United Wholesale Mortgage Holdings Corp. is setting a public deadline for by when it says it will surpass Rocket Companies Inc. to become the largest mortgage lender in the United States: 2024.
The three-year goal is an ambitious one, experts say. It heats up the Pontiac-based lender’s years-long feud with its Detroit-based rival, Rocket Mortgage, which currently holds the title. UWM is No. 4 behind California’s PennyMac Financial Services Inc. and Iowa’s Wells Fargo & Co., according to trade publication Inside Mortgage Finance. Being No. 1 has been a long ambition of UWM CEO Mat Ishbia.
“We’re not like all the other mortgage companies,” Ishbia told The Detroit News. “We rely a lot less on refinances, and we’re less cyclical. We’re more scalable on technology.”
UWM is No. 1 already in
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