Annual, Quarterly Revenue Slide at UWM

Ahead of its annual meeting with stock analysts and investors, Pontiac, Mich.-based United Wholesale Mortgage Holdings (UWMC – NYSE) today reported $2.9 billion in annual revenue in 2021, down from nearly $5 billion a year earlier.

Fourth-quarter revenue was $605 million, down by nearly two thirds from the previous year’s fourth-quarter revenue of $1.8 billion.

Net income for 2021 was $1.6 billion, down more than half from the previous year’s $3.4 billion in net income.

The company reported $227 billion in loan origination for 2021, up from $183 billion the previous year. In the fourth quarter, UWM reported $55 billion in loan originations, up from $54.6 billion in 2020’s fourth quarter.

The company reported diluted EPS of .66 cents a share.

“2021 was a fantastic year for UWM with incredible milestones: from becoming a public company to delivering another year of record production,” said UWM CEO Matt Ishbia in a news release.

The is a developing story. The company is scheduled to hold its annual meeting at 10 a.m. EST today.