Mat Ishbia
$9.2B
Born
Jan 06, 1980
Age
45
Source of Wealth
Mortgage lender
Residence
Bloomfield Hills, Michigan
Citizenship
United States
Marital Status
Divorced
Children
3
Education
Bachelor of Business Administration, Michigan State University
- 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 69% 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 21% 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 a record $4 billion.
- 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.
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