The quarter's positive performance was supported by increased origination volumes at improved margins and servicing sales, resulting in a non-GAAP net income of $141 million from January to March, compared to a $361 million loss in the previous quarter.
UWM originated $27.6 billion in mortgages in the first quarter, mainly purchase loans, surpassing Rocket Mortgage's volume. UWM's jumbo production also notably increased by 33%.
Ishbia mentioned that UWM does not aim to cater to all segments, focusing instead on its strengths. These strategies contributed to the growth in mortgage production and the firm's profitability.
The future looks bright for UWM as they are hiring more team members and anticipating a positive trend in the housing and mortgage industries for the year 2024.
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