"On the technology front, UWM's proprietary loan assistant MIA made 400,000 outbound calls on behalf of brokers during the quarter, resulting in more than 14,000 closed loans, most of them refinances. Ishbia said that MIA addresses a key challenge: while 97% of borrowers report loving their broker experience, only 10% remember who their broker was. What's interesting is we forecasted a 10% to 15% answer rate, and we've actually seen over 40%, he added."
"Overall, the lender reported net income of $12 million for the quarter, down from $314 million in Q2 and $31 million in Q3 2024. Documents filed with the Securities and Exchange Commission (SEC) show a non-GAAP net profit of $9 million for the quarter. A $158.8 million fair value decline in its servicing portfolio offset gains a common occurrence when rates drop. Analysts at Keefe, Bruyette & Woods said that earnings came in-line with expectations."
Purchase loans remained the majority of production at UWM but fell to $25.2 billion in Q3 from $29.7 billion in Q2. Refinances rose to $16.5 billion from $12.4 billion. UWM's AI loan assistant MIA placed 400,000 outbound calls, producing over 14,000 closed loans, mostly refinances, and achieved an answer rate above 40% versus an expected 10–15%. Gain-on-sale margin increased to 130 basis points. Reported net income was $12 million, with a non-GAAP net profit of $9 million. A $158.8 million fair-value decline in servicing offset gains. MSR UPB rose to $216 billion and servicing in-house transition continues through 2026, raising short-term costs.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]