United Wholesale Mortgage Holdings announced its results for the fourth quarter and full-year ending Dec. 31. 2020. The company reported $1.37 billion in net income for Q4 2020, a FY20 net income of $3.38 billion and a record $54.7 billion in loan volume for Q4 2020. The $54.7 billion in loan volume is a 71% increase from Q4 2019 and brings UWM's full-year production to $182.5 billion, a 69% increase from the company's prior record production for 2019 of $107.8 billion.
"The fourth quarter and 2020 overall were phenomenal for UWM and the wholesale channel by any measure. We are very proud of what we accomplished in 2020 but have shifted our focus to 2021 and beyond. By going public and accessing the debt markets, we now have the capital and liquidity to not only invest in technology and service as we have always done but also the ability to take advantage of higher profit opportunities when available or otherwise returning excess cash to our stockholders," said Mat Ishbia, president and CEO, UWM."Independent mortgage brokers are the best place for a consumer to get a loan, and as we progress through 2021, our 100% focus on the wholesale channel remains steadfast. We will continue to work with the growing number of independent mortgage brokers to provide the fastest, easiest and most cost-effective way to get a mortgage, helping even more families achieve their dream of homeownership."
The company also recorded a total gain margin of 305 bps in Q4 2020.
According to a press release, UWM maintained an average application to clear to close time (“Days to Close”) of approximately 18 days in Q4 2020, while management’s estimate of the industry average grew to approximately 52 days, 10 days higher than the nine-month average of 42 days as of September 2020. For the month of December, UWM Days to Close was approximately 16 days, while management’s estimate of the industry average grew to approximately 54 days.
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