Key Takeaways
- • UWM named Vandad "Vandy" Fartaj as its first chief investment officer on September 28, 2026, a newly created role overseeing capital markets, investment strategy and portfolio management.
- • Fartaj most recently served as CIO at CrossCountry Mortgage (hired November 2024) and spent nearly 15 years at Pennymac, where he was senior managing director and CIO before stepping down in March 2023.
- • The appointment comes during a capital reset: UWM reported a $451.9 million Q2 net loss including a $603.2 million derivatives loss, then announced a $2.05 billion capital plan.
- • The capital plan includes $1.65 billion in preferred capital from Oaktree Capital Management and an Ishbia family investment vehicle, plus a rights offering of 200 million Class A shares structured to generate at least $400 million in gross proceeds.
- • UWM suspended its common dividend, and says the raised capital is intended mainly to repay debt and MSR financing facilities, strengthen liquidity, and support its broker business, technology and servicing.
Summary
United Wholesale Mortgage has named mortgage banking and capital markets veteran Vandad "Vandy" Fartaj as its first chief investment officer, according to the company's announcement issued in Pontiac, Michigan, on September 28, 2026. The newly created position is focused on capital markets, investment strategy and portfolio management, and Fartaj will lead UWM's capital markets initiatives while working across the company on broader capital strategy and portfolio management efforts.
Fartaj brings roughly three decades of experience across mortgage banking, capital markets, investing and finance. He most recently served as chief investment officer at CrossCountry Mortgage, which hired him in November 2024. Before that, he spent nearly 15 years at Pennymac, where he was senior managing director and chief investment officer until stepping down in March 2023. UWM Chairman and CEO Mat Ishbia said Fartaj "has earned a reputation as one of the best in the business through his deep capital markets knowledge, relentless work ethic, and proven track record of delivering results."
The appointment comes as UWM is in the middle of a broader restructuring of its capital position. The company reported a $451.9 million net loss for the second quarter, including a $603.2 million derivatives loss tied largely to its unsuccessful pursuit of Two Harbors Investment Corp. UWM subsequently raised $1.65 billion in preferred capital from Oaktree Capital Management and an Ishbia family investment vehicle, suspended its common dividend, and announced a rights offering involving 200 million Class A shares. On Monday, UWM detailed the rights offering terms, which are structured to generate at least $400 million in gross proceeds if completed and the backstop commitments are funded as contemplated. Together, these actions form a $2.05 billion capital plan.
UWM has said the capital is intended primarily to repay existing debt and mortgage servicing rights financing facilities, strengthen liquidity, and support continued investment in its broker business, technology and servicing operation. Fartaj will help oversee capital and investment strategy as those initiatives proceed.
Fartaj brings roughly three decades of experience across mortgage banking, capital markets, investing and finance. He most recently served as chief investment officer at CrossCountry Mortgage, which hired him in November 2024. Before that, he spent nearly 15 years at Pennymac, where he was senior managing director and chief investment officer until stepping down in March 2023. UWM Chairman and CEO Mat Ishbia said Fartaj "has earned a reputation as one of the best in the business through his deep capital markets knowledge, relentless work ethic, and proven track record of delivering results."
The appointment comes as UWM is in the middle of a broader restructuring of its capital position. The company reported a $451.9 million net loss for the second quarter, including a $603.2 million derivatives loss tied largely to its unsuccessful pursuit of Two Harbors Investment Corp. UWM subsequently raised $1.65 billion in preferred capital from Oaktree Capital Management and an Ishbia family investment vehicle, suspended its common dividend, and announced a rights offering involving 200 million Class A shares. On Monday, UWM detailed the rights offering terms, which are structured to generate at least $400 million in gross proceeds if completed and the backstop commitments are funded as contemplated. Together, these actions form a $2.05 billion capital plan.
UWM has said the capital is intended primarily to repay existing debt and mortgage servicing rights financing facilities, strengthen liquidity, and support continued investment in its broker business, technology and servicing operation. Fartaj will help oversee capital and investment strategy as those initiatives proceed.
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