When rates dropped in the third quarter of 2024, UWM Holdings Corp., the parent of United Wholesale Mortgage, notched its biggest production quarter in three years while improving margins due to a higher refi volume. However, it also made a more modest profit, mainly because of the financial impact of lower rates on its servicing book. 

“The refi boom is not fully materialized, but we have seen a preview of it,” Mat Ishbia, chairman and CEO of UWM, told analysts during an earnings call on Thursday morning. “We’re able details ⇒

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