How Mat built the fortune
Mat Ishbia's wealth is built on United Wholesale Mortgage, a lender based in Pontiac, Michigan, that his father, Jeff Ishbia, started in 1986 as a small operation. When Mat joined in 2003, the company had only a handful of employees. He rose through the business and became chief executive in 2013, and under his leadership it grew into one of the largest mortgage originators in the United States.
UWM's strategy is to work exclusively through independent mortgage brokers rather than lending directly to consumers. Brokers find borrowers and help them through the process, while UWM supplies the loans, underwriting and technology. Ishbia has argued that brokers can offer borrowers lower costs and faster service than retail banks, and the company invested heavily in software and staff to speed up approvals. The housing and refinancing boom that followed low interest rates in 2020 and 2021 pushed UWM's loan volumes to record levels. The company's growth also came from aggressive pricing and from marketing aimed at persuading borrowers to use brokers rather than banks.
In January 2021 UWM became a public company by merging with a special purpose acquisition company sponsored by Gores Holdings, in one of the largest deals of that kind at the time. The Ishbia family kept the overwhelming majority of the shares, and Mat remains chairman, president and chief executive. The company has engaged in a public rivalry with Rocket Companies, its Detroit area competitor, and in 2021 it told brokers that it would stop working with those who also sent loans to Rocket or one other large lender.
Companies and holdings
In 2023 Ishbia completed the purchase of the Phoenix Suns of the NBA and the Phoenix Mercury of the WNBA from Robert Sarver, who sold the teams after an investigation into workplace conduct. The purchase included a group of minority investors, with Ishbia as controlling owner. Since then he has invested in team facilities and player salaries and has taken an active role in basketball decisions. The Suns and Mercury play at the arena in downtown Phoenix, and the purchase made Ishbia one of the younger controlling owners in American professional sports.
- United Wholesale Mortgage, chairman, president and CEO
- Phoenix Suns and Phoenix Mercury, controlling owner
- Family holding of the large majority of UWM shares
Early life and career
Ishbia grew up in the Detroit suburbs and attended Michigan State University, where he joined the men's basketball team as a walk on player under coach Tom Izzo. He was part of the squad that won the NCAA national championship in 2000, though he rarely played. He has often credited Izzo's demanding approach to practice and teamwork with shaping how he runs his company. He has often said that his role on the bench taught him to prepare others for success.
After graduating, he joined his father's mortgage business. He began in junior positions, learning loan processing and sales, and gradually took on more responsibility as the company grew. His older brother, Justin Ishbia, is a private equity investor who joined him as a minority owner of the Phoenix teams. He rose to president of the company before taking over as chief executive, and he has said that he wanted to build a culture of hard work and accountability similar to that of the team he played for.
Philanthropy and public life
Ishbia is a major donor to Michigan State University. In 2019 he made a gift of 32 million dollars to the university's athletic department, at the time the largest in its history, supporting athletic facilities and programs. He has also given to children's charities and community programs in Michigan and Arizona.
He is a vocal figure in the mortgage industry and in sports, often speaking at broker events and appearing in team announcements. His public statements about rivals and industry practices have made him one of the better known chief executives in US housing finance. The Ishbia family has also supported charitable causes linked to Michigan and to the communities served by the Phoenix teams.