United Wholesale Mortgage Reports Record Third Quarter Loan Volume
In today Daily Download Episode, HousingWire covers a report of United Wholesale Mortgage which shows a record loan volume for the third quarter of 2020.
For an overview of the story, here is a summary of the item:
Only a quarter of its expected public debut, United Wholesale Mortgage reported record volume of loans in the third trimester.
The Detroit-based company, the largest wholesale lender in the United States, generated $ 54.2 billion in closed loans in the third quarter, an 81% increase from the $ 29.9 billion it originated in in the third quarter of 2019 (loan volume was up 31.8% compared to the second quarter of 2020). To date, UWM has closed nearly $ 128 billion in production this year, eclipsing the $ 108 billion it spawned throughout 2019, the company said.
“This is our best quarter in 34 years for the company, showing that borrowers recognize that independent mortgage brokers offer better rates, faster and more in-depth experience,” Mat Ishbia, CEO of UWM said in a statement.
According to the company, net profit totaled $ 1.45 billion in the third quarter, up from $ 198 million during the same period in 2019. The profit margin on sale also edged up to a record 3. 18%; a year ago it was 1.29%.
Following The Main Story, HousingWire Discusses The Average Mortgage In The United States rate for a 30-year fixed loan, which fell to 2.81% this week. The episode also covers a report of Redfin this indicates that luxury home sales rose 41.5% in the third quarter, the biggest increase since 2013.
The Daily Download examines the most compelling articles published by the HousingWire Newsroom. Each afternoon, we provide our listeners with a deeper look at the stories that run through our newsroom. Advance markets. Hosted by Team HW and produced by Alcynna Lloyd and Victoria Wickham.
HousingWire articles covered in this episode: