UWM DOMINATES 4TH QUARTER 2022

In the fourth quarter of 2022, UWM led the industry in origination volume for the second quarter in a row, as well as claiming a whopping 54% of the wholesale channel, up from 41% from Q3 2022 — an all-time record. For all of 2022, UWM dominated with nearly 40% broker market share. Rocket, in comparison, clocked in at 11.4%.

$25.1

$19.03

54% 46% VS.

January to “Game On” called “Control Your Price.” The new program provides originators with 125 basis points in price enhancements when they lock loans with UWM. According to the company, the program can be applied to conventional, government, or non-agency loans valued at up to $1 million. “We’re really excited about this strategy,” Wilner said. “We really want to give some control back to our LOs and really show them the benefits of working strictly in wholesale.”

Elezaj asserts that brokers are happy with what UWM is doing to help them get ahead. “We couldn’t be more excited about 2023, especially for brokers to win,” he said. “I’d say our main focus is to keep honing in on our technology. We have over 1200 IT people and the biggest complaint we hear when we get new consumers is how they want better tech. We want them to be as efficient as possible.”

Even though UWM’s competitors have released counter-programs — such as Rocket’s “Bully Shield” program that offers to cover legal fees for mortgage brokers breaking ultimatum agreements with UWM — the company isn’t discouraged. “[Rocket’s program] doesn’t even deserve a comment,” Wilner said with a chuckle.

When Rocket announced the “Bully Shield” program, Mike Fawaz, executive vice president of Rocket Pro TPO, told National Mortgage Professional Magazine reporter Katie Jensen, “We believe UWM’s ultimatum was one of the worst things to happen to independent mortgage bankers in 50 years. The ultimatum uses lawyers and contracts to limit choice and optionality.”

Fawaz added: “When we made a decision to go out there and protect the broker community, the last thing we looked at was cost and numbers.”

UWM was not fazed.

Both Wilner and Elezaj said that at the end of the day, UWM’s goal is to continuously improve. They both said that UWM doesn’t have a specific strategy or target; rather, they’re focusing on holding onto brokers’ business and improving existing products. “One of our company pillars is to keep doing better every day,” Wilner said. “There’s a tendency for businesses over time to get comfortable and not be as vicious as we are. It was only a matter of time before we reached the top.”

Unconventional Methods

From an outside perspective, UWM comes off as confident and collected. Shampa Bhattacharya, Fitch Ratings’ director and primary rating analyst, closely analyzes UWM’s financial performance and business strategy. “It’s clear that they have one goal to be the top mortgage originator, and they also have market share goals, too,” she said. “They have executed this well. Mat [Ishbia] is a great leader and his team is young and seems to really engage and energize the brokers that they work with.”

Bhattacharya also pointed to UWM’s “unconventional strategies” (Game On, broker ultimatum, etc.) that have oftentimes branded the company as exclusionary and haughty. “There was a large emotional reaction like lawsuits,” she said. “But, it’s worked for them based on the numbers. They’ve managed profitability when others have suffered, which is impressive.”

Fitch publishes annual rating outlook reports that determine whether a company’s trajectory is positive or negative. Bhattacharya said that the reports look at several factors, such as leadership styles, diversification in business portfolios, liquidity, and profitability. UWM scored a BB- in October. “Their score is on the high end of the scoring spectrum, but they fell short in a few areas which led us to determine that ranking, Rocket’s C-suite has undergone an upheaval. CEO Jay Farner has announced he is stepping down as of June. No permanent replacement has been named. For the first time since Rocket Companies Inc. went public in August 2020, the Detroit-based fintech platform company reported a quarterly loss. For the full year, Rocket reported net income of $700 million, down 88% from $6.7 billion a year earlier. their outlook is neutrally stable,” she said. “Rocket’s score was BB+ due to their diverse offerings and C-suite. UWM’s risks are that they focus on market share over general profitability, and they have key-man risk.”

Of note, since that

Key-man risk, Bhattacharya explained, is when one person or a limited team of people possess most of the company’s skills, power, and knowledge. It’s not unique to UWM; Bhattacharya said many industries have entrepreneurs with heavy ties to their businesses. “Ishbia is their the company depends on him. He sets the tone,” she said. “A lot of companies are entrepreneur-led and driven, but not to the extent of UWM. If he were to depart, the company might suffer.”

