In the wake of the broker ultimatum, he was accused of cheapening the image of the industry by many insiders. Former Mortgage Bankers Association president and CEO David Stevens went as far as to suggest Ishbia’s behavior made him look like a used car salesman.
In response, UWM’s CEO gave as good as he got. “His relevance in the industry is about zero,” he said witheringly. Without stopping for breath, he also took a swipe at the National Association of Mortgage Brokers for good measure.
The car salesman comparison may have even pleased Ishbia – at their worst, second-hand car dealers are untrustworthy and unethical, but they are also streetwise, territorial and instilled with a survival instinct. Qualities one thinks would appeal to Ishbia.
The dust hadn’t settled when he went on the attack once again, announcing that he intended to beat Rocket as America’s largest mortgage lender by 2024.
Only time will tell whether he achieves his goals, but Ishbia has established an impressive record so far.