Read more: United Wholesale Mortgage’s Mat Ishbia to test water with cryptocurrency

Ishbia – whose estimated net worth is $8.1 billion, according to Forbes – donated a separate $32 million to MSU athletics in February, the largest single cash commitment Michigan State has ever received from an individual. Ishbia is a former walk-on member of MSU’s 2000 national championship basketball team.

“In February, I gave a lot of money to the university, and this is now to help the student-athletes,” Ishbia told Crain’s Detroit Business in an interview. “While at the same time, they’re helping us because they’re going to help promote mortgage brokers. It’s the best way to get a mortgage, and so they’re helping us, we’re helping them, and it’s a great thing, and Spartan family always sticks together, and that’s why we made this decision.”

According to Crain’s, the athletes will not be required to sport UWM logos on their jerseys but promote the brand on their personal social media accounts.

However, two Michigan state representatives, Mari Manoogian (D-Birmingham) and Laurie Pohutsky (D-Livonia), released a joint statement expressing their disappointment and shock about the “lack of gender parity” in the firm’s investment.