Mat Ishbia: ‘We want to dominate, and we’re going to compete’

Mat Ishbia has nothing personal against Dan Gilbert. He just wants to “dominate” in business.

e two metro Detroit billionaires have a long and well-documented feud, with the most recent — and perhaps most public — example coming last month when the Rocket Mortgage founder and owner of the Cleveland Cavaliers NBA team abstained from voting in favor of Ishbia joining the ranks of professional franchise owners. Ishbia got the Phoenix Suns anyway.

To no surprise, that topic came up Tuesday when Ishbia, president and CEO of Pontiac-based United Whole-

Manufacturing

sale Mortgage, was recognized as Crain’s Newsmaker of the Year for 2022 during a luncheon event at the MGM Grand Detroit.

“I have no disrespect ... for Dan Gilbert,” Ishbia told the crowd of about 360 people while on stage with Crain Communications Inc. President and CEO KC Crain. “I wish him all the best, I want him to be healthy. All good stu . No personal thing. ere are a lot of people at Rocket Mortgage that are good people. But in business we want to dominate and we’re going to compete. ey don’t like me, and I don’t like them.”

Ishbia’s ongoing rivalry with Gilbert and his Rocket Mortgage was one of myriad topics that permeated the mortgage giant executive’s year in 2022 and has continued into 2023.

He began 2023 leading the dominant mortgage lender in the industry, with more than 50 percent market share in the wholesale channel, and having originated more loans than any other lender for two quarters in a row.

Ishbia’s company taking that top position in the industry comes as there’s continued consternation in the overall economy about the upward trajectory of interest rates, which have served as a wet blanket for many mortgage lenders.

Nonprofits

Eastern Market nonpro t gets new president Plans housing, food distribution projects

KIRK PINHO

It’s tting that Dietrich Knoer ended up running Eastern Market Development Corp.

After all, it was close to eight years ago that Knoer entered Detroit development proper with a 4:30 a.m. tour of the city’s historic food-centric district, ultimately prompting the formation of e Platform LLC with Peter Cummings.