UWM Holdings Corp. in Pontiac, the publicly traded indirect parent of United Wholesale Mortgage (UWM), today reported fourth-quarter and full-year increases in loan origination volume and net income for 2024.
UWM posted Q4 2024 loan origination volume of $38.7 million, up 58 percent from the same period a year ago, and $139.4 billion for the full year, up 28 percent.
The wholesale mortgage company’s net income of $40.6 billion in Q4 was up 108.8 percent compared to the final three months of 2023. Full year 2024 net income was $329.4 million, compared to a reported net loss of $69.7 million a year ago.
“It’s not by chance that UWM continues to perform at a high level,” says Mat Ishbia, chairman and CEO of UWMC. “It’s a result of relentless focus, innovation, and putting our mortgage broker partners first, every single day.
“I am particularly proud of our team for delivering a record year of purchase production in 2024, which was the lowest year for existing home sales in the U.S. since 1995,” Ishbia continues. “In addition, we tripled our refinance volume in 2024 compared to 2023 despite the interest rate environment.
“We have also continued to invest in our people and technology such that we believe we can do double the volume without adding to our fixed costs. The broker channel is incredibly strong right now, as it continues to post a higher share of the industry. Together, our winning formula coupled with the momentum of the broker channel, will continue to be a championship combination in the future.”
Other highlights from the Q4 report include:
- Purchase originations of $21.9 billion in 4Q24, compared to $26.2 billion in 3Q24 and $20.7 billion in 4Q23.
- Total gain margin of 105 bps in 4Q24 compared to 118 bps in 3Q24 and 92 bps in 4Q23.
- Adjusted EBITDA of $118.2 million in 4Q24 compared to $107.2 million in 3Q24 and $99.6 million in 4Q23.
- Total equity of $2.1 billion on Dec. 31, 2024, compared to $2.2 billion on Sept. 30, 2024, and $2.5 billion on Dec. 31, 2023.
- Unpaid principal balance of MSRs of $242.4 billion with a WAC of 4.76 percent on Dec. 31, 2024, compared to $212.2 billion with a WAC of 4.56 percent on Sept. 30, 2024, and $299.5 billion with a WAC of 4.43 percent on Dec. 31, 2023.
- Ended 4Q24 with approximately $2.5 billion of available liquidity, including $507.3 million of cash and available borrowing capacity under our secured and unsecured lines of credit.
Other highlights of the 2024 full-year report include:
- Originations of $139.4 billion in 2024, compared to $108.3 billion in 2023.
- Record purchase originations of $96.1 billion in 2024, compared to $93.9 billion in 2023..
- Refinance originations of $43.4 billion in 2024, an increase of 201%, compared to $14.4 billion in 2023
- Gain margin of 110 bps in 2024, an increase of 19 percent, compared to 92 bps in 2023.
“It’s important for me to point out that while 2024 was certainly another challenging year for the industry, I am particularly proud of our team for delivering an almost 30 percent year-over-year increase in overall loan production and a nearly 20 percent increase in gain margin,” Ishbia says.
Looking forward, UWM says it anticipates first quarter production to be in the $28 billion to $35 billion range, with gain margin from 90 to 115 basis points.
Subsequent to Dec. 31, 2024, for the 17th consecutive quarter, the company’s board of directors declared a cash dividend of $0.10 per share on the outstanding shares of Class A common stock. The dividend is payable on April 10, 2025, to stockholders of record at the close of business on March 20, 2025. Additionally, the board approved a proportional distribution to SFS Corp., which is payable on or around April 10, 2025.
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