The wholesale lending arm of United Shore Financial Services LLC claims its quarterly loan originations were higher than at any other mortgage wholesaler.
United Shore closed almost $2.5 billion during the three months ended Sept. 30, according to the Mortgage Daily Third Quarter 2013 Origination Survey.
Most of its third-quarter production was generated through United Wholesale Mortgage, where mortgage brokers supplied nearly $2.3 billion in business.
Wholesale originations were up from less than $1.8 billion a year earlier.
On Friday, United Wholesale announced that it “has become the number one wholesale lender in the country in origination volume.” Its standing was reportedly based on third-quarter 2013 data from Mortgagestats.com.
“Our hard work, along with the trust and valued business of our brokers, has now officially catapulted us to the number one spot,” United Wholesale Mortgage President Mat Ishbia said in the announcement. “We developed a unique business model in how we interface with our brokers that is completely driven by a highly service-oriented approach to customer service that clients laud as being second-to-none.”
Ishbia — who is also the chief executive officer of parent United Shore and son of United Shore Founder and Chairman Jeffrey A. Ishbia — said the company has been intensely focused on getting to this level of growth since the outset.
United Wholesale faces stiff competition from Stonegate Mortgage Corp., where combined year-to-date wholesale volume from it’s own third-party division and the wholesale business it acquired earlier this month from Nationstar Mortgage Holdings Inc. was $6 billion.
But Stonegate’s $2 billion quarterly pace falls well short of the $2.6 billion quarterly rate at United Wholesale, and Indianapolis-based Stonegate would likely need to make more acquisitions to grab the top spot.
