United Wholesale Mortgage (UWM), the top wholesale and purchase lender in the U.S., officially surpassed Rocket Mortgage to become the top overall mortgage lender in the country. This news came after both companies announced third quarter 2022 financial results.
According to its report, UWM ended the third quarter with a net income of $325.6 million, a 51.2 percent increase from the previous quarter, and pushing year-to-date gains to roughly $1 billion. Rocket’s report showed net income of $96 million in the third quarter.
In June of 2021, Mat Ishbia, president and CEO of UWM, announced what many thought was an ambitious goal, that UWM would surpass Rocket Companies and become the No. 1 overall mortgage lender in the nation by 2024.
“I’m extremely proud of our team members and our broker partners for helping make UWM the No. 1 mortgage lender in America,” Ishbia said. “This isn’t just about UWM, it’s about the entire mortgage broker channel. Together, independent mortgage brokers and UWM are No. 1, and we’ve never had more momentum than we do right now. The wholesale channel is better for consumers and loan originators, and there’s huge room for opportunity and growth going forward. We’ll never relax. We’re going to continue educating borrowers, real estate agents and loan officers on the benefits of the wholesale channel and make sure they know it’s the best place for consumers to get a loan.”
Ishbia joined UWM in 2003 as the company’s 12th team member. He became president in 2009 when the company was ranked No. 75 wholesale lender in the nation and not in the top 150 overall lenders. In 2015, UWM became the No. 1 wholesale lender, a ranking it’s held for eight consecutive years. In 2021, the company went public, and now, in 2022, UWM has been named the No. 1 overall mortgage lender in the country, the first wholesale-only lender ever to do so.
“This is the first time in history the No. 1 mortgage lender in America exclusively represents hardworking entrepreneurs – independent mortgage brokers – instead of institutions like mega banks or a gimmicky online app,” said Ishbia. “We’ve proven time and time again that the broker channel is the best place for a consumer to get a loan because it’s faster, easier and significantly cheaper in rates and fees for the borrower. On average, independent mortgage brokers save borrowers over $9,400 over the life of the loan and over $10,400 for minority borrowers. These types of findings have catapulted independent mortgage brokers and UWM to the No. 1 spot and we couldn’t be more excited to celebrate with our partners and team members.”