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 GHIV in a deal that would value the firm at $16.1 billion.
“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.
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