Ahead of its initial public offering, United Wholesale Mortgage announced that it closed $54.2 billion in loans in the third quarter of this year – up 81 percent from the third quarter of 2019.
For the year, the Pontiac, Michigan-based wholesale lenders has closed $127.8 billion in mortgages – up from its total 2019 record of 107.8 billion.
“This is our best quarter in the company’s 34 years, showing that borrowers are recognizing that independent mortgage brokers offer better rates, greater speed and deeper experience,” UWM President and CEO Mat Ishbia said.
The increased volume reflects an industry-wide growth in mortgage activity – especially around refinances – amid record-low mortgage rates. On Wednesday, the Mortgage Bankers Association announced that refinances for the week remain 44 percent ahead of last year, continuing a months-long trend.
UWM also announced it recorded net income of $1.45 billion in the third quarter, as compared to $198 million in the third quarter of last year.