"United Wholesale Mortgage Faces First Full-Year Loss Despite Dominating Purchase Market"
Originally Published 1 year ago — by Detroit Free Press
Pontiac-based United Wholesale Mortgage reported a net loss of nearly $70 million for 2023, attributing the loss to a fourth-quarter deficit of about $461 million driven by a markdown in the value of its mortgage servicing rights. Despite this, the company retained its position as the nation's top mortgage lender by volume. UWM's CEO, Mat Ishbia, emphasized the company's operational profitability and highlighted its achievements in mortgage origination, while its Detroit-based rival, Rocket Mortgage, also reported its first full-year loss. UWM, a nonbank lender, saw a 15% decrease in total mortgage originations in 2023, but set a company record with $93.9 billion in for-purchase mortgages.