PONTIAC, Mich., Sept. 10, 2018 /PRNewswire/ -- United Wholesale Mortgage (UWM), the top-ranked wholesale mortgage lender and a Top-5 overall mortgage originator in the country, continues the rapid growth of its loan production volume, becoming the No. 1 non-bank purchase lender in America, according to a report by Inside Mortgage Finance.
The overall mortgage market is predominantly driven by purchase business right now because of the steady increase in interest rates over the last 12-18 months, so a focus on purchase business is critical to mortgage lenders' success.
UWM produced $11.2 billion in loan volume during the second quarter, with $8.3 billion of its business (74%) being attributed to new home purchases. In contrast, purchase business for another non-bank lender, Quicken Loans, made up only 31.6% of the company's second quarter loan volume.
"This is a major accomplishment for us at UWM, and highlights the efforts of more than 2,700 team members here who are dedicated to helping our mortgage broker clients be the hero to their borrowers and the realtors they work with," said Mat Ishbia, President and CEO of United Wholesale Mortgage.
"The high amount of purchases going through the mortgage broker channel reinforces that borrowers don't want to communicate with a call center loan officer that is 1,000 miles away, or use an app that is more sizzle than substance. They prefer local, they want an expert, and they want the process to be fast and easy – and that's what mortgage brokers provide."
UWM's overall loan volume through the midway point of 2018 is a 68% year-over-year increase compared to the six-month mark of 2017, which is by far the highest growth clip among any of the Top 25 mortgage lenders overall in the country.
UWM's ranking as the No. 1 non-bank purchase lender in America – and No. 2 purchase lender overall behind Wells Fargo – is especially notable because the company is a wholesale lender. That means that UWM solely operates by working with independent mortgage brokers throughout the country who take borrower applications, but then UWM underwrites, closes and funds the loan through its technology and partnership with brokers.
The overall top five purchase lenders in the second quarter were: 1) Wells Fargo ($15.4 billion); 2) UWM ($8.3 billion); 3) Bank of America ($7.9 billion); 4) JP Morgan Chase ($7.86 billion); 5) Quicken Loans ($7.80 billion).
UWM, which has been the No. 1 wholesale mortgage lender in the nation for over three years, now holds a 20.4% market share among other wholesale lenders – a mark that is more than triple the size of its closest competitor, Caliber Home Loans, which has a 6.6% market share.
In May, UWM launched the website FindAMortgageBroker.com to help people around the country who are interested in buying or refinancing a home find a local mortgage expert.
Despite its B2B format, UWM's impressive volume of loan closings accounts for roughly one of every three purchase loans closed by mortgage brokers, and about one of every 20 purchase loans, total, nationwide.
UWM forecasts year-end loan volume surpassing $40 billion, which would exceed the company's all-time high mark of $29.5 billion (set in 2017) by 36%.
About United Wholesale Mortgage Headquartered in Pontiac, Michigan, United Wholesale Mortgage (UWM) is the #1 wholesale lender in the nation, providing state-of-the-art technology and unrivaled client service, from the industry's leading account executives. Operating under parent company United Shore Financial Services, UWM is known for its highly efficient, accurate and expeditious lending support, UWM underwrites and provides closing documentation for residential mortgage loans originated by independent mortgage brokers, correspondents, small banks and local credit unions. UWM's exceptional teamwork and laser-like focus on delivering innovative mortgage solutions are driving the company's ongoing growth and its leadership position as the foremost advocate for mortgage brokers. For more information, visit www.uwm.com or call 800-981-8898. NMLS #3038.
MEDIA CONTACT: BRAD PETTIFORD, Senior Communication Strategist [email protected] p (855) 888-8737, ext. 3160 585 South Boulevard E. Pontiac, Michigan 48341 UWM.com