Pontiac, Michigan-based United Wholesale Mortgage, a wholesale mortgage lender, released third-quarter financial results Tuesday that show closed loan volumes of $54.2 billion, an 81% year-over-year increase.
United Heads For Public Markets: This release comes in the wake of United's September announcement that it would merge with special purpose acquisition company Gores Holdings IV Inc (NASDAQ:GHIV) in a deal that would value the firm at $16.1 billion.
“This is our best quarter in the company’s 34 years, showing that borrowers are recognizing that independent mortgage brokers offer better rates, greater speed and deeper experience,” Mat Ishbia, United's president and CEO, said in a statement.
“I’m grateful to the over 6,800 team members whose commitment to superior service, together with our proprietary industry-leading technology, support the success of our broker clients by enabling them to offer a best-in-class borrower experience.”
Other notable highlights from the report include third-quarter net income of $1.45 billion versus $198 million for the prior year period, as well as $127.8 billion in closed production year-to-date, a 20% increase from 2019.
United's Q3 Developments: UWM launched Blink+, a digital loan portal, as well as InTouch, a mobile app for the origination process.
“The innovative moves we are making now to streamline our technologies and further increase speed from loan submission to clear-to-close will support the long-term growth of the broker channel and help realize our aspiration of becoming the nation’s leader in mortgage originations," Ishbia said.