HousingWire Daily United Wholesale Mortgage reports record loan volume in Q3
In today’s Daily Download episode, HousingWire covers a report from United Wholesale Mortgage that shows record loan volume for the third quarter of 2020.
For some background on the story, here’s a summary of the article:
Just one quarter away from its expected public debut, United Wholesale Mortgage reported record loan volume in the third quarter.The Detroit-based company, the largest wholesale lender in the U.S., originated $54.2 billion in closed loans during the third quarter, an 81% increase from the $29.9 billion it originated in Q3 2019 (loan volume was up 31.8% from Q2 2020). To date, UWM has closed nearly $128 billion in production this year, eclipsing the $108 billion it originated throughout all of 2019, the firm said."
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 CEO Mat Ishbia said in a statement.
According to company statements, net income totaled $1.45 billion in the third quarter, up from $198 million during the same period in 2019. The gain-on-sale margin also inched up to a record 3.18%; a year ago it was 1.29%.
Following the main story, HousingWire discusses the average U.S. mortgage rate for a 30-year fixed loan falling to 2.81% this week and a report from Redfin that indicates luxury home sales rose 41.5% in the third quarter, the largest increase since 2013.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
HousingWire articles covered in this episode: