UWM’s total origination volume also fell during the first quarter, down to $22.3 billion from $25.1 billion in the previous quarter. Purchase originations accounted for $19.2 billion – the highest Q1 purchase volume in UWM history, the nonbank noted.
On the other hand, UWM saw a significant improvement in margins, up to 92 bps from 51 bps quarter over quarter.
“UWM is firing on all cylinders right now. Our product portfolio is very strong; we are currently hiring in large numbers, and margins are healthy,” Ishbia said.
Read more: UWM remains bullish on 2023
“The results of the first quarter again demonstrate that UWM will do what we say we are going to do. We are on track with our plan and extremely well-positioned to take advantage of the next upcycle. Production volume was at the high end of our expectations, setting us up for a better 2023 than originally anticipated. We had another dominant purchase quarter. We continued to arm brokers with great new product launches, positioning them to win in any market environment and bolstering channel growth.”
Source: mpamag.com