United Wholesale Mortgage Holdings Corp. On Wednesday posted a profit of $ 3.38 billion in 2020, more than seven times its net profit from last year, as low interest rates boosted refinancing activity.
Pontiac-based mortgage lender shared financial results for the first time since going public last month on the New York Stock Exchange in $ 16.1 billion merger with a blank check company . It closed 69% more in origination volume, a key market indicator, than in 2019, totaling a record $ 182.5 billion.
This volume places UWM, the nation’s largest wholesale mortgage lender sourcing exclusively through mortgage brokers, at No. 4 in overall fixtures nationwide behind Rocket Companies Inc., Wells Fargo & Co., based in California, and PennyMac Financial Services Inc., based in California. , according to the industry news website Inside Mortgage Finance.
UWM shares were trading up more than 2% after Wednesday’s close up more than 10%. The company predicted it would close loan volume of between $ 52 billion and $ 57 billion in the first quarter of 2020, an increase of up to 34.4%.