United Wholesale Mortgage Breaks Mortgage Industry Record in 2019
PONTIAC, Mich., Jan. 6, 2020 /PRNewswire/ -- United Wholesale Mortgage (UWM), the #1 wholesale mortgage lender, set a company record of $107.7 billion in mortgage loan volume in 2019, more than doubling it’s 2018 production of $41.5 billion. In doing so, it broke the wholesale industry record of $103.3 billion of mortgage loan volume previously set in 2005 by Countrywide Financial. UWM also secured the title of #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. We are ready for 2020 and will continue to stay focused on helping our clients compete and win,” said 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 which is more than any other wholesale lender in the country.
“Our growth is aligned to the growth of independent mortgage companies. Brokers have chosen to work with us because of the great client experience, technology and speed we provide them,” said Ishbia. “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 was also recognized as the nation’s No. 2 overall mortgage lender, behind 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.
To handle this unprecedented growth, UWM recently purchased an additional 900,000 sq. ft. building to add to its current 600,000 sq. ft. location in Pontiac, Mich. The result will be an incredible 150 acre, 1.5 million sq. ft. campus that will be home to over 5,000 team members and growing. They expect to hire another 2,500 in 2020.
About United Wholesale Mortgage
Headquartered in Pontiac, Michigan, United Wholesale Mortgage (UWM) is the #1 wholesale lender in the nation five years in a row, providing state-of-the-art technology and unrivaled client service, from the industry’s leading account executives. Operating under parent company United Shore, 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.
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SOURCE United Wholesale Mortgage