Skip to main content
News

UMortgage Shares Growth, Investments, and Future Plans in Q4 Investor Meeting

April 3, 2023

Share
Blog Header
RETURN TO ALL POSTS

UMortgage Shares Growth, Investments, and Future Plans in Q4 Investor Meeting

In 2022, the UMortgage platform saw tremendous growth across the board with an exponential increase in the number of team members, loan originators, national footprint, and, most importantly, homeowners served. This year of accelerated development for the mortgage platform was capped by the year’s most successful quarter in Q4.

To provide all individuals within the organization full transparency into the investments that allowed for this growth, the physical growth metrics, and the targeted areas for continued growth, President & CEO, Anthony Casa, hosted UMortgage’s Q4 Investor Call alongside CFO, Gil Arbitsman.

“We believe this level of transparency creates accountability throughout our organization and helps our team members connect the work we are doing daily with the overall performance of our business,” said Casa. “We are incredibly excited about the exponential growth we have experienced over the last year and what we expect in the future.”

An overarching theme of the investor call was UMortgage’s ability to grow during a historically poor quarter for the mortgage industry. UMortgage made several financial investments to restructure the platform and spur its growth, all of which paid dividends through Q4 and into Q1 of 2023. The UMortgage platform was built to solve the pain points that all loan originators experience, whether their background is at a retail mortgage company or a brokerage. These investments allowed UMortgage to emphasize the ways that they resolve these issues.

Growth Signaled by High-Profile Recruitment

A signal that UMortgage was best suited to address LO's most common pain points was sent to the rest of the mortgage industry when the platform announced in December of 2022 that it had hired mortgage broker advocate and icon, Todd Bitter, to be its Chief Sales Officer. Bitter boasts more than 25 years of experience within the mortgage industry and has spent the last five years prioritizing the education of fellow brokers to replicate the success he’s seen as one of the industry’s top producers.

UMortgage’s ability to solve industry pain points also played a key role in its recruiting strategies as it acquired the #1 brokerages in both Ohio and Texas. The acquisitions of Dallas-based NXT Mortgage—the nation’s fastest-growing brokerage—and Breon Price’s Cincinnati-based branch of Motto Mortgage served as the catalysts to positively impact homebuyers in the Texas and Ohio markets and increase its recruiting footprint in those regions; 168 new loan originators from Ohio, Texas, and beyond were welcomed to UMortgage, more than doubling its roster from Q3.

An increase in loan originators also led to an increase in homeowners served by the platform. UMortgage LOs managed a 70% year-over-year increase and an 11% quarter-over-quarter increase in homeowners served in Q4. They also more than doubled the number of rate locks in Q4 of 2022 with a 96% year-over-year increase.

Investing in Employees at UMortgage

Internally, one of the marquee initiatives of Q4 was to change UMortgage’s holding company from Premier Processing LLC to UMortgage LLC. This initiative allowed UMortgage to launch UShares—an employee stock option program that allows all team members to buy equity into the company as it continues to grow. UShares was officially launched midway through Q1 of 2023 thanks to those investments made in Q4.

UMortgage also acted proactively by bolstering its Operations teams and proactively training new team members to support the influx of new LOs and the increased volume which would follow. This allowed those new LOs to hit the ground running upon joining the platform while avoiding any bottleneck as loans are processed and closed.

Laying the Foundation for Growth in 2023

The investments made in Q3 and Q4 of 2022 helped set the stage for a historic Q1, and likely another groundbreaking year of growth for UMortgage. The platform has already started 2023 with plenty of momentum as it doubled its lock volume from Q4 of 2022 in the first quarter of the new year.

During the call, Casa highlighted a goal to fund +2,000 loans monthly in Q4 of 2023. Aside from the continued growth of UMortgage’s roster of LOs, UMortgage will also invest in the development of its current LOs through a LO coaching program which will provide the tools and knowledge needed to increase an individual's average monthly funded loans by 50%.

This growth isn’t stopping any time soon. The UMortgage platform plans to continue to create life-changing opportunities through homeownership with the brightest LOs in the country. Every Wednesday at 2pm ET, Casa shares how Loan Originators Powered by UMortgage are set up for success with a community of industry experts and fellow LOs to lean on, a growing selection of lenders and loan products, and best-in-class support staff that helps LOs focus on what they do best—originate loans.

