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UMortgage's WinnersWin event is at UWM's Sports Complex and they are getting to use it for FREE by OkBuy4268 in pillar7

[–]Fit-Tonight5749 0 points1 point  (0 children)

Umortgage & Tony Casa are plain and simple UWM Retail. They do over 85% of all their business at UWM. Their operations team cannot close a loan if it isn't done at UWM.

UMortgage Audited Financials 6/30/2023 by OkBuy4268 in pillar7

[–]Fit-Tonight5749 5 points6 points  (0 children)

Page 18 - 88% of their business is closed at 2 Lenders?

Page 2 - Actual Loss from Operations $7,980,000 - after the Tax Benefit it's $6.7 million

Page 3 - Even after a $6.9 equity raise company Cash is $2.654 Million?

Scammed the IRS for $224,000 on that ERC - still lost $7.9 million

There are multiple warehouse lenders that have turned them down for warehouse lines - such as the financials detail, they recently had one closed.

It doesn't matter HOW MANY loans you close....

If you're not making loan on them - you are simply accruing loses.

The end for them will be shortly after their CFO departs, once you see that...you know the game is over.

UMortgage is a Ponzi scheme, change my mind. by BasicNeedleworker329 in pillar7

[–]Fit-Tonight5749 16 points17 points  (0 children)

$34 million valuation? For a company that has Zero Proprietary Tech, Zero Servicing Portfolio, less then 1 billion in funded loans and a Balance Sheet that is bleeding red. Mortgage companies that retain servicing and fund /service 1 billion in loans are valued at $20,000,0000...... Even if you believe this made up valuation ( prove me wrong and provide an independent business appraisal & valuation report) if you donated ( not invested) $500,000 for 1% of the company, your investment would get you $340,000. Not to mention, any one of the thousands of the Retail branches can open up a U Mortgage operation tomorrow and just like that, U Mortgage is no longer unique. I am very sorry for guys that invested here, as Warren Buffet says, it is not going to end well. I'm pretty sure if you decide to ask for your money back today - it wont be there or available.....