However, Elezaj and Wilner didn’t express any pessimism about the new market year. “The mortgage industry has always been crazy,” Wilner said. “We’re very nimble and a lot of us [at UWM] have been doing this for years so we know whether or not to anticipate a low or high volume season. I don’t see us facing any big challenges. We’ll just keep doing our thing.” n

Top Originators

Honoring Those Who Succeeded In 2022

When the going gets tough, the tough get disciplined, they get organized, and they follow a plan. At least, that seems to be the case for the 2023 Leading Loan Originators who shared their successes with us.

There’s no doubt that 2022 was a challenging year. This successful group of MLOs worked hard and got the job done.

National Mortgage Professional Magazine celebrates their achievements. These are the originators and brokers who have been able to adapt and succeed despite the volatile and ever-changing mortgage market.

In the pages to follow, read about those MLOs who achieved a minimum of $50 million in loan volume and/or had at least 50 total units in mortgage originations. CONTINUED ON NEXT

The year 2022 will not be looked back on fondly by most MLOs, but that doesn’t mean some hard workers did not find success last year. National Mortgage Professional Magazine celebrates the accomplishments of top originators by total volume dollar who shared their success with us. It’s a group led by Brian Minkow, SVP, Divisional Leader, Homebridge Financial Services, with over $412,000.

Brian

SVP, Divisional Leader, Homebridge Financial Services, Inc.

Westlake Village, Calif.

Purchase Vol. by Dollar Amount: $263,751,898

Purchase Vol. by No. of Units: 465

Refi. Vol. by Dollar Amount: $148,400,771

Refi. Vol. by No. of Units: 273

Dollar Vol. Total: $412,152,669

Unit Vol. Total: 738

States

With 20+ years of lending experience, Brian has helped thousands of enthusiastic clients across the country achieve their homeownership goals.

Area Manager, Academy Mortgage Corp.

Snohomish, Wash. Purchase Vol. by Dollar Amount: $371,504,401

Purchase Vol. by No. of Units: 520

Refi. Vol. by Dollar Amount: $36,589,543

Refi. Vol. by No. of Units: 61

Dollar Vol. Total: $408,093,944

Unit Vol. Total: 581

States Licensed: AZ, CA, FL, GA, ID, IL, MN, MT, NV, NM, NC,, OH, OR, PA, WA

You won’t find a next-generation originator as influential, hard working, or powerful as Academy Area Manager Danny Meier — he is truly one to emulate.

Northeast Regional Senior Vice President, Family First Funding Toms River, N.J.

Purchase Vol. by Dollar Amount: $262,848,763

Purchase Vol. by No. of Units: 663

Refi. Vol. by Dollar Amount: $59,997,609

Refi. Vol. by No. of Units: 192

Dollar Vol. Total: $322,846,372

Unit Vol. Total: 855

States Licensed: AL, AZ, CA, CO, CT, DEL, FL, GA, IL, KS, KY, LA, ME, MD, MA, MN, MS, NH, NJ, NY, NC, OH, PA, RI, SC, TN, TX, CT, VA, WA, WI

Chris offers the expertise and knowledge to help establish the absolute best loan programs for each clients’ financial objectives.

Sales Manager — Team, Homebridge Financial Services, Inc.

Bayside, N.Y.

Purchase Vol. by Dollar Amount: $225,190,321.00

Purchase Vol. by No. of Units: 432

Refi. Vol. by Dollar Amount: $42,408,746

Refi. Vol. by No. of Units: 75

Dollar Vol. Total: $267,599,067

Unit Vol. Total: 507

States Licensed: NY

Kenny is dedicated to helping his clients in Bayside and the Greater New York meet their unique financial situation with the right mortgage solution.

Area Manager

— Production, Homebridge Financial Services, Inc.

Santa Barbara, Calif.

Purchase Vol. by Dollar Amount: $96,203,526

Purchase Vol. by No. of Units: 98

Refi. Vol. by Dollar Amount:

$109,414,214

Refi. Vol. by No. of Units: 114

Dollar Vol. Total: $205,617,740

Unit Vol. Total: 212

States Licensed: CA

Tim leverages his ability to think outside the box to deliver creative mortgage solutions to meet his client’s needs today and for years to come.

$167,260,000

Paul Volpe

Senior VP/ Branch Manager — Producing, Nova Home Loans

Scottsdale, Ariz.

