Find out how the mortgage giant fared in the first quarter
UWM Holdings Corporation, parent company of mortgage giant United Wholesale Mortgage (UWM), saw originations jump to $27.6 billion in the first quarter of the year, up 13.1% compared with Q4 and 23.8% year over year.
The company said purchase originations, which came in at $22.1 billion in Q1, marked its highest-ever first-quarter purchase volume. That figure was up from $20.7 billion in 2023’s fourth quarter and $19.2 billion the same time last year.
Net income also increased, rising by $180.5 million in the quarter after the company posted net losses in Q1 and Q4 2023. Available liquidity of around $2.9 billion, meanwhile, included $605.6 million in cash and $2.3 billion of available borrowing capacity.
The company said its total gain margin of 108 basis points, marking a 17% year-over-year increase, had exceeded expectations of gains of around 80-105 basis points, and noted that a cash dividend of 10 cents per share on the outstanding shares of Class A common stock had been declared for the 14th consecutive quarter.
Q1 2024 marked one of our strongest first quarters in company history, with $27.6 billion in total originations despite a higher-rate environment. We remain well-positioned for growth and success this year. See our Q1 earnings results: https://t.co/XYbJWC7GmM $UWMC pic.twitter.com/HqhtWpOEFQ
— United Wholesale Mortgage (@UWMlending) May 9, 2024
UWMC chairman and chief executive officer Mat Ishbia said the “impressive” results pointed to its resilient performance “despite all the industry talk of higher interest rates and lack of inventory.
“This is reflective of the overall health of our business and soundness in our strategy,” he added. “I am confident the strong momentum we’ve seen in the broker channel will remain on an upward trajectory and UWM and mortgage brokers will continue to win.”
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