According to its report, UWM ended Q3 with a net income of $325.6 million, a sequential improvement of 51.2% from $215.4 million in the previous quarter and a year-to-date gain of roughly $1 billion. For comparison, Rocket generated a small profit of $96 million in the third quarter.
“We are in the best strategic position we’ve ever been in at UWM because brokers are growing, our competitors who are uncommitted to the channel are struggling, and retail is falling apart, just like we said it would,” Ishbia added.
The Pontiac-based wholesale lender’s total origination volume was $33.5 billion in the third quarter. In purchase loans alone, UWM originated $27.7 billion in loans – its “best purchase quarter” so far, a 24% increase from $22.4 billion in Q2 and a 5% uptick from $26.5 billion in Q3 2021.
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“We said we’d dominate the purchase market,” said Ishbia. “We just had our best purchase quarter of all time and nearly $28 billion of purchase volume. We believe the combination of brokers and the real-estate partners, coupled with UEM efficiencies and technologies, make for a championship combination for the American consumer.”