UWMC - United Wholesale's Results Confirm the Benefit of Its Business Model
2023-05-22 05:25:00 ET
The past year has been awful for the mortgage origination business. After feasting on easy refinance activity in 2020 and 2021, mortgage originators got a punch to the gut when the Federal Reserve started hiking the federal funds rate in early 2022 to bring down outsized inflation. Those rate hikes slowed refinance activity to a crawl, and we have seen several big originators go bankrupt and exit businesses as a result.
The biggest originator in the United States is UWM Holdings (NYSE: UWMC) , which is the parent company of United Wholesale. This company follows a somewhat different business model, which is helping it navigate this market better than its competitors.
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United Wholesale's Results Confirm the Benefit of Its Business Model