TROY, Mich., Feb. 23, 2018 /PRNewswire/ -- United Wholesale Mortgage (UWM) finished 2017 as the No. 1 wholesale mortgage lender for residential loans in the U.S., according to data compiled by Inside Mortgage Finance.
Claiming the top spot for the third year in a row, UWM produced an all-time company record loan volume of $29.5 billion and closed more than 106,000 home loans throughout America. Those numbers gave UWM a 15% stake in wholesale market share, which is a 4% uptick from a year ago. Despite a down year in mortgages, in which the market declined by 11% overall, UWM grew its loan production by 29%.
"Ranking as the No. 1 wholesale lender in America for three years in a row is a huge accomplishment, and speaks to the innovative work being done and the dedication of our 2,300-plus team members," said Mat Ishbia, president and CEO of United Wholesale Mortgage. "We don't take being No. 1 for granted. We never relax because we know we have to earn our clients' business every single day, and our brokers are growing faster because of their partnership with us. Our clients count on us to deliver the easiest process, the newest technology and the fastest turn times in the industry, and we are committed to exceeding their expectations."
Texas-based Caliber Home Loans was the No. 2 ranked wholesale lender at $14.5 billion with a market share of 7%. The $15 billion gap between UWM and Caliber is the largest margin between No. 1 and No. 2 in over a decade, topping the previous record-margin of $9.2 billion that separated UWM and Caliber a year ago.
The numbers are significant in illustrating UWM's growth in the wholesale channel, as it more than doubled No. 2 Caliber and tripled No. 3 Stearns Lending LLC in production. UWM nearly tripled Caliber's production in Q4 alone, closing the last three months of the year with $9.2 billion in loan volume, compared to Caliber's $3.9 billion.
UWM's rapid business growth aligns with the increase it saw in team size last year. UWM hired more than 900 people in 2017, and plans to hire 700 more in 2018.
In 2017, UWM became the first mortgage lender to offer a true virtual e-closing experience to consumers, giving borrowers the ability to close loans from any computer, tablet, Android or Apple device with a web camera and internet connection – without the need for a single document to be wet signed or for a notary to be physically present.
About United Wholesale Mortgage
Headquartered in Troy, 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.
BRAD PETTIFORD, Communication Strategist
firstname.lastname@example.org p (855) 888-8737, ext. 3160 1414 East Maple Road, Troy, Michigan 48083
SOURCE United Wholesale Mortgage