The financials are all red for the top U.S. mortgage lenders for the fourth quarter of 2022. United Wholesale Mortgage (UWM) reported on Wednesday morning an unprofitable quarter, the day after Rocket Companies disclosed its most significant quarterly loss in company history to the market.
UWM, the top U.S. wholesale lender, maintained flat gain-on-sale margins relatively in the fourth quarter of 2022, despite competitive pricing initiatives. But falling volumes and declines in fair value of mortgage servicing rights (MSRs) strongly impacted the company’s earnings.
The Pontiac, Michigan-based lender announced a non-GAAP adjusted net loss of $53.3 in the details ⇒
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