Mat Ishbia isn’t sweating a projected drop in gain-on-sale margins, all the way down to 75 to 110 basis points. Quite the contrary. In his estimation, a higher rate environment and hyper-competitive pricing will provide United Wholesale Mortgage an opening salvo to win a war of attrition and build an even bigger army of loyal mortgage brokers. Anybody can make a killing in a market like 2020. But those days are over.

On UWM’s first-quarter earnings call, Ishbia offered up a vision for the future. Those gain-on-sale margins that had details ⇒

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