UWMC - UWM Holdings stock climbs after strong Q2 outlook buyback announced

UWM Holdings (UWMC) stock jumps 9.6% after the mortgage company announced a $300M stock buyback program and expects Q2 mortgage originations to exceed its Q1 level.Earlier this week, many mortgage stocks fell broadly as consumer mortgage refinancings fall with interest rates drifting up from all-time lows and amid expectations that mortgage orginations will ease off of exceptionally strong levels.Analysts also expect mortgage originators' profits to feel the impact of a pricing war as competition heats up in the sector.UWMC, though, expects Q2 originations of $51B-$55B, up from the $43.1B in loan volume it experienced in the first three months of the year.“While others in our industry guide towards lower volumes in 2Q21, UWMC is quite the opposite," said Chairman and CEO Mat Ishbia. "Because of our purchase focus and our broker network, we expect to do more business in 2Q21 than 1Q21 and believe that we will be one of the

For further details see:

UWM Holdings stock climbs after strong Q2 outlook, buyback announced