UWM Holdings Corp. reported its biggest production quarter in three years, with $39.5 billion in mortgages originated in Q3 2024, mainly due to increased refi volumes and effective margin management.
Mat Ishbia, chairman and CEO of UWM, noted that while the refi boom is not fully realized, the company is positioned to capitalize on it quickly, unlike competitors who were unprepared.
The company's GAAP net income was $31.9 million, affected by a significant decline in the fair value of its mortgage servicing rights, which Ishbia clarified is not indicative of company performance.
Jefferies analysts highlighted the transition toward government production, which rose to 41% of total volume in Q3 2024, reflecting UWM's adaptive strategies during changing market conditions.
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