“We demonstrated the strength of our business by delivering our best quarter of all-time in terms of overall production and purchase production,” Ishbia said. “As we have said previously, UWM is built to succeed not only when there is a refi boom and margins are at record highs, but also when margins are compressed, and purchase business drives the volume.”

Last quarter, United Wholesale Mortgage’s parent company projected its Q2 production to be around $51 billion to $55 billion, with expected gain margin between 75 and 100 bps. In the third quarter, UWM anticipates its production to hover in the $57 billion-$62 billion range, with expected gain margin staying at the 75 and 100 bps scope.

Read more: United Wholesale Mortgage sees best first quarter ever

However, UWM reported a second-quarter net income of $138.7 million, down from $860 million in the first quarter and inclusive of a $219.1 million decline in fair value of mortgage servicing rights (MSRs). Total gain margin for the second quarter was down to 81 bps from 243 bps a year ago. Its total equity grew from $1.47 billion in Q2 2020 to $2.69 billion in Q2 2021.

Ishbia noted in the release that much of the result can be attributed to the company’s growth foundation, “particularly in the rapid growth of our purchase production, and also evidenced by the renewed focus on jumbo, manufactured homes, and FHA.”