Find out how the mortgage giant fared amid a turbulent market
United Wholesale Mortgage (UWM) saw originations surge in 2024, with total loan production jumping by nearly 29% year over year and net income soaring.
The company said Wednesday that it originated $139.4 billion last year, up from $108.3 billion in 2023, and produced $38.7 billion in loans in the fourth quarter.
That contributed to $329.4 million in net income for 2024, reversing a $69.8 million net loss in 2023, despite higher mortgage rates for much of the year and a sluggish overall purchase market. UWM’s refinance originations more than tripled compared to 2023, according to its news release.
Fourth-quarter net income came in at $40.6 million, a significant improvement from the $461 million loss in Q4 2023, though slightly lower than the previous quarter.
UWM originated a record $96.1 billion in purchase loans in 2024, up from $93.9 billion in 2023, reinforcing its strength in the wholesale lending market despite a slump in home sales across the US last year.
The company also saw a 201% increase in refinance originations, jumping to $43.4 billion from $14.4 billion in 2023. The rebound in refinances came despite a high-rate environment, with UWM saying it leveraged its aggressive pricing strategy and broker partnerships to capture market share.
UWM’s gain-on-sale margin improved to 110 basis points for the year, compared to 92 bps in 2023, marking a 19% increase. For the fourth quarter, the margin stood at 105 bps, down from 118 bps in Q3 but up from 92 bps in Q4 2023.
The company ended the year with $2.5 billion in available liquidity, including $507.3 million in cash. Its mortgage servicing rights (MSRs) portfolio expanded to $242.4 billion, with a weighted average coupon of 4.76%.
CEO Mat Ishbia credited the company’s focus on efficiency and technology investments and suggested UWM could double its loan volume without increasing fixed costs.
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