Mat Ishbia has been named president of United Shore Financial Services, LLC (USFS), one of the nation’s leading independent mortgage lenders. Ishbia, 32, had previously served as president of United Wholesale Mortgage (UWM), USFS’s largest division and the fastest-growing wholesale mortgage lender in America.
“This promotion recognizes the tremendous contribution Mat has made to the growth of USFS, including his hard work and success in building UWM into a top-10 wholesale lender and the fastest-growing company in its space,” said Kip Kirkpatrick, Chief Executive Officer of USFS. “Mat is already instrumental in running the larger USFS business day-to-day, and he is having a huge impact on where we are going as a company.”
As President of UWM, Ishbia took a unique approach to mortgage operations, transforming the company into an industry leader in customer service. Complementing these changes, he redesigned the sales team from a traditional outside sales model to an inside sales model, differentiating UWM from the competition and catapulting its production numbers into the top-10 industry-wide.
Ishbia also took a leading role in driving all of USFS to its best year since its founding in 1985, during which the company generated more than $7.2 billion in home loans. These results reflected the success of UWM as well as USFS’s traditional retail business, Capital Mortgage Funding, and a new national call center consumer direct business operating under the Shore Mortgage brand. This Shore Mortgage call center, started from scratch just over a year ago, now has an annual run-rate of more than $1 billion in production, while Capital Mortgage Funding is continuing to grow as one of the predominant mortgage bankers in Michigan.
“I’m excited to take on greater responsibility for the continued growth and development of USFS, which is enhancing our ability to meet our clients’ needs through a combination of service, technology and industry-leading turn times,” Ishbia said. “We are determined to be the partner of choice for our clients, and, ultimately, to build the premier independent mortgage bank in the U.S.”
In pursuit of its growth vision, USFS has built out its management team through a number of major hires, culminating in the recent hiring of Tim Forrester as Chief Financial Officer and Kirstin Hammond as Executive Vice President, Capital Markets.
Overall, the company has hired more than 500 people in the past year and has been named one of the top workplaces in the state of Michigan. To accommodate its rapid growth, USFS is moving to a new headquarters in Troy, Michigan, where it will also have more space for future expansion.