United Wholesale Mortgage has named mortgage banking and capital markets veteran Vandad “Vandy” Fartaj as its first chief investment officer, creating a new executive position focused on capital markets, investment strategy, and portfolio management.
Fartaj brings roughly three decades of experience across mortgage banking, capital markets, investing, and finance. In the newly created role, he will lead UWM’s capital markets initiatives and investment strategies while working across the company on its broader capital strategy and portfolio management efforts.
The appointment comes at a notable time for the Pontiac, Michigan-based wholesale lender, which is in the middle of a broader restructuring of its capital position.
UWM recently raised $1.65 billion in preferred capital from Oaktree Capital Management and an Ishbia family investment vehicle following a $603.2 million derivatives loss tied largely to its unsuccessful pursuit of Two Harbors Investment Corp. The company also suspended its common dividend and announced plans for a rights offering involving 200 million Class A shares.
On Monday, UWM detailed the terms of that rights offering, which is structured to generate at least $400 million in gross proceeds if completed and the backstop commitments are funded as contemplated.
Against that backdrop, the creation of a chief investment officer position puts an experienced capital-markets executive directly into UWM's senior leadership structure.
“At UWM, we believe great companies are built by great people, and Vandy is exactly the type of leader we want on our team,” UWM Chairman and CEO Mat Ishbia said. “He's 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.”
Fartaj most recently served as chief investment officer at CrossCountry Mortgage, which hired him in November 2024 to help lead its capital markets and investment-related activities. Before joining CrossCountry, he spent nearly 15 years at Pennymac, where he served as senior managing director and chief investment officer before stepping down in March 2023.
A New Role During A Capital Reset
The addition comes less than two months after UWM announced significant changes to its balance sheet following its second-quarter results.
UWM reported a $451.9 million net loss for the quarter, including the $603.2 million derivatives loss. The company subsequently announced its $2.05 billion capital plan, consisting of the $1.65 billion preferred investment and the planned rights offering.
UWM has said the capital raised 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 now help oversee capital and investment strategy as those initiatives move forward.
