United Wholesale Mortgage (UWM) of Pontiac today reports that it set a company record of $107.7 billion in mortgage loan volume in 2019, more than doubling its 2018 production of $41.5 billion.
That performance, according to the company, broke the wholesale industry record of $103.3 billion of mortgage loan volume previously set in 2005 by Countrywide Financial of Charlotte, N.C. UWM also secured the title of No. 1 wholesale lender for the fifth year in a row, which has never been done before in the industry.
“We are proud of this amazing growth in 2019, which is truly tied to our mortgage broker clients along with our 5,000 team members here at UWM,” says Mat Ishbia, president and CEO of UWM.
Through the first three quarters of 2019, UWM accounts for 32.7 percent market share, which is almost eight times more than the No. 2 competitor in the market. UWM’s year-over-year growth from 2018-2019 was 159 percent, more than any other wholesale lender in the country.
“Our growth is aligned to the growth of independent mortgage companies,” says Ishbia. “Brokers have chosen to work with us because of the great client experience, technology, and speed we provide them. The wholesale mortgage channel grew because more borrowers are realizing they get the fastest, easiest experience with the lowest rate by partnering with a local mortgage broker.”
UWM also was recognized as the nation’s No. 2 overall mortgage lender, behind Detroit’s Quicken Loans according to data compiled by Inside Mortgage Finance. UWM outpaced big bank lenders Wells Fargo, Chase, and Bank of America in overall lending in all four quarters of 2019.
Through the third quarter of 2019, Quicken Loans already had outpaced its total mortgage volume from 2018 ($83 billion) and surpassed its highest-ever, full-year mortgage volume in home loans ($96 billion), which it achieved in 2016. Quicken Loans is expected to release its 2019 results later in the month.
To handle its growth, UWM recently acquired an additional 900,000-square-foot building to add to its current 600,000-square-foot location in Pontiac. The result will be a 150-acre, 1.5 million-square-foot campus that will be home to more than 5,000 team members. The company expects to hire another 2,500 people in 2020.