Purchase Vol. by Dollar Amount:

$147,776,280

Purchase Vol. by No. of Units: 379

Refi. Vol. by Dollar Amount:

$27,701,089

Refi. Vol. by No. of Units: 80

Dollar Vol. Total: $175,477,369

Unit Vol. Total: 459

States Licensed: AZ, CA, CO, FL, IL, IN, KY, NB, NV, NM, OR, TX, WA

Producing Bank Manager, Caliber Home Loans

Edison, N.J.

Purchase Vol. by Dollar Amount:

Purchase Vol. by No. of Units: 423

Refi. Vol. by Dollar Amount:

$26,970,000

Refi. Vol. by No. of Units: 72

Dollar Vol. Total: $194,230,000

Unit Vol. Total: 495

States Licensed: CT, DE, FL, MD, MA, NJ, NY, NC, PA, SC, VT, VA 2023 marks Michael Borodinsky’s 40th year as a mortgage lending professional. He has funded over $5B to over 12,000 customers.

Senior Loan Officer, Lund Mortgage Team Inc. Glendale, Ariz.

Purchase Vol. by Dollar Amount:

Senior VP/ Branch Manager — Producing, Nova Home Loans

Tucson, Ariz.

Purchase Vol. by Dollar Amount: $134,387,750.00

Purchase Vol. by No. of Units: 383

Refi. Vol. by Dollar Amount: $59,333,127.00

Refi. Vol. by No. of Units: 231

Dollar Vol. Total: $193,720,877.00

Unit Vol. Total: 614

States Licensed: AZ, CA, CO, FL, IL, IN, NV, NM, OR, TX, UT, WA

$63,090,297

Purchase Vol. by No. of Units: 157

Refi. Vol. by Dollar Amount:

$110,016,998

Refi. Vol. by No. of Units: 365

Dollar Vol. Total: $173,107,295

Unit Vol. Total: 522

States Licensed: AZ

Matt Oliver has been in the mortgage industry for over 20 years. He started at Chase Bank in 2001 and made the move to Lund Mortgage Team Inc in 2007.

VP/Senior Mortgage Loan Officer, TowneBank Mortgage

Charlotte, N.C. Purchase Vol. by Dollar Amount: $134,537,115

Purchase Vol. by No. of Units: 298

Refi. Vol. by Dollar Amount: $25,149,950

Refi. Vol. by No. of Units: 30

Dollar Vol. Total: $159,687,065

Unit Vol. Total: 328

States Licensed: PA, WV, DC, VA, TN, NC, SC, GA, TX, CO

In 2022, drops in dollar volumes could be tackled by focusing on units. National Mortgage Professional Magazine acknowledges the achievements of these originators who shared their success with us. They worked hard to originate mortgages for as many people as possible, regardless of the loan size. It’s a group led by Christopher Keelin, Northeast Regional SVP, Family First Funding who ended 2022 with 855 units.

Christopher

Northeast Regional Senior Vice President, Family First Funding

Toms River, N.J.

Purchase Vol. by Dollar Amount: $262,848,763

Purchase Vol. by No. of Units: 663

Refi. Vol. by Dollar Amount: $59,997,609

Refi. Vol. by No. of Units: 192

Dollar Vol. Total: $322,846,372

Unit Vol. Total: 855

States Licensed: AL, AZ, CA, CO, CT, DEL, FL, GA, IL, KS, KY, LA, ME, MD, MA, MN, MS, NH, NJ, NY, NC, OH, PA, RI, SC, TN, TX, CT, VA, WA, WI

Chris oversees the sales and operations teams’ growth of their $750 million+ per year pipeline. His primary focus is to maintain and build relationships that continue to strengthen business development for the Northeast Division. Chris offers the expertise and knowledge to help establish the absolute best loan programs for each clients’ financial objectives.

Danny Meier

SVP, Divisional Leader, Homebridge Financial Services, Inc.

Westlake Village, Calif.

Purchase Vol. by Dollar Amount: $263,751,898

Purchase Vol. by No. of Units: 465

Refi. Vol. by Dollar Amount: $148,400,771

Refi. Vol. by No. of Units: 273

Dollar Vol. Total: $412,152,669

Unit Vol. Total: 738

States Licensed: AZ, CA, CO, CT, FL, GA, HI, ID, IL, IN, KY, MA, MN, MS, MT, NE, NV, NM, OH, OK, OR, PA, SC, TN, TX, WA, WI

With 20+ years of lending experience, Brian has helped thousands of enthusiastic clients across the country achieve their homeownership goals.

