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United Wholesale Mortgage (UWM), the largest originator in America, originated $139.4 billion in mortgages in 2024 on its way to a net profit of $329.4 million.
All told, the wholesale lender turned around a financial loss of $69.8 million in 2023 and improved gain-on-sale margins to 110 basis points, up from 92 bps in the prior year.
“It’s important for me to point out that while 2024 was certainly another challenging year for the industry, I am particularly proud of our team for delivering an almost 30% year-over-year increase in overall loan production and a nearly 20% increase in gain margin,” UWM president and CEO Mat Ishbia said in prepared remarks. “I am excited to see what we can accomplish together in 2025.”
In Wednesday’s earnings call, Ishbia said that the growth of the mortgage broker channel will enable them to increase volume and market share in the coming years. Competitors will enter the broker channel, but they can’t match UWM’s technology or partnerships to help brokers win more business, he said.
Ishbia also told analysts the Trump administration’s approach to the mortgage industry will be more positive and bring greater opportunities for brokers and UWM.
“I think it’s all very positive, to be honest with you,” Ishbia said. “President Trump’s come in and done a lot of things he said he was going to do. I think he’s put some really good people in place. I think they’re not confirmed yet, but the new FHFA Director comes from the industry, which is a huge success for our industry. The new CFPB director [will have] a different focus than what they had before. I think these things are massive, massive wins for our industry. And I’m extremely bullish on those things next three or four years.”
UWM generated $96.1 billion in purchase mortgages in 2024, up from $93.9 billion in 2023. That’s a record for the lender. Refinance originations tripled to $43.4 billion in 2024, up 201% from $14.4 billion in 2023.
Although purchase loans have been a stronger product in the high-rate environment, UWM has introduced new programs to capture business.
The company instituted a program that transforms individuals with no experience into loan officers in just five weeks, and it partnered with Sphere LOS on a direct integration with the mortgage broker community. UWM also implemented an artificial intelligence (AI) technology, dubbed Keep, to send prevalidated refi opportunities when a borrower can save on their monthly payments.
UWM has extended its 60-bps incentive pricing on conventional and government loans for qualifying brokers through March 31 to help increase volume during the slower winter months.
According to its earnings statement, UWM originated $38.7 billion in overall mortgage volume in the fourth quarter, with purchase originations totaling $21.9 billion. By product type, filings show that UWM originated fewer conventional, government and jumbo loans in Q4 than in Q3, although refinance volume rose for conventional mortgages.
Documents filed with the Securities and Exchange Commission (SEC) show a non-GAAP net income of $30 million during the fourth quarter of 2024, compared to $33.3 million in the previous quarter. Meanwhile, GAAP net income in Q4 2024 was $40.6 million, including a $309 million increase in the fair value of its mortgage servicing rights.
Citing Inside Mortgage Finance data, UWM said the broker share of the market increased to 27% as of Q3 2024. The company also said that more than 16,000 LOs joined the broker channel, with more than half coming over from retail.
This story will be updated following UWM’s earnings call.
