UWM Notches Record Third-Quarter Of $1.45B Net Income
United Wholesale Mortgage notched a record third-quarter in 2020, reporting closed loan volume exceeding $54.2 billion, up 81% from $29.9 billion loan volume closed in the third quarter of 2019. The company managed to net a record $1.45 billion and through the third quarter and it has also closed a year-to-date total of $127.8 billion in production, which exceeds last year's record of $107.8 billion.
"This is our best quarter in the company's 34 years, showing that borrowers are recognizing that independent mortgage brokers offer better rates, greater speed and deeper experience," said Mat Ishbia, president and CEO of UWM. "I'm grateful to the over 6,800 team members whose commitment to superior service, together with our proprietary industry-leading technology, support the success of our broker clients by enabling them to offer a best-in-class borrower experience."
Additionally, UWM saw a record gain margin of 318 bps compared to 129 bps in 2019. The company increased equity $556 million bringing it to over $2 billion and increasing cash and cash equivalents by $185 million from the end of the previous quarter.
Read more about UWM's record third-quarter.
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