Mat Ishbia, the CEO and chairman of United Wholesale Mortgage, recently made headlines as the new majority owner of the Phoenix Suns. In a meeting with Suns employees, Ishbia shared his vision for the franchise, emphasizing his background in the mortgage industry and his aspirations for the team to excel not only in the NBA but in all of sports.
During the meeting, Ishbia highlighted his company's success as the largest mortgage company in America and expressed his commitment to building a winning culture within the Suns organization. He also made references to his rivalry with Rocket Mortgage, a Michigan-based lending giant owned by Dan Gilbert, the owner of the Cleveland Cavaliers.
The rivalry between Ishbia's UWM and Rocket Mortgage has been marked by public disputes and competitive tactics over the years. Both companies have engaged in aggressive marketing campaigns and strategic moves to gain market share in the mortgage industry.
Despite their shared Michigan roots and alma mater, Ishbia and Gilbert have found themselves on opposite sides of a fierce business rivalry. Their companies, UWM and Rocket Mortgage, have battled for supremacy in the mortgage lending market, with Ishbia's UWM making significant strides in recent years to challenge Rocket's dominance.
The ongoing feud between the two mortgage giants has escalated at times, with Ishbia taking a strong stance against working with companies that collaborate with Rocket Mortgage. This rivalry has not only played out in the business arena but has also spilled over into the sports world, as evidenced by Ishbia's ownership of the Suns and Gilbert's ownership of the Cavaliers.
As Ishbia continues to lead the Suns and navigate the challenges of the NBA season, his rivalry with Gilbert and Rocket Mortgage adds an intriguing layer to the dynamics of both the mortgage industry and professional sports.
