Mat Ishbia
Overview
- Source of Wealth
- Mortgage lender
- Industry
- Finance & Investments
- Residence
- Bloomfield Hills, Michigan
- Education
- Michigan State University (Bachelor of Business Administration)
- Marital Status
- Divorced
- Children
- 3
Assets
- United Wholesale Mortgage986,741,162 shares @ --UWMC-US
Biography
Mat Ishbia is chairman and CEO of Michigan-based mortgage lender United Wholesale Mortgage, now UWM Holdings, founded by his father Jeff in 1986.
He owns a 61% stake in the company, which went public through a merger with a blank check company in 2021.
Launched as a side gig while Jeff worked as an attorney for his day job, UWM grew to become America's largest wholesale lender in 2015.
Mat joined the firm in 2003 after graduating from Michigan State and became CEO in 2013.
His brother Justin is also a billionaire and owns a 19% stake in the company.
In 2023, the Ishbia brothers bought a majority stake in the NBA's Phoenix Suns in a deal that valued the team at $4 billion.
About
Ishbia was on the Michigan State team that won the NCAA men's basketball championship in 2000 and worked alongside coach Tom Izzo for a year before joining UWM.
In 2021, Ishbia pledged $32 million to Michigan State athletics and another $14 million to help fund former football coach Mel Tucker's $95 million contract.