United Wholesale Mortgage (UWM), the largest originator in America, produced $32.4 billion in mortgages in the first quarter of 2025, capitalizing on a brief decline in interest rates that spurred a wave of refinance activity. This production volume represents a 17% increase compared to the same period last year, and UWM expects even stronger results in the current quarter. 

However, lower rates also led to a decline in the fair value of mortgage servicing rights (MSR), resulting in a paper loss that the company says it has no control over.

The company reported a net loss of $247 million for details ⇒

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