Senior VP/ Branch Manager — Producing, Nova Home Loans

Tucson, Ariz. Purchase Vol. by Dollar Amount: $134,387,750

Purchase Vol. by No. of Units: 383

Refi. Vol. by Dollar Amount: $59,333,127

Refi. Vol. by No. of Units: 231

Dollar Vol. Total: $193,720,877.00

Unit Vol. Total: 614

States Licensed: AZ, CA, CO, FL, IL, IN, NV, NM, OR, TX, UT, WA

Area Manager; Academy Mortgage Corporation

Snohomish, WA

Purchase Vol. by Dollar Amount: $371,504,401.00

Purchase Vol. by No. of Units: 520

Refi. Vol. by Dollar Amount: $36,589,543.00

Refi. Vol. by No. of Units: 61

Dollar Vol. Total: $408,093,944.00

Unit Vol. Total: 581

States Licensed: AZ, CA, FL, GA, HI, ID, IL MN, MT, NV, NM, NC, OH, OR, PA, WA

You won’t find a next generation originator as influential, hardworking, or powerful as Academy Area Manager Danny Meier—he is truly one to emulate.

Senior Loan Officer, Lund Mortgage Team Inc.

Glendale, Ariz.

Purchase Vol. by Dollar

Amount:

Ming Chiu “Kenny” Cheung

Sales Manager

— Team, Homebridge Financial Services, Inc.

Bayside, NY

Purchase Vol. by Dollar

Michael Borodinsky

Producing Branch Manager, Caliber Home Loans

Edison, New Jersey

Purchase Vol.

$63,090,297

Purchase Vol. by No. of Units: 157

Refi. Vol. by Dollar Amount: $110,016,998

Refi. Vol. by No. of Units: 365

Dollar Vol. Total: $173,107,295

Unit Vol. Total: 522

States Licensed: AZ

Matt Oliver has been in the mortgage industry for over 20 years. He started at Chase Bank in 2001 and made the move to Lund Mortgage Team Inc in 2007.

Amount: $225,190,321.00

Purchase Vol. by No. of Units: 432

Refi. Vol. by Dollar Amount: $42,408,746.00

Refi. Vol. by No. of Units: 75

Dollar Vol. Total: $267,599,067.00

Unit Vol. Total: 507

States Licensed: NY by Dollar Amount: $167,260,000.00

Kenny is dedicated to helping his clients in Bayside and the Greater New York meet their unique financial situation with the right mortgage solution.

Purchase Vol. by No. of Units: 423

Refi. Vol. by Dollar Amount: $26,970,000.00

Refi. Vol. by No. of Units: 72

Dollar Vol. Total: $194,230,000.00

Unit Vol. Total: 495

States Licensed: CT, DE, FL, MD, MA, NJ, NY, NC, PA, SC, VT, VA 2023 will mark Michael Borodinsky’s 40th year as a mortgage lending professional. He has funded over $5B to over 12,000 customers.

Matthew Ziegert

Senior VP/ Branch Manager — Producing, Nova Home Loans

Scottsdale, Ariz.

Purchase Vol. by Dollar Amount: $147,776,280

Purchase Vol. by No. of Units: 379

Refi. Vol. by Dollar Amount: $27,701,089

Refi. Vol. by No. of Units: 80

Dollar Vol. Total: $175,477,369

Unit Vol. Total: 459

States Licensed: AZ, CA, CO, FL, IL, IN, KY, NB, NV, NM, OR, TX, WA

Senior VP/ Senior Loan Officer, Nova Home Loans

Sierra Vista, Ariz.

Purchase Vol. by Dollar Amount: $97,901,928

Purchase Vol. by No. of Units: 370

Refi. Vol. by Dollar Amount: $10,046,113

Refi. Vol. by No. of Units: 50

Dollar Vol. Total: $107,948,041

Unit Vol. Total: 420

States Licensed: AZ

Vice President of Sales, Family First Funding Toms River, N.J. Purchase Vol. by Dollar

Amount: $119,651,972

Purchase Vol. by No. of Units: 419

Refi. Vol. by Dollar Amount: 0

Refi. Vol. by No. of Units: 0

Dollar Vol. Total: $119,651,972

Unit Vol. Total: 419

States Licensed: CT, FL, NJ, NY, PA, SC, VA

As an experienced loan officer I have the knowledge and expertise you need to explore the many financing options available. Ensuring that you make the right choice for you and your family is my ultimate goal.

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