UWM names Andrew Hubacker its new CFO
Michigan-based United Wholesale Mortgage (UWM) has named Andrew Hubacker as its chief financial officer, the company announced on Monday.
Hubacker joined the mortgage lender in October 2020 as chief accounting officer. He became an interim principal financial officer in July 2022 following the death of Timothy Forrester. Forrester served as UWM’s CFO for 10 years.
Hubacker will oversee accounting, internal and external reporting, financial compliance, tax, treasury, liquidity management, budgeting and forecasting.
Hubacker spent two decades at Deloitte & Touche, LLP, before joining UWM. He also worked for AOL, LLC and the Securities and Exchange Commission (SEC).
Mat Ishbia, UWM’s CEO, said in a statement that Hubacker, with three decades of experience, was a “key player in helping UWM to go public back in 2021.”
UWM went public in January 2022 after merging with a special purpose acquisition company (SPAC) named Gores Holdings IV. The deal gave the combined company a valuation of $16.1 billion and injected $925 million into UWM to develop new technology and grow the broker channel.
According to its latest earnings report, the lender delivered a profit of $325.6 million in the third quarter of 2022. It represented an increase of 51% from the $215.4 million registered in the second quarter of 2022. But compared to the third quarter of 2021, when refis were abundant, profits declined by 1.29%.
UWM originated $128 billion in 2022, per Inside Mortgage Finance estimates. That total, which declined 35% year over year, was enough to put the company in second place among the top U.S. mortgage lenders, behind Rocket Mortgage. It overtook Rocket in the third quarter and remained ahead in the fourth quarter.
Hubacker said in a statement he will enhance the CFO role and capabilities of UWM’s finance team as a “strategic business partner to the company.”
Recently, UWM gave brokers discounts to be used on any loans, with up to 40 basis points per loan, which raised regulatory concerns. It also introduced a product that covers the cost of building a home, converting to a permanent mortgage once construction is complete.