When the sky is falling in the mortgage industry, generally there is something else that is rising.
For many larger nonbank lenders, including UWM Holdings Corp., the parent of United Wholesale Mortgage (UWM), what is rising in their favor is the value of mortgage servicing rights (MSRs).
UWM, the nation’s largest wholesale mortgage lender, recorded net income of $215.4 million for its recently ended second quarter, up some 55% from last year’s second quarter earnings mark of $138.7 million, the lender’s earnings report filed with the Securities and Exchange Commission (SEC) shows.
That’s a healthy showing, considering over the same period UWM’s loan-origination volume dipped from $59.2 billion to details ⇒
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