UWM Tops Overall Mortgage Lenders | News

United Wholesale Mortgage (UWM) is the number one wholesale and purchase lender in the United States and has officially overtaken Rocket Mortgage to become the number one mortgage lender in the nation. The news comes after both companies released his third quarter 2022 financial results.

According to the report, UWM ended the third quarter with a net profit of $325.6 million, up 51.2% from the previous quarter and pushing year-to-date earnings to nearly $1 billion. Rocket reported a net profit of $96 million in the third quarter.

In June 2021, UWM President and CEO Matt Ishbia announced what many considered an ambitious goal. By 2024, UWM will surpass Rocket Companies, making him the #1 mortgage lender in the nation.

“I am extremely proud of our team members and broker partners who have helped make UWM the number one mortgage lender in America,” said Ishbia. “This is not just a problem for UWM, it’s a problem for the mortgage broker channel as a whole. Advantageous for loan originators, the opportunities and room for growth ahead are enormous.We will never relax.We will continue to educate borrowers, realtors and loan officers about the benefits of the wholesale channel, We want to make sure consumers know it’s the best place to get a loan.”

Ishbia joined UWM in 2003 as a 12 person.th team member. He took over as president in 2009 when the company was ranked nationally as the 75th largest wholesaler of his, and not among the top 150 overall lenders. In 2015, UWM was the number one wholesale lender for the eighth year in a row. In 2021, the company went public, and now in 2022, UWM has been named the number one comprehensive mortgage lender in the country.

“This is the first time in history that America’s #1 mortgage lender represents only hard-working entrepreneurs (independent mortgage brokers) and not institutions like megabanks or gimmicky online apps.” Ishbia said. “We have proven time and time again that the broker channel is the best place for consumers to obtain loans. over $9,400 for borrowers and over $10,400 for minority borrowers. Findings of this sort have pushed Independent Mortgage Brokers and UWM to number one, and we couldn’t be more excited to celebrate with our partners and team members. ”

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