General World News

UWM’s profits fall 54% in 2021 despite record production

UWM’s headquarters in Pontiac, Michigan.

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UWM’s headquarters in Pontiac, Michigan.

United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, posted another record for production in 2021, but lower margins and declines in fair value of mortgage servicing rights impacted its earnings.

The company reported on Tuesday $1.56 billion in profits in 2021, down 53.6% from the $3.38 billion registered in the previous year, which was the best in the history of the mortgage industry.

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