RETURN TO ALL POSTS

Related Posts

NewsMay 23, 2024
UMortgage Sets New Standard in Veteran Mortgage Support, Serving 240% More VA Borrowers than the Average Lender
PHILADELPHIA, PA., May 23, 2024 — Since its establishment in 2020, UMortgage has focused on expanding access to homebuying opportunities for military community members by building an experienced team of VA loan specialists. Today, the platform has seen incredible progress toward that goal, serving 240% more veterans than the average lender according to data from the Department of Veteran Affairs. While there has been plenty of progress toward becoming the mortgage industry's greatest advocates for veteran homeownership, it is only the beginning of the foundation being laid by the UMortgage Veterans Alliance. Statistics from the Home Mortgage Disclosure Act show that nearly 71% of current service members plan to buy a home in the next 5 years and more than 50% anticipate purchasing a home in the next 2-to-3. However, according to the Department of Veteran Affairs, only 20% of veteran households nationwide purchased their home with their VA benefits. To continue progressing toward a better future for VA homebuying, UMortgage welcomed Patton Gade, the 2023 Scotsman Guide #1 VA Originator, to lead its Division of Military Lending in November 2023. Now 6 months into his leadership position, more than 30% of UMortgage’s total loan volume in 2024 accounts for VA loans originated by its continuously growing team of VA experts — a signal of tremendous progress made by the leading mortgage platform. “Since I joined UMortgage, we’ve grown our overall percentage of VA loans originated through comprehensive education and a focus on the unique needs of our VA borrowers,” said Gade. “While we’ve made progress, there’s plenty more work to do. The VA home loan benefit is one of the strongest loan products in the mortgage industry, but there’s still widespread misinformation throughout the industry preventing millions of active-duty and veteran homebuyers from utilizing it. “We’re going to keep educating our LOs and their agent partners to eradicate these negative narratives and help the members of our military community achieve their dreams of homeownership with the benefits that they earned.” UMortgage regularly hosts VA-specific training opportunities for its Loan Originators, with a 2-day VA-centric session being held in late June. These efforts continue to support the positive change in the narrative surrounding VA loans to ensure buyers feel confident, informed, and supported in using their deserved VA benefits when purchasing a home. The Loan Originators who represent UMortgage’s Division of Military Lending and the UMortgage Veterans Alliance are spearheading this positive change. Schedule a 1-on-1 with a UMortgage leader to learn more about the ways that UMortgage is changing the national narrative surrounding VA loans and how you can play a part in this positive change. About UMortgage: UMortgage is a national mortgage platform on a mission to create life-changing opportunities through homeownership. With Loan Originators licensed from coast to coast, an expansive suite of lenders to shop from, and a quick, clear, & communicative homebuying process, UMortgage is ushering in a modern mortgage experience catered to all homebuyers.
READ MORE
NewsMay 10, 2024
Anthony Casa on the Current State of the Mortgage Industry and Market Opportunities
The mortgage industry and those working within it have faced a fair number of challenges in the last two years. Rapidly rising mortgage rates and dwindling housing inventory have hurt demand and have negatively impacted mortgage brokers and brokerages. However, where some see market challenges, others see prime opportunities to lay a foundation for success. This is exactly the mindset that Anthony Casa, President & CEO of UMortgage, holds and wants brokers nationwide to adopt. “This is a cycle-driven business,” said Casa in an interview with Fergal McAlinden, News Editor of MPA Magazine. “You have to be early because when the market turns, others will scramble while you’ve already set your business up to scale effortlessly.” This mentality has been key to UMortgage’s exponential growth in a shrinking market. The growing mortgage platform broke its yearly records for funded volume and families served in 2022 and 2023 and is on track to raise the bar again in 2024. In April this year, UMortgage set company records for monthly funded units and volume with 688 families served for $238mil in volume. The platform is on pace to break those yearly records once again with sights set on at least $3.25bil in yearly volume. As brokers start to look ahead to the changing market conditions expected later this year and in 2025, it’s crucial to consider if they’re well-equipped to manage the influx of prospective buyers and past buyers who want to refinance to a lower rate. With a penchant for production growth in any market, UMortgage has proven itself to be the go-to platform for brokers who want to scale their production. To learn more about the opportunities available at UMortgage, visit this page for an inside look at the business growth tools available.
READ MORE
NewsMay 3, 2024
UMortgage Sets Company Record for Monthly Funded Volume in April 2024
PHILADELPHIA, PA., May 6th, 2024 — UMortgage, a national mortgage company committed to creating life-changing opportunities through homeownership, has developed a habit of setting a new company record nearly every quarter. In April, the platform set a new company record with $238mil in monthly funded volume with 688 families served. Coming off its third highest-producing quarter in company history during Q1 2024, UMortgage is on track to fund an estimated $3.25bil in volume this year. This company record indicates the exponential rate of growth that UMortgage continually achieves every year. From 2021 to 2024, UMortgage averaged an explosive 128% year-over-year growth despite the continued market challenges of rising rates and shrinking inventory that have shaken others in the industry. Reflecting on UMortgage's trajectory, Anthony Casa, President & CEO says, “We’re a much better team now. Everyone is rowing in the same direction with a steadfast commitment to get better every day and make UMortgage the best mortgage company in America.” “It takes the entire team for us to continue to grow and set records when others in our industry downsize,” continued Casa. “Not only are we on pace for our fourth-consecutive year with a new company record for funded volume and families served, but we’re also coming together as a team and positively impacting our communities.” The company's last record month was set back in May 2023. In April, UMortgage announced three new additions to its executive leadership team who will each contribute unique value to UMortgage’s Loan Originators and team members and capitalize on the platform’s momentum. Headlining these additions is Jimmy Hobson taking a role as National Sales Leader after serving as Branch Manager for UMortgage West — UMortgage’s top-producing and fastest-growing branch — since 2021. Utilizing her hands-on experience as Loan Specialist Team Lead, Christina Escobar was promoted to VP of People to continue to develop the company’s culture which prioritizes Relationships, Not Transactions. On top of those two internal promotions, UMortgage also welcomed Mike Farah as Director of Sales Operations in April. Farah joined UMortgage from New Jersey-based Garden State Home Loans to help improve the Operations workflows and tighten the company’s leading turn times. With a clear vision for the future and fresh, experienced leadership paving the path, UMortgage is on pace for its fourth consecutive company record for yearly funded volume and units. Casa will further outline the platform’s vision and goals for 2024 and beyond alongside Corie Meredith, VP of Marketing, and Patton Gade, National Director of Military Lending, during the bi-weekly Loan Originators Powered by UMortgage call this Thursday, May 9th at 2pm ET. Follow the previous link to register and gain an inside look at the platform’s future plans. About UMortgage: UMortgage is a national mortgage platform on a mission to create life-changing opportunities through homeownership for homebuyers across the country. With Loan Originators licensed from coast to coast, an expansive suite of lenders to shop from, and a quick, clear, & communicative homebuying process, UMortgage is ushering in a modern mortgage experience that can cater to any homebuyer.
READ MORE

Get pre-approved in just minutes!

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Review our complete Privacy Policy here.