UWM Holdings Corporation, the parent company of United Wholesale Mortgage, reported positive Q1 2024 results, including a company record for purchase originations.
The company saw total loan origination volume jump by 13.1% from last quarter, soaring to $27.6 billion. That’s up 23.76% YOY.
Of that total, purchases accounted for $22.1 billion, a first-quarter record for the company.
UWM’s net income was $180.5 million, including a $15.6 million decline in the fair value of MSRs and diluted earnings per share of $0.09.
“We continue to see positive results from our strategy and investments. Both volume and margin are strengthening and we delivered increased volume performance relative to the fourth quarter of last year,” Chairman and CEO Mat Ishbia said.
“Even more…
Rocket Companies began 2024 with strong momentum, according to CEO Varun Krishna.
The parent company of Rocket Mortgage reported a total net revenue of $1.4 billion and adjusted revenue of $1.2 billion.
GAAP net income was reported at $291 million, or $0.11 per GAAP diluted earnings per share. Adjusted net income was reported at $84 million, or $0.04 per adjusted diluted earnings per share.
The company delivered a first-quarter adjusted EBITDA of $174 million, the highest adjusted EBITDA in two years, according to company leaders.
“As an organization, we are driven to execute and win and our determination is absolute. We’re playing both the short and the long game, gaining momentum and achieving success while strategically planning and executing for…
Fannie Mae’s Q1 earnings fell short of expectations, but the GSE turned a profit last quarter.
The mortgage giant reported $4.3 billion in net income for Q1 2024, up from $3.9 billion in Q4 2023 but lower than analysts expected.
Its overall revenue was $7.1 billion, a sturdy sum but lower than expectations of $7.68 billion.
Leaders at the GSE focused on the fact that Fannie Mae has turned a profit for 25 consecutive quarters.
“The strength of the U.S. economy, higher single-family home prices, and the credit quality of our book of business continue to be important factors affecting our performance. This quarter, we provided $72 billion in liquidity to the U.S. housing market. This helped 280,000 households buy,…
