United Wholesale Mortgage outperforms Rocket Mortgage in mortgage originations

The mortgage war has a new leader.

Pontiac-based United Wholesale Mortgage Holdings Corporation on Friday posted third-quarter net income of $325.6 million and loans of $33.5 billion.

Investors rewarded the news, with UWMC’s share price ending the week up 20% at $3.71, though the company’s share price remains down 38% year-to-date. Meanwhile, shares of Rocket Inc., founded by mortgage mogul Dan Gilbert, fell 2.9% to $6.32 on Friday.

The milestone comes after UWM cut interest rates on its loan products amid rising interest rates nationwide. For his CEO Matt, now a billionaire, who joined his father’s 12 company after graduating from Michigan State University played basketball for his team in 2000. , which accomplishes a long-standing goal. He took over his top job in 2013 and has grown it into the listed mortgage giant with nearly 7,000 employees today.

Ishbia pledged last year to make UWM the country’s largest mortgage lender by 2024. The company waged a public relations war against Rocket Mortgage’s parent company, Rocket Cos. Inc., attacking its business model.

This feat is especially notable because UWM originates mortgages exclusively through independent brokers who work directly with homebuyers and homeowners to find the best loan from multiple lenders. In a highly fragmented industry, where brokers make up more than 20% of his originations, UWM has dominated the channel as the top wholesale lender for the past seven years. Rocket, on the other hand, makes loans directly to customers, not just through brokers.

Leave a Comment