Earnings statements for the third quarter of the year are rolling out and we’re diving in to examine the market slowdown’s impact on revenue and growth for some of the industries biggest companies.
UWM has much to boast about given its position as the new top mortgage lender in the U.S. The Company reported third quarter net income of $325.6 million and diluted earnings per share of $0.13. Total loan origination volume for the quarter was $33.5 billion, which included $27.7 billion in purchase volume.
Purchase originations equalled $27.7 billion in Q3, the best purchase quarter in UWM’s history, and a 24 percent increase compared to $22.4 billion in Q2 of this year and a 5 percent increase compared to $26.5 billion in Q3 of 2021. Net income for the third quarter was inclusive of a $236.8 million increase in fair value of MSRs.
“The results of the third quarter speak for themselves. The momentum of the broker channel is accelerating,” Mat Ishbia, Chairman and CEO of UWMC, said, “I have never been more proud of our team members and the broker community than I am today. Being #1 is amazing for UWM, but probably even more amazing for all mortgage brokers throughout America. It is validation that mortgage brokers are the best place for consumers to get a loan and for loan officers to work, and that our singular focus on helping brokers win was the right strategic decision. Winning this championship will be celebrated, however we realize that much work remains to help brokers continue to thrive and for UWM to continue to win with them.”