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UWM’s income, margins drop significantly in Q2 2021

United Wholesale Mortgage CEO Mat Ishbia has set the goal of topping arch-rival Rocket Mortgage by 2024. The second quarter earnings report shows he still has quite a bit of work ahead of him.

The wholesale-only lender originated $59 billion in mortgages in the second quarter, generating $139 million in net income, UWM disclosed in its earnings report on Monday. The $59 billion was higher than the $51 billion to $55 billion the wholesaler had forecast. It also represents a gain on the $49 billion originated in the first quarter of 2021.

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