Jeffrey Ishbia
About Jeffrey A. Ishbia
Founder of UWM, independent director since 2021, age 76, and currently employed at UWMC as Advisor to the CEO. He is a graduate of Wayne State University Law School and has decades of transactional, real estate, and corporate law experience alongside operating roles across hospitality, security, title, insurance, manufacturing, and finance . He is the father of Mat Ishbia (CEO/Chair) and Justin Ishbia (director) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UWM (United Wholesale Mortgage) | Founder; Executive Chairman (pre-IPO) | 1986–2021 | Built wholesale-first model; institutional knowledge of operations |
| UWM Holdings Corporation | Director (Class II) | 2021–present | No committee assignments; advisor to CEO |
| Ishbia & Gagleard, P.C. | Managing Partner | 1990–present | Boutique transactional/real estate/corporate law; continuing retainer to UWM |
| Various operating businesses | Principal/Manager | Various | Hospitality, home security, title, insurance, auto parts manufacturing, financial sector |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Ishbia & Gagleard, P.C. | Managing Partner | 1990–present | Related-party legal counsel to UWM under annual retainer; $0.6M fees in 2024 and 2023 |
| Various real estate investments | Investor/Manager | Ongoing | Entities control land/buildings for UWM campus leased to UWM; lease expense $19.5M (2024) |
Board Governance
- Independence status: Not independent; employed by UWMC as Advisor to the CEO and family ties to CEO/Chair and another director .
- Committees: None .
- Board attendance: At least 75% of Board meetings in 2024 (Board held 5 meetings) .
- Controlled company: UWMC avails NYSE “controlled company” exemptions; compensation committee includes CEO; no nominating committee; only Audit Committee fully independent .
- Executive sessions: Independent directors meet in executive session; presided by Robert Verdun in 2024 .
- Potential interlocks/conflicts: Family relationships with CEO/Chair and director; his law firm retainer; campus leases with entities he controls .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Base salary (Advisor to CEO) | $390,000 | As non-management employee; not paid for director role |
| 401(k) match | $2,500 | Standard employee benefit |
| Director cash retainer | $0 | He “does not receive compensation for his role as a director”; non-employee director retainer of $120,000 applies to others |
| Annual equity grant (director) | $0 | He did not receive director equity awards; others received $25,000 (3,782 shares) in 2024 |
| 2024 employee compensation received | $1,599,700 | Total paid as non-management employee in 2024 |
Performance Compensation
| Metric Type | Target/Structure | 2024 Outcome/Entitlement |
|---|---|---|
| Captains Annual Bonus Plan (Advisor to CEO) | Target opportunity $1,000,000 | Company-wide achievement 120.97%; individual payouts varied; Jeffrey’s actual bonus not separately disclosed in proxy tables |
| Equity from Captains Plan | Not applicable | He did not receive director equity; employee equity not disclosed for him |
| LTIP participation | Not disclosed for him | LTIP structure is 3% of net income pool for senior execs; CEO not in LTIP; Jeffrey’s participation not disclosed |
2024 Operational Performance Metrics (Company-level)
| Category | Metric | 2024 Performance |
|---|---|---|
| People | Engaging and Exciting Workplace | Exceeded Maximum |
| People | Leadership | Exceeded Target |
| Service | Timely and Responsive Client Service | Met Target |
| Service | Processing Time | Between Threshold and Target |
| Compliance | Reduce Defects and Errors | Exceeded Target |
| Quality | Focus on Loan Quality | Between Threshold and Target |
| Production | Market Share | Met Target |
| Production | Purchase Loan Production | Between Threshold and Target |
| Expenses | Cost Reductions | Between Target and Maximum |
| Broker Channel | Growth of Broker Channel | Exceeded Maximum |
| Broker Channel | Campus Visits | Exceeded Maximum |
Other Directorships & Interlocks
| Company | Type | Role | Notes |
|---|---|---|---|
| Public company boards | Public | None disclosed | No other public directorships in biography |
| Ishbia & Gagleard, P.C. | Private | Managing Partner | Legal services retainer to UWM; $0.6M annually (2024, 2023) |
| UWM Campus entities | Private | Controller of entities | Land/buildings leased to UWM; $19.5M lease expense in 2024; options to extend; maturities 2027–2037 |
Expertise & Qualifications
- Legal: Managing Partner of transactional, real estate, and corporate law firm since 1990; JD from Wayne State University Law School .
- Operating: Senior executive experience across diversified businesses; founder and long-term leader of UWM .
- Board qualification: Institutional knowledge of UWM’s operations and wholesale mortgage industry .
Equity Ownership
| Holder | Class A Shares | Class D Shares | % Total Voting Power |
|---|---|---|---|
| Jeffrey A. Ishbia | — | — | — (no beneficial ownership listed) |
- Ownership alignment: No listed beneficial ownership; contrast with controlling stake held by SFS Corp./Mat Ishbia; SFS Corp.’s holdings subject to voting cap and pledges, but these pertain to Mat Ishbia/SFS, not Jeffrey .
Governance Assessment
- Independence and conflicts: Not independent (employee and family ties to CEO/Chair and another director), with material related-party transactions: (a) annual legal retainer to his law firm ($0.6M in 2024/2023) and (b) campus leases from entities controlled by Jeffrey and Mat Ishbia ($19.5M lease expense in 2024) . These are notable related-party exposures and potential conflict risks, though the Audit Committee pre-approves related party transactions .
- Committee roles/board effectiveness: No committee memberships, limiting formal oversight responsibilities; UWMC’s controlled company status means compensation and nominations are not fully independent, elevating governance risk for minority shareholders .
- Attendance/engagement: Meets minimum attendance (≥75% of Board meetings), but no disclosed leadership roles or committee assignments to signal heightened engagement in oversight .
- Compensation alignment: Receives significant cash-based employee compensation ($1.6M in 2024) with a $1.0M variable bonus opportunity; no equity awards and no director pay—limited stock-based alignment and no disclosed ownership stake, which can weaken pay-for-performance alignment from an investor standpoint .
- RED FLAGS
- Related-party transactions involving his law firm and campus leases with entities he controls (magnitude and recurring nature) .
- Non-independent status with family interlocks across key board roles (CEO/Chair and director) .
- No disclosed equity ownership, reducing “skin-in-the-game” alignment .
- Controlled company exemptions in governance (compensation committee includes CEO; no nominating committee), reducing minority shareholder protections .
Overall signal: Jeffrey Ishbia provides deep institutional knowledge and legal/operational expertise, but independence is compromised and recurring related-party dealings are material. The absence of equity ownership and committee roles reduces alignment and oversight signals; investors should monitor the Audit Committee’s ongoing review of related-party transactions, disclosure rigor, and any shifts toward more independent board practices .