United Wholesale Mortgage’s parent company announced financial results for the first time since going public last month, reporting large increases for the quarter and 2020 over the year before.
UWM Holdings Corporation reported net income of $1.37 billion for the fourth quarter and full-year net income of $3.38 billion – increases of 821 percent and 715 percent over 2019, respectively.
UWM also announced:
- Originations of $54.7 billion in loan volume, a 71 percent increase from the 4Q19 $31.9 billion loan volume, bringing UWM’s full year 2020 production to $182.5 billion, which is 69 percent higher than UWM’s prior record production for 2019 of $107.8 billion.
- Total gain margin of 305 bps in 4Q20 compared to 110 bps in 4Q19.
- Increased UWM’s equity to $2.37 billion at December 31, 2020 as compared to $661.3 million at December 31, 2019.
“The fourth quarter and 2020 overall was phenomenal for UWM and the wholesale channel by any measure,” UWM President and CEO Mat Ishbia said. “We are very proud of what we accomplished in 2020 but have shifted our focus to 2021 and beyond. By going public and accessing the debt markets, we now have the capital and liquidity to not only invest in technology and service as we have always done, but also the ability to take advantage of higher profit opportunities when available or otherwise returning excess cash to our stockholders.”