UWM Holdings Corporation, the parent of United Wholesale Mortgage (UWM), reported a financial loss in the first quarter amid a decline in the fair value of mortgage servicing rights (MSRs) and falling origination volumes. The wholesale lender posted financial losses in the first quarter, but the company increased margins as it pulled back on its aggressive pricing strategy.
The Pontiac, Michigan-based lender announced a non-GAAP adjusted net loss of $106.6 million in the first quarter, double the $53.3 million net loss in the previous quarter. The company’s GAAP net loss in Q1 was details ⇒
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