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UWM CEO Mat Ishbia Joins Benzinga's Power Hour To Talk Going Public, Tom Izzo And More

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UWM CEO Mat Ishbia Joins Benzinga's Power Hour To Talk Going Public, Tom Izzo And More

Mat Ishbia has made a name for himself on and off the court...but mostly off the court.

In three years at Michigan State University, where Ishbia walked on the basketball team, he averaged less than a point per game. Now, as CEO of United Wholesale Mortgage, Ishbia has a greater net worth than some of the NBA's biggest stars.

Ishbia, 40, was a member of MSU's 2000 national championship team and learned quickly out of college he could make more money dishing out mortgages than assists on the court. He joined Benzinga's Power Hour to discuss his journey and the company's upcoming merger.

Why It Matters: The wholesale-mortgage company has seen record sales numbers as well as impressive growth within the last year.

“We're excited about going public," Ishbia told Zingernation on the Power Hour show. "It's the obvious next step to catapult our growth."

Ishbia is taking United Wholesale Mortgage public through Gores Holdings IV Inc (NASDAQ: GHIV), a special purpose acquisition company. He felt taking the company public through a SPAC was a great opportunity to grow the company and to be able to compete with its bigger competitors.

"We got a chance to work with Alec Gores," Ishbia said. "He's done a bunch of awesome SPACs. We spent time with him and realized that what would level the playing field for UWM access to capital on a whole 'nother level."

Watch the full interview in the video below, where Ishbia talks about the mortgage industry, learning from Tom Izzo and much more.

 

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