning of July (up to words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
As many mortgage lenders have experienced declines in loan volume due to rising interest rates, United Shore, the parent company of United Wholesale Mortgage, continued its rapid growth inbecoming the No. 2 purchase lender in America. Delivering elite client service, internally and externally, is a top priority at United Shore.
Following another record-setting year in production, United Shore had an even stronger performance inincreasing loan volume by 25%, from $30 billion to over $40 billion. Since JulyUnited Shore has improved processes, shortened service level agreement times, and become more efficient in resolving issues, while creating more self-service for our clients.
United Shore also moved into a new headquarters last summer and the open layout has created a more transparent work environment, leading to an increase in how team members support each other and ‘wow’ our clients.
United Shore’s client service team:
-Generated an external Net Promoter Score of +86 (measured on a scale of to +), which broke the company record and ranks among the highest in the nation. That puts United Shore’s external NPS score in the company of big brand names like Google and Disney.
-Expanded our No Call Left Behind initiative company-wide, ensuring that clients are never sent to voicemail when they call us. Our Welcome Associates answered 1, phone calls in alone.
-Launched a unique Client Conciergeteam focused on delivering white glove service that makes the client experience seamless. This team handles questions involving every step of the loan process and makes sure calls are routed quickly.
-Created a “Broker Brilliant Ideas” platform, allowing clients to submit ideas on technology, sales, marketing.
-Introduced various technologies to make our client experience faster and smoother, notably “UClose ,” which gives our brokers total control over the closing process.
-Became the first mortgage lender in America to offer a virtual e-closing experience, giving borrowers the convenience to close a loan from anywhere with Wi-Fi access.
-Made health insurance available and affordable for our network of mortgage brokers by partnering with a leading health insurance broker.
-Instituted call calibrations with members of executive leadership. Once a quarter, our CEO, COO, and other senior leaders meet and listen to client calls to ensure that we are aligned in our client service execution from the top down.
, The number of times team members were empowered to proactively do something great to help our clients through our AE Menu and Make It Right Program. The AE Menu gives our sales team tools to build and strengthen relationships with our clients. The Make It Right program gives team members the ability to troubleshoot on the spot.
-Celebrated 7, life events with our clients through our Magic Makers program, sending something unique as a personal touch.
, the number of unique kudos that were given to team members from team members through our company’s intranet site. Having the ability to shout each other out encourages people to go above and beyond for their clients, both internal and external, serving as an example for us to get better.
-Scored 49, calls and held 5, coaching sessions in Call coaching and scoring helps our team members raise their abilities and improves the client experience.
-Added an on-staff masseuse who provides award massages to recognize outstanding service by team members.
Even though we don’t interact face-to-face with our clients, we truly care about them and do unique things to show it. We think differently than most mortgage lenders in that we value relationships over transactions. It’s that type of mentality that has propelled us to become the No. 1 non-bank purchase lender in the country and will help us continue to be the industry leader in client service.
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matt and emily ishbia Already a billion, Mat Ishbia is yet to have a Wikipedia biography. He said rates on those are in the low 3s or high 2s and Oct 08, · Mat Ishbia has gone from a walk-on at Michigan State to one of the world's richest people. Mat and Emily Ishbia. On Instagram, she has got 4 billion; As for the individual net worth, Forbes assumes Mat Ishbia's net worth to be around $1. He has gained a wealth of experience in the business world. With his focus on supporting independent About me
Pontiac’s United Wholesale Mortgage, also known as United Shore Financial Services, the nation’s largest wholesale mortgage originator, is planning to merge and go public.
The company announced today that it is joining forces with Los Angeles-based Gores Holdings IV Inc., founded by Alec Gores, brother of Detroit Pistons owner Tom Gores. Gores Holdings is a special purpose acquisition company sponsored by an affiliate of The Gores Group, which already is a public company that will operate under the name UWM and be listed on NASDAQ under the new ticker symbol UWMC when the transaction is complete in the fourth quarter.
The transaction values UWM at approximately $ billion, or times the company’s estimated adjusted net income of approximately $ billion.
Along with approximately $ million in cash held in Gores Holdings IV’s trust account, additional investors have committed to participate in the proposed business combination via a $ million private placement, led by Gores and other large institutional investors.
Upon completion of the transaction, including the private placement, the current owners of UWM will retain approximately 94 percent ownership of the combined company. The existing management team, led by Mat Ishbia, president and CEO, will continue to lead the business.
Founded inUWM is the largest wholesale mortgage originator in the United States with nearly 7, employees. UWM’s business model focuses exclusively on providing wholesale mortgage clients “superior service through proprietary technology that enables them to process mortgage applications at faster speeds and provide lower rates than competitors,” according to the company.
“Becoming a public company will enable us to advance our strategy and capitalize on new opportunities to expand our already established leadership in the mortgage industry under our unique family culture, which has been the cornerstone of our company’s success for the last 34 years,” says Mat Ishbia, president and CEO of UWM. “To that end, we look united shore wholesale mortgage to granting our team members equity in the company that they have helped build and enabling them to participate in our future success.
“We believe that being a public company will also allow us to help our mortgage broker clients continue to build and grow their businesses, generating value for all of our stakeholders. Working with the Gores team has been a great benefit in helping to make this transaction possible.”
Alec Gores, chairman and CEO of The Gores Group, says, “We are pleased to partner with UWM in this milestone transaction. Mat and his team have built an impressive organization that is the market leader in wholesale lending and has a strong focus on culture and delivering quality service and offerings for its customers. As a public company, UWM will be well positioned given its significant competitive advantages and we look forward to working together to accelerate the next phase of growth and to drive value for all of our stakeholders.”
The proposed business combination has been unanimously approved by the boards of directors of both Gores Holdings IV and United Shore, and is expected to close in the fourth quarter ofsubject to customary closing conditions, including the receipt of regulatory approvals, and approval of the stockholders of Gores Holdings IV. Upon closing of the proposed business combination, the name of Gores Holdings IV will be changed to UWM Corp.
“After evaluating a number of potential partners for Gores Holdings IV, this transaction clearly stood out as a superior united shore wholesale mortgage for our stockholders,” says Mark Stone, CEO of Gores Holdings IV. “The public company currency of a newly listed business will enable the company to continue to benefit from the ongoing tailwinds in the mortgage industry and capitalize on growth opportunities in a massive addressable market. We are excited to participate in UWM’s continued value creation through a meaningful remaining equity stake in the business.”
United Shore was started by Mat Ishbia’s father, Jeffrey United shore wholesale mortgage, in the mids as a traditional mortgage lender, and went by the name Shore Mortgage. Mat Ishbia took over as CEO in and decided to enter the wholesale mortgage business after other large banks exited the business.
Mat Ishbia and United Shore are featured in the cover story of the September/October issue of DBusiness magazine, on sale at newsstands across the region. Click here to find a copy near you.
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