United Wholesale Mortgage, a division of Troy’s United Shore Financial Services, was named the No. 1 wholesale mortgage lender for residential loans in the U.S. for 2017, according to Inside Mortgage Finance, a trade publication.
This is the third year in a row the company has earned the title. It produced a company-record loan volume of $29.5 billion in 2017 and closed more than 106,000 home loans in the U.S. The company had a 15 percent stake in wholesale market share, up 4 percent from 2016. In turn, UWM grew its loan production by 29 percent in 2017, even though the market declined 11 percent overall.
“Ranking as the No. 1 wholesale lender in America for three years in a row is a huge accomplishment and speaks to the innovative work being done and the dedication of our 2,300-plus team members,” says Mat Ishbia, president and CEO of United Shore. “Our people will continue to be the focal point of everything we do as we aim to establish United Shore as the premier workplace in America and position UWM as a top-five overall mortgage lender.”
Texas-based Caliber Home Loans was the No. 2 ranked wholesale lender with $14.5 billion and a market share of 7 percent. This is $15 billion less than UWM and the largest margin between the first and second rankings in more than a decade. Last year’s margin between the two companies was the previous record at $9.2 billion.
United Shore has also grown over the last year. It hired more than 900 people in 2017 and plans to hire 700 more this year as the company moves to its a new headquarters in Pontiac in the coming months.
“We don’t take being No. 1 for granted,” says Ishbia. “We know we have to earn our clients’ business every single day, which is why we never relax. Our clients count on us to deliver the easiest process, the newest technology, and the fastest turn times in the industry, and we are committed to exceeding their expectations.”
In 2017, UWM became the first mortgage lender to offer a virtual e-closing option to consumers so they could close loans from any electronic device with a web camera and an internet connection.
United Shore was founded in 1986 and employs more than 2,